Gold Resource (NYSE: GORO) highlights 2025 turnaround and higher metal prices
Rhea-AI Filing Summary
Gold Resource Corporation reported full-year 2025 operating results from its Don David Gold Mine in Mexico and provided a corporate update. Management highlighted a “successful operational turnaround” in 2025, ending the year with over $25 million in cash and equivalents.
The company realized sharply higher metal prices, including an average of about $55 per ounce for silver and $4,234 per ounce for gold in Q4. Total sustaining and growth capital plus exploration spending for 2025 was $23,983, up from $10,983 in 2024, reflecting heavier investment in underground development and exploration.
Production from the Three Sisters zone contributed meaningfully, and the company anticipates silver will represent approximately 40% of output from this zone in 2026. Gold Resource is also advancing its Back Forty Project in Michigan through optimization and permitting work. The company plans to schedule a year-end 2025 conference call at a later date.
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Insights
Gold Resource highlights a 2025 operational turnaround with higher metal prices and increased investment.
Gold Resource Corporation describes 2025 as a “successful operational turnaround,” capped by a strong fourth quarter and over $25 million in cash and equivalents. Realized prices rose sharply, reaching about $4,234 per ounce for gold and $55 per ounce for silver in Q4.
Total capital and exploration spending increased to $23,983 in 2025 from $10,983 in 2024, driven by underground development and exploration at the Don David Gold Mine and optimization and permitting at the Back Forty Project. Higher investment suggests a focus on future production capacity and project advancement.
The company notes strong contributions from the Three Sisters zone and expects silver to comprise roughly 40% of output from this zone in 2026, potentially increasing exposure to silver prices. Future company filings and the planned conference call may provide additional detail on how these trends affect earnings and cash flow.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
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FORM
CURRENT REPORT
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1.01
Item 2.02 Results of Operations and Financial Condition
On March 18, 2026, Gold Resource Corporation (the “Company”) issued a news release reporting its production and unaudited financial results for the year ending December 31, 2025. A copy of the news release is attached as Exhibit 99.1 to this report.
In accordance with General Instruction B.2 of Form 8-K, the information in this Item 2.02, including Exhibit 99.1, shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liability of that section, and shall not be incorporated by reference into any of the Company’s filings or other document filed under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits. The following exhibits are furnished with this report:
99.1 | News Release dated March 18, 2026 | |||
104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) | |||
2
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
GOLD RESOURCE CORPORATION | |||
Date: March 18, 2026 | By: | /s/ Allen Palmiere | |
Name: | Allen Palmiere | ||
Title: | Chief Executive Officer and President | ||
3
Exhibit 99.1
NEWS - FOR IMMEDIATE RELEASE | NYSE American: GORO |
| |
GOLD RESOURCE CORPORATION REPORTS FINANCIAL RESULTS
FOR THE Year Ended December 31, 2025
Denver, Colorado – March 18, 2026 – Gold Resource Corporation (NYSE American: GORO) (the “Company”) is pleased to announce its full-year operational results from its Don David Gold Mine (“DDGM”) near Oaxaca, Mexico, and a corporate update on its other activities.
“We are pleased to report a successful operational turnaround during 2025 that culminated in a strong fourth quarter finish and over $25 million in cash and equivalents on the balance sheet,” said Allen Palmiere, President and CEO. “Obviously, favorable metal prices were a meaningful contribution which realized an average of $55 per ounce for silver and $4,234 per ounce for gold metal sales. Production from our Three Sisters zone made a significant contribution, as expected, and as a result we anticipate that silver will represent approximately 40% of our output from this zone in 2026 and enhance our leverage to the silver market. Our operations team in Mexico has executed exceptionally well on our 2025 objectives, delivering solid year end results, positioning us for continued momentum in the year ahead.”
