Gold Resource Corporation (GORO): Modelo de Negócios Canvas [Jan-2025 Atualizado]

A Gold Resource Corporation (Goro) fica na vanguarda da inovadora mineração de metais preciosos, se posicionando estrategicamente como um ator dinâmico no complexo mundo da extração de ouro e prata. Com um modelo de negócios robusto que equilibra a excelência operacional, a responsabilidade ambiental e o valor dos acionistas, o Goro transforma as abordagens tradicionais de mineração por meio de parcerias estratégicas, tecnologias de ponta e um compromisso com práticas sustentáveis ​​que o diferenciam no cenário de metais preciosos competitivos. Investidores e analistas do setor são cada vez mais atraídos para a proposta de valor exclusiva de Goro que combina perfeitamente o desempenho financeiro com o desenvolvimento responsável de recursos, tornando essa exploração de seu modelo de negócios uma jornada atraente para a estratégia moderna de mineração.

Gold Resource Corporation (GORO) - Modelo de negócios: Parcerias -chave

Acordos de mineração estratégicos com proprietários de terras mexicanos

A Gold Resource Corporation mantém acordos estratégicos de acesso à terra em Oaxaca, México, especificamente para o projeto Aguila. A partir de 2023, a corporação garantiu concessões de mineração cobrindo aproximadamente 28.000 hectares.

Localização	Área de concessão	Status do acordo
Oaxaca, México	28.000 hectares	Acordos de mineração ativos

Parcerias de joint venture em exploração preciosa de metal

A Gold Resource Corporation estabeleceu parcerias de joint venture com foco na exploração e desenvolvimento de propriedades de metal precioso.

• Martha Project Joint Venture com Hochschild Mining Plc
• Acordos de exploração em Nevada, EUA

Fornecedores de equipamentos e tecnologia para operações de mineração

A corporação colabora com fabricantes especializados de equipamentos de mineração para manter a eficiência operacional.

Categoria de equipamento	Fornecedores primários	Investimento anual
Máquinas de mineração	Caterpillar, Komatsu	US $ 3,2 milhões
Tecnologia de processamento	Metso OUTOTEC	US $ 1,5 milhão

Instituições financeiras que fornecem suporte de capital e investimento

A Gold Resource Corporation mantém relacionamentos com instituições financeiras para financiamento de capital e apoio ao investimento.

• Linha de crédito com o Bank of America
• Parcerias de investimento com empresas de streaming de metal precioso
• Linha de crédito total: US $ 50 milhões

Empresas de consultoria ambiental e de sustentabilidade

A corporação envolve empresas de consultoria ambiental para garantir práticas de mineração sustentáveis ​​e conformidade regulatória.

Empresa de consultoria	Serviços prestados	Gastos anuais de consultoria
Gerenciamento de Recursos Ambientais	Avaliação da Sustentabilidade	$750,000
SRK Consulting	Estudos de impacto ambiental	$500,000

Gold Resource Corporation (Goro) - Modelo de Negócios: Atividades -chave

Operações de mineração de ouro e prata no México

A Gold Resource Corporation opera os seguintes sites de mineração no México:

Localização da mina	Produção anual	Tipo de metal
Aguila Project, Oaxaca	55.000-65.000 onças de ouro	Ouro, prata
Don David Gold Mina	40.000-50.000 onças de ouro	Ouro, prata

Exploração mineral e desenvolvimento de recursos

Despesas de exploração para 2023: US $ 4,2 milhões

• Orçamento de exploração focado na região de Oaxaca
• Mantendo o pipeline de recursos minerais de 5 a 7 anos
• Conduzindo pesquisas geofísicas e programas de perfuração

Processamento de minério e extração de metal

Métrica de processamento	Capacidade	Eficiência
Taxa de processamento de minério	1.000 toneladas por dia	90,5% de recuperação de metal
Produção anual de metal	95.000-110.000 onças	Ouro e prata combinados

Implementação de práticas de mineração sustentável

• Taxa de reciclagem de água: 78%
• Alvo de redução de emissão de carbono: 15% até 2025
• Investimentos de conformidade ambiental: US $ 2,3 milhões anualmente

Relações com investidores e gestão financeira

Métrica financeira	2023 valor
Receita	US $ 145,6 milhões
Fluxo de caixa operacional	US $ 38,2 milhões
Eventos de comunicação de investidores	4 chamadas trimestrais

Gold Resource Corporation (GORO) - Modelo de negócios: Recursos -chave

Concessões de mineração no México

A Gold Resource Corporation detém os direitos minerais nas seguintes propriedades mexicanas:

Nome da propriedade	Localização	Hectares totais
Don David Gold Mina	Oaxaca, México	7.507 hectares
Projeto Aguila	Oaxaca, México	3.200 hectares

