GoGold Resources reports 1.86Moz silver-equivalent output and US$288M cash
Silver output rose 18 per cent as Parral helped fund Los Ricos South, where commissioning is scheduled to begin in January 2028.
Mara Quinlan
GoGold Resources Inc. TSEGGD OTCMKTSGLGDF reported on Wednesday that it produced about 1.86 million silver-equivalent ounces in the fiscal year ended Sept. 30. The Canadian-based silver and gold producer ended fiscal 2026 with US$288 million in cash despite construction spending at Los Ricos South, according to its Oct. 14 release.
Shares fell to C$3.67 in Toronto at 4:00 p.m. EDT on Oct. 14, according to the TSEGGD quote page.
Annual silver production rose 18 per cent to 1,000,242 ounces, while gold output fell 5 per cent to 11,647 ounces. GoGold said changing metal-price ratios significantly affected the 14 per cent annual decline in equivalent output.
GoGold's Sept. 22 construction schedule totals US$245.2 million in planned spending from the December 2026 quarter through September 2028. Plant commissioning is scheduled for January 2028, followed by first silver pour in the second quarter.
GoGold operates the Parral tailings mine in Chihuahua and is building Los Ricos South in Jalisco. Parral's September-quarter production reached about 530,000 silver-equivalent ounces, an increase of 11 per cent from the June quarter.
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The annual tally also included 326 tonnes of copper and 466 tonnes of zinc, both lower than in fiscal 2025. Quarterly silver production increased to 295,785 ounces from 268,673 in the June quarter.
Equivalent output combines silver with gold, copper and zinc converted using average market prices for each period. Applying the previous year's conversion ratios would put fiscal 2026 output at about 2.18 million equivalent ounces, which the company said represents a 2 per cent annual increase.
"Parral has delivered another strong quarter for us, adding cash to the balance sheet and we ended the year with a balance of US$288 million," chief executive Brad Langille said on Wednesday.
The Sept. 22 update said the project was fully funded without additional debt or equity. Its internal cash forecast assumed silver at US$60 an ounce and gold at US$4,200 an ounce, so the funding projection depends on metal prices and cash generation at Parral.
The schedule's largest quarterly capital outlay is US$52.2 million in the September 2027 quarter. GoGold had spent US$15 million on Los Ricos South by Sept. 22.
Plant design was 90 per cent complete in September. All long-lead equipment orders had been placed, including the mill, crusher and tailings filter, while the underground contractor was scheduled to mobilize in the fourth quarter.
The construction timetable puts foundation pouring and underground ramp blasting in January 2027, with mill delivery scheduled for May 2027.
GoGold's next scheduled construction milestone is the start of powerline installation in November 2026.
