Form 8-K

8-K — GOLD RESOURCE CORP

Accession: 0001104659-26-084745

Filed: 2026-07-20

Period: 2026-07-17

CIK: 0001160791

SIC: 1040 (GOLD & SILVER ORES)

Item: Completion of Acquisition or Disposition of Assets

Item: Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing

Item: Material Modifications to Rights of Security Holders

Item: Changes in Control of Registrant

Item: Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers

Item: Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year

Item: Regulation FD Disclosure

Item: Financial Statements and Exhibits

Documents

8-K — tm2620533d2_8k.htm (Primary)

EX-3.1 — EXHIBIT 3.1 (tm2620533d2_ex3-1.htm)

EX-3.2 — EXHIBIT 3.2 (tm2620533d2_ex3-2.htm)

EX-99.1 — EXHIBIT 99.1 (tm2620533d2_ex99-1.htm)

EX-99.2 — EXHIBIT 99.2 (tm2620533d2_ex99-2.htm)

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GRAPHIC (tm2620533d2_ex99-2img001.jpg)

GRAPHIC (tm2620533d2_ex99-2img002.jpg)

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8-K — FORM 8-K

8-K (Primary)

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of

the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported):

July 17, 2026

GOLD

RESOURCE CORPORATION

(Exact name of registrant as specified in its charter)

Colorado

001-34857

84-1473173

(State or other jurisdiction of

incorporation)

(Commission

File Number)

(I.R.S. Employer

Identification Number)

7887

East Belleview

Avenue, Suite 1100

Denver, Colorado

80111

(Address of principal executive offices)

(Zip Code)

Registrant’s telephone number including area code:

(303) 320-7708

(Former name or former address, if changed since

last report)

Check the appropriate box below if the Form 8-K filing is intended

to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

Written

communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title

of each class

Trading

Symbol(s)

Name

of each exchange on which

registered

Common Stock

GORO

NYSE American

Indicate by check mark whether the registrant is an emerging growth

company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities

Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging

growth company ¨

If an emerging

growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any

new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

Introductory Note

July 17,2026 (the “Closing Date”), Gold Resource Corporation (the “Company”), completed its previously announced

merger pursuant to the Arrangement Agreement and Plan of Merger (the “Arrangement Agreement”), dated as of January 25,

2026, as amended on May 15, 2026, by and among the Company, Goldgroup Mining Inc., a corporation

incorporated under the laws of the Province of British Columbia (“Goldgroup”), and Goldgroup Merger Sub Inc., a Colorado corporation

and direct subsidiary of Goldgroup (“Purchaser Sub”). Pursuant to the Arrangement Agreement, Purchaser Sub merged with

and into the Company, with the Company continuing as the surviving corporation as a direct, wholly owned subsidiary of Goldgroup (such

transaction, the “Merger”).

Item 2.01 Completion of Acquisition or Disposition of Assets.

the Closing Date, the Merger was consummated. Pursuant to the Arrangement Agreement, at the effective time of the Merger (the “Effective

Time”), each outstanding share of common stock of the Company, par value $0.001 per share

(“Company Stock”), was converted into the right to receive 1.4476 common shares of Goldgroup post-Merger (“Resulting

Issuer Shares”) (adjusted to 0.3619 Resulting Issuer Shares as a result of a four-for-one share consolidation completed by Goldgroup

prior to closing) (the “Exchange Ratio”). Any stockholder of the Company who would otherwise have been entitled to receive

a fraction of a Resulting Issuer Share pursuant to the Merger (after taking into account all the Company Stock held immediately prior

to the Effective Time by such holder) had their holdings of Resulting Issuer Shares rounded up to the nearest whole share.

Pursuant

to the Arrangement Agreement, at the Effective Time, all outstanding stock options (“Options”), deferred share units (“DSUs”),

and restricted share units (“RSUs”) of the Company were assumed by Goldgroup and converted into equivalent awards for Resulting

Issuer Shares, adjusted by the Exchange Ratio (other than Options held by residents of Canada, which were deemed to be vested to the fullest

extent and exchanged for options exercisable for Resulting Issuer Shares (the “Replacement Options”), as adjusted by the Exchange

Ratio). Performance share units (“PSUs” and, together with the Options, DSUs and RSUs, the “Company Awards”) of

the Company were converted into time-vested RSUs based on performance through the Effective Time, as determined by the compensation committee

of the Company and as adjusted by the Exchange Ratio. All assumed and converted Company Awards and any Replacement Options are generally

subject to the same terms and conditions as were applicable to the corresponding Company Award prior to the assumption and conversion

or exchange of the award by Goldgroup.

