Cash flow generation remains inconsistent, evidenced by a 2026Q1 OCF/NI ratio of 3.13 and a peak capital intensity of 30.4% of revenue in 2025Q3.
Goldgroup Mining Inc. (GORO) cash flow statement — 22-year operating, investing & financing cash flows
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 |
|---|
| Cash from Operations | 40.04M | 21.7M | -627K | -5.22M | 14.16M | 34.78M | 35.4M | 21.41M | 22.26M | 35.63M | 17.9M | 20.17M | 37.65M | 6.64M | 31.2M | 42.42M | -22.93M | -44.88M | -23.01M | -6.91M | -1.8M | -1.18M | -378.29K |
| Operating CF Margin % | - | 23.27% | -0.97% | -5.34% | 10.18% | 28.01% | 39.03% | 18.05% | 18.62% | 32.75% | 21.63% | 21.87% | 32.31% | 5.3% | 23.72% | 40.33% | -155.41% | - | - | - | - | - | - |
| Operating CF Growth % | 5950.61% | 3561.56% | 87.99% | -136.87% | -59.3% | -1.73% | 65.35% | -3.81% | -37.54% | 99.08% | -11.26% | -46.43% | 466.81% | -78.71% | -26.44% | 284.99% | 48.91% | -95.06% | -232.99% | -284.71% | -52.28% | -211.74% | - |
| Net Income | 12.01M | -6.46M | -56.5M | -24.14M | -6.32M | 8.03M | -6.33M | 5.83M | 9.29M | 4.15M | 4.39M | 3.06M | 16.25M | 85K | 33.67M | 58.37M | -23.07M | -34.13M | -26.02M | -8.08M | -2.69M | -1.22M | -853.59K |
| Depreciation & Amortization | 11.15M | 12.2M | 19.88M | 26.13M | 27.36M | 16.15M | 17.6M | 19.92M | 15.17M | 15M | 12.59M | 9.1M | 4.55M | 2.63M | 1.54M | 856K | 324K | 166.99K | 123.95K | 47.48K | 18.04K | 7.25K | 0 |
| Stock-Based Compensation | 1.38M | 1.15M | 677K | 681K | 1.96M | 875K | 3.04M | 1.93M | 1.5M | 1.19M | 1.24M | 3.47M | 4.95M | 7.62M | 6.6M | 6.57M | 2.69M | 2.84M | 2M | 0 | 0 | 0 | 0 |
| Deferred Taxes | 2.73M | 1.41M | 9.13M | 0 | -3.54M | 0 | 3.51M | 0 | -501K | 14.99M | -1.55M | 5.13M | 2.23M | 2.04M | -3.05M | -30.64M | 215K | -967.6K | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 24.26M | 19.86M | 19.49M | -4.99M | 44K | 6.42M | 12.97M | 1.33M | 1.18M | 1.28M | 298K | 3M | 596K | 2.38M | 1.79M | -2.71M | 387K | 1.99M | 63.54K | 640.51K | 646.44K | 407.7K | -387.29K |
| Working Capital Changes | -11.48M | -6.46M | 6.7M | -2.89M | -5.34M | 3.31M | 4.61M | -7.61M | -4.37M | -983K | 941K | -3.59M | 9.08M | -8.11M | -9.35M | 9.96M | -3.48M | -14.78M | 822.62K | 479.46K | 226.42K | -376.31K | 862.59K |
| Change in Receivables | -12.56M | -11.07M | 2.15M | 750K | 3.59M | -4.45M | 4.14M | -6.62M | -220K | -2.25M | -309K | 1.09M | 891K | 4.37M | 8.3M | -13.1M | -1.19M | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | -486K | -1.49M | 1.82M | 2.61M | -2.55M | -708K | 1.04M | -1.98M | -2.82M | -2.8M | -738K | -555K | -231K | -32K | -4.1M | -1.18M | -2.84M | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | -1.53M | -271K | 3.81M | 0 | 284K | 0 | -588K | 0 | 1.49M | 1.64M | -3.58M | 3.36M | -2.83M | -37K | 1.4M | -758K | 572K | -1.03M | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -27.02M | -20.21M | -6.44M | -12.49M | -19.44M | -22.97M | -14.45M | -39.47M | -40.07M | -25.69M | -14.69M | -26.74M | -16.62M | -6.44M | -7.73M | -9.3M | 7.88M | -1.2M | -657.82K | -456.15K | -59.97K | -61.6K | 0 |
| Capital Expenditures | -26.36M | -21.06M | -7.62M | -12.49M | -18.23M | -20.61M | -12.81M | -16.94M | -40.08M | -25.43M | -15.14M | -26.68M | -17.9M | -6.7M | -4.46M | -9.3M | -3.56M | -1.2M | -657.82K | -456.15K | -59.97K | -61.6K | 0 |