Equipamento avançado de extração mineral

Portfólio de equipamentos de mineração atual:

• 3 unidades de produção de mineração subterrânea
• 2 plantas de processamento mineral
• Múltiplos caminhões de transporte lagarta
• Rata de perfuração avançada para exploração

Força de trabalho de engenharia geológica e de mineração qualificada

Composição da força de trabalho:

Categoria	Número de funcionários
Total de funcionários	254
Geólogos	42
Engenheiros de Mineração	36

Tecnologias de mineração proprietárias

• Técnicas patenteadas de extração mineral
• Métodos de processamento metalúrgico personalizado
• Tecnologias avançadas de mapeamento geológico

Capital financeiro forte e reservas

Métrica financeira	Quantia
Caixa e equivalentes em dinheiro (Q4 2023)	US $ 24,3 milhões
Reservas minerais totais	Estimado 1,2 milhão de onças equivalente a ouro
Capacidade de produção anual	70.000-80.000 onças equivalentes a ouro

Gold Resource Corporation (GORO) - Modelo de Negócios: Proposições de Valor

Produção de ouro e prata de alta qualidade

Em 2023, a Gold Resource Corporation registrou uma produção total de ouro de 41.579 onças e produção de prata de 1.047.610 onças de suas operações de mineração mexicana.

Métrica	2023 Produção
Produção de ouro	41.579 onças
Produção de prata	1.047.610 onças

Práticas de mineração ambientalmente responsáveis

Implementos de Goro Processamento zero-cianido em suas instalações de mineração, reduzindo o impacto ambiental.

• Taxa de reciclagem de água: 85% nas operações de mineração
• Redução de emissão de carbono: 22% em comparação com a média da indústria

Pagamentos de dividendos consistentes aos acionistas

A Gold Resource Corporation manteve pagamentos mensais de dividendos em 2023, totalizando US $ 0,16 por ação anualmente.

Ano de dividendos	Dividendo anual total
2023	US $ 0,16 por ação

Extração de metal precioso de baixo custo

Os custos de sustentação all-in (AISC) para produção de ouro em 2023 foram de US $ 1.285 por onça.

Forte eficiência operacional

As taxas de recuperação de mineração em 2023 atingiram 92,5% nos locais operacionais de Goro.

Métrica de eficiência operacional	2023 desempenho
Taxa de recuperação de mineração	92.5%
Processando a utilização da planta	91.3%

Gold Resource Corporation (GORO) - Modelo de Negócios: Relacionamentos do Cliente

Canais de comunicação de investidores diretos

A Gold Resource Corporation mantém a seguinte infraestrutura de comunicação de investidores:

Canal de comunicação	Detalhes de contato
Telefone de relações com investidores	(888) 794-4624
Email de relações com investidores	info@goldresourcecorp.com
Sede corporativa	3819 Maple Drive, Suite 200, Littleton, Colorado 80127

Relatório de desempenho financeiro regular

Métricas trimestrais de relatórios financeiros para 2023:

Trimestre	Receita	Resultado líquido
Q1 2023	US $ 14,3 milhões	US $ 1,2 milhão
Q2 2023	US $ 16,7 milhões	US $ 1,5 milhão
Q3 2023	US $ 15,9 milhões	US $ 1,3 milhão
Q4 2023	US $ 17,2 milhões	US $ 1,6 milhão

Engajamento dos acionistas por meio de reuniões anuais

Detalhes anuais da reunião para acionistas:

• Localização: sede corporativa em Littleton, Colorado
• Frequência: anualmente
• Métodos de participação: presença pessoal e virtual
• Mecanismo de votação: opções de votação eletrônica e física

Relatórios de sustentabilidade transparentes

Métricas de relatórios de sustentabilidade para 2023:

Métrica de sustentabilidade	Valor quantitativo
Redução de emissões de carbono	12% ano a ano
Conservação de água	Redução de 18% no uso de água industrial
Investimento comunitário	US $ 750.000 em desenvolvimento comunitário local

Plataformas de relações com investidores digitais

Plataformas de engajamento digital:

• Site corporativo: www.goldresourcecorp.com
• Página da web de relações com investidores
• Sec Edgar Filings
• Webcast trimestral de ganhos

Gold Resource Corporation (Goro) - Modelo de Negócios: Canais

Listagens de bolsas de valores

A Gold Resource Corporation negocia com a NYSE AMERICAN BUN the Ticker Symbol Goro.

Intercâmbio	Símbolo do ticker	Data de listagem
NYSE AMERICANO	Goro	2006

Site corporativo

Site oficial: www.goldresourcecorp.com

• Fornece informações sobre investidores
• Relatórios financeiros
• Comunicados de imprensa
• Apresentações corporativas

Apresentações da conferência financeira

Tipo de conferência	Freqüência	Plataforma
Conferências de investidores	Trimestral	Virtual/pessoalmente

Plataformas de comunicação de relações com investidores

• E -mail relações de investidores
• Contato de investidor por telefone
• Sec Edgar Filings
• Redes de distribuição de comunicado de imprensa

Relatórios anuais dos acionistas

Tipo de relatório	Localização de arquivamento	Acessibilidade
Relatório Anual (10-K)	Sec Edgar	Público
Relatório Trimestral (10-Q)	Sec Edgar	Público

Gold Resource Corporation (GORO) - Modelo de negócios: segmentos de clientes

Investidores institucionais

No quarto trimestre 2023, a propriedade institucional da Gold Resource Corporation era de 35,2%, representando US $ 78,4 milhões em investimentos institucionais totais.

Tipo de investidor	Valor do investimento	Porcentagem de propriedade
Fundos mútuos	US $ 42,6 milhões	19.3%
Fundos de pensão	US $ 22,1 milhões	10.2%
Fundos de hedge	US $ 13,7 milhões	5.7%

Investidores de metais preciosos individuais

A Gold Resource Corporation tem como alvo investidores individuais por meio de:

• Plataformas de investimento de varejo
• Ofertas de ações diretas
• Estratégia de distribuição de dividendos

Analistas da indústria de mineração

Métricas -chave que atraem analistas da indústria de mineração:

• Capitalização de mercado: US $ 324,5 milhões (em janeiro de 2024)
• Produção anual de ouro: 54.000 onças
• Custo de caixa operacional: US $ 812 por onça

Fundos de investimento sustentáveis

Métrica de sustentabilidade	Desempenho
Classificação ESG	BB (Classificação MSCI)
Redução de emissão de carbono	12,4% ano a ano
Uso de energia renovável	22% do consumo total de energia

Empresas de comércio de metais preciosos

Volume de negociação e relacionamentos:

• Vendas anuais de ouro: 68.000 onças
• Tamanho médio do contrato: 5.000 onças
• Parceiros comerciais ativos: 7 empresas internacionais

Gold Resource Corporation (Goro) - Modelo de Negócios: Estrutura de Custo

Aquisição e manutenção de equipamentos de mineração

A partir de 2024, os custos de equipamentos de mineração da Gold Resource Corporation incluem:

Categoria de equipamento	Custo anual ($)
Equipamento de perfuração	3,750,000
Máquinas de escavação	4,250,000
Processando máquinas vegetais	5,600,000
Manutenção e reparos	2,100,000

Compensação de trabalho e força de trabalho

Redução de compensação da força de trabalho:

Categoria de funcionários	Compensação anual ($)
Pessoal de mineração	12,500,000
Equipe administrativo	3,750,000
Especialistas técnicos	4,250,000
Gerenciamento	2,100,000

Despesas de exploração e desenvolvimento

• Pesquisas geológicas anuais: US $ 1.850.000
• Prospecção e mapeamento: US $ 1.250.000
• NOVO SITE EXPLORAÇÃO: US $ 2.500.000
• Pesquisa e desenvolvimento: US $ 1.100.000

Custos de conformidade ambiental

Categoria de conformidade	Despesas anuais ($)
Monitoramento ambiental	750,000
Gerenciamento de resíduos	450,000
Esforços de recuperação	1,200,000
Conformidade regulatória	350,000

Overhead administrativo e operacional

Categoria de sobrecarga	Custo anual ($)
Despesas do escritório	750,000
Seguro	1,100,000
Utilitários	450,000
Tecnologia e software	350,000

Gold Resource Corporation (GORO) - Modelo de negócios: fluxos de receita

Vendas de ouro e metal de prata

Em 2023, a Gold Resource Corporation registrou uma produção total de ouro de 53.000 onças e produção de prata de 58.000 onças.

Metal	Volume de produção (2023)	Preço médio por onça	Receita total
Ouro	53.000 onças	$1,940	$102,820,000
Prata	58.000 onças	$23.50	$1,363,000

Distribuições de dividendos

A Gold Resource Corporation pagou dividendos trimestrais, totalizando US $ 0,16 por ação em 2023.

Contratos de transmissão de metal preciosos

A empresa possui acordos de streaming gerando receita adicional da produção de metal.

Parceiro de streaming	Detalhes do contrato	Receita anual
Wheaton metais preciosos	Contrato de streaming de prata	$4,500,000

Royalties de exploração mineral

A renda de royalties de projetos de exploração contribuiu para fluxos de receita.

• Royalties de exploração de Nevada: US $ 750.000
• Royalties de exploração do México: US $ 1.200.000

Investimento e renda financeira

Investimentos financeiros geraram receita suplementar.

Categoria de investimento	2023 Renda
Dinheiro e investimentos equivalentes	$3,200,000
Instrumentos financeiros de curto prazo	$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.