Gold Resource Corporation (GORO): Business Model Canvas [Jan-2025 Mise à jour]

Gold Resource Corporation (GORO) est à l'avant-garde de l'exploitation innovante des métaux précieux, se positionnant stratégiquement comme un acteur dynamique dans le monde complexe de l'extraction de l'or et de l'argent. Avec un modèle commercial robuste qui équilibre l'excellence opérationnelle, la responsabilité environnementale et la valeur des actionnaires, Goro transforme les approches minières traditionnelles à travers des partenariats stratégiques, des technologies de pointe et un engagement envers les pratiques durables qui le distinguent dans le paysage des métaux précieux compétitifs. Les investisseurs et les analystes de l'industrie sont de plus en plus attirés par la proposition de valeur unique de Goro qui mélange de manière transparente les performances financières avec le développement responsable des ressources, faisant de cette exploration de leur mode de modèle commercial un voyage convaincant dans la stratégie minière moderne.

Gold Resource Corporation (GORO) - Modèle d'entreprise: partenariats clés

Accords d'extraction stratégiques avec des propriétaires fonciers mexicains

Gold Resource Corporation maintient des accords stratégiques d'accès aux terres à Oaxaca, au Mexique, en particulier pour le projet AGUILA. En 2023, la société a obtenu des concessions minières couvrant environ 28 000 hectares.

Emplacement	Zone de concession	État de l'accord
Oaxaca, Mexique	28 000 hectares	Accords d'extraction actifs

Partenariats de coentreprise dans l'exploration des métaux précieux

Gold Resource Corporation a établi des partenariats de coentreprise axés sur l'exploration et le développement de propriétés métalliques précieuses.

• Joint-venture du projet Martha avec Hochschild Mining PLC
• Accords d'exploration au Nevada, États-Unis

Fournisseurs d'équipement et de technologie pour les opérations minières

La société collabore avec des fabricants d'équipements minières spécialisés pour maintenir l'efficacité opérationnelle.

Catégorie d'équipement	Fournisseurs principaux	Investissement annuel
Machinerie minière	Chenille, komatsu	3,2 millions de dollars
Technologie de traitement	Metso outotec	1,5 million de dollars

Les institutions financières fournissent un soutien au capital et à l'investissement

Gold Resource Corporation entretient des relations avec les institutions financières pour le financement en capital et le soutien aux investissements.

• Facilité de crédit avec Bank of America
• Partenariats d'investissement avec des sociétés de streaming métallique précieuses
• Ligne de crédit totale: 50 millions de dollars

Cabinets de conseil en environnement et en durabilité

La société engage les sociétés de conseil en environnement pour assurer des pratiques minières durables et une conformité réglementaire.

Cabinet de conseil	Services fournis	Dépenses de conseil annuelles
Gestion des ressources environnementales	Évaluation de la durabilité	$750,000
SRK Consulting	Études d'impact environnemental	$500,000

Gold Resource Corporation (Goro) - Modèle d'entreprise: activités clés

Opérations d'extraction d'or et d'argent au Mexique

Gold Resource Corporation exploite les sites miniers suivants au Mexique:

Lieu des mines	Production annuelle	Type de métal
Projet Aguila, Oaxaca	55 000 à 65 000 onces d'or	Or, argent
Don David Gold Mine	40 000 à 50 000 onces d'or	Or, argent

Exploration minérale et développement des ressources

Dépenses d'exploration pour 2023: 4,2 millions de dollars

• Le budget d'exploration axé sur la région d'Oaxaca
• Maintenir un pipeline de ressources minérales de 5 à 7 ans
• Effectuer des enquêtes géophysiques et des programmes de forage

Traitement du minerai et extraction des métaux

Métrique de traitement	Capacité	Efficacité
Taux de traitement du minerai	1 000 tonnes par jour	90,5% de récupération des métaux
Production annuelle des métaux	95 000 à 11 000 onces	Or et argent combinés

Mise en œuvre des pratiques minières durables

• Taux de recyclage de l'eau: 78%
• Cible de réduction des émissions de carbone: 15% d'ici 2025
• Investissements de la conformité environnementale: 2,3 millions de dollars par an

