GoGold's Permitting Premium Becomes Visible as Silver Supply Tightens

Silver prices have held above $30 an ounce for most of 2025. The average is roughly 40% above the 2024 level. The company modeled Los Ricos South's economics at $22 silver. The gap between spot prices and the breakeven level improves project returns and gives management more flexibility on capital allocation. Higher cash flow from Parral, an underground mine producing silver, gold, copper and zinc, has accelerated the build-out timeline.

GoGold trades at roughly 0.7 times net asset value, according to consensus estimates compiled by Bloomberg. Larger silver producers trade above 1.2 times NAV. The discount reflects uncertainty around the Los Ricos South ramp-up, the company's filings show. Permitted projects in Mexico are scarce. That scarcity gives GoGold a structural advantage over peers still awaiting government approvals.

Construction work at Los Ricos South continues. Earthmoving and concrete pouring are underway, the company said. No formal first-production date has been provided. Management typically discusses progress against internal milestones during the calendar-year earnings release in late November. That update will give investors a clearer view of the timeline.