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The Best Silver Bull Market in 30 Years? | Bradley Langille - GoGold

The Deep Dive Jul 16, 2026

Summary

GoGold's newly received Los Ricos South permit unlocks construction in Mexico, with detailed engineering already 80% complete and dirt moving within a month.

GoGold brings $284 million in cash and no debt to the build, with 12-year-old Parral tailings generating about $60 million free cash flow yearly.

Los Ricos South targets 7.3 million silver-equivalent ounces yearly at $12 AISC (All-In Sustaining Cost — true cost per ounce), toward 15 to 17 million.

The Eagle Zone's first 18 months could generate close to half a billion dollars of after-tax free cash flow, nearly repaying the project's capex twice.

Langille credits 30 years of Mexican relationships and community benefit for permitting wins, and calls this the best silver bull market of his career.

Key points on Aya Gold & Silver

  • Langille holds Aya up as the scale benchmark, saying GoGold at over 9 million silver-equivalent ounces would be a significant mid-tier in the silver space, 'more like an AYA silver.'

Key points on Gogold Resources

  • As of the July 16, 2026 interview, the Los Ricos South permit had just been received, detailed engineering was about 80% complete, the mill had been ordered roughly four months earlier, and Langille expected to break ground the following month.
  • Langille reports $284 million in the bank and no debt at the end of the June quarter, with the Parral tailings operation in its 12th year generating about $60 million of annual free cash flow at prices as of the interview, and the company's best production quarter since 2021 just reported.
  • He sizes Los Ricos South at about 7.3 million silver-equivalent ounces a year at a $12 all-in sustaining cost, with the Eagle Zone expected to generate close to half a billion dollars of after-tax free cash flow over its first 18 months at full production, against study capex of $227 million and perhaps $250 million after 8-10% Mexican mining inflation.
  • He lays out an organic path to 15-17 million ounces: roughly 2 million ounces a year from Parral, with about five years of reserves left, plus Los Ricos South gets the company over 9 million, while Los Ricos North sits at PEA stage with a permit application targeted within 6-9 months.
  • The two-year build targets first pour around 2028, the mill will pour a doré bar paid about 99% of spot versus roughly 80% for concentrate sellers, and 60% of revenue value comes from silver.

Brad Langille's takeaways

  • Top takeaway Langille argues this is probably the best bull market he has seen in a career that began in 1993, and that downside risk is mitigated through high margins and prior mine-building experience while 'the upside will take care of itself.'
  • He credits GoGold's permitting success in Mexico to 30 years of relationships, demonstrated community benefit, and high environmental standards under the current administration.
  • He expects to be more than halfway through the Los Ricos South build and close to turning on the mill within 12 months, with about a six-month ramp to commercial production after first pour.
  • He frames the project as low technical risk — straightforward bulk underground mining and a doré mill — with underground development and mining as the critical path.
  • He declines to endorse $500 silver when asked, saying the team knows more about building mines than predicting the silver price.

Steve Hyland's takeaways

  • Top takeaway The host presses Langille to make good on prior promises of a received permit, construction underway, and a path to 9 million ounces, and observes that GoGold is one of the few silver companies in Mexico getting permits done while peers spin their wheels.
  • He frames GoGold as really a silver name despite the GoGold brand, and closes by asking — for his producer's YouTube thumbnail — whether silver can hit $500 an ounce.

Karen Flores's takeaways

  • Top takeaway Langille cites Karen Flores as a GoGold board member who heads the Chamber of Mining for Mexico, offering her presence as evidence that deep industry and government relationships underpin the company's permitting success.

Bradley Langille's takeaways

  • Top takeaway The GoGold CEO argues the silver market is probably the best bull market of his career, which began in 1993, and says the plan is to keep margins high, focus on the work, and let the upside take care of itself.
  • He presents the growth story from a strong base: $284 million cash and no debt at the end of June, a tailings mine running 12 years, and a newly permitted Los Ricos South with 80% of detailed engineering done before ground is broken.
  • He argues the Eagle Zone alone should generate close to half a billion dollars of after-tax free cash flow over 18 months at prices as of the interview — nearly twice the project's roughly $227-250 million capex.
  • He contends a second permit in the district should now be easier to obtain and plans to move the same construction team from Los Ricos South to North after first pour for a total district build.
  • He leans on repeatable execution — four mines built over 30 years in Mexico — as the reason GoGold can hold a two-year build to first pour around 2028, possibly shorter given the engineering head start.