Gold Resource (GORO)
Market Price (5/21/2026): $1.29 | Market Cap: $208.8 MilSector: Materials | Industry: Precious Metals & Minerals
Gold Resource (GORO)
Market Price (5/21/2026): $1.29Market Cap: $208.8 MilSector: MaterialsIndustry: Precious Metals & Minerals
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -15% Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 121% Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 28% Megatrend and thematic driversMegatrends include Precious Metals Production, and Macroeconomic Hedging. Themes include Gold Mining, Silver Mining, Show more. | Weak multi-year price returns3Y Excs Rtn is -32% | Stock price has recently run up significantly12M Rtn12 month market price return is 102% Key risksGORO key risks include [1] acute financial instability threatening its viability as a going concern, Show more. |
| Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -15% |
| Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 121% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 28% |
| Megatrend and thematic driversMegatrends include Precious Metals Production, and Macroeconomic Hedging. Themes include Gold Mining, Silver Mining, Show more. |
| Weak multi-year price returns3Y Excs Rtn is -32% |
| Stock price has recently run up significantly12M Rtn12 month market price return is 102% |
| Key risksGORO key risks include [1] acute financial instability threatening its viability as a going concern, Show more. |
Qualitative Assessment
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Gold Resource (GORO) stock has lost about 5% since 1/31/2026 because of the following key factors:
1. Decline in Gold Prices. The price of gold, a primary commodity for Gold Resource, experienced a significant decline of approximately 19% from its all-time high of $5,586/oz in late January 2026 to around $4,544/oz by mid-May 2026. This macroeconomic trend was influenced by a rebounding US dollar and reduced expectations for interest rate cuts, stemming from US inflation reaching 3.8% in April 2026.
2. Proposed Merger with Goldgroup Mining Inc. On January 26, 2026, Gold Resource announced a definitive agreement to merge with Goldgroup Mining Inc., whereby Gold Resource stockholders will receive 1.4476 common shares of Goldgroup for each Gold Resource share. This ongoing transaction, anticipated to close in the third quarter of 2026, may have introduced uncertainty regarding future valuation or shareholder benefits, influencing investor sentiment during the period.
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1. Decline in Gold Prices. The price of gold, a primary commodity for Gold Resource, experienced a significant decline of approximately 19% from its all-time high of $5,586/oz in late January 2026 to around $4,544/oz by mid-May 2026. This macroeconomic trend was influenced by a rebounding US dollar and reduced expectations for interest rate cuts, stemming from US inflation reaching 3.8% in April 2026.
2. Proposed Merger with Goldgroup Mining Inc. On January 26, 2026, Gold Resource announced a definitive agreement to merge with Goldgroup Mining Inc., whereby Gold Resource stockholders will receive 1.4476 common shares of Goldgroup for each Gold Resource share. This ongoing transaction, anticipated to close in the third quarter of 2026, may have introduced uncertainty regarding future valuation or shareholder benefits, influencing investor sentiment during the period.
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Stock Movement Drivers
Fundamental Drivers
The -5.2% change in GORO stock from 1/31/2026 to 5/20/2026 was primarily driven by a -49.8% change in the company's P/S Multiple.| (LTM values as of) | 1312026 | 5202026 | Change |
|---|---|---|---|
| Stock Price ($) | 1.34 | 1.27 | -5.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 61 | 131 | 113.8% |
| P/S Multiple | 3.1 | 1.6 | -49.8% |