Relations avec les investisseurs et gestion financière

Métrique financière	Valeur 2023
Revenu	145,6 millions de dollars
Flux de trésorerie d'exploitation	38,2 millions de dollars
Événements de communication des investisseurs	4 appels de résultats trimestriels

Gold Resource Corporation (Goro) - Modèle d'entreprise: Ressources clés

Concessions minières au Mexique

Gold Resource Corporation détient les droits minéraux dans les propriétés mexicaines suivantes:

Nom de propriété	Emplacement	Hectares totaux
Don David Gold Mine	Oaxaca, Mexique	7 507 hectares
Projet Aguila	Oaxaca, Mexique	3 200 hectares

Équipement d'extraction minérale avancée

Portfolio actuel d'équipement d'extraction:

• 3 unités de production miniers souterraines
• 2 usines de traitement des minéraux
• Plusieurs camions de transport Caterpillar
• GRANS DE DÉFORS AVANCÉS POUR LA

Travail de génie géologique et minière qualifié

Composition de la main-d'œuvre:

Catégorie	Nombre d'employés
Total des employés	254
Géologues	42
Ingénieurs minières	36

Technologies minières propriétaires

• Techniques d'extraction minérale brevetées
• Méthodes de traitement métallurgique personnalisées
• Technologies de cartographie géologique avancée

Capital financier solide et réserves

Métrique financière	Montant
Cash and Cash équivalents (T4 2023)	24,3 millions de dollars
Réserves minérales totales	Estimé 1,2 million d'onces d'or équivalent
Capacité de production annuelle	70 000 à 80 000 onces d'or équivalent d'or

Gold Resource Corporation (Goro) - Modèle d'entreprise: propositions de valeur

Production d'or et d'argent de haute qualité

En 2023, Gold Resource Corporation a signalé une production totale d'or de 41 579 onces et une production d'argent de 1 047 610 onces de ses opérations minières mexicaines.

Métrique	2023 Production
Production d'or	41 579 onces
Production d'argent	1 047 610 onces

Pratiques minières responsables de l'environnement

Goro Ioutils traitement du cyanide zéro Dans ses installations minières, réduisant l'impact environnemental.

• Taux de recyclage de l'eau: 85% aux opérations minières
• Réduction des émissions de carbone: 22% par rapport à la moyenne de l'industrie

Paiements de dividendes cohérents aux actionnaires

Gold Resource Corporation a maintenu des paiements de dividendes mensuels en 2023, totalisant 0,16 $ par action par an.

Année de dividende	Dividende annuel total
2023	0,16 $ par action

Extraction de métaux précieux à faible coût

Les coûts de maintien tout-in (AISC) pour la production d'or en 2023 étaient de 1 285 $ l'once.

Forte efficacité opérationnelle

Les taux de récupération minière en 2023 ont atteint 92,5% sur les sites opérationnels de Goro.

Métrique d'efficacité opérationnelle	Performance de 2023
Taux de récupération d'exploitation	92.5%
Traitement de l'utilisation des usines	91.3%

Gold Resource Corporation (GORO) - Modèle d'entreprise: relations avec les clients

Canaux de communication des investisseurs directs

Gold Resource Corporation conserve l'infrastructure de communication des investisseurs suivante:

Canal de communication	Coordonnées
Téléphone des relations avec les investisseurs	(888) 794-4624
Email des relations avec les investisseurs	info@goldresourcecorp.com
Siège social	3819 Maple Drive, Suite 200, Littleton, Colorado 80127

Rapports de performance financière réguliers

Métriques de rapports financiers trimestriels pour 2023:

Quart	Revenu	Revenu net
Q1 2023	14,3 millions de dollars	1,2 million de dollars
Q2 2023	16,7 millions de dollars	1,5 million de dollars
Q3 2023	15,9 millions de dollars	1,3 million de dollars
Q4 2023	17,2 millions de dollars	1,6 million de dollars

Engagement des actionnaires grâce aux réunions annuelles

Détails de la réunion annuelle pour les actionnaires:

• Emplacement: Siège social à Littleton, Colorado
• Fréquence: annuellement
• Méthodes de participation: fréquentation en personne et virtuelle
• Mécanisme de vote: options de vote électronique et physique

Rapports transparents de durabilité

Métriques de rapport de durabilité pour 2023:

Métrique de la durabilité	Valeur quantitative
Réduction des émissions de carbone	12% d'une année à l'autre
Conservation de l'eau	Réduction de 18% de l'utilisation de l'eau industrielle
Investissement communautaire	750 000 $ en développement communautaire local

Plateformes de relations avec les investisseurs numériques

Plates-formes de fiançailles numériques:

• Site Web d'entreprise: www.goldresourcecorp.com
• Page Web des relations avec les investisseurs
• SEC Edgar Dosings
• Webdication trimestriel

Gold Resource Corporation (Goro) - Modèle d'entreprise: canaux

Listes de bourses

Gold Resource Corporation se négocie sur le NYSE American sous le symbole de ticker Goro.

Échange	Symbole de ticker	Date d'inscription
Nyse américain	Goro	2006

Site Web de l'entreprise

Site officiel: www.goldresourcecorp.com

• Fournit des informations sur les investisseurs
• Rapports financiers
• Communiqués de presse
• Présentations d'entreprise

Présentations de la conférence financière

Type de conférence	Fréquence	Plate-forme
Conférences d'investisseurs	Trimestriel	Virtuel / en personne

Plateformes de communication des relations avec les investisseurs

• Relations des investisseurs par e-mail
• Contact sur les investisseurs téléphoniques
• SEC Edgar Dosings
• Réseaux de distribution de communiqués de presse

Rapports annuels des actionnaires

Type de rapport	Emplacement de dépôt	Accessibilité
Rapport annuel (10-K)	Sec Edgar	Publique
Rapport trimestriel (10-Q)	Sec Edgar	Publique

Gold Resource Corporation (Goro) - Modèle d'entreprise: segments de clientèle

Investisseurs institutionnels

Au quatrième trimestre 2023, la propriété institutionnelle de Gold Resource Corporation était de 35,2%, ce qui représente 78,4 millions de dollars d'investissements institutionnels.

Type d'investisseur	Montant d'investissement	Pourcentage de propriété
Fonds communs de placement	42,6 millions de dollars	19.3%
Fonds de pension	22,1 millions de dollars	10.2%
Hedge funds	13,7 millions de dollars	5.7%

Investisseurs en métaux précieux individuels

Gold Resource Corporation cible les investisseurs individuels à travers:

• Plateformes d'investissement au détail
• Offres directes de stock
• Stratégie de distribution de dividendes

Analystes de l'industrie minière

Les mesures clés attirant les analystes de l'industrie minière:

• Capitalisation boursière: 324,5 millions de dollars (à partir de janvier 2024)
• Production d'or annuelle: 54 000 onces
• Coût en espèces d'exploitation: 812 $ par once

Fonds d'investissement durable

Métrique de la durabilité	Performance
Note ESG	BB (cote MSCI)
Réduction des émissions de carbone	12,4% en glissement annuel
Consommation d'énergie renouvelable	22% de la consommation d'énergie totale

Sociétés de trading de métaux précieux

Volume de trading et relations:

• Ventes d'or annuelles: 68 000 onces
• Taille moyenne du contrat: 5 000 onces
• Partners commerciaux actifs: 7 entreprises internationales

Gold Resource Corporation (Goro) - Modèle d'entreprise: Structure des coûts

Acquisition et maintenance des équipements d'exploitation

En 2024, les coûts d'équipement minier de Gold Resource Corporation comprennent:

Catégorie d'équipement	Coût annuel ($)
Équipement de forage	3,750,000
Machinerie d'excavation	4,250,000
Traitement des machines d'usine	5,600,000
Entretien et réparations	2,100,000

Condemnisation de la main-d'œuvre et de la main-d'œuvre

Répartition de l'indemnisation de la main-d'œuvre:

Catégorie des employés	Compensation annuelle ($)
Personnel minier	12,500,000
Personnel administratif	3,750,000
Spécialistes techniques	4,250,000
Gestion	2,100,000