The

foregoing descriptions of the Arrangement Agreement are qualified in their entirety by reference to the full text of the Arrangement Agreement,

which was previously filed as an exhibit to the Company’s Current Report on Form 8-K filed on January 26, 2026, and is

incorporated herein by reference.

Item 3.01 Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing.

the Closing Date, in connection with the consummation of the Merger, the Company notified NYSE American LLC (the “NYSE American”)

that the Merger had been consummated and requested that the trading of its Common Stock on the NYSE American be suspended and that the

listing of its Common Stock on the NYSE American be withdrawn. In addition, the Company requested that the NYSE American file with the

Securities and Exchange Commission (the “SEC”) a notification on Form 25 to report the delisting of its Common Stock

from the NYSE American and to deregister its Common Stock under Section 12(b) of the Securities Exchange Act of 1934, as amended

(the “Exchange Act”). Goldgroup has submitted an application to the NYSE American to list the Resulting Issuer Shares thereon.

The

Company intends to file with the SEC a Form 15 to suspend the Company’s reporting obligations under Section 13 and Section 15(d) of

the Exchange Act.

Item 3.03 Material Modification to Rights of Security Holders.

The

information set forth in the Introductory Note and Items 2.01, 3.01, 5.01, and 5.03 of this Current Report on Form 8-K is incorporated

herein by reference.

Item 5.01 Changes in Control of Registrant.

The

information set forth in the Introductory Note and Items 2.01, 5.02, and 5.03 of this Current Report on Form 8-K is incorporated

herein by reference.

a result of the consummation of the Merger, a change of control of the Company occurred, and the Company became a direct, wholly owned

subsidiary of Goldgroup.

Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of

Certain Officers.

connection with the consummation of the Merger, Allen Palmiere, Peter Gianulis, Lila Manassa Murphy and Ron Little ceased to be directors

of the Company at the Effective Time. The departures of the former directors were in connection with the Merger and not due to any disagreement

with the Company on any matter.

Item 5.03 Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year.

connection with the completion of the Merger and pursuant to the Arrangement Agreement, at the Effective Time, the articles of incorporation

and bylaws of Purchaser Sub, as in effect immediately prior to the Effective Time, became the articles of incorporation and bylaws of

the Company, respectively. Copies of the Company’s amended and restated articles of incorporation and bylaws are filed as Exhibits 3.1

and 3.2, respectively, to this Current Report on Form 8-K and are incorporated by reference herein.

Item 7.01 Regulation FD Disclosure.

July 15, 2026, Goldgroup, the direct parent of the Company, and the Company issued a joint press release announcing the expected

ticker symbol of the combined company. Additionally, on July 17, 2026, Goldgroup and the Company issued a joint press release announcing

the completion of the Merger. A copy of both press releases are attached as Exhibits 99.1 and 99.2, respectively, and are incorporated

herein by reference.

accordance with General Instruction B.2 of Form 8-K, the information in this Item 7.01, including Exhibit 99.1, shall

not be deemed to be “filed” for purposes of Section 18 of the Exchange Act or otherwise subject to the liability of that

section, and shall not be incorporated by reference into any of the Company’s filings or other document filed under the Securities

Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

Exhibit No.

Description

2.1†

Arrangement Agreement and Plan of Merger, dated as of January 25, 2026, between Gold Resource Corporation, Goldgroup Mining Inc. and Goldgroup Merger Sub Inc. (incorporated by reference from Exhibit 2.1 to the Company’s Current Report on Form 8-K filed with the SEC on January 26, 2026)

2.1.1

First Amendment to the Arrangement Agreement and Plan of Merger, dated as of May 15, 2026, by and among Gold Resource Corporation, Goldgroup Mining Inc. and Goldgroup Merger Sub Inc. (incorporated by reference from Exhibit 2.1 to the Company’s Current Report on Form 8-K filed with the SEC on May 15, 2026)

3.1

Amended and Restated Articles of Incorporation of Gold Resource Corporation

3.2

Amended and Restated Bylaws of Gold Resource Corporation

99.1

Press Release, dated July 15, 2026

99.2

Press Release, dated July 17, 2026

104

Cover Page Interactive Data File (embedded within the Inline XBRL document)

† Certain schedules or similar attachments to this exhibit have been omitted in accordance with Item 601(a)(5) of

Regulation S-K. The registrant hereby agrees to furnish supplementally to the SEC upon request a copy of any omitted schedule or

attachment to this exhibit.