Don David Gold Mine:
| ● | Production substantially improved, as the Company began receiving newly acquired equipment at the end of the third quarter. The additional equipment, combined with the strategic use of third-party contractors, enabled an increase in available headings to mine and a subsequent improvement in production. |
| ● | DDGM produced and sold a total of 23,125 gold equivalent ounces, comprising of 4,944 gold ounces and 1,461,898 silver ounces, sold at an average price per ounce of $3,657 and $45.48, respectively. DDGM total cash costs after co-product credits per gold equivalent (“AuEq”)1 ounce sold and DDGM all-in sustaining cost per AuEq ounce sold for the year were $2,205 and $2,807, respectively. See Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations—Non-GAAP Measures for a reconciliation of non-GAAP measures to applicable GAAP measures. |
| ● | DDGM received the Mexican Empresa Socialmente Responsable (“ESR”) award in 2025 for the eleventh consecutive year. |
| ● | During 2025, the Company’s exploration program focused on underground grade-control and infill drilling in support of near-term production, primarily at the Three Sisters and Arista vein systems. At Three Sisters, drilling targeted the Sandy and Sadie vein sets to refine and validate the geologic model for production planning. Additional definition drilling was completed on multiple veins within the Arista system, including Splay 31, Candelaria, Marena, Santa Helena, Viridiana, and Marena North, as well as the Soledad South vein in the Switchback vein system. Exploration-related underground development advanced throughout the year, positioning the Company to continue expansion drilling in early 2026. In addition, limited surface infill drilling also commenced at the Alta Gracia project in the fourth quarter, focusing on the Mirador vein system. |
Corporate and Financial:
| ● | The Company closed the year with a $25.0 million cash and cash equivalents balance at December 31, 2025. The increase of $23.4 million from December 31, 2024 is the result of the Company’s focus on improving its cash position, mostly through the issuance of debt and equity in 2025, as well as improved production and higher metal prices. |
| o | The Company raised $2.5 million through a registered direct offering in January 2025. In September 2025, the Company closed on a second registered direct offering of $11.4 million for the sale of 25,315,954 shares of the Company’s common stock at a price of $0.45 per share. The Company issued 14,204,846 of these shares, for the fair value of approximately $6.4 million, to fully pay off the term loan received in June 2025, as a non-cash equity settlement. |
| o | The Company raised $8.6 million through its At-The-Market Offering Program (the “ATM Program”), after deducting the agent’s commissions and other expenses. |
| o | In February 2025, the Company sold its interest in Green Light Metals for $0.9 million in proceeds. |
| o | On May 7, 2025, the Company received a tax refund of 79.6 million pesos (approximately $4.0 million) related to DDGM taxes paid in 2023. |
| ● | Working capital at December 31, 2025, was $32.0 million, a 1,424% increase from the December 31, 2024 working capital of $2.1 million. The increase is primarily driven by the increase in cash and cash equivalents. |
2025 Sustaining and Growth Investments Summary
| | For the year ended December 31, 2025 | ||||
| | 2025 | | 2024 | ||
| | | | | | |
Sustaining Investments: | | | | | | |
Underground Development | | $ | 3,243 | | $ | 4,634 |
Other Sustaining Capital | | | 6,149 | | | 2,970 |
Infill Drilling | | | 1,289 | | | 977 |
Surface and Underground Exploration Development & Other | | | 1,746 | | | 65 |
Subtotal of Sustaining Investments: | | | 12,427 | | | 8,646 |
Growth Investments: | | | | | | |
DDGM growth: | | | | | | |
Surface Exploration / Other | | | 1,857 | | | 1,921 |
Underground Exploration Drilling | | | - | | | 38 |
Underground Exploration Development | | | 8,906 | | | - |
Back Forty growth: | | | | | | |
Back Forty Project Optimization & Permitting | | | 793 | | | 378 |
Subtotal of Growth Investments: | | | 11,556 | | | 2,337 |
Total Capital and Exploration: | | $ | 23,983 | | $ | 10,983 |
Trending Highlights
| 2024 | | 2025 | ||||||
| Q1 | Q2 | Q3 | Q4 | | Q1 | Q2 | Q3 | Q4 |
Operating Data | | | | | | | | | |
Total tonnes milled | 98,889 | 93,687 | 83,690 | 80,367 | | 56,906 | 63,479 | 65,131 | 85,888 |
Average Grade | | | | | | | | | |