Frais d'exploration et de développement

• Enquêtes géologiques annuelles: 1 850 000 $
• Prospection et cartographie: 1 250 000 $
• Nouveau site Exploration: 2 500 000 $
• Recherche et développement: 1 100 000 $

Coûts de conformité environnementale

Catégorie de conformité	Dépenses annuelles ($)
Surveillance environnementale	750,000
Gestion des déchets	450,000
Efforts de récupération	1,200,000
Conformité réglementaire	350,000

Surfaçon administratives et opérationnelles

Catégorie aérienne	Coût annuel ($)
Dépenses de bureau	750,000
Assurance	1,100,000
Services publics	450,000
Technologie et logiciels	350,000

Gold Resource Corporation (Goro) - Modèle d'entreprise: Strots de revenus

Ventes en métal en or et en argent

En 2023, Gold Resource Corporation a signalé une production totale d'or de 53 000 onces et une production d'argent de 58 000 onces.

Metal	Volume de production (2023)	Prix ​​moyen par once	Revenus totaux
Or	53 000 onces	$1,940	$102,820,000
Argent	58 000 onces	$23.50	$1,363,000

Distributions de dividendes

Gold Resource Corporation a versé des dividendes trimestriels totalisant 0,16 $ par action en 2023.

Contrats de streaming métallique précieux

La société a des accords de streaming générant des revenus supplémentaires à partir de la production métallique.

Partenaire de streaming	Détails du contrat	Revenus annuels
Métaux précieux de Wheaton	Accord de streaming en argent	$4,500,000

Royalités d'exploration minérale

Les revenus de redevances provenant des projets d'exploration ont contribué aux sources de revenus.

• Royalités d'exploration du Nevada: 750 000 $
• Royalités d'exploration du Mexique: 1 200 000 $

Investissement et revenu financier

Les investissements financiers ont généré des revenus supplémentaires.

Catégorie d'investissement	2023 Revenu
Cash et investissements équivalents	$3,200,000
Instruments financiers à court terme	$1,800,000

Gold Resource Corporation (GORO) - Canvas Business Model: Value Propositions

You're looking at the core reasons why Gold Resource Corporation (GORO) attracts interest right now, focusing on what they deliver to the market as of late 2025.

Supply of high-grade gold and silver metal concentrates

Gold Resource Corporation's primary value is supplying metal concentrates from its Don David Gold Mine (DDGM) in Oaxaca, Mexico. This supply is a mix of precious metals, which the market values highly, especially given the recent price action. For the third quarter of 2025, the mine produced and sold specific amounts of gold and silver ounces, which you can see broken down here:

Metric	Q3 2025 Amount
Gold Ounces Sold	1,422 ounces
Silver Ounces Sold	417,710 ounces
Total Gold Equivalent (AuEq) Ounces Sold	6,298 ounces
Revenue (Q3 2025)	$24.878M

The realized prices for these metals directly impact the top line. In Q3 2025, the average sales price for gold was $3,546 per ounce, and for silver, it was $41.39 per ounce.

Diversification of revenue through base metal co-products

While gold and silver drive the narrative, the value proposition includes revenue diversification from base metals. The concentrates produced at DDGM contain more than just precious metals. Honestly, this co-product stream helps offset some of the operational costs, which is key when production volumes are tight. The concentrates from the El Aquila Project contain gold, silver, copper, lead, and zinc.

Operational turnaround potential via new high-grade zones

A significant part of the current value proposition is the potential for an operational shift, moving away from recent difficulties. Management is seeing encouraging signs that validate expectations for better grades and vein widths, which directly translates to better economics per tonne mined. This potential is grounded in specific, ongoing work:

• Development work progressing in the Three Sisters area.
• Drilling targeting the Arista system (Splay 31, Marena North, Candelaria, and Viridiana veins).
• Exploration targeting the Switchback system (Soledad South vein).
• Transition to the cut-and-fill mining method, which has significantly reduced dilution in narrow vein areas.

