History
Gold Resource funded its Oaxaca mine through private placements and a Hochschild alliance, later bought Back Forty, and was acquired by Goldgroup Mining in July 2026.
2006-2010: Raising money for El Aguila
The record opens with the company raising cash to build a business in Oaxaca, Mexico. In December 2006 it sold 4,322,000 shares at $1.20 each in a private placement, raising $5,186,400 gross. A year later it sold 5,413,500 shares at $4.00, raising $21,654,000 gross, to buy and build a mill at its El Aguila project.
In December 2008 it sold 1,670,000 shares at $3.00 to Hochschild Mining Holdings and signed a strategic alliance. Hochschild also received an option to buy 4,330,000 more shares at $3.00, which it exercised in February 2009 for $12,990,000, earning the right to nominate a director. In mid-2009 Hochschild used its right of first refusal on new equity to buy 5,000,000 shares at $4.00 ($20,000,000), closed in two parts, with $4,000,000 locked in a joint-signature account for exploration only. In December 2009 it agreed to buy 1,954,795 more shares at $8.185 (about $16 million). Of that, $8,000,000 was reserved for the underground ramp and tunnels at the La Arista vein. The company said this lifted Hochschild's holding to about 27%.
The New York Stock Exchange cleared the company's securities for listing in August 2010. In September 2010 it sold 3,475,000 shares at $16 each ($55.6 million gross) to institutional buyers through Jefferies & Company. This was its first raise from investors other than Hochschild. The filing did not say how the money would be used.
2011-2016: A restatement and a Nevada purchase
The record is quiet in 2011. In November 2012 the company said its first and second quarter 2012 results could no longer be relied on. It had settled a dispute with its concentrate buyer over differences between its own assays and the buyer's. The restatement cut first-half revenue by about $3.7 million, and about 1,800 gold-equivalent ounces would go unpaid. It also reported a weakness in its controls over concentrate sales, which it said was fixed by September 30, 2012. In December 2012 it softened the figures to a revenue cut of about $3.3 million and about 1,410 unpaid ounces.
The record is then quiet until August 2016, when the company bought Walker Lane Minerals Corporation from two Texas partnerships. It paid $152,855 in cash and issued 2,000,000 restricted shares valued at about $13.1 million. Walker Lane held mining claims in Mineral County, Nevada, and had no active operations. It was the first asset outside Oaxaca in this history.
2017-2022: Spin-off and the Aquila deal
The next beat comes at the end of 2020. On December 31, 2020 the company spun off its subsidiary Fortitude Gold Corporation. Shareholders received one Fortitude share for every 3.5 company shares held. The two companies signed a Separation Agreement and a Management Services Agreement. The company stayed listed as GORO.
In September 2021 it agreed to buy Aquila Resources Inc., owner of the Back Forty Project in Michigan, for 0.0399 of a company share per Aquila share, about C$30.9 million in total. A definitive agreement followed in October, and Aquila shareholders approved it on November 17. The deal closed on December 10, 2021, with 13,714,630 company shares issued to Aquila holders. Aquila holders ended up with about 14.9% of the company on a fully diluted basis.
The deal soon caused trouble. In March 2022 auditor Plante & Moran said it would not stand for re-appointment. Its report had found the company's internal controls were not effective at December 31, 2021, because of a material weakness in accounting for the Aquila acquisition. BDO USA was later engaged as auditor.
2023-2026: Thin finances and a sale to Goldgroup
In October 2023 the company released an updated resource estimate and an initial economic study for Back Forty. It showed a 9-year mine life, an after-tax value of $214.4 million and initial capital cost of $325.1 million, assuming gold at $1,800 an ounce. Measured and Indicated resources fell 21% from the previous estimate.
In January 2025 it agreed to sell up to 15,625,000 shares at $0.16 each, about $2.5 million gross, for working capital. In March 2025 it said its 2022 and 2023 accounts, and the first three quarters of 2024, could not be relied on. Its Back Forty gold and silver stream liabilities to Osisko Bermuda were understated, which also understated net loss. The company said the errors were non-cash and did not relate to the Mexican operations.
In June 2025 it borrowed $6.28 million at SOFR plus 5% to fund Three Sisters development at the Don David mine, replacement equipment and mill upgrades. The lender's affiliate received a warrant for up to 1,500,000 shares at $0.65. In September 2025 it closed a registered direct offering of up to 25,315,960 shares at $0.45, about $11.4 million gross. About $6.4 million was intended to repay that loan in full, though repayment was not confirmed. Shares on issue rose from 95,324,949 at the end of 2024 to 161,767,412 at the end of 2025.
On January 25, 2026 the company agreed to be acquired by Goldgroup Mining Inc. Shareholders were to receive 1.4476 Goldgroup shares per share, or 0.3619 after a four-for-one consolidation. The company put this at US$2.25 per share, a 39% premium to the January 23 close. A special meeting was set for July 2, 2026.
The merger closed on July 17, 2026. The company became a wholly owned Goldgroup subsidiary, its four directors left the board, and its exchange filed to remove its stock from listing. On July 30, 2026 it deregistered its securities, ending its SEC reporting obligations. At that point it still owned the Back Forty Project, the Don David mine in Oaxaca and the Nevada claims.
Written from the 29 story beats below (2006 to 30 July 2026), which come from the company's own announcements and filings.