| Shares Outstanding (Mil) | 143 | 162 | -11.7% |
| Cumulative Contribution | -5.2% |
Market Drivers
1/31/2026 to 5/20/2026| Return | Correlation | |
|---|---|---|
| GORO | -5.2% | |
| Market (SPY) | 7.4% | 29.4% |
| Sector (XLB) | 1.4% | 48.9% |
Fundamental Drivers
The 89.6% change in GORO stock from 10/31/2025 to 5/20/2026 was primarily driven by a 163.6% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 10312025 | 5202026 | Change |
|---|---|---|---|
| Stock Price ($) | 0.67 | 1.27 | 89.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 50 | 131 | 163.6% |
| P/S Multiple | 1.8 | 1.6 | -11.5% |
| Shares Outstanding (Mil) | 132 | 162 | -18.7% |
| Cumulative Contribution | 89.6% |
Market Drivers
10/31/2025 to 5/20/2026| Return | Correlation | |
|---|---|---|
| GORO | 89.6% | |
| Market (SPY) | 9.3% | 16.5% |
| Sector (XLB) | 17.2% | 32.1% |
Fundamental Drivers
The 102.6% change in GORO stock from 4/30/2025 to 5/20/2026 was primarily driven by a 99.8% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 4302025 | 5202026 | Change |
|---|---|---|---|
| Stock Price ($) | 0.63 | 1.27 | 102.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 66 | 131 | 99.8% |
| P/S Multiple | 0.9 | 1.6 | 73.2% |
| Shares Outstanding (Mil) | 95 | 162 | -41.4% |
| Cumulative Contribution | 102.6% |
Market Drivers
4/30/2025 to 5/20/2026| Return | Correlation | |
|---|---|---|
| GORO | 102.6% | |
| Market (SPY) | 35.2% | 5.5% |
| Sector (XLB) | 20.9% | 23.7% |
Fundamental Drivers
The 37.8% change in GORO stock from 4/30/2023 to 5/20/2026 was primarily driven by a 139.1% change in the company's P/S Multiple.| (LTM values as of) | 4302023 | 5202026 | Change |
|---|---|---|---|
| Stock Price ($) | 0.92 | 1.27 | 37.8% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 125 | 131 | 5.5% |
| P/S Multiple | 0.7 | 1.6 | 139.1% |
| Shares Outstanding (Mil) | 88 | 162 | -45.4% |
| Cumulative Contribution | 37.8% |
Market Drivers
4/30/2023 to 5/20/2026| Return | Correlation | |
|---|---|---|
| GORO | 37.8% | |
| Market (SPY) | 85.2% | 7.5% |
| Sector (XLB) | 30.9% | 19.6% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| GORO Return | -45% | 0% | -75% | -39% | 260% | 51% | -55% |
| Peers Return | -33% | -18% | -7% | 21% | 199% | -2% | 80% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 7% | 96% |
Monthly Win Rates [3] | |||||||
| GORO Win Rate | 33% | 33% | 33% | 58% | 75% | 60% | |
| Peers Win Rate | 30% | 50% | 45% | 47% | 67% | 40% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 60% | |
Max Drawdowns [4] | |||||||
| GORO Max Drawdown | -52% | -40% | -86% | -81% | -44% | -43% | |
| Peers Max Drawdown | -54% | -53% | -44% | -32% | -28% | -40% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: PAAS, HL, AG, FSM, CDE.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 5/20/2026 (YTD)
How Low Can It Go
| Event | GORO | S&P 500 |
|---|---|---|
| 2024 Yen Carry Trade Unwind | ||
| % Loss | -24.6% | -7.8% |
| % Gain to Breakeven | 32.6% | 8.5% |
| Time to Breakeven | 7 days | 18 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -61.3% | -9.5% |
| % Gain to Breakeven | 158.5% | 10.5% |
| Time to Breakeven | 597 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -56.5% | -6.7% |
| % Gain to Breakeven | 130.0% | 7.1% |
| Time to Breakeven | 924 days | 31 days |
| 2020 COVID-19 Crash | ||
| % Loss | -56.1% | -33.7% |
| % Gain to Breakeven | 127.8% | 50.9% |
| Time to Breakeven | 279 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -28.0% | -19.2% |
| % Gain to Breakeven | 38.9% | 23.8% |
| Time to Breakeven | 379 days | 105 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -50.6% | -12.2% |
| % Gain to Breakeven | 102.5% | 13.9% |
| Time to Breakeven | 57 days | 62 days |
In The Past
Gold Resource's stock fell -0.7% during the 2025 US Tariff Shock. Such a loss loss requires a 0.7% gain to breakeven.
