Gold Resource Corporation

What Gold Resource Corporation does

Gold Resource Corporation is a junior precious metals mining company organized under Colorado law in 1998 and listed on NYSE American (ticker: GORO). The company produces gold and silver doré and copper, lead, and zinc concentrates from its flagship Don David Gold Mine in Oaxaca, Mexico, operated through wholly owned subsidiary Don David Gold Mexico S.A. de C.V. The operation is built around an underground polymetallic mining complex (Arista, Switchback, and the newly producing Three Sisters vein systems) feeding an El Aguila mill with 1,800 tpd differential flotation capacity and 300 tpd agitated leach capacity, producing three separate high-grade concentrates. The company controls over 684 square kilometers of prospective land along a 55-kilometer stretch of the San José structural corridor, spanning three historic mining districts.

The company's business model is direct-to-commodity-market: concentrates are sold to a single broker in Mexico who distributes to smelters and refiners globally at prevailing commodity prices, with doré sold through bullion channels. GRC's sole disclosed customer segment is the precious and base metals industry (brokers, smelters, refiners, and bullion investors), with no enterprise SaaS-style customer relationships or contracted offtakes. Pricing is fully market-determined (2025 realized gold $3,657/oz, silver $45.48/oz; Q1 2026 realized gold $5,098/oz, silver $98.09/oz), making the company a high-beta play on precious metals prices rather than a contracted-revenue business. In 2021, GRC acquired Aquila Resources and its development-stage Back Forty polymetallic VMS project in Michigan's Upper Peninsula, adding a U.S. growth pipeline asset (2023 SK1300 report: 25.7% IRR, $214.5M NPV@6%). A definitive merger with Goldgroup Mining Inc. was announced January 2026 at an approximately $372M valuation, approved by GRC shareholders July 2, 2026, with closing expected on or about July 17, 2026, to create a combined Mexico-focused mid-tier precious metals producer.

Name

Gold Resource Corporation

Legal name

Gold Resource Corporation

Website

https://goldresourcecorp.com

Company type

Public

Founded year

1998

Operating status

Operating

Headcount range

501–1,000 employees

Short description

Gold Resource Corporation is a junior precious metals mining company producing gold, silver doré and copper, lead, and zinc concentrates from its Don David Gold Mine in Oaxaca, Mexico, and developing the Back Forty polymetallic project in Michigan. The company is pending a merger with Goldgroup Mining expected to close in July 2026.

Ownership category

akta.pro rank

Product category

Precious Metals Mining

NAICS

Gold Ore and Silver Ore Mining (212220)

SIC

Gold And Silver Ores (1040), Metal Mining (1000)

akta.pro primary industry

Gold Mining (IMAKAEAA)

Keywords

• Precious metals mining
• Gold silver production
• Polymetallic concentrates
• Underground mining operations
• Mineral exploration development

Headquarters

HQ city

Colorado Springs

HQ country

United States

HQ region

North America

Offices3 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Personnel, Supply Chain, Infrastructure, Technology or R&D, Marketing or Sales

Revenue model

1. Gold Production: The company produces and sells gold doré and gold equivalent ounces from its Don David Gold Mine. In 2025, the company sold 4,944 gold ounces at an average price of $3,657 per ounce. In Q1 2026, the company sold 1,548 gold ounces at an average realized price of $5,098 per ounce.
2. Silver Production: The company produces and sells silver, which in 2025 represented approximately 80% of revenue. In 2025, the company sold 1,461,898 silver ounces at an average price of $45.48 per ounce. In Q1 2026, silver production increased 54% year-over-year to 374,232 ounces at $98.09 per ounce realized.
3. Concentrate Sales: The company produces and markets copper, lead, and zinc concentrates (which also contain gold and silver) through a broker in Mexico. In Q1 2026, the company produced 69 tonnes copper, 353 tonnes lead, and 962 tonnes zinc.

Pricing tiers

Go-to-market motion1 record

Distribution channels1 record

Marketing channels6 records

Core offering

Gold Resource Corporation is a gold and silver producer, developer, and explorer. The company operates the Don David Gold Mine in Oaxaca, Mexico, producing gold and silver doré along with copper, lead, and zinc concentrates through its El Aguila mill. It is also developing the polymetallic Back Forty Project in Michigan, USA. Ore is processed through differential flotation and agitated leach circuits, with concentrates sold to commodity markets via a broker in Mexico.

Product overview

Gold Resource Corporation is a gold and silver mining company operating two primary assets: the Don David Gold Mine in Oaxaca, Mexico (a producing underground mine with the Arista, Switchback, and Three Sisters vein systems) and the Back Forty Project in Michigan, USA (a development-stage polymetallic deposit). The company processes ore through its El Aguila Mill and produces gold and silver doré along with copper, lead, and zinc concentrates. The Don David Mine includes the Arista underground mine, Mirador Mine on the Alta Gracia Project, and the newly developed Three Sisters area which entered production in 2025.

Differentiator

Problem solved

Functional benefit

Products and services

• Don David Gold Mine The company's flagship producing underground mine in Oaxaca, Mexico, producing gold and silver doré plus copper, lead, and zinc concentrates. The mine includes the Arista and Switchback vein systems and the recently developed Three Sisters area.
• Back Forty Project A development-stage gold-silver-copper volcanogenic massive sulfide (VMS) deposit located in Menominee County, Michigan's Upper Peninsula, USA. Undergoing feasibility study and permitting for future polymetallic production.
• El Aguila Mill
• Arista Mine Underground polymetallic mine at Don David producing gold, silver, copper, lead, and zinc from the Arista and Switchback vein systems; the primary producing asset of the Don David Gold Mine.
• Mirador Mine Underground mine on the Alta Gracia property producing oxide ore at 100-200 tonnes per day, trucked to the Aguila Mill's agitated leach circuit.
• Alta Gracia Project 100%-owned exploration/operating project hosting silver-rich epithermal veins including the Mirador and Independencia systems within the San José structural corridor.
• Three Sisters Vein System Recently discovered high-grade silver vein system at the Don David Gold Mine that entered production in 2025, delivering record silver production and higher silver grades.

Quantifiable outcome

• 126% increase in gold production in Q1 2026 vs Q1 2025
• +3 more outcomes

Segments1 record

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Two partnerships are on record, tiered core.

• SLR Consulting Ltd. (Responsible Mining Solutions Corp.)coreImplementation/ SI/ Consulting Partner · 13 April 2026Gold Resource Corporation engaged SLR Consulting Ltd. to complete a comprehensive feasibility study for its wholly owned Back Forty project in Michigan's Upper Peninsula. The study will evaluate mine design, processing options, infrastructure requirements, environmental factors, and project economics. Work commenced immediately in April 2026.
• Goldgroup Mining Inc.coreStrategic or Co-development Partner · 26 January 2026Goldgroup Mining Inc. agreed to acquire all outstanding shares of Gold Resource Corporation through a reverse triangular merger and plan of arrangement. GRC stockholders will receive 1.4476 Goldgroup shares per GRC share (adjusted to 0.3619 after 4-for-1 consolidation), representing a 39% premium and valuing GRC at approximately US$372 million on a fully-diluted in-the-money basis. The combined company will hold GRC's Don David Gold Mine in Oaxaca and Back Forty Project in Michigan alongside Goldgroup's Cerro Prieto and San Francisco mines in Sonora, Mexico. Transaction expected to close in Q3 2026.

Scale indicators11 records

Recent moves8 records

Expansion highlights5 records

Broad incumbents

• Pan American Silver Corp. Major silver-gold producer with diversified Latin American mine portfolio including Mexico. Operates in the same silver-gold segment but at significantly larger scale, providing a public-comparable reference for valuation.
• Coeur Mining, Inc. U.S.-listed silver and gold producer with North American operating mines (Palmarejo in Mexico, Rochester, Kensington). Comparable product mix and American listing profile to GRC.
• Alamos Gold Inc. Intermediate gold producer with Mexican operations (Mulatos, Esperanza) plus North American assets. Comparable on Mexican operating exposure and gold-focused production strategy.
• Agnico Eagle Mines Limited: Senior gold producer with Mexican operations (Pinos Altos, La India) and broader North American portfolio. Provides a major-producer benchmark for the precious metals segment GRC operates in.

Direct peers

• Hecla Mining Company: U.S.-listed silver and gold producer with polymetallic operations across the Americas (including Lucky Friday and Greens Creek). Highly comparable to GRC given precious-metals focus, polymetallic byproduct streams, and similar junior-producer profile with concentrated producing assets.
• Endeavour Silver Corp. Mid-tier silver-gold producer with multiple operating mines in Mexico. Directly comparable to GRC's Don David mine on geography (Mexico), product mix (silver-gold doré and concentrates), and growth-stage profile.
• First Majestic Silver Corp. Pure-play silver producer with significant Mexican mining operations (San Dimas, Santa Elena, La Encantada). Closely comparable to GRC on silver-gold product mix and Mexico-focused operational footprint.
• MAG Silver Corp. Silver-focused developer with the Juanicipio joint venture in Mexico (with Fresnillo). Comparable to GRC's polymetallic/silver emphasis and Mexico-based asset exposure at a similar growth-stage scale.
• Goldgroup Mining Inc. Mexican-focused precious metals producer (Cerro Prieto, San Francisco mines in Sonora). Direct peer and pending acquirer of GRC, operating in the same Mexican precious metals space at comparable scale.

Emerging players

• SilverCrest Metals Inc. Growth-stage silver-gold producer that recently brought the Las Chispas mine in Sonora, Mexico into production. Similar mid-cap precious metals focus and Mexico-based operating footprint as GRC.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/gold-resource-corp-goro-

Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles6 records

Subsidiaries1 record

Funding overview

Funding rounds3 records

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Gold Resource Corporation