The market reacted positively to the cost improvements stemming from these changes. The All-In Sustaining Cost (AISC) dropped sharply from $5,458 per AuEq ounce in Q2 2025 to $2,983 per AuEq ounce in Q3 2025. That's a massive swing in efficiency, so to speak.

Direct exposure to rising precious metal prices (Q3 Au price: $3,546/oz)

You get direct leverage to the commodity cycle. Gold Resource Corporation's revenue is highly sensitive to the price of gold and silver. The realized price for gold in Q3 2025 was $3,546 per ounce, showing the benefit of the current high-price environment flowing through to sales. This exposure is a core offering, meaning if precious metal prices climb further, the company's revenue accelerates quickly, assuming production levels can be sustained or improved from the Q3 2025 levels of 6,298 AuEq ounces sold.

Gold Resource Corporation (GORO) - Canvas Business Model: Customer Relationships

You're looking at Gold Resource Corporation (GORO) and seeing a classic high-risk, high-reward mining story, but the 2025 numbers require a cold, hard look at how they manage their sales and investor base. The customer relationship here splits into two main groups: the metal buyers who purchase the physical product, and the capital markets that fund the operation.

Transactional, direct sales contracts with metal buyers

Gold Resource Corporation's entire operational revenue stream flows from a single geographic segment: the Don David Gold Mine (DDGM) near Oaxaca, Mexico. Revenue is almost entirely generated from the sale of metal concentrates, primarily gold and silver, with smaller contributions from copper, lead, and zinc. These sales are transactional, based on spot market prices or contracts subject to final pricing adjustments.

The third quarter of 2025 showed a significant bounce in sales activity following earlier operational hurdles. During Q3 2025, the company produced and sold 6,298 gold equivalent ("AuEq") ounces. This was achieved at strong realized prices for the quarter, which is a key factor in their transactional relationship with buyers. The shift in sales mix in Q3 2025 is defintely notable, moving away from the historical gold dominance.

Here's a breakdown of the sales metrics for the most recent reported quarter:

Metric	Q3 2025 Value	Context/Notes
Gold Equivalent Ounces Sold (Q3 2025)	6,298 AuEq ounces	Total ounces sold from DDGM.
Gold Ounces Sold (Q3 2025)	1,422 ounces	Component of total AuEq ounces sold.
Silver Ounces Sold (Q3 2025)	417,710 ounces	Component of total AuEq ounces sold.
Average Realized Gold Price (Q3 2025)	$3,546 per ounce	Price achieved on gold sales.
Average Realized Silver Price (Q3 2025)	$41.39 per ounce	Price achieved on silver sales.
Approximate Revenue from Gold Sales (Q3 2025)	Approximately 20.3%	Share of the $24.88 million Q3 2025 revenue.
Approximate Revenue from Silver Sales (Q3 2025)	Approximately 69.5%	Share of the $24.88 million Q3 2025 revenue.

For comparison, in the second quarter of 2025, Gold Resource Corporation sold 2,420 gold equivalent ounces. The relationship with metal buyers is purely transactional, meaning the company must consistently deliver product to generate revenue, which has been challenging given the equipment availability issues earlier in the year.

Investor relations for continuous capital market engagement

Given the operational struggles and the warning about the ability to continue as a going concern beyond Q3 2026, Gold Resource Corporation's engagement with the capital markets has been aggressive throughout 2025 to secure working capital. This continuous need for funding shapes a very active investor relations dynamic.

The company has actively used equity and debt instruments to manage liquidity and fund critical upgrades, such as ordering new equipment and engaging contractors like Cominvi Servicios. Here are the key capital market transactions in 2025:

• Raised $2.5 million through a registered direct offering in January 2025.
• Raised approximately $8.6 million through its At-The-Market Offering ("ATM") Program during the nine months ended September 30, 2025.
• Secured a $6.28 million loan agreement in June 2025, which was later fully repaid with equity proceeds.
• Closed a second registered direct offering in September 2025, raising $11.4 million from the sale of 25,315,954 shares at $0.45 per share.

The total capital raised through equity, debt, and a Mexican tax refund (approximately $4.0 million) was over $21.3 million year-to-date through September 30, 2025. This constant need for capital means continuous engagement with institutional and retail investors who participate in these offerings.