| CapEx % of Revenue | 19.08% | 22.58% | 11.77% | 12.77% | 13.11% | 16.59% | 14.13% | 14.28% | 33.53% | 23.38% | 18.3% | 28.93% | 15.36% | 5.35% | 3.39% | 8.85% | 24.13% | - | - | - | - | - | - |
| Acquisitions | 0 | 0 | 0 | 0 | 1.21M | -2.36M | 0 | 0 | 0 | 0 | -311K | -92K | 1.29M | 6.7M | 4.46M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -659.14K | 0 | 0 | 0 | -1.21M | 0 | -6.49M | -22.54M | 6K | -257K | 9K | -92K | 1.76M | -6.7M | -4.46M | 0 | 11.44M | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Financing | 5.89M | 22.11M | 2.71M | 62K | -3.91M | -3.06M | -5.22M | 21.04M | 3.45M | -1.39M | -1.89M | -8M | -7.86M | -21.01M | -39.87M | -28.44M | 55.65M | 49.17M | 5.19M | 21.71M | 9.34M | 1.41M | 252K |
| Debt Issued (Net) | -5K | 6.11M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -257K | -606K | -1.5M | -1.47M | -645K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Equity Issued (Net) | -6.54M | 7.5M | 2.74M | 0 | 0 | 0 | 25.8M | 0 | 4.32M | 0 | 0 | 0 | 0 | 0 | -3.93M | -1.95M | 63.39M | 48.99M | 5.01M | 21.71M | 9.34M | 1.41M | 152K |
| Dividends Paid | 0 | 0 | 0 | 0 | -3.54M | -3.37M | -2.79M | -1.49M | -1.15M | -1.14M | -1.67M | -6.5M | -6.49M | -25.51M | -35.94M | -26.48M | -7.74M | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -13.06M | 0 | 0 | 0 | -3.93M | -1.95M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 12.43M | 8.5M | -33K | 62K | -376K | 303K | -28.23M | 22.53M | 282K | 0 | 391K | 0 | 100K | 5.15M | 0 | 1.05M | 0 | 184K | 181K | 0 | 0 | 0 | 100K |
| Net Change in Cash | 18.7M | 23.38M | -4.63M | -17.42M | -10.04M | 8.31M | 15.2M | 2.52M | -14.63M | 8.22M | 1.34M | -14.72M | 12.57M | -20.81M | -16.18M | 4.38M | 40.83M | 3.22M | -18.47M | 14.35M | 7.48M | 166.62K | -126.29K |
| Free Cash Flow | 13.68M | 644K | -8.25M | -17.71M | -4.08M | 14.17M | 22.59M | 4.47M | -17.82M | 10.2M | 2.76M | -6.51M | 19.75M | -60K | 26.74M | 33.12M | -26.49M | -46.08M | -23.66M | -7.37M | -1.86M | -1.24M | -378.29K |
| FCF Margin % | 9.91% | 0.69% | -12.74% | -18.11% | -2.93% | 11.41% | 24.9% | 3.77% | -14.91% | 9.38% | 3.33% | -7.06% | 16.95% | -0.05% | 20.33% | 31.49% | -179.54% | - | - | - | - | - | - |
| FCF Growth % | 227.33% | 107.81% | 53.42% | -334.4% | -128.76% | -37.25% | 405.17% | 125.09% | -274.69% | 269.74% | 142.35% | -132.98% | 33025% | -100.22% | -19.24% | 225.01% | 42.51% | -94.73% | -221.3% | -296.86% | -49.56% | -228.02% | - |
| FCF per Share | 0.18 | 0.00 | -0.09 | -0.20 | -0.05 | 0.19 | 0.32 | 0.07 | -0.31 | 0.18 | 0.05 | -0.12 | 0.36 | -0.00 | 0.47 | 0.59 | -0.53 | -1.05 | -0.69 | -0.26 | -0.09 | -0.08 | -0.03 |
| FCF Conversion (FCF/Net Income) | 1.14x | -3.36x | 0.01x | 0.22x | -2.24x | 4.33x | -5.59x | 3.87x | 2.40x | 8.59x | 4.08x | 6.59x | 2.32x | 78.15x | 0.93x | 0.71x | 0.99x | 1.31x | 0.88x | 0.86x | 0.67x | 0.97x | 0.44x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 20K | 18K | 10K | 65K | 13K | 78K | 149K | 102K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 1.9M | 0 | 1.1M | 0 | 18.59M | 0 | 2.73M | 0 | 7.07M | 3.1M | 256K | 9.51M | 939K | 14.33M | 33.02M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Quick answers to the most common questions about buying GORO stock.
