Highlights 

  • Don David Mine delivered 6,298 gold equivalent ounces, including 1,422 gold ounces. 
  • Reported a net loss of 4.7M due to lower processed tonnes and reduced sales. 
  • Working capital of 12.8M at quarter-end, including 9.8M in cash. 

Gold Resource Corporation (NYSE:GORO) released its financial and operational results for Q3 2025, highlighting production improvements at the Don David Gold Mine in Oaxaca, Mexico. 

During the quarter, the mine produced and sold 6,298 gold equivalent ounces, including 1,422 gold ounces and 417,710 silver ounces, achieving average realized prices of 3,546/oz and 41.39/oz, respectively. 

Toward the end of the quarter, the company began receiving new equipment that, alongside third-party contractors, increased available mining headings and enhanced operational efficiency. Development activities by Cominvi advanced on schedule in the Three Sisters area, with results confirming favorable vein widths and strong grades. The shift to cut-and-fill mining in narrower veins also contributed to reduced dilution. 

President and CEO Allen Palmiere commented, “We are seeing encouraging signs of a turnaround at the Don David Gold Mine. Newly received equipment is now operating underground, and Cominvi’s progress in the Three Sisters area continues to validate our expectations of favorable widths and grades.” 

Financial Performance 

Gold Resource posted a net loss of 4.7M, or 0.03 per share, for the third quarter, primarily reflecting lower production and sales volumes in the early part of the period. Output improved towards the quarter-end as new equipment arrived, and contractor support increased. 

Total cash cost after co-product credits averaged 2,116 per AuEq ounce, while the all-in sustaining cost was 2,983 per AuEq ounce. As of September 30, working capital totaled 12.8M, including 9.8M in cash and cash equivalents. 

On September 8, 2025, the company completed a 11.4M registered direct offering priced at 0.45 per share. Approximately 14.2M shares, valued at 6.4M, were issued as a non-cash settlement to fully repay a term loan obtained in June 2025. 

Liquidity and Investment Update 

The company strengthened its balance sheet with capital raises of 2.5M in January and 11.4M in September 2025 through registered direct offerings. Additional liquidity was supported by 0.9M from the sale of its Green Light Metals interest and a 79.6M peso tax refund (about 4.0M) tied to 2023 DDGM taxes. 

For the nine months ended September 30, 2025, total capital and exploration expenditures reached 14.9M, up from 9.9M in 2024. Sustaining capital totaled 6.1M, while growth-related investments amounted to 8.8M, directed primarily toward underground development and surface exploration at DDGM and continued optimization of the Back Forty Project. 

While production and grades were impacted earlier in the year, the company noted that recent operational improvements and better access to high-grade zones could support a return to positive operating income in the remaining months of 2025.