Gold Resource Corporation reported that its Don David Gold Mine produced 10,413 gold‑equivalent ounces in the fourth quarter of 2025, a 45 % increase over the same period in 2024 and a 237 % jump from the 3,085 ounces sold in Q4 2024. The mine sold 1,785 ounces of gold and 663,503 ounces of silver, generating $24.9 million in net sales and driving the company’s cash balance to $25 million with no debt.
The company’s silver revenue rose 56 % to $36.5 million, driven by an average sale price of $55 per ounce, while gold revenue increased 55 % to $7.5 million at an average price of $4,234 per ounce. Silver now accounts for roughly 80 % of total revenue, reflecting the strategic shift toward higher‑grade silver production at Don David.
By‑product metals added further upside: 80 tonnes of copper, 253 tonnes of lead and 618 tonnes of zinc were sold during the quarter, contributing $1.2 million, $0.9 million and $1.1 million respectively to net sales. These by‑products help diversify revenue streams and improve overall margin profile.
Cash and debt metrics underscore the company’s financial turnaround. Net cash rose to $25 million, eliminating all debt. Operating cash burn for the nine months ended September 30, 2025 was $2.5 million, a figure that remained largely unchanged in Q4 2025, indicating disciplined cost management amid rising metal prices.
The transition to cut‑and‑fill mining at the Three Sisters vein has become a key driver of performance. The vein now contributes 80 % of revenue and is expected to supply 40 % of total production in the first quarter of 2026. This operational shift has unlocked higher‑grade ore and improved mine efficiency, supporting the company’s revenue growth trajectory.
CEO Allen Palmiere highlighted the turnaround, noting that “the average sale price of $55 per ounce of silver and $4,234 per ounce for gold” reflects the company’s ability to capture premium prices. He added that the “successful transition to the Three Sisters area” will “continue to leverage silver prices” and sustain the momentum into 2026.
The results signal a significant margin expansion. Higher metal prices, coupled with the shift to a silver‑heavy mix, have lifted revenue per ounce while operating costs have remained stable. The company’s ability to maintain a strong cash position and eliminate debt further strengthens its balance sheet, positioning it for continued growth.
Management guided that production from Three Sisters will grow to 40 % of total output in Q1 2026, and that cash balances will remain robust as the company continues to invest in mine expansion and cost‑control initiatives. The guidance reflects confidence in sustaining high‑grade production and favorable metal price environments.
Overall, Gold Resource’s Q4 2025 performance demonstrates a successful operational turnaround, a solid financial footing, and a clear path forward driven by the Three Sisters vein and a silver‑centric strategy.
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