Here are 1-3 brief analogies for Gold Resource (GORO):

• Like a smaller Barrick Gold, focused on gold and silver mining.
• A smaller-cap Newmont, specializing in gold and silver production.

• Gold: Mined and refined precious metal, primarily sold in the form of gold dore bars.
• Silver: Mined and refined precious metal, primarily sold in the form of silver dore bars.

Gold Resource Corporation (GORO) primarily sells its products to other companies, not individuals.

The company extracts and processes precious and base metals, producing gold and silver doré, and copper, lead, and zinc concentrates. These products are sold to specialized industrial customers within the metals industry:

• Refiners: Gold Resource Corporation sells its gold and silver doré to a third-party refiner. According to the company's SEC filings, a single refiner accounted for 54% of its total revenue in 2023. Gold Resource Corporation does not publicly disclose the name of this specific refiner.
• Smelters: The company sells its copper, lead, and zinc concentrates to various third-party smelters. The specific names of these smelter companies are not publicly disclosed by Gold Resource Corporation.

As Gold Resource Corporation does not disclose the names of its major customer companies in its public filings, specific names and symbols cannot be provided.

Allen Palmiere, Chief Executive Officer, President & Director

Mr. Palmiere has over 35 years of experience in the mining industry, encompassing both financial and operational aspects. His international background spans South Africa, Central America, Guyana, Brazil, and 10 years in China. His expertise includes operations, executive management, and financing through both debt and equity. Mr. Palmiere also has extensive experience in mergers and acquisitions. He previously served as CEO and Chairman of the Board for HudBay Minerals Inc., Executive Chairman for Barplats Investments Ltd., Vice President and CFO for Zemex Corporation, and President and CEO for Breakwater Resources Ltd. He has also been a director for numerous public companies.

Chet Holyoak, Chief Financial Officer and Corporate Controller

Mr. Holyoak is a Certified Public Accountant with over 15 years of experience in the mining industry. He became the Corporate Controller for Gold Resource Corporation in July 2022 and was appointed Chief Financial Officer effective August 1, 2023. Prior to joining Gold Resource Corporation, he served as the Director of Corporate Accounting for Tata Chemicals North America from May 2018 to July 2022. Before that, he held several positions at Barrick Gold Corporation from July 2006 to May 2018, including Senior Accountant, Accounting Supervisor, and Accounting Superintendent, with a focus on metals inventory accounting, budgeting, and internal controls. His earlier career included roles as Senior Accountant at Queenstake Resources USA Inc. and Accountant at Newmont Mining Corporation.

Armando Alexandri, Chief Operating Officer

Mr. Alexandri is a mining engineer with over 40 years of operational experience in the industry, primarily in Mexico, Peru, Chile, and Ecuador. He has designed, built, and operated both underground and open-pit mines, as well as processing plants, across various regions of Mexico. Mr. Alexandri 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. He has served as Chief Operating Officer for several companies, most recently at Luca Mining Corporation, where he is credited with successfully 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.

The rise of cryptocurrencies, particularly Bitcoin, as an alternative store of value and inflation hedge, poses an emerging threat to gold's traditional role as a safe-haven asset and investment. This new asset class directly competes for investment capital that might otherwise flow into gold, particularly among younger generations and technology-focused investors.

Gold Resource Corporation (GORO) primarily operates as a gold and silver producer. Their main products are gold and silver, with base metals like copper, lead, and zinc produced as by-products from their Don David Gold Mine in Oaxaca, Mexico. The addressable markets for their main products are as follows:

Gold Market

• The global gold market was valued at approximately USD 291.68 billion in 2024. This market is projected to reach about USD 457.91 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 5.80% during the forecast period.
• In terms of regional market size, Asia Pacific held the dominant share of the global gold market, accounting for 66.25% in 2024.

Silver Market

• The global silver market size was valued at approximately USD 87.12 billion in 2024. It is projected to grow to about USD 202.07 billion by 2033, demonstrating a CAGR of 9.86% from 2025 to 2033.
• Regionally, Asia Pacific commanded 57.12% of global silver consumption in 2024. North America is anticipated to be the fastest-growing region during the forecast period.

Expected Drivers of Future Revenue Growth for Gold Resource (GORO) Over the Next 2-3 Years:

1. Increased Production and Higher Grades from the Don David Gold Mine (DDGM), particularly the Three Sisters Vein System: Gold Resource anticipates that the Three Sisters area will significantly contribute to overall production, with projections indicating it could account for 40% to 50% of total output by early 2026. The material from Three Sisters is noted for its high precious metal grades, which is expected to positively impact profitability and revenue. Ongoing infill and exploration drilling at Three Sisters continue to validate favorable vein widths and attractive grades, supporting near-term production plans.
2. Operational Efficiency Improvements at the Don David Gold Mine: The company is implementing strategies to enhance operational efficiency, including the introduction of newer equipment and a shift to more profitable mining methods like cut-and-fill for narrow veins. These improvements are aimed at reducing dilution, lowering mining and milling costs, and increasing payable metal, which directly translates to improved profitability and revenue. Additionally, a comprehensive analysis of reagent usage and process flow is expected to further improve metal recovery.
3. Advancement and Potential Future Production from the Back Forty Project: Although previously delayed due to capital constraints, Gold Resource is now able to fund the permitting process and complete a feasibility study for the Back Forty Project. Advancing this project towards a production decision is expected to be a significant driver of future revenue, with earlier reports anticipating production to commence following project advancement. The company's management views the project as exceptional and will provide regular updates on its progress.
4. Continued Exploration Success and Expansion of Mineral Resources at DDGM: Successful exploration is crucial for replacing mined reserves and extending the life of the Don David Gold Mine. Ongoing drilling campaigns at DDGM, focusing on various vein systems such as Arista, Switchback, Three Sisters, and Gloria, are yielding positive results and are expected to deliver higher-grade resources into the mine plan. This expansion of the resource base can lead to sustained or increased production volumes, contributing to revenue growth.
5. Favorable Precious and Base Metal Prices: While not solely relying on them, elevated commodity prices for gold, silver, and other metals like zinc and copper can significantly boost revenue. Historically, revenue growth has been driven by increases in silver production, coupled with higher grades and prices. The company is also actively considering hedging for base metals given current pricing, which could help stabilize and secure revenue streams.

Share Issuance

• In January 2025, Gold Resource Corporation raised $2.5 million through a registered direct offering.
• In September 2025, the company completed a registered direct offering of $11.4 million for 25,315,954 shares at $0.45 per share. Approximately $6.4 million of these shares were issued as a non-cash equity settlement to pay off a term loan received in June 2025.
• During the nine months ended September 30, 2025, the company raised approximately $8.6 million through its At-The-Market Offering (ATM) Program.

Outbound Investments

• In 2022, Gold Resource Corporation invested approximately $1.7 million (C$2.4 million) in Maritime Resources Corp. for a 9.9% stake in a private placement.

Capital Expenditures

• For the nine months ended September 30, 2025, the company invested over $2.6 million in underground development and more than $6.5 million in underground exploration, primarily in the Three Sisters area.
• In 2023, there was a cash outflow of $12.5 million for capital investments, including $4.2 million for exploration at the Don David Gold Mine and $1.6 million for optimization work at the Back Forty Project.
• In 2022, a total of $31.3 million was invested in the Don David Gold Mine and Back Forty Project.