Direct communication with shareholders via earnings calls

Direct communication is managed through scheduled earnings calls, which serve as the primary forum for management to address operational progress, financial results, and strategic outlook directly with shareholders and analysts. The company maintained a quarterly cadence for these calls in 2025.

The schedule for 2025 included:

• 2024 Year-End Earnings Call on April 9, 2025.
• Second Quarter 2025 Earnings Call on August 6, 2025.
• Third Quarter 2025 Conference Call on November 5, 2025, at 12:00 p.m. Eastern Time.

The Q3 2025 call featured prepared remarks from Allen Palmiere, President and CEO, Armando Alexandri, Chief Operating Officer, and Chet Holyoak, Chief Financial Officer, followed by a live question and answer session. The company ensures transparency by recording the conference call and posting it to the website later the same day. This direct Q&A format is crucial for managing shareholder expectations, especially when discussing milestones like the expected 40% to 50% of total production coming from the Three Sisters area by 2026.

Gold Resource Corporation (GORO) - Canvas Business Model: Channels

You're looking at how Gold Resource Corporation (GORO) gets its product to market and, critically, how it funds its operations in late 2025. The channels here are split between physical sales and financial capital raising.

Direct sales of metal concentrates to smelters and refiners

The entire operational revenue flows from the Don David Gold Mine (DDGM) in Oaxaca, Mexico, selling metal concentrates containing gold, silver, copper, lead, and zinc. The realized prices for the metals sold are a direct input to this channel's success.

Here are the key sales figures through the third quarter of 2025:

Metric	Value	Period/Date
TTM Revenue	$61.43 million	Ending September 30, 2025
Quarterly Revenue	$24.88 million	Q3 2025
Gold Equivalent Ounces Sold	6,298	Q3 2025
Average Gold Sales Price	$3,546 per ounce	Q3 2025
Average Silver Sales Price	$41.39 per ounce	Q3 2025
Gold Ounces Sold	1,422	Q3 2025
Silver Ounces Sold	417,710	Q3 2025

The revenue composition for that strong Q3 2025 quarter shows a clear weighting:

• Silver Sales: Approximately 69.5% of total revenue.
• Gold Sales: Approximately 20.3% of total revenue.
• Base Metals (Copper, Lead, Zinc): Approximately 10.2% of total revenue.

The quality of the concentrate matters a lot; management focuses on improving payability, which means minimizing non-precious metals in the final product.

Equity markets (NYSE American) for common stock issuance

Gold Resource Corporation (GORO) uses the NYSE American exchange as a primary channel to inject equity capital directly into the business, often to manage debt or fund operations. This is a clear preference over debt financing, even with the dilution effect.

Key equity raises in 2025 include:

• September 2025 Registered Direct Offering Gross Proceeds: Approximately $11.4 million.
• Shares issued in September 2025 Offering: 25,315,954 shares.
• Price per share in September 2025 Offering: $0.45.
• Proceeds used to repay loan principal/interest: Approximately $6.4 million.
• January 2025 Direct Offering Proceeds: $2.5 million.
• Shares issued in September 2025 Offering for loan payoff: 14,204,846 shares.

The total capital raised across debt and equity activities for the year through September 2025 reached approximately $38.7 million. Before the September offering, the stock had delivered a year-to-date return of 154%.

At-The-Market (ATM) program for ongoing capital access

The At-The-Market (ATM) program serves as a flexible, ongoing channel to raise smaller, incremental amounts of capital as needed throughout the year, often used to supplement larger financing events or cover short-term working capital needs.

ATM proceeds for 2025 are significant:

• ATM Program Proceeds: Approximately $8.6 million.
• Period for $8.6 million figure: Nine months ended September 30, 2025.
• ATM Proceeds during Q2 2025: Approximately $5.6 million.

This ATM activity, combined with other financing, contributed to the $21.3 million raised through the first six months of 2025 across all financing sources mentioned.

