GoGold Resources Inc. (GGD.TO) | Investment Case

1. Company Snapshot

1.a. Company Description

GoGold Resources Inc.engages in the exploration, development, and production of gold and silver primarily in Mexico.The company holds an interest in the Parral Tailings project, which covers an area of 141 hectares located in the state of Chihuahua, Mexico.

It also holds an option to acquire 100% concessions of the Los Ricos project, which covers 42 concessions with an area of approximately 22,000 hectares situated in the Jalisco State, Mexico.The company is headquartered in Halifax, Canada.

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1.b. Last Insights on GGD

GoGold Resources Inc.'s recent performance was driven by strong Q3 2025 financial results, with net income of $8.2M USD and revenue of $17.7 million from the Parral tailings reprocessing project. The project generated significant cash flow, driving operating cash flow of $7 million. Additionally, the company's Q3 production at Parral reached 555,500 silver equivalent ounces. A focus on ESG practices and a commitment to responsible mining also contributed to its positive momentum. Its financial health and growth potential make it an attractive option.

1.c. Company Highlights

Last Price	2.66
Change Percentage	0.76%
Open	2.65
Previous Close	2.64
Market Cap ( Millions)	907
Volume	2136557
Year High	3.04
Year Low	1.04
M A 50	2.6
M A 200	2.17

FCF Yield	2.94%
Dividend Yield	0.00%
ROE	4.01%
Debt / Equity	0.27%
Net Debt / EBIDTA	-573.25%
Price To Book	2.07
Price Earnings Ratio	60.32
Price To FCF	34.02
Price To sales	10.13
EV / EBITDA	21.53

2. Transcript Summary

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3. NewsRoom

GoGold Announces Filing of Final Short Form Prospectus

Nov -24

Source:

GoGold Resources (TSX:GGD) Valuation in Focus Following $125 Million Equity Offering for Growth Initiatives

Nov -22

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Why GoGold Resources (TSX:GGD) Is Down 9.2% After Announcing a CA$125 Million Equity Offering and What’s Next

Nov -21

Source:

GoGold Announces C$125 Million Bought Deal Financing

Nov -11

Source:

GoGold Resources Inc. to Attend the 51st Annual New Orleans Investment Conference

Oct -31

Source:

GoGold Resources Inc. to Attend the 51st Annual New Orleans Investment Conference

Oct -30

Source:

3 Undiscovered Canadian Gems To Enhance Your Investment Portfolio

Oct -16

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GoGold Annual Production Increases 45%

Oct -16

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4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (5.50%)

6. Segments

Silver, Gold and Copper

Expected Growth: 5.5%

Growing demand for silver in solar panels and electronics, coupled with increasing gold prices and copper's role in electric vehicle production, drives GoGold Resources' growth. Silver's primary focus and gold and copper as by-products position the company for success in the precious metals market.

7. Detailed Products

Gold and Silver Ores

GoGold Resources Inc. is a Canadian-based mineral exploration company focused on acquiring, exploring, and developing precious metal properties in Mexico. The company's primary focus is on gold and silver ores, which are extracted from its various mining projects.

Exploration Services

GoGold Resources Inc. offers exploration services to identify and acquire new mineral properties, conduct geological surveys, and develop drilling programs to discover new mineral deposits.

Mining Operations

GoGold Resources Inc. operates several mining projects in Mexico, including the Parral Tailings Project, the Rodeo Mine, and the Los Ricos South Project.

Geological Consulting

GoGold Resources Inc. offers geological consulting services to other mining companies, providing expertise in geological modeling, resource estimation, and mine planning.

8. GoGold Resources Inc.'s Porter Forces

Forces Ranking

Threat Of Substitutes

The threat of substitutes for GoGold Resources Inc. is medium due to the availability of alternative metals and mining companies.

Bargaining Power Of Customers

The bargaining power of customers for GoGold Resources Inc. is low due to the company's strong market position and limited customer concentration.

Bargaining Power Of Suppliers

The bargaining power of suppliers for GoGold Resources Inc. is medium due to the company's dependence on a few key suppliers for equipment and materials.

Threat Of New Entrants

The threat of new entrants for GoGold Resources Inc. is high due to the relatively low barriers to entry in the mining industry.

Intensity Of Rivalry

The intensity of rivalry for GoGold Resources Inc. is high due to the competitive nature of the mining industry and the presence of several established players.

9. SWOT Analysis

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

	Value
Debt Weight	0.27%
Debt Cost	10.62%
Equity Weight	99.73%
Equity Cost	10.62%
WACC	10.62%
Leverage	0.28%

11. Quality Control: GoGold Resources Inc. passed 3 out of 9 key points

Strong Liquidity

Low Debt

Strong Interest Coverage

Healthy Cash Flow

Operating Efficiency

Strong Return On Equity

Consistent Revenue Growth

Consistent Operating Cash Flow Growth

Margin Improvement

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Gold Royalty

A-Score: 4.9/10

Value: 5.4

Growth: 7.2

Quality: 3.2

Yield: 0.0

Momentum: 10.0

Volatility: 3.3

1-Year Total Return ->

Metalla

A-Score: 4.7/10

Value: 6.6

Growth: 3.7

Quality: 4.5

Yield: 0.0

Momentum: 9.5

Volatility: 3.7

1-Year Total Return ->

Aris Mining

A-Score: 4.3/10

Value: 3.6

Growth: 2.9

Quality: 4.9

Yield: 1.0

Momentum: 10.0

Volatility: 3.7

1-Year Total Return ->

McEwen Mining

A-Score: 4.3/10

Value: 5.0

Growth: 6.1

Quality: 2.9

Yield: 0.0

Momentum: 9.0

Volatility: 2.7

1-Year Total Return ->

GoGold Resources

A-Score: 4.1/10

Value: 1.3

Growth: 3.7

Quality: 7.2

Yield: 0.0

Momentum: 9.5

Volatility: 3.0

1-Year Total Return ->

Endeavour Silver

A-Score: 4.1/10

Value: 6.6

Growth: 3.2

Quality: 3.3

Yield: 0.0

Momentum: 9.5

Volatility: 2.0

1-Year Total Return ->

Peers Metrics

12.e Scoring ^Insights

12.f DCF ^BETA

Parameters

Short Term Growth

44.66%

Short term Time

10.0

Long-Term Growth

2.00%

WACC

10.62%

GoGold Resources Inc. - CA38045Y1025

1. Company Snapshot

1.a. Company Description

1.b. Last Insights on GGD

1.c. Company Highlights

Weak Momentum

Average Growth

Medium Volatility

Average Yield

Lower Growth

More Volatile

Earnings Miss

Revenues Miss

Average Quality

Stable Momentum

Fairly Valued

Revenues Beats

Strong Momentum

Expensive

Better Quality

Earnings Beats

2. Transcript Summary

3. NewsRoom

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (5.50%)

6. Segments

Silver, Gold and Copper

Expected Growth: 5.5%

7. Detailed Products

Gold and Silver Ores

Exploration Services

Mining Operations

Geological Consulting

8. GoGold Resources Inc.'s Porter Forces

Forces Ranking

Threat Of Substitutes

Bargaining Power Of Customers

Bargaining Power Of Suppliers

Threat Of New Entrants

Intensity Of Rivalry

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

11. Quality Control: GoGold Resources Inc. passed 3 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

2.66$

Current Price

2.66$

Potential

-0.00%

Expected Cash-Flows

12.e Scoring ^Insights

12.f DCF ^BETA