SIGNATURE

Pursuant to the requirements

of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto

duly authorized.

GOLD RESOURCE CORPORATION

Date: July 17, 2026

By:

/s/ Allen Palmiere

Name:

Allen Palmiere

Title:

Chief Executive Officer and President

EX-3.1 — EXHIBIT 3.1

EX-3.1

Filename: tm2620533d2_ex3-1.htm · Sequence: 2

Exhibit 3.1

AMENDED AND RESTATED

ARTICLES OF INCORPORATION OF

GOLD RESOURCE CORPORATION

ARTICLE I

Name

and Duration

The name of the corporation is

Gold Resource Corporation (the “Corporation”). The period of duration of the Corporation shall be perpetual.

ARTICLE II

principal

office; Registered agent

(a)            Principal

Office Address. The principal office of the Corporation in the State of Colorado is 7887 East Belleview Avenue, Suite 1100, Denver,

CO 80111.

(b)            Registered

Agent. The name and address of the Corporation’s registered agent in the State of Colorado is Cogency Global Inc., 600 17th

Street, Suite 1450S, Denver, Colorado 80202. Cogency Global Inc. has consented to being the Corporation’s registered agent

in the State of Colorado.

ARTICLE III

PURPOSE

AND POWERS

The purpose for which this

Corporation is organized is to transact any lawful business or businesses for which corporations may be incorporated pursuant to the Colorado

Business Corporation Act. In furtherance of the foregoing purpose, this Corporation shall have and may exercise any and all of the powers

now or hereafter conferred upon corporations incorporated pursuant to the Colorado Business Corporation Act.

ARTICLE IV

capital

stock

The aggregate number of shares

of all classes of capital stock that the Corporation shall have authority to issue is 1,000 shares of common stock, no par value. The

holders the Corporation’s common stock shall have and possess all rights as shareholders of the Corporation, including such rights

as may be granted elsewhere by these Articles of Incorporation.

The capital stock, after the amount of the subscription

price has been paid in, shall not be subject to assessment to pay the debts of the Corporation.

Any stock of the Corporation

may be issued for money, property, services rendered, labor done, cash advances for the Corporation, or for any other assets of value

in accordance with the action of the Board of Directors, whose judgment as to value received in return therefor shall be conclusive and

said stock, when issued, shall be fully paid and non-assessable.

ARTICLE V

AMENDMENT

OF BYLAWS

In furtherance and not in

limitation of the powers conferred by statute, the Board of Directors is expressly authorized to make, alter or repeal the Bylaws of the

Corporation.

ARTICLE VI

INDEMNIFICATION

OF DIRECTORS OFFICERS, EMPLOYEES, FIDUCIARIES AND AGENTS

The Corporation shall indemnify,

to the fullest extent permitted by applicable law in effect from time to time, any person, and the estate and personal representative

of any such person, against all liability and expense (including attorneys’ fees) incurred by reason of the fact that he or she

is or was a director or officer of the Corporation or, while serving as a director or officer of the Corporation, he or she is or was

serving at the request of the Corporation as a director, officer, partner, trustee, employee, fiduciary, or agent of, or in any similar

managerial or fiduciary position of another domestic or foreign corporation or other individual or entity or of an employee benefit plan.

The Corporation shall also indemnify any person who is serving or has served the Corporation as director, officer, employee, fiduciary,

or agent, and that person’s estate and personal representative, to the extent and in the manner provided in any bylaw, resolution

of the shareholders or directors, contract, or otherwise, so long as such provision is legally permissible. The foregoing right of indemnification

shall not be exclusive of other rights to which he may be entitled under applicable state law.