Gold Resource Corporation (GORO) - Canvas Business Model: Customer Segments

You're looking at Gold Resource Corporation (GORO) and trying to map out exactly who is buying their product and who is funding their operations as of late 2025. The customer segments fall into two distinct groups: the physical buyers of the metal concentrates and the financial entities providing the capital.

Global metal refiners and smelters requiring concentrate feed

The primary commercial customers for Gold Resource Corporation (GORO) are the global facilities that process the raw material extracted from the Don David Gold Mine (DDGM) in Oaxaca, Mexico. Gold Resource Corporation (GORO) sells metal concentrates, not refined metal, so these buyers are the refiners and smelters. The entire operational revenue stream flows from this single geographic segment.

The revenue generated in the third quarter of 2025 hit $24.88 million, which was a massive 87.45% growth quarter-over-quarter. For the trailing twelve months ending September 30, 2025, total revenue was $61.43 million. The composition of that revenue shows a significant shift toward silver in 2025.

Here is a snapshot of the sales activity and realized pricing from the operational side:

Metric	Q3 2025 Value	Q2 2025 Value
Gold Equivalent Ounces Sold	6,298	2,420
Average Realized Gold Price (per oz.)	$3,546	$3,350
Average Realized Silver Price (per oz.)	$41.39	$34.35

The approximate revenue split for the $24.88 million in Q3 2025 revenue shows the customer demand profile:

• Silver Sales: Approximately 69.5%
• Gold Sales: Approximately 20.3%
• Base Metals (Copper, Lead, Zinc) Sales: Approximately 10.2%

This concentration means that the handful of global refiners purchasing the output from DDGM are the direct customers driving the company's top line. If onboarding takes 14+ days, churn risk rises, but for Gold Resource Corporation (GORO), a single smelter contract issue could halt nearly all revenue.

Institutional investors seeking precious and base metal exposure

The second major segment consists of the financial players who own the equity of Gold Resource Corporation (GORO). These are the institutional investors betting on the turnaround story at the Don David Gold Mine. As of late 2025 filings, institutional investors hold approximately 40.68% of the company's stock. This group includes major funds that often hold positions passively, like index trackers, and more active, large-stake holders driving strategic pressure.

You need to know who has the most conviction in the management's plan to execute on the Three Sisters vein system development. The capital raised through the September 2025 registered direct offering of $11.4 million was underpinned by participation from these institutional groups.

Key institutional holders and their approximate stakes as of September 30, 2025, include:

• Fiscal Wisdom Wealth Management LLC: 30.10% stake
• The Vanguard Group, Inc.: 3.80% stake, holding 6,148,795 shares
• BlackRock, Inc.: Holding 949,568 shares
• Mirae Asset Global Investments Co., Ltd.: 2.52% stake

The number of institutional filers has actually decreased significantly, showing that the remaining holders are the ones with the deepest commitment to the high-risk play.

Retail investors and high-net-worth individuals

This segment represents the public and individual investors who trade the stock on the exchange, often seeking high-risk, deep-value exposure to a potential mining recovery. This group holds a substantial portion of the company, approximately 58.32% of the stock outstanding. This high retail float suggests significant stock volatility driven by sentiment, especially given the year-to-date net loss of $24.5 million as of September 30, 2025.

The stock price as of December 5, 2025, was $0.75 per share, a significant increase from the $0.18 per share seen on December 6, 2024. This price action is heavily influenced by the retail segment's reaction to operational updates, such as the Q3 2025 production of 6,298 gold equivalent ounces. Insiders, a small subset of this group, hold about 1.01% of the stock.

The key action item for Finance is to draft the 13-week cash view by Friday, focusing on how the next quarter's production from the Three Sisters area impacts the cash burn rate against this retail investor base.

Gold Resource Corporation (GORO) - Canvas Business Model: Cost Structure

The Cost Structure for Gold Resource Corporation centers heavily on the operational costs associated with the Don David Gold Mine (DDGM) and ongoing capital investment to overcome equipment and access constraints.

The All-in Sustaining Cost (AISC) after co-product credits for the third quarter of 2025 was reported at $2,983 per AuEq ounce. This represents an improvement from the first quarter of 2025, where the AISC was $3,252 per AuEq ounce, and a significant reduction from the second quarter of 2025, which saw an AISC of $5,458 per AuEq ounce. The total cash cost after co-product credits for Q3 2025 was $2,116 per AuEq ounce.

