GOROHIGH SIGNALFINANCIAL10-K

GORO achieved a dramatic operational turnaround with substantially improved financial performance across all key metrics, driven by enhanced production capabilities and strategic operational improvements.

The company transformed from significant losses to much smaller losses while substantially growing revenue, indicating successful execution of operational improvements and production optimization. The meaningful improvement in operating losses combined with stronger revenue generation suggests GORO has overcome previous operational challenges and positioned itself for potential profitability.

Comparing 2026-03-18 vs 2025-04-08View on EDGAR →
FINANCIAL ANALYSIS

GORO delivered a strong financial turnaround with revenue growing meaningfully to $99.8M while operating losses narrowed dramatically from -$47.2M to -$3.0M, and net losses similarly improved substantially to -$6.5M. The balance sheet strengthened considerably with stockholders' equity increasing 61.4% to $44.0M and total assets growing 26.2% to $184.1M, while debt levels declined modestly. The overall financial picture signals successful operational restructuring and improved production efficiency, positioning the company much closer to profitability.

FINANCIAL STATEMENT CHANGES
Operating Income
P&L
+93.5%
-$47.2M→-$3.0M

Operating leverage kicking in — revenue growth outpacing cost growth, a hallmark of scaling businesses.

Net Income
P&L
+88.6%
-$56.5M→-$6.5M

Net income grew 88.6% — bottom-line growth signals improving overall business health.

Stockholders Equity
Balance Sheet
+61.4%
$27.3M→$44.0M

Equity base grew 61.4% — retained earnings accumulation or equity issuance strengthening the balance sheet.

Revenue
P&L
+51.8%
$65.7M→$99.8M

Strong top-line growth of 51.8% — accelerating demand or successful expansion into new markets.

Total Assets
Balance Sheet
+26.2%
$145.9M→$184.1M

Asset base grew 26.2% — expansion through organic growth, acquisitions, or capital deployment.

Current Liabilities
Balance Sheet
+19.2%
$14.5M→$17.3M

Current liabilities rose 19.2% — increased short-term obligations, watch current ratio.

Total Debt
Balance Sheet
-19%
$2.1M→$1.7M

Debt reduced 19% — deleveraging strengthens balance sheet and reduces financial risk.

Inventory
Balance Sheet
+18.6%
$6.9M→$8.2M

Inventory built 18.6% — monitor whether demand supports this build or if write-downs may follow.

Total Liabilities
Balance Sheet
+18.1%
$118.6M→$140.0M

Liabilities increased 18.1% — monitor debt-to-equity ratio and interest coverage.

LANGUAGE CHANGES
NEW — 2026-03-18
PRIOR — 2025-04-08
ADDED
As of March 16, 2026, there were 161,858,849 shares of the registrant s common stock outstanding.
The additional equipment, combined with the strategic use of third-party contractors, enabled an increase in available production headings and a subsequent improvement in production.
DDGM produced and sold a total of 23,125 gold equivalent ounces, comprising of 4,944 gold ounces and 1,461,898 silver ounces, sold at an average price per ounce of $3,657 and $45.48, respectively.
DDGM total cash costs after co-product credits per gold equivalent ( AuEq ) 1 ounce sold and DDGM all-in sustaining cost per AuEq ounce sold for the year were $2,205 and $2,807, respectively.
DDGM received the Mexican Empresa Socialmente Responsable ( ESR ) award in 2025 for the eleventh consecutive year.
During 2025, the Company s exploration program focused on underground grade-control and infill drilling in support of near-term production, primarily in the Three Sisters and Arista vein systems.
At Three Sisters, drilling targeted the Sandy and Sadie vein sets to refine and validate the geologic model for production planning.
Additional definition drilling was completed on multiple veins within the Arista system, including Splay 31, Candelaria, Marena, Santa Helena, Viridiana, and Marena North, as well as the Soledad South vein in the Switchback vein system.
Exploration-related underground development advanced throughout the year, positioning the Company to continue expansion drilling in early 2026.
In addition, limited surface infill drilling also commenced at the Alta Gracia mine in the fourth quarter, focusing on the Mirador vein system.
REMOVED
As of April 4, 2025, there were 120,442,686 shares of the registrant s common stock outstanding.
This hallmark is a direct result of the dedication of the Company s team and the DDGM safety program, which aims to bolster the overall health and safety culture of the employees.
The Company s exploration program progressed as planned with positive results through the first three quarters of 2024.
The primary focus was on infill drilling of targets in the Three Sisters and North Arista vein systems.
To preserve cash, exploration drilling was suspended on August 1, 2024.
However, the infill drilling completed in 2024 successfully increased both the potential resources of and confidence in the economic mineralization contained within the Three Sisters vein system, as well as in the Splay 31 vein of the North Arista vein system.
Diamond drilling for grade control at the Arista Mine continued uninterrupted throughout the year, focusing on the delineation of reserves in both the Arista and Switchback vein systems.
DDGM received the Mexican Empresa Socialmente Responsable ( ESR ) award in 2024 for the tenth consecutive year.
DDGM produced and sold a total of 18,580 gold equivalent ounces, comprising of 8,598 gold ounces and 817,333 silver ounces, sold at an average price per ounce of $2,354 and $28.75, respectively.
Corporate and Financial: The Company closed the year with a $1.6 million cash and cash equivalent balance as at December 31, 2024.
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