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Asset Allocation
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| Event | GORO | S&P 500 |
|---|---|---|
| 2024 Yen Carry Trade Unwind | ||
| % Loss | -24.6% | -7.8% |
| % Gain to Breakeven | 32.6% | 8.5% |
| Time to Breakeven | 7 days | 18 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -61.3% | -9.5% |
| % Gain to Breakeven | 158.5% | 10.5% |
| Time to Breakeven | 597 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -56.5% | -6.7% |
| % Gain to Breakeven | 130.0% | 7.1% |
| Time to Breakeven | 924 days | 31 days |
| 2020 COVID-19 Crash | ||
| % Loss | -56.1% | -33.7% |
| % Gain to Breakeven | 127.8% | 50.9% |
| Time to Breakeven | 279 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -28.0% | -19.2% |
| % Gain to Breakeven | 38.9% | 23.8% |
| Time to Breakeven | 379 days | 105 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -50.6% | -12.2% |
| % Gain to Breakeven | 102.5% | 13.9% |
| Time to Breakeven | 57 days | 62 days |
| 2014-2016 Oil Price Collapse | ||
| % Loss | -80.4% | -6.8% |
| % Gain to Breakeven | 410.9% | 7.3% |
| Time to Breakeven | 196 days | 15 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -39.2% | -17.9% |
| % Gain to Breakeven | 64.6% | 21.8% |
| Time to Breakeven | 125 days | 123 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -52.1% | -53.4% |
| % Gain to Breakeven | 108.9% | 114.4% |
| Time to Breakeven | 108 days | 1085 days |
In The Past
Gold Resource's stock fell -0.7% during the 2025 US Tariff Shock. Such a loss loss requires a 0.7% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Gold Resource (GORO)
Gold Resource Corporation engages in the exploration, development, and production of gold and silver projects in Mexico and the United States. The company also explores for copper, lead, and zinc deposits. Its principal asset is the 100% owned Back Forty project covering approximately 1,304 hectares located in Menominee county, Michigan. The company was founded in 1998 and is headquartered in Denver, Colorado.
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Here are a few analogies for Gold Resource (GORO):
- Like a regional Teck Resources, focused on gold, silver, copper, and zinc mining.
- A diversified gold miner, similar to Barrick Gold but also digging for silver, copper, and zinc.
- A mini-Freeport-McMoRan, exploring and producing gold, silver, copper, and zinc.
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- Gold: Production and sale of gold extracted from its mining projects.
- Silver: Production and sale of silver extracted from its mining projects.
- Copper: Exploration and potential future production of copper from its mineral deposits.
- Lead: Exploration and potential future production of lead from its mineral deposits.
- Zinc: Exploration and potential future production of zinc from its mineral deposits.
AI Analysis | Feedback
Gold Resource Corporation (GORO) is a mining company that extracts and produces commodity metals such, as gold, silver, copper, lead, and zinc. Companies operating in this sector typically sell their raw materials (e.g., gold and silver dore, base metal concentrates) into the global commodity markets.
Due to the nature of their business, Gold Resource Corporation does not have publicly identifiable "major customers" in the traditional sense, such as specific companies that account for a significant portion of their revenue and are regularly disclosed. Instead, they sell their products to a diversified pool of purchasers within the metals industry, which typically include:
- Precious metals refiners
- Base metals smelters
- Commodity traders and bullion dealers
These transactions are generally part of standard commodity market operations, and the specific names of buyers are not typically disclosed in public filings by GORO, as the products are fungible commodities sold into a broad market.
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Allen Palmiere, Chief Executive Officer, President & Director
Mr. Palmiere is a CA-CPA with over 35 years of experience in the mining industry from both a financial and operational perspective. His international experience spans South Africa, Central America, Guyana, Brazil, and China. Mr. Palmiere's expertise includes operations, executive management, financing (both debt and equity), and extensive experience in mergers and acquisitions. He previously held executive positions such as CEO and Chairman of the Board at HudBay Minerals Inc., Executive Chairman at Barplats Investments Ltd., Vice President and CFO at Zemex Corporation, and President and CEO at Breakwater Resources Ltd. Mr. Palmiere has also served as a director of numerous other public companies, including President & Chief Executive Officer at Silk Road Resources Ltd. and Adriana Resources, Inc., and CEO and Director at Canadian Gold Corp.
Chet Holyoak, Chief Financial Officer
Mr. Holyoak is a Certified Public Accountant with over 15 years of experience in mining finance, including time at Barrick Gold Corporation. He is responsible for managing Gold Resource Corporation's liquidity and financial reporting.