Goldgroup Mining Inc. (GORO) generated $21.7M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Goldgroup Mining Inc. (GORO) generated $0.6M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Goldgroup Mining Inc. (GORO) spent $21.1M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
Key Metrics
Top Statement Risk
Single-asset operational dependency
Metrics are mathematically derived from official filings.
Earnings Quality and Cash Disconnect
As reported in financial statements, GORO's OCF/NI ratio reached 3.13 in 2026Q1, illustrating a significant divergence between accounting net income and actual cash generation that warrants further investigation into the non-cash charges and provisional pricing adjustments currently impacting the company's reported bottom line.
The wide variance between net income and operating cash flow suggests that reported earnings are heavily influenced by non-cash items such as depletion and depreciation. Investors should monitor whether this conversion gap persists, as it indicates that the company's cash-generating capacity is currently decoupled from its headline profitability metrics.
FCF Volatility and Margin Sensitivity
Based on GORO's reported figures, free cash flow margins have fluctuated wildly from a low of -42.9% in 2024Q3 to 14.8% in 2026Q1, highlighting the extreme sensitivity of the company's cash trajectory to commodity price cycles and operational throughput at the Don David Gold Mine.
The recent return to positive free cash flow in late 2025 and early 2026 appears to be a function of improved operational performance rather than a structural shift in cost efficiency. This volatility suggests that the company remains highly vulnerable to external price shocks, which could quickly revert the cash flow trajectory to negative territory.
Capital Intensity and Growth Reinvestment
According to recent SEC filings, GORO's capital intensity, measured by CapEx/Revenue, peaked at 30.4% in 2025Q3, reflecting a period of aggressive investment that may be straining the company's ability to maintain a consistent cash buffer while simultaneously funding its long-term development projects.
The elevated capital expenditure levels suggest that the company is prioritizing reserve replacement and infrastructure maintenance at the Don David Gold Mine. Analysts should evaluate whether these capital outlays are effectively extending the mine life or if they represent a defensive necessity to combat declining ore grades.
Working Capital Management and Liquidity
As indicated by the quarterly data, working capital changes have been a significant source of cash flow volatility, with a notable $8.2M outflow in 2025Q3, suggesting that timing differences in concentrate sales and inventory management are creating meaningful, albeit temporary, liquidity pressures for the firm.
The erratic nature of working capital movements appears to be tied to the provisional pricing mechanism and the logistics of shipping concentrate to third-party smelters. This implies that the company's cash position is susceptible to timing mismatches that can obscure the underlying health of its core mining operations.