Gold Resource Corporation (GORO): Business Model Canvas [Dec-2025 Updated]

Honestly, you are looking at a company, Gold Resource Corporation, making a high-stakes pivot right now, moving from a costly single-mine setup to chase efficiency and high-grade zones. With their All-in Sustaining Cost hitting $2,983 per AuEq ounce in Q3 2025, but gold trading near $3,546/oz, the margin for error is thin, even as they bank $24.88 million in revenue that quarter, heavily weighted by silver concentrate sales. To see precisely how Gold Resource Corporation is structuring its operations-from its reliance on contract miners and capital raises like the recent $11.4 million offering, to its direct sales channels to global smelters-you need to break down the entire Business Model Canvas below. It maps out the exact resources and activities driving this critical turnaround effort.

Gold Resource Corporation (GORO) - Canvas Business Model: Key Partnerships

You're looking at the core relationships Gold Resource Corporation (GORO) relies on to fund its operations and advance its key assets, especially as of late 2025. Honestly, the partnership story this year has been dominated by capital raising, which is a necessary evil when operational costs are high.

Financial Institutions for Capital Raising and Debt Management

The relationship with financial institutions has been dynamic, showing a clear pivot toward equity financing after utilizing short-term debt. This year, Gold Resource Corporation has been aggressive in securing the capital needed to fund equipment upgrades and open up new areas at the Don David Gold Mine in Oaxaca, Mexico.

In June 2025, the company secured a short-term debt facility, which is a critical partnership detail:

• Facility Amount: $6,280,000.
• Interest Rate: Secured Overnight Financing Rate (SOFR) plus 5% per annum.
• Term: 18 months, maturing on December 26, 2026.
• Associated Issuance: A warrant for 1,500,000 shares at an exercise price of $0.65 per share.

This debt was quickly managed. By September 2025, Gold Resource Corporation closed an $11.4 million registered direct offering. The company then used approximately $6.4 million of those equity proceeds to fully repay the June loan, signaling a preference for a debt-free balance sheet. The total capital raised across debt and equity in 2025 is substantial, amounting to approximately $38.7 million. This financing activity is set against a backdrop where the Q2 2025 net loss was $11.5 million, and the year-to-date net loss through Q3 2025 reached $24.5 million.

Here's a quick look at the balance sheet improvement driven by these financial partners as of the end of Q3 2025:

The company also raised $2.5 million in a January 2025 registered direct offering and an additional $3 million via its At-The-Market (ATM) Program in January and February 2025. These financial relationships are key to bridging the gap until operational improvements, like the use of new equipment and contractors, drive the AISC below the Q3 2025 average sales price of gold at $3,546 per ounce.

Consulting Firms for Back Forty Feasibility Study

Gold Resource Corporation announced in December 2025 a strategic decision to resume work on the Back Forty Project in Michigan, which immediately triggers the need for specialized consulting partnerships. The company is currently in discussions with consulting firms to complete the feasibility study necessary to begin the permitting process.

While the current consulting partners are not named, the economic foundation for this project is based on a Technical Report Summary filed in October 2023. That study involved work from firms like InnovExplo Inc. and Foth Infrastructure & Environment. The financial metrics from that prior assessment provide the baseline for the current consulting engagement:

• Initial Capital Expenditures (from 2023 IA): $325.1 million.
• After-Tax Net Present Value (NPV6) at Base Case Metals: $214.4 million.
• After-Tax Internal Rate of Return (IRR): 25.7%.

The sensitivity analysis from that 2023 study showed that a 50% increase in the gold price to $2,700 per ounce increased the project's net present value by over 100% to approximately $430 million. The current work is expected to use metal prices that make the project even more robust than that prior analysis suggested.

Third-party Contract Miner and Diamond Drilling Contractors

Gold Resource Corporation relies on external service providers to execute development and resource conversion at the Don David Gold Mine. In the third quarter of 2025, the company explicitly noted that the strategic use of third-party contractors, combined with newly acquired equipment, enabled an increase in available headings and a subsequent improvement in production. This operational partnership is crucial for managing costs and increasing throughput, especially given the high AISC figures seen earlier in the year. The need for development in new areas, like the Three Sisters area, which was funded in part by the June 2025 debt facility, directly implies active contracts with development or mining service providers. Specific financial terms or the names of the diamond drilling or contract mining partners, such as Cominvi, are not detailed in the late 2025 financial disclosures found. The focus remains on the operational benefit: using these external groups to drive production efficiency. Finance: draft 13-week cash view by Friday.

Gold Resource Corporation (GORO) - Canvas Business Model: Key Activities

You're looking at the core actions Gold Resource Corporation (GORO) is taking to stabilize and advance its assets as of late 2025. This isn't just about digging rock; it's about strategic financing, operational pivots, and project advancement.

Underground mining and processing at Don David Gold Mine (DDGM)

The activity centers on extracting and processing material from the Don David Gold Mine (DDGM) in Oaxaca, Mexico. The operational results show a clear focus on recovery, even while facing equipment challenges early in the year. For the third quarter of 2025, DDGM produced and sold a total of 6,298 gold equivalent ("AuEq") ounces, which broke down into 1,422 gold ounces and 417,710 silver ounces. The average sales price for that quarter was $3,546 per gold ounce and $41.39 per silver ounce. To put the cost structure in context, the first quarter of 2025 saw a Total Cash Cost after co-product credits of $2,494 per AuEq ounce, which improved to $4,017 per AuEq ounce in the second quarter. By the end of the third quarter, the Company reported a strong cash position of over $9 million, though year-to-date net losses reached $24.5 million.