ARTICLE VII

limitations

of liability

A director of the Corporation

shall not be personally liable to the Corporation or its shareholders for monetary damages for breach of fiduciary duty as a director;

except that this provision shall not eliminate or limit the liability of a director to the Corporation or its shareholders for monetary

damages otherwise existing for (i) any breach of the director’s duty of loyalty to the Corporation to or its shareholders;

(ii) acts or omissions not in good faith or which involve intentional misconduct or a knowing violation of law; (iii) acts specified

in Section 7-108-403 of the Colorado Business Corporation Act; or (iv) any transaction from which the director directly or indirectly

derived any improper personal benefit. If the Colorado Business Corporation Act is hereafter amended to eliminate or limit further the

liability of a director, then, in addition to the elimination and limitation of liability provided by the preceding sentence, the liability

of each director shall be eliminated or limited to the fullest extent permitted by the Colorado Business Corporation Act as so amended.

Any repeal or modification of this Article VII by the shareholders of the Corporation shall not adversely affect any right or protection

of a director of the Corporation under this Article VII, as in effect immediately prior to the repeal or modification, with respect

to any liability that would have accrued, but for this Article VII, prior to the repeal or modification.

EX-3.2 — EXHIBIT 3.2

EX-3.2

Filename: tm2620533d2_ex3-2.htm · Sequence: 3

Exhibit 3.2

AMENDED AND RESTATED BYLAWS

GOLD RESOURCE CORPORATION

Article I

OFFICES AND RECORDS

1. PRINCIPAL AND OTHER OFFICES. The principal office

of the Corporation may be located within or outside the State of Colorado as set forth in the articles of incorporation, provided that

the board of directors of the Corporation may at any time change the location of the principal office by making the appropriate filing

with the Colorado Secretary of State. The Corporation may have other offices, both within and outside the State of Colorado, as the Board

of Directors may designate, as the business of the Corporation may require, or as may be desirable.

2. REGISTERED AGENT. The registered agent’s

name and address of the Corporation shall be as set forth in the Corporation’s articles of incorporation. The Board of Directors

may at any time change the registered agent and office by making the appropriate filing with the Secretary of State.

3. BOOKS AND RECORDS. Any records maintained by

the Corporation in the regular course of its business, including its stock ledger, books of account and minute books, may be maintained

on any information storage device or method; provided that the records so kept can be converted into readable form within a reasonable

time. The Corporation shall so convert any records so kept upon the written request of any person entitled to inspect such records pursuant

to applicable law.

Article II

SHAREHOLDERS

1. ANNUAL SHAREHOLDERS' MEETING. The annual shareholders'

meeting shall be held on the date and at the time and place fixed from time to time by the board of directors within one year following

the close of the Corporation’s latest fiscal year. The annual meeting may be held within or outside the State of Colorado, as determined

by the board of directors.

2. SPECIAL SHAREHOLDERS' MEETING. A special shareholders'

meeting for any purpose or purposes, may be called by the board of directors or the president. The Corporation shall also hold a special

shareholders' meeting in the event it receives, in the manner specified in Section VII.3., one or more written demands for the meeting,

stating the purpose or purposes for which it is to be held, signed and dated by the holders of shares representing not less than one-tenth

of all of the votes entitled to be cast on any issue at the meeting. Special meetings shall be held at the principal office of the Corporation

or at such other place as the board of directors may determine.

3. RECORD DATE FOR DETERMINATION OF SHAREHOLDERS.

(a) In order to make a determination of shareholders

(1) entitled to notice of or to vote at any shareholders' meeting or at any adjournment of a shareholders' meeting, (2) entitled

to demand a special shareholders' meeting, (3) entitled to take any other action, (4) entitled to receive payment of a share

dividend or a distribution, or (5) for any other purpose, the board of directors may fix a future date as the record date for such

determination of shareholders. The record date may be fixed not more than seventy days nor less than ten days before the date of the proposed

action.

(b) Unless otherwise specified when the record

date is fixed, the time of day for determination of shareholders shall be as of the Corporation's close of business on the record date.

to be given notice of or to vote at a shareholders' meeting is effective for any adjournment of the meeting unless the board of directors

fixes a new record date, which the board shall do if the meeting is adjourned more than one hundred twenty days after the date fixed for

the original meeting.

(d) If no record date is otherwise fixed,

the record date for determining shareholders entitled to be given notice of and to vote at an annual or special shareholders' meeting

is the