Reported Earnings • May 05
Full year 2025 earnings released: US$0.30 loss per share (vs US$0.028 loss in FY 2024) Full year 2025 results: US$0.30 loss per share (further deteriorated from US$0.028 loss in FY 2024). Revenue: US$23.0m (up 13% from FY 2024). Net loss: US$68.4m (loss widened US$65.9m from FY 2024). Over the last 3 years on average, earnings per share has fallen by 15% per year but the company’s share price has increased by 175% per year, which means it is well ahead of earnings. Announcement • Jan 27
Goldgroup Mining Inc. (TSXV:GGA) entered into a definitive arrangement agreement and plan of merger to acquire Gold Resource Corporation (NYSEAM:GORO). Goldgroup Mining Inc. (TSXV:GGA) entered into a definitive arrangement agreement and plan of merger to acquire Gold Resource Corporation (NYSEAM:GORO) for approximately $370 million on January 26, 2026. Pursuant to the Arrangement Agreement, Gold Resource’s stockholders will receive 1.4476 common shares of Goldgroup for each share of the Gold Resource’s common stock (adjusted to 0.3619 common shares of Goldgroup for each share of the Company’s common stock as a result of a four-for-one share consolidation to be completed by Goldgroup prior to closing). Based on the closing price of Goldgroup’s common shares on January 23, 2026, the exchange ratio represents a value of $2.25 per share of the Company’s common stock, reflecting a 39% premium to the Company’s closing price on January 23, 2026. The Transaction values the Company’s common stock at approximately $372 million on a fully-diluted in-the-money basis and based on the value of Goldgroup shares on January 23, 2026. The proposed Transaction will occur by way of a reverse triangular merger in which GRC will merge with a wholly owned subsidiary of Goldgroup under Colorado law and a plan of arrangement under the Business Corporations Act, with GRC surviving as a wholly owned subsidiary of Goldgroup.
Upon closing, the board of directors of Goldgroup will be comprised of three directors selected by Goldgroup and two directors selected by GRC. The parties anticipate that the executive management team of GRC will become the officers of the combined company.
The transaction is subject to customary closing conditions, including approval by the shareholders of each of Goldgroup and GRC, approval of the Supreme Court of British Columbia in respect of the Arrangement, approval of the TSX Venture Exchange (for Goldgroup), approval by the Mexican National Antitrust Commission (Comisión Nacional Antimonopolio) and approval of merger agreement by the boards. The Board of Directors of Gold Resource Corporation formed a special committee for the transaction. The deal has been unanimously approved by the board. The expected completion of the transaction is in the second quarter of 2026.
Cozen O'Connor LLP acted as legal advisor for Goldgroup Mining Inc. McMillan LLP acted as legal advisor and Fort Capital Partners Ontario acted as fairness opinion provider for Goldgroup Mining Inc' Special Committee. Cormark Securities Inc. acted as financial advisor and fairness opinion provider for Gold Resource Corporation. Davis Graham & Stubbs LLP acted as legal advisor for Gold Resource Corporation. Cassels Brock & Blackwell LLP acted as legal advisor for Gold Resource Corporation. Sanchez Mejorada, Velasco Y Ribe, S.C acted as legal advisor for Gold Resource Corporation. 