Development of the high-grade Three Sisters vein system

A major activity is pushing development into the Three Sisters vein system, which is seen as the future of the mine. The Company invested over $2.6 million in underground development and more than $6.5 million in underground exploration development year-to-date through Q3 2025, primarily targeting this area. By the end of Q2 2025, more than 1,350 meters of development, including ramps and drifts, had been completed with the help of the contractor engaged in May 2025. The potential is significant; drilling results from 2024 showed an over 800% increase in Mineral Reserves for the system, moving from 57,890 t to 526,152 t. Initial production from this area in November 2025 showed exceptional returns, with one two-week period seeing tonnes mined 40% higher than planned and Net Smelter Return (NSR) 91% higher than modelled. Gold Resource Corporation anticipates that between 40% and 50% of total production will come from Three Sisters in early 2026.

Capital raising efforts, including the $11.4 million registered direct offering

Financing is a critical, ongoing activity to fund development and manage debt. The most recent major action was the registered direct offering announced in September 2025, which aimed for approximately $11.4 million in gross proceeds by selling shares at $0.45 per share. A key use of these funds was to prepay approximately $6.4 million of the principal and interest on the loan dated June 26, 2025. Earlier in 2025, the Company raised $2.5 million via a January registered direct offering and secured about $8.6 million through its At-The-Market (ATM) Offering Program year-to-date through May 8, 2025.

• $11.4 million gross proceeds from September 2025 Registered Direct Offering.
• $6.4 million allocated to prepay loan principal from the September 2025 offering.
• $8.6 million raised through ATM Program by May 8, 2025.
• $2.5 million raised via Registered Direct Offering in January 2025.
• $0.9 million received from the February 2025 sale of Green Light Metals interest.

Permitting and feasibility work for the Back Forty Project

Gold Resource Corporation made a strategic decision to resume work on the Back Forty Project in Michigan. This involves engaging consulting firms to complete a feasibility study and planning to begin the permitting process. The project's economics, based on an October 2023 technical report summary, showed that a 50% increase in the gold price to $2,700 would increase the project's Net Present Value by over 100% to approximately $430 million, using a base case of $1,800 gold and $1.25 Zinc. The proceeds from the September 2025 offering are earmarked to support progress on this feasibility study and permitting.

Operational shift to cut-and-fill mining methods to reduce dilution

The Company is actively changing its mining technique at DDGM to improve selectivity and metal recovery. Historically, longhole mining resulted in about 40% dilution; however, the transition to cut-and-fill methods reduced this to 17% in July 2025. This shift means less tonnes mined while recovering the same amount of metal, which helps lower mining and milling costs for the same metal recovered. By the end of Q3 2025, cut-and-fill was being used for approximately 40% of the stopes, which management noted is more profitable in narrow vein applications. This operational change also dictates a change in equipment, moving from six-yard scoops to 2.5-yard scoops to better suit the narrower openings.

Gold Resource Corporation (GORO) - Canvas Business Model: Key Resources

You're looking at the core assets Gold Resource Corporation (GORO) relies on to generate value, and right now, it's a mix of physical mine infrastructure and the cash needed to keep the lights on. These resources are what you need to track closely to see if their turnaround strategy is working.

The primary physical asset is the Don David Gold Mine (DDGM), located in Oaxaca, Mexico. This mine is the sole source of the company's operational revenue stream as of late 2025. The focus for accessing future value is heavily weighted on developing specific, high-grade zones within this operation.

These key development areas include the Three Sisters and Arista vein systems. Significant capital has been deployed here to unlock this material. For the nine months ending September 30, 2025, Gold Resource Corporation invested over $2.6 million in underground development and more than $6.5 million in underground exploration development, much of this targeted at Three Sisters to access higher-grade ore. The company has successfully intersected the Three Sisters system on three levels, accessing the Sandy 1, Sandy 2, and Sadie veins as of mid-2025. Also, definition drilling has continued on veins within the Arista system, like Marena, Santa Helena, and Viridiana. Still, underground exploration drilling remains suspended, awaiting further development completion and working capital improvement.

To address the operational constraints caused by an aging fleet, Gold Resource Corporation has prioritized acquiring specialized narrow vein mining equipment. The company began receiving newly acquired equipment toward the end of the third quarter of 2025, which, when combined with strategic use of third-party contractors, helped increase available headings and improve production toward the quarter's end. This focus on new and used equipment is a direct action to reduce the high costs seen earlier in the year.

Financially, liquidity is a critical resource. As of September 30, 2025, Gold Resource Corporation held $9.8 million in cash and cash equivalents. This balance, along with working capital of $12.8 million at the same date, provides the short-term runway needed to execute the development plan, though management has noted substantial doubt about the company's ability to continue as a going concern due to year-to-date net losses of $24.5 million through that date.

The final category of key resources involves the mineral reserves and resources themselves, which are the company's long-term inventory. Gold Resource Corporation's primary mineral reserves and resources at the Don David Gold Mine include gold, silver, copper, lead, and zinc. While the latest publicly detailed Proven and Probable (P&P) reserve estimate dates to December 31, 2022, the Q3 2025 production data gives you a snapshot of what was being mined:

The operational efficiency of these resources is measured by cost. For the third quarter of 2025, the total All-in Sustaining Cost (AISC) after co-product credits was $2,983 per AuEq ounce. Here are the key operational metrics you should watch as they relate to these resources:

• Cash position as of September 30, 2025: $9.8 million.
• Q3 2025 Total Cash Cost after co-product credits: $2,116 per AuEq ounce.
• Q3 2025 Total AISC after co-product credits: $2,983 per AuEq ounce.
• Investment in underground development (9M 2025): Over $2.6 million.
• Investment in underground exploration (9M 2025): Over $6.5 million.

Finance: draft 13-week cash view by Friday.

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:

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:

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:

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:

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.

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:

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.