Gold Resource (GORO) Q4 2025 earnings summary

Executive summary

• Achieved a successful operational turnaround in 2025, ending with strong Q4 results and $25 million in cash and equivalents on hand.

• Production improvements driven by new equipment and strategic use of contractors, with significant contributions from the Three Sisters zone.

• Exploration focused on grade-control and infill drilling at Three Sisters and Arista vein systems, with expansion drilling planned for early 2026.

Financial highlights

• Closed 2025 with $25.0 million in cash and equivalents, up $23.4 million from the prior year.

• Working capital increased to $32.0 million, a 1,424% rise from December 31, 2024.

• DDGM produced and sold 23,125 gold equivalent ounces, including 4,944 gold ounces and 1,461,898 silver ounces.

• Average realized prices: $4,234/oz for gold and $55.06/oz for silver in Q4 2025.

• Total cash costs after co-product credits per gold equivalent ounce sold were $2,205; all-in sustaining cost was $2,807.

Outlook and guidance

• Anticipates silver will represent about 40% of output from the Three Sisters zone in 2026, increasing leverage to silver prices.

• Positioned for continued operational momentum and expansion drilling in 2026.