Metric	Q1 2025 Value	Q2 2025 Value	Q3 2025 Value
All-in Sustaining Cost (AISC) per AuEq ounce	$3,252	$5,458	$2,983
Total Cash Cost per AuEq ounce	$2,494	$4,017	$2,116

Capital expenditures are a significant component, driven by the need to address an aging fleet and develop new ore sources. For the third quarter of 2025, the Company reported investments of $2.6 million in underground development and over $6.5 million in exploration. The Company also expected to require approximately $8.0 million in working capital over the next 12 months to fund initial development to access the Three Sisters and Splay 31 systems.

General and administrative (G&A) overhead, combined with other operating expenses, contributed to a net loss of $4.7 million for the three months ended September 30, 2025. For the Trailing Twelve Months (TTM) ending September 30, 2025, the Gross Profit was $5.86 million on total revenue of $61.43 million, resulting in a Gross Profit Margin of approximately 9.54%. The year-to-date net loss through the third quarter of 2025 reached $24.5 million.

Operating expenses for milling and processing were impacted by mechanical issues. The mill experienced mechanical issues that resulted in lower throughput. The Company ordered a third dry stack filter press to help increase processing throughput.

Key cost drivers and related financial metrics include:

• Q3 2025 Net Loss: $4.7 million.
• Q3 2025 Production: 6,298 gold equivalent ounces.
• Q3 2025 Revenue: $24.88 million.
• YTD 2025 Capital Raised (Debt and Equity): Approximately $27.2 million.
• Cash and Cash Equivalents as of September 30, 2025: $9.8 million.

The Company's cost profile is intrinsically linked to equipment availability and development success. Lower tonnes produced and lower grades through Q3 2025 constrained the ability to offset fixed overhead costs.

Gold Resource Corporation (GORO) - Canvas Business Model: Revenue Streams

You're looking at the core of Gold Resource Corporation (GORO)'s business, which is entirely dependent on selling metal concentrates mined from the Don David Gold Mine (DDGM) in Oaxaca, Mexico. The revenue streams are straightforward: precious metals lead the way, supported by base metals.

The Trailing Twelve Months (TTM) revenue, ending September 30, 2025, sits at $61.43 million. This TTM figure reflects a challenging period, though the most recent quarter showed significant sequential improvement.

For the third quarter of 2025, Gold Resource Corporation posted total sales of $24.88 million. This quarterly revenue was driven by the sale of specific metal volumes at realized prices:

• Total Gold Equivalent (AuEq) ounces sold: 6,298 oz.
• Gold ounces sold: 1,422 oz.
• Silver ounces sold: 417,710 oz.

The realized prices for these metals in Q3 2025 were strong:

• Realized price for gold: $3,546 per ounce.
• Realized price for silver: $41.39 per ounce.

The composition of that $24.88 million Q3 2025 revenue shows a heavy skew toward silver, which is a key dynamic for the business right now. Here is the breakdown based on the reported percentages:

Revenue Source	Approximate Q3 2025 Percentage	Derived Q3 2025 Revenue Amount
Sale of silver concentrate	69.5%	Approx. $17.29 million
Sale of gold concentrate	20.3%	Approx. $5.05 million
Sale of base metal concentrates	10.2%	Approx. $2.54 million

The base metal component is derived from the sale of concentrates containing copper, lead, and zinc, which are byproducts of the primary precious metal extraction process at DDGM. The total TTM revenue ending Q3 2025 was $61.43 million.

You should note the following key revenue stream characteristics:

• Revenue is generated almost entirely from the sale of metal concentrates.
• The entire operational revenue flows from a single geographic segment: the Don David Gold Mine in Mexico.
• The Q3 2025 revenue of $24.88 million represented an 87.45% growth compared to the prior year's quarter.
• TTM revenue of $61.43 million was down -16.87% year-over-year as of the end of Q3 2025.

Finance: draft 13-week cash view by Friday.