Gold (g/t) | 1.89 | 1.27 | 0.54 | 0.64 | | 0.70 | 0.56 | 1.11 | 0.96 |
Silver (g/t) | 88 | 102 | 83 | 94 | | 169 | 115 | 250 | 298 |
Copper (%) | 0.37 | 0.26 | 0.19 | 0.20 | | 0.18 | 0.13 | 0.16 | 0.16 |
Lead (%) | 1.25 | 1.00 | 1.01 | 1.12 | | 0.72 | 0.88 | 0.63 | 0.58 |
Zinc (%) | 2.82 | 2.59 | 2.63 | 2.73 | | 1.68 | 2.72 | 1.57 | 1.22 |
Metal production (before payable metal deductions) | | | | | | | | | |
Gold (ozs.) | 4,757 | 2,947 | 944 | 1,258 | | 903 | 758 | 1,646 | 1,993 |
Silver (ozs.) | 251,707 | 263,023 | 194,525 | 210,581 | | 257,285 | 196,435 | 453,057 | 687,523 |
Copper (tonnes) | 280 | 181 | 93 | 88 | | 54 | 50 | 73 | 87 |
Lead (tonnes) | 812 | 616 | 576 | 678 | | 272 | 373 | 241 | 306 |
Zinc (tonnes) | 2,310 | 2,020 | 1,741 | 1,734 | | 699 | 1,380 | 784 | 750 |
Metal produced and sold | | | | | | | | | |
Gold (ozs.) | 3,557 | 2,724 | 1,357 | 960 | | 859 | 878 | 1,422 | 1,785 |
Silver (ozs.) | 216,535 | 234,560 | 181,434 | 184,804 | | 230,320 | 150,365 | 417,710 | 663,503 |
Copper (tonnes) | 264 | 197 | 98 | 82 | | 50 | 43 | 67 | 80 |
Lead (tonnes) | 667 | 491 | 467 | 548 | | 277 | 272 | 212 | 253 |
Zinc (tonnes) | 1,682 | 1,771 | 1,473 | 1,360 | | 617 | 1,060 | 645 | 618 |
Average metal prices realized | | | | | | | | | |
Gold ($ per oz.) | $ 2,094 | $ 2,465 | $ 2,561 | $ 2,706 | | $ 2,956 | $ 3,350 | $ 3,546 | $ 4,234 |
Silver ($ per oz.) | $ 23.29 | $ 30.49 | $ 30.61 | $ 31.11 | | $ 32.54 | $ 34.35 | $ 41.39 | $ 55.06 |
Copper ($ per tonne) | $ 8,546 | $ 10,428 | $ 8,832 | $ 8,969 | | $ 9,656 | $ 9,619 | $ 9,690 | $ 11,224 |
Lead ($ per tonne) | $ 1,977 | $ 2,235 | $ 2,065 | $ 1,897 | | $ 1,950 | $ 1,887 | $ 1,937 | $ 1,981 |
Zinc ($ per tonne) | $ 2,483 | $ 2,871 | $ 2,854 | $ 3,062 | | $ 2,710 | $ 2,607 | $ 2,841 | $ 3,258 |
Gold equivalent ounces sold | | | | | | | | | |
Gold Ounces | 3,557 | 2,724 | 1,357 | 960 | | 859 | 878 | 1,422 | 1,785 |
Gold Equivalent Ounces from Silver | 2,408 | 2,901 | 2,169 | 2,125 | | 2,535 | 1,542 | 4,876 | 8,628 |
Total AuEq oz | 5,965 | 5,625 | 3,526 | 3,085 | | 3,394 | 2,420 | 6,298 | 10,413 |
Year-End 2025 Conference Call
The Company has elected not to hold a conference call at this time. A conference call will be scheduled in the near future to present operational results.
About GRC:
Gold Resource Corporation is a gold and silver producer, developer, and explorer with its operations centered on the Don David Gold Mine in Oaxaca, Mexico. Under the direction of an experienced board and senior leadership team, the Company’s focus is to unlock the significant upside potential of its existing infrastructure and large land position surrounding the mine in Oaxaca, Mexico and to develop the Back Forty Project in Michigan, USA. For more information, please visit the Company’s website, located at www.goldresourcecorp.com.
Forward-Looking Statements:
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking words such as “plan,” “target,” “anticipate,” “believe,” “estimate,” “intend” and “expect” and similar expressions are intended to identify such forward-looking statements. Such forward-looking statements include, without limitation, (i) the Company’s expectations regarding productivity, cash flow and operating income; (ii) Company’s anticipated near-term capital needs and potential sources of capital; and (iii) the Company’s ability to achieve production targets. All forward-looking statements in this press release are based upon information available to the Company as of the date of this press release, and the Company assumes no obligation to update any such forward-looking statements. Forward-looking statements involve a number of risks and uncertainties, and there can be no assurance that such statements will prove to be accurate. The Company’s actual results could differ materially from those discussed in this press release. Forward-looking statements are subject to risks and uncertainties. Additional risks related to the Company may be found in the periodic and current reports filed with the Securities and Exchange Commission by the Company, including the Company’s Annual Report on Form 10-K for the year ended December 31, 2025, which are available on the SEC’s website at www.sec.gov.
For further information, please contact:
Chet Holyoak
Chief Financial Officer
Chet.Holyoak@grc-usa.com
www.GoldResourceCorp.com
303-320-7708
FAQ
What did Gold Resource Corporation (GORO) report in its year-end 2025 update?
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Filing Exhibits & Attachments
4 documentsPress Releases
