Skip to main content

GoGold Resources ($GGD | $GLGDF): CEO Bradley Langille on Building the Los Ricos Property in Mexico

Investor TV Jul 28, 2026

Summary

Los Ricos South targets first pour in 2028, fully funded with $284M cash against $227M capex and no major equity raise.

At roughly $12/oz AISC — what it really costs to produce an ounce — Los Ricos South sits in the top decile of global silver developers.

CEO Bradley Langille plans parallel tracks: Los Ricos South into production by 2028, Los Ricos North from PEA to permit by Q1 next year.

Langille expects Mexico's open-pit permitting to accelerate under President Scheinbaum, who is methodically clearing the inherited backlog of about 100 operational permits.

The Parral operating mine plus copper and zinc byproduct sales generate roughly $60M/yr free cashflow to internally fund Los Ricos development.

Key points on Agnico Eagle Mines

  • John and Brad frame Agnico Eagle as a peer still waiting on a large open-pit permit in Mexico, which Brad argues is now imminent under President Sheinbaum.
  • Don cites Agnico alongside Alamos as a senior gold producer whose stock is down 40% despite strong free cash flow generation.

Key points on Alamos Gold

  • Don includes Alamos Gold in the basket of top-tier producers whose shares are down 40% even as they keep generating significant free cash flow.

Key points on First Majestic Silver

  • Don references First Majestic as the model for a 'monster' silver producer GoGold could grow into through M&A or acquisitions, scaling toward 25 million ounces a year.

Key points on Discovery Silver Corp

  • John and Brad identify Discovery Silver as a larger Mexican peer still awaiting its open-pit permit, which Brad says should come through soon.

Key points on Gogold Resources

  • Brad argues GoGold is fully funded to build Los Ricos South, with $284 million in cash against $227 million of capex, breaking ground next month and targeting first pour in about 24 months.
  • Brad highlights Los Ricos South's all-in sustaining cost of roughly $12 per silver-equivalent ounce as top decile, supporting a 9 million ounce per year run rate at year-end 2028 once combined with Parral.
  • Brad plans to apply for the Los Ricos North permit in Q1 next year while running a parallel feasibility study, with a target first pour around 2030 that could lift production to 15-17 million silver-equivalent ounces per year.
  • Brad notes GoGold generates over $60 million per year of free cash flow from Parral alongside $284 million in cash, leaving management optionality for a third district mine, M&A or a potential merger with Silver Tiger.

Key points on 1911 Gold

  • John flags 1911 Gold as a heavily sold-off Canadian name down from $1.13 to $0.46 despite a recent financing, with both him and Don bullish on the team and a Q4 production start.

Key points on Silver Tiger Metals

  • Brad notes Silver Tiger was among the first to receive an open-pit permit in Mexico under Sheinbaum, and John floats a future GoGold-Silver Tiger merger that Brad leaves open while staying focused on Los Ricos.

Don Durrett's takeaways

  • Top takeaway Don argues the setup for gold and silver stocks is constructive into Q4 absent a renewed AI-led rally, and frames GoGold as a top development-stage name whose project, team, location, path, insiders and upside all clear his checklist.

Brad Langille's takeaways

  • Top takeaway Brad lays out a 24-month build of Los Ricos South starting in August, with detailed engineering 80% complete, the mill already ordered on a 54-week lead time, and a parallel feasibility track for Los Ricos North.
  • Brad defends Mexico's permitting trajectory under President Sheinbaum, calling her pragmatic and predicting imminent open-pit permits for Agnico and Discovery after Silver Tiger's recent approval.
  • Brad models district growth from Parral plus Los Ricos South at about 9 million ounces to 15-17 million silver-equivalent ounces once Los Ricos North comes online around 2030, with material NPV upside at current silver prices.
  • Brad leaves the door open to M&A, including a potential Silver Tiger merger, while highlighting a possible third mine in the Los Ricos district as exploration resumes.

John Fenwick's takeaways

  • Top takeaway John argues a Q4 relief rally in gold and silver is likely unless the AI trade reignites, and he flags 1911 Gold plus several other junior names he and Don consider deeply discounted.

Don Duret's takeaways

  • Top takeaway Don presents gold and silver support levels (gold 3,900 with downside risk to 3,500, silver possibly retesting 50) and advocates buying dips during the seasonally weak summer window ahead of a Q4 melt-up.

Bradley Langille's takeaways

  • Top takeaway Brad frames Los Ricos South as a fully funded 24-month build with first pour targeted for August 2028 and a 9 million ounce per year run rate at year-end 2028.
  • Brad commits to applying for the Los Ricos North permit in Q1 next year while running the parallel feasibility, aiming for an additional 8.8 million ounces and a possible third district mine.
  • Brad argues Mexico's permitting has normalized under Sheinbaum, with Silver Tiger already approved and Agnico and Discovery permits close, supporting GoGold's open-pit optionality on Los Ricos North.