Gold Resource Corporation Reports Financial Results for the Third Quarter of 2025

DENVER--( BUSINESS WIRE)--Gold Resource Corporation (NYSE American: GORO) (the “Company”) is pleased to announce its third quarter operational results from its Don David Gold Mine (“DDGM”) near Oaxaca, Mexico.

“I’m pleased to report that we are beginning to see encouraging signs of a turnaround at the Don David Gold Mine in Mexico,” said Allen Palmiere, President and CEO. “We’ve started receiving some of the gently used equipment that we ordered, and it is already operational within the mine. Development work by Cominvi is progressing according to plan in the Three Sisters area, and we’re particularly encouraged by results which continue to validate our expectations of favorable vein widths and higher precious metal grades. Additionally, our transition to the cut-and-fill mining method in certain narrow vein areas has significantly reduced dilution. We are encouraged that these improvements are already yielding positive results, and we anticipate continued progress moving forward.”

Don David Gold Mine:

Corporate and Financial:

Liquidity Update:

Tonnes produced from the mining operations at DDGM year-to-date 2025 remain lower than in the previous year and, except for silver, grades were lower as well. The Company continued to encounter significant issues with equipment availability partway into the third quarter due to the age and condition of some of the critical mining equipment in use at the mine. Due to the challenges with equipment availability, the Company was not able to maintain its projected timeline for mine development and had limited flexibility to mine alternate headings. In addition, the mill continued to experience mechanical issues that resulted in lower throughput, and when combined with the lower tonnes mined, resulted in a production shortfall. To minimize the mechanical issues and return the mine to a cash positive position, the Company engaged a third-party contract miner during the third quarter of 2025 and started to upgrade its mining fleet. As a result, by the end of the third quarter, the Company was able to increase production from a number of production headings.

The Company believes that the mine has the potential to generate positive cash flow based on the information to date from the new Three Sisters area, as well as other zones that have been discovered near existing headings. The Company is in the process of developing access to and drill-defining these new areas. With the improvements mentioned above, the Company is expecting the remaining months of 2025 to result in positive operating income.

In 2025, the Company has been focused on improving its cash position through the issuance of debt and equity. 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. In February 2025, the Company sold its interest in Green Light Metals for $0.9 million in proceeds. 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. During the nine months ended September 30, 2025, the Company raised approximately $8.6 million through its At-The-Market Offering (“ATM”) Program, after deducting the agent’s commissions and other expenses.

Although the Company has significantly improved its financial position year to date, the lower production and grades from the mine through the third quarter of 2025 raise substantial doubt about the Company’s ability to continue as a going concern, as reflected by the year-to-date net losses of $24.5 million and the cash used in operations of $2.5 million. Although the Company believes that there is adequate financing in place to cover the planned underground development and equipment improvements, there can be no assurances that the Company will achieve short-term production targets and therefore may continue with liquidity concerns.

2025 Sustaining and Growth Investments Summary

For the nine months ended

September 30, 2025

2025

2024

Sustaining Investments:

Underground Development

2,621

3,812

Other Sustaining Capital

2,170

2,711

Infill Drilling

670

977

Surface and Underground Exploration Development & Other

602

Subtotal of Sustaining Investments:

6,063

7,565

Growth Investments:

DDGM growth:

Surface Exploration / Other

1,649

1,812

Underground Exploration Drilling

Underground Exploration Development

6,584

Back Forty growth:

Back Forty Project Optimization & Permitting

562

524

Subtotal of Growth Investments:

8,795

2,374

Total Capital and Exploration:

14,858

9,939

Trending Highlights

2024

2025

Operating Data

Total tonnes milled

98,889

93,687

83,690

80,367

56,906

63,479

65,131

Average Grade

Gold (g/t)

1.89

1.27

0.54

0.64

0.70

0.56

1.11

Silver (g/t)

102

169

115

250

Copper (%)

0.37

0.26

0.19

0.20

0.18

0.13

0.16

Lead (%)

1.25

1.00

1.01

1.12

0.72

0.88

0.63

Zinc (%)

2.82

2.59

2.63

2.73

1.68

2.72

1.57

Metal production (before payable metal deductions)

Gold (ozs.)

4,757

2,947

944

1,258

903

758

1,646

Silver (ozs.)

251,707

263,023

194,525

210,581

257,285

196,435

453,057

Copper (tonnes)

280

181

Lead (tonnes)

812

616

576

678

272

373

241

Zinc (tonnes)

2,310

2,020

1,741

1,734

699

1,380

784

Metal produced and sold

Gold (ozs.)

3,557

2,724

1,357

960

859

878

1,422

Silver (ozs.)

216,535

234,560

181,434

184,804

230,320

150,365

417,710

Copper (tonnes)

264

197

Lead (tonnes)

667

491

467

548

277

272

212

Zinc (tonnes)

1,682

1,771

1,473

1,360

617

1,060

645

Average metal prices realized

Gold ($ per oz.)

$ 2,094

$ 2,465

$ 2,561

$ 2,706

$ 2,956

$ 3,350

$ 3,546

Silver ($ per oz.)

$ 23.29

$ 30.49

$ 30.61

$ 31.11

$ 32.54

$ 34.35

$ 41.39

Copper ($ per tonne)

$ 8,546

$ 10,428

$ 8,832

$ 8,969

$ 9,656

$ 9,619

$ 9,690

Lead ($ per tonne)

$ 1,977

$ 2,235

$ 2,065

$ 1,897

$ 1,950

$ 1,887

$ 1,937

Zinc ($ per tonne)

$ 2,483

$ 2,871

$ 2,854

$ 3,062

$ 2,710

$ 2,607

$ 2,841

Gold equivalent ounces sold

Gold Ounces

3,557

2,724

1,357

960

859

878

1,422

Gold Equivalent Ounces from Silver

2,408

2,901

2,169

2,125

2,535

1,542

4,876

Total AuEq oz

5,965

5,625

3,526

3,085

3,394

2,420

6,298

Third Quarter 2025 Conference Call

The Company will host a conference call on Wednesday, November 5, 2025, at 12:00 p.m. Eastern Time.

The conference call will be recorded and posted to the Company’s website later in the day following the conclusion of the call. Following prepared remarks, Allen Palmiere, President and Chief Executive Officer, Armando Alexandri, Chief Operating Officer, and Chet Holyoak, Chief Financial Officer, will host a live question and answer (Q&A) session. There are two ways to join the conference call.

To join the conference via webcast, please click on the following link:

https://onlinexperiences.com/scripts/Server.nxp?LASCmd=AI:4;F:QS!10100&ShowUUID=30879350-1F42-4102-8465-2D7E4D662CE5

To join the call via telephone, please use the following dial-in details:

Participant Toll Free:

+1 (800) 717-1738

International:

+1 (289) 514-5100

Conference ID:

53885

Please connect to the conference call at least 10 minutes prior to the start time using one of the connection options listed above.

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, 2024, which are available on the SEC’s website at www.sec.gov.