Armando Alexandri, Chief Operating Officer
Mr. Alexandri is a mining engineer with more than 40 years of operational experience in the industry, primarily in Mexico, Peru, Chile, and Ecuador. His background includes the design, construction, and operation of various mining projects and processing plants. He was instrumental in significantly expanding operations at the Bolivar Mine, Impact Silver's operations, the Nukay (Los Filos) operation, the Tahuehueto project, and Campo Morado. Mr. Alexandri has served as Chief Operating Officer for several companies, most recently at Luca Mining Corporation, where he is credited with turning around the Tahuehueto project and the Campo Morado mine to profitability. He also served as the President of the American Institute of Mining Engineers (Mexico) from 1999 to 2000.
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The key risks to Gold Resource Corporation (GORO) include significant financial instability, high operational dependence on its sole producing mine, and geopolitical and security challenges in Mexico.
- Financial Instability and Going Concern: Gold Resource Corporation faces substantial doubt about its ability to continue as a going concern due to recurring net losses, negative cash flow from operations, and limited cash reserves. The company's All-in Sustaining Costs (AISC) have frequently exceeded realized metal prices, indicating persistent operational inefficiencies that contribute to its challenging profitability trend. While the company has undertaken capital raises, these are often viewed as temporary solutions, with the underlying issue being a sustained operational loss and the need for long-term profitable operations.
- Operational Dependence and Challenges at Don David Gold Mine (DDGM): Nearly all of GORO's operational revenue is generated from its single producing asset, the Don David Gold Mine (DDGM) in Oaxaca, Mexico. This high concentration means that any operational issues or disruptions at DDGM can severely impact the company's entire revenue stream. The company has consistently struggled with production shortfalls, partly due to an aging mining fleet leading to equipment availability problems and limitations in accessing or developing higher-grade ore zones.
- Geopolitical and Security Risks in Mexico: Operating its primary mine in Mexico exposes Gold Resource Corporation to significant geopolitical and security risks. The Mexican mining sector, particularly in resource-rich areas, is vulnerable to the activities of organized crime, including extortion, kidnapping of personnel, and operational disruptions. These security concerns necessitate increased security budgets and can drive up production costs. Additionally, union-related disputes have led to work stoppages at the Don David Gold Mine, further disrupting operations.
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Gold Resource Corporation (GORO) engages in the exploration, development, and production of gold, silver, copper, lead, and zinc. The addressable markets for these main products are as follows:
Gold
- Global Market: The global gold market was valued at approximately USD 291.68 billion in 2024 and is projected to reach USD 400 billion by 2030, growing at a Compound Annual Growth Rate (CAGR) of 6.51% from 2025 to 2030. Another estimate places the global gold precious metal market size at US$354,004.4 million in 2024, with an estimated CAGR of 8.9% from 2024 to 2030. In terms of volume, the global gold market stood at 4,890.0 tons in 2025 and is expected to grow to 7,424.4 tons by 2034, at a CAGR of 4.70% during the forecast period of 2026-2034.
- U.S. Market: U.S. gold demand rose to 679 tons in 2025. The North American market for gold is expected to reach 394.5 tons in 2026, with the U.S. market specifically projected to reach 343.7 tons in 2026. The U.S. precious metal market, which includes gold, generated a revenue of USD 30,277.7 million in 2024 and is expected to reach USD 48,432.4 million by 2030, with a CAGR of 8% from 2025 to 2030.
- Mexico Market: Mexico is expected to register the highest CAGR for gold within the global precious metal market from 2025 to 2030.
Silver
- Global Market: The global silver market size was valued at USD 23.51 billion in 2025 and is expected to grow at a CAGR of 4.50% during the forecast period of 2026-2035, reaching a value of USD 36.51 billion by 2035. Another report valued the global silver market size at USD 87.12 billion in 2024, projected to grow to USD 202.07 billion by 2033, exhibiting a CAGR of 9.86% from 2025 to 2033. In terms of volume, the silver market is expected to grow from 37.78 kilotons in 2025 to 49.54 kilotons by 2031, at a 4.62% CAGR over 2026-2031.
- U.S. Market: Silver is identified as the most lucrative metal segment, registering the fastest growth in the U.S. precious metal market during the forecast period of 2025-2030. In 2022, 27% of the silver produced in the United States was used in electrical and electronic applications.
- Mexico Market: Mexico was the largest mine producer of silver in 2024.
Copper
- Global Market: The global copper market size was valued at USD 261.93 billion in 2025 and is projected to reach USD 466.67 billion by 2034, exhibiting a CAGR of 6.63% during the forecast period. Another estimate puts the global copper market size at USD 349.14 billion in 2025, expected to reach around USD 573.24 billion by 2035, expanding at a CAGR of 5.08% from 2026 to 2035.
