GoGold: Fully Funded to Build Los Ricos South, with North as the Next Leg Up

GoGold Resources is heading into construction with the balance sheet to back it. CEO Brad Langille, speaking on Investor TV, framed the company as a Mexico-focused silver-gold developer with one operating mine today and two builds queued up in the Los Ricos district.

**The build that matters: Los Ricos South**

Los Ricos South is fully permitted and ready to break ground. Capital cost sits at $227M in the feasibility study, against $284M of cash on the balance sheet at the end of June. Detailed engineering is roughly 80% complete, the long-lead mill was ordered four months ago on a 54-week schedule, and a 15-megawatt power contract is signed with a hydro dam 36 km away. Time to first pour is 24 months from groundbreaking.

The mine plan is a bulk underground operation — 2,000 tonnes per day with average vein widths of about 11 meters and grades north of 10 ounces of silver (over 300 g/t silver-equivalent). The mill will produce a doré bar on site, which Langille emphasized pays 99.5% of spot versus the 80–85% a concentrate would earn.

The economics are what justify the valuation case. AISC (All-In Sustaining Cost — what it really costs to produce an ounce) is roughly $12 per silver-equivalent ounce, which Langille called top-quartile, possibly top-decile. The feasibility study used $26.80 silver and $2,300 gold and produced a $355M after-tax NPV (Net Present Value — today's value of all future cash flows) at a 5% discount rate. Langille noted that at roughly $40 silver and $3,500 gold, the same study pencils out to about $828M NPV.

**What it adds to the production base**

GoGold's operating mine at Parral is currently producing about 2 million silver-equivalent ounces per year and generating more than $60M of net free cashflow annually at current prices, with roughly five years of reserves remaining. Once Los Ricos South ramps up, it adds about 7.4 million ounces per year, pushing the company to roughly 9 million ounces annually. Brad put combined AISC with Parral at about $15 once the GNA (General & Administrative — corporate overhead costs) is averaged in.

Los Ricos North is the second leg. It sits at PEA (Preliminary Economic Assessment — an early-stage economic study) stage and could add another 8.8 million silver-equivalent ounces per year, taking the company toward 15–17 million ounces annually. Langille's plan is to apply for the North permit in Q1 of next year, advance it to a feasibility study in parallel with South construction, then move the South build team north once first pour is achieved. First North pour would land roughly 24 months after South.

Langille put combined NPV at consensus pricing around $2 billion today, with spot pricing pushing the figure above $3 billion once Parral and cash are included.

**On Mexico, permits, and M&A**

Langille, who has been in Mexico for over 30 years and has built four mines there, was direct on permitting. The current administration's clock effectively started in October 2024. GoGold waited just over three years for its Los Ricos South permit, which Langille described as a short timeline by Canadian standards. He expects larger peers like Agnico Eagle and Discovery Silver to receive open-pit permits soon, noting the administration has worked through a backlog of about 100 operational permits and is now moving on new ones.

On M&A, Langille was measured. He confirmed Brad and Silver Tiger CEO Glenn know each other from high school and that they share consultants and a country team, but said GoGold is focused on building mines. Don Duret, the co-host, floated the idea publicly — combining the two Halifax-area developers into a 25-million-ounce producer — but Langille kept it as 'we'll see what happens.'

**The setup**

The investor angle is straightforward: a fully funded developer with cash exceeding capex, low-cost underground mines moving into production on a defined timeline, and an explicit second project in the same district. The risks Langille acknowledged are commodity prices (mitigated by the cost position) and permitting (mitigated by having one permit in hand). What he did not address in detail was exploration beyond Los Ricos, though he hinted a third district mine is possible once the current builds are de-risked.

The Parral operation itself is worth a note: it uses what Langille called a first-in-the-world agglomerated heap leach of old tailings, a technology that has made the Mexican government a frequent visitor to the site. As a byproduct of cyanide regeneration, Parral produces copper and zinc sold to Samsung.