GOLD RESOURCE CORP Segments Disclosure
23. Segment Reporting
As of December 31, 2024, the Company has organized its operations into two operating segments: Oaxaca, Mexico, and Michigan, U.S.A. Oaxaca, Mexico represents the Company’s only operating segment with a production stage property that produces copper, lead, and zinc concentrates that also contain gold and silver. Michigan, U.S.A. is an advanced exploration stage property with no current metal production. Intercompany revenue and expense amounts have been eliminated within each segment in order to report the net income (loss) before income taxes on the basis that the chief operating decision maker (“CODM”) uses internally for evaluating segment performance. The Company’s business activities that are not considered distinct segments are included in the reconciliation under the title Corporate and Other.
The Company’s operating segments reflect the way in which internally-reported financial information is used to make decisions and allocate resources. The Chief Executive Officer, who is considered to be the CODM, reviews financial information presented on both a consolidated and an operating segment basis for purposes of making decisions and assessing financial performance. Net income or loss before income taxes is the measure of segment profit or loss that is regularly reviewed and is most consistent with the measurement principles used in the consolidated financial statements. The most significant expenses reviewed by the CODM are production costs and exploration expenses. Please refer to the table below for other expenses reviewed by the CODM. The CODM uses this information to assess current and/or future performance expectations, and the result of this assessment may be a reallocation of financial and/or non-financial resources among the reportable segments.
The following table shows selected information from the Consolidated Statements of Operations relating to the Company’s segments (in thousands):
| Oaxaca, |
| Michigan, |
| Corporate |
| Total | |||||
For the year ended December 31, 2024 | ||||||||||||
Sales, net | $ | 65,726 | $ | - | $ | - | $ | 65,726 | ||||
Production costs | 65,552 | - | - | 65,552 | ||||||||
Depreciation and amortization | 17,982 | 109 | 29 | 18,120 | ||||||||
Reclamation and remediation | 2,545 | - | - | 2,545 | ||||||||
Mine gross loss | (20,353) | (109) | (29) | (20,491) | ||||||||
Exploration expense | 1,959 | 378 | - | 2,337 | ||||||||
G&A expenses, including Stock-based compensation | - | - | 4,960 | 4,960 | ||||||||
Other segment items (1) | 3,013 | 16,078 | 361 | 19,452 | ||||||||
Loss before income taxes | (25,325) | (16,565) | (5,350) | (47,240) | ||||||||
Income tax provision | 9,261 | |||||||||||
Net loss | $ | (56,501) | ||||||||||
Expenditures for long-lived assets | $ | 8,646 | $ | - | $ | - | 8,646 | |||||
| Oaxaca, |
| Michigan, |
| Corporate |
| Total | |||||
Restated | Restated | Restated | Restated | |||||||||
For the year ended December 31, 2023 | ||||||||||||
Sales, net | $ | 97,728 | $ | - | $ | - | $ | 97,728 | ||||
Production costs | 76,143 | - | - | 76,143 | ||||||||
Depreciation and amortization | 25,996 | 92 | 38 | 26,126 | ||||||||
Reclamation and remediation | 683 | - | - | 683 | ||||||||
Mine gross loss | (5,094) | (92) | (38) | (5,224) | ||||||||
Exploration expense | 4,167 | 1,642 | - | 5,809 | ||||||||
G&A expenses, including Stock-based compensation | - | 31 | 7,233 | 7,264 | ||||||||
Other segment items (1) | 2,693 | 8,863 | 173 | 11,729 | ||||||||
Loss before income taxes | (11,954) | (10,628) | (7,444) | (30,026) | ||||||||
Income tax benefit | (5,882) | |||||||||||
Net loss | $ | (24,144) | ||||||||||
Expenditures for long-lived assets | $ | 10,964 | $ | 407 | $ | 27 | 11,398 | |||||
| (1) | Please see Item 8. Financial Statements—Note 2. Other Expense, net for additional information. |
The following table shows selected information from the Consolidated Balance Sheets relating to the Company’s segments (in thousands):
| Oaxaca, |
| Michigan, |
| Corporate |
| Total | |||||
As of December 31, 2024 | ||||||||||||
Total current assets | $ | 16,073 | $ | 50 | $ | 457 | $ | 16,580 | ||||
Total non-current assets (1) | 38,926 | 90,328 | 40 | 129,294 | ||||||||
Total assets | $ | 54,999 | $ | 90,378 | $ | 497 | $ | 145,874 | ||||
As of December 31, 2023 | ||||||||||||
Total current assets | $ | 25,155 | $ | 116 | $ | 1,224 | $ | 26,495 | ||||
Total non-current assets (1) | 62,456 | 93,287 | 1,736 | 157,479 | ||||||||
Total assets | $ | 87,611 | $ | 93,403 | $ | 2,960 | $ | 183,974 | ||||
| (1) | In 2024, the total non-current assets included capital investments of $8.6 million in Oaxaca, Mexico, and nil in both Michigan, USA and Corporate and Other. In 2023, the total non-current assets included capital investments of $11.0 million in Oaxaca, Mexico, $0.4 million in Michigan, USA, and nil in Corporate and Other. |
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Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2024 | Apr 8, 2025 | Showing above |
| 2019 | Mar 2, 2020 | |
| 2018 | Feb 26, 2019 | |
| 2017 | Mar 8, 2018 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.