- U.S. Market: The U.S. copper market size was estimated at USD 14.39 billion in 2024 and is projected to reach USD 19.68 billion by 2030, growing at a CAGR of 6.0% from 2025 to 2030. Other data indicates the U.S. copper market size was approximately USD 14.55 billion in 2024 and is projected to reach around USD 26.33 billion by 2034, with an estimated CAGR of about 6.11% between 2025 and 2034. The U.S. copper mining market size was worth USD 474.33 million in 2022.
- Mexico Market: The Mexico copper market size was valued at USD 2.97 billion in 2025 and is expected to reach USD 5.17 billion by 2035, growing at a CAGR of 5.70% during the forecast period of 2026-2035. The Mexico copper market generated a revenue of USD 2,866.8 million in 2024 and is expected to reach USD 4,003.4 million by 2030, growing at a CAGR of 6.4% from 2025 to 2030.
Lead
- Global Market: The global lead market size was valued at USD 23.55 billion in 2025 and is expected to reach USD 39.26 billion by 2034, with a CAGR of 5.84%. Another report valued the global lead market at USD 29.9 billion in 2025, estimated to reach USD 31.2 billion in 2026 and approximately USD 47.1 billion by 2036, reflecting a CAGR of 4.2%.
- U.S. Market: The United States lead market is projected to grow at a 4.5% CAGR from 2026 to 2036. The U.S. lead mining market generated a revenue of USD 709.5 million in 2022 and is expected to reach USD 833.9 million by 2030, with a CAGR of 2% from 2023 to 2030.
- Mexico Market: The Mexico lead mining market generated a revenue of USD 1,122.0 million in 2022 and is expected to reach USD 1,306.5 million by 2030, at a CAGR of 1.9% from 2023 to 2030. Mexico was the world's third-largest producer of lead in 2023, accounting for 6% of global production.
Zinc
- Global Market: The global zinc market size was valued at USD 27.2 billion in 2024 and is poised to grow from USD 29.24 billion in 2025 to USD 52.14 billion by 2033, growing at a CAGR of 7.5% during the forecast period of 2026–2033. In terms of volume, the zinc market size was valued at 13.78 million tons in 2025 and is estimated to grow to 15.06 million tons by 2031, at a CAGR of 1.57% during the forecast period of 2026-2031. The global zinc mining market generated a revenue of USD 66,085.3 million in 2022 and is expected to reach USD 91,334.1 million by 2030, at a CAGR of 4.1% from 2023 to 2030.
- U.S. Market: The U.S. zinc market is poised to grow at a sustainable CAGR for the next forecast year.
- Mexico Market: New zinc mine capacity is expected to come online in Mexico, contributing to a forecasted 4.3% increase in global zinc mine production for 2025.
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Gold Resource Corporation (GORO) anticipates several key drivers for future revenue growth over the next 2-3 years, primarily stemming from operational advancements at its Don David Gold Mine in Mexico and the strategic progression of its Back Forty project in Michigan.
Here are the expected drivers of future revenue growth:
- Increased Production from the Three Sisters Vein System at Don David Gold Mine: Gold Resource Corporation is actively developing the high-grade Three Sisters vein system, which is expected to be a significant contributor to its overall production. Management anticipates that the Three Sisters area will supply 40% to 50% of total production by early 2026. This increased output from a higher-grade area is projected to enhance profitability and revenue.
- Operational Efficiencies and Equipment Upgrades at Don David Gold Mine: The company is focused on improving operational efficiency at its Don David Gold Mine through investments in new and rebuilt mining equipment and the implementation of improved mining methods, such as cut-and-fill in narrow veins. These initiatives are aimed at increasing mill throughput, reducing dilution, and improving metallurgical recoveries, which are expected to lead to higher ore grades and overall increased metal production and revenue.
- Favorable Precious Metal Prices, particularly Silver: GORO has strategically shifted its production profile to become predominantly a silver producer, with silver accounting for approximately 80% of its revenue by the end of 2025. Continued favorable prices for silver, as well as gold, are expected to significantly leverage the company's revenue generation from its metal sales.
- Advancement and Development of the Back Forty Project: Gold Resource Corporation announced in December 2025 its strategic decision to resume work on the Back Forty Project in Michigan. The company is currently in discussions to complete a feasibility study and plans to initiate the permitting process. The Back Forty project, which has a projected nine-year mine life, outlines significant future production of gold, silver, copper, and zinc, and its development could unlock a substantial new revenue stream for the company.
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Share Issuance
- In September 2025, Gold Resource Corporation completed an $11.4 million registered direct offering of common stock.
- This offering involved the issuance of up to 25,315,960 shares at a price of $0.45 per share.
- The company utilized approximately $6.4 million of the proceeds from this offering to fully repay an outstanding loan.
Inbound Investments
- In January 2026, Goldgroup Mining Inc. agreed to acquire all outstanding shares of Gold Resource Corporation's common stock in a business combination valued at approximately US$372 million.
- Upon completion of this transaction, Gold Resource Corporation stockholders are expected to own approximately 40% of the combined company.
Capital Expenditures
- Gold Resource Corporation invested $7.5 million in capital expenditures during Q3 2025, primarily for funding long-term assets and infrastructure.
- In 2025, capital expenditures of $7.6 million consumed most of the operating cash flow.
- Proceeds from the September 2025 equity offering were earmarked for the development of the Three Sisters vein and the feasibility study of the Back Forty project.
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Research & Analysis
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 17.45 |
| Mkt Cap | 10.7 |
| Rev LTM | 1,537 |
| Op Inc LTM | 628 |
| FCF LTM | 534 |
| FCF 3Y Avg | 206 |
| CFO LTM | 735 |
| CFO 3Y Avg | 404 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 89.9% |
| Rev Chg 3Y Avg | 37.2% |
| Rev Chg Q | 97.9% |
| QoQ Delta Rev Chg LTM | 17.1% |
| Op Inc Chg LTM | 245.5% |
| Op Inc Chg 3Y Avg | 293.4% |
| Op Mgn LTM | 39.6% |
| Op Mgn 3Y Avg | 21.3% |
| QoQ Delta Op Mgn LTM | 6.2% |
| CFO/Rev LTM | 45.5% |
| CFO/Rev 3Y Avg | 27.7% |
| FCF/Rev LTM | 33.2% |
| FCF/Rev 3Y Avg | 7.1% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 10.7 |
| P/S | 5.3 |
| P/Op Inc | 13.4 |
| P/EBIT | 12.8 |
| P/E | 24.7 |
| P/CFO | 12.2 |
| Total Yield | 4.9% |
| Dividend Yield | 0.0% |
| FCF Yield 3Y Avg | 0.4% |
| D/E | 0.0 |
| Net D/E | -0.1 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | -10.7% |
| 3M Rtn | -16.6% |
| 6M Rtn | 31.8% |
| 12M Rtn | 129.8% |
| 3Y Rtn | 225.4% |
| 1M Excs Rtn | -9.7% |
| 3M Excs Rtn | -29.3% |
| 6M Excs Rtn | 24.1% |
| 12M Excs Rtn | 114.8% |
| 3Y Excs Rtn | 140.3% |
Price Behavior
Price Behavior
| Market Price | $1.27 | |
| Market Cap ($ Bil) | 0.2 | |
| First Trading Date | 09/14/2006 | |
| Distance from 52W High | -27.0% | |
| 50 Days | 200 Days | |
| DMA Price | $1.35 | $1.04 |
| DMA Trend | up | down |
| Distance from DMA | -6.1% | 21.6% |
| 3M | 1YR | |
| Volatility | 84.4% | 99.6% |
| Downside Capture | 305.89 | 157.81 |
| Upside Capture | 117.98 | 197.83 |
| Correlation (SPY) | 36.2% | 8.4% |
GORO Betas & Captures as of 4/30/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 2.35 | 2.37 | 1.71 | 1.07 | 0.30 | 0.52 |
| Up Beta | 1.90 | 2.25 | 1.95 | 0.16 | -0.58 | 0.06 |
| Down Beta | 8.98 | 3.01 | 1.57 | -0.85 | -1.75 | 0.36 |
| Up Capture | 271% | 228% | 179% | 477% | 312% | 70% |
| Bmk +ve Days | 15 | 22 | 31 | 66 | 141 | 428 |
| Stock +ve Days | 11 | 17 | 25 | 58 | 112 | 338 |
| Down Capture | -61% | 219% | 161% | 113% | 91% | 95% |
| Bmk -ve Days | 4 | 18 | 30 | 56 | 108 | 321 |
| Stock -ve Days | 11 | 26 | 38 | 66 | 138 | 410 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with GORO | |
|---|---|---|---|---|
| GORO | 71.6% | 98.5% | 0.99 | - |
| Sector ETF (XLB) | 16.2% | 16.9% | 0.72 | 27.1% |
| Equity (SPY) | 26.2% | 12.1% | 1.62 | 9.4% |
| Gold (GLD) | 40.2% | 26.8% | 1.24 | 50.9% |
| Commodities (DBC) | 46.2% | 18.7% | 1.89 | 3.6% |
| Real Estate (VNQ) | 11.1% | 13.4% | 0.54 | 10.8% |
| Bitcoin (BTCUSD) | -27.4% | 41.8% | -0.65 | 3.0% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with GORO | |
|---|---|---|---|---|
| GORO | -15.1% | 92.6% | 0.26 | - |
| Sector ETF (XLB) | 4.8% | 18.9% | 0.15 | 20.6% |
| Equity (SPY) | 14.1% | 17.0% | 0.65 | 10.5% |
| Gold (GLD) | 19.5% | 18.0% | 0.89 | 36.6% |
| Commodities (DBC) | 11.1% | 19.4% | 0.46 | 17.0% |
| Real Estate (VNQ) | 4.0% | 18.8% | 0.11 | 12.9% |
| Bitcoin (BTCUSD) | 9.1% | 55.6% | 0.37 | 4.2% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with GORO | |
|---|---|---|---|---|
| GORO | -4.7% | 81.8% | 0.32 | - |
| Sector ETF (XLB) | 10.2% | 20.6% | 0.44 | 20.0% |
| Equity (SPY) | 15.5% | 17.9% | 0.74 | 12.9% |
| Gold (GLD) | 13.1% | 16.0% | 0.68 | 41.3% |
| Commodities (DBC) | 7.9% | 17.9% | 0.36 | 18.4% |
| Real Estate (VNQ) | 5.4% | 20.7% | 0.23 | 15.7% |
| Bitcoin (BTCUSD) | 67.1% | 66.9% | 1.06 | 7.8% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Expand for More| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 5/8/2026 | 1.5% | 0.0% | |
| 1/21/2026 | 18.8% | 34.2% | 40.2% |
| 11/5/2025 | -3.8% | 7.9% | 4.7% |
| 7/31/2025 | 16.9% | 9.5% | 11.5% |
| 4/9/2025 | 13.1% | 10.6% | 45.1% |
| 10/24/2024 | -59.8% | -72.0% | -70.0% |
| 8/7/2024 | -0.7% | -7.7% | -4.4% |
| 4/16/2024 | -7.5% | -6.6% | -4.9% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 10 | 9 | 8 |
| # Negative | 10 | 11 | 11 |
| Median Positive | 4.8% | 7.0% | 12.7% |
| Median Negative | -3.2% | -7.7% | -21.3% |
| Max Positive | 18.8% | 34.2% | 45.1% |
| Max Negative | -59.8% | -72.0% | -70.0% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 03/31/2026 | 05/08/2026 | 10-Q |
| 12/31/2025 | 03/18/2026 | 10-K |
| 09/30/2025 | 11/05/2025 | 10-Q |
| 06/30/2025 | 08/06/2025 | 10-Q |
| 03/31/2025 | 05/12/2025 | 10-Q |
| 12/31/2024 | 04/08/2025 | 10-K |
| 09/30/2024 | 11/06/2024 | 10-Q |
| 06/30/2024 | 08/06/2024 | 10-Q |
| 03/31/2024 | 05/02/2024 | 10-Q |
| 12/31/2023 | 03/28/2024 | 10-K |
| 09/30/2023 | 11/07/2023 | 10-Q |
| 06/30/2023 | 07/26/2023 | 10-Q |
| 03/31/2023 | 04/25/2023 | 10-Q |
| 12/31/2022 | 03/13/2023 | 10-K |
| 09/30/2022 | 11/01/2022 | 10-Q |
| 06/30/2022 | 07/28/2022 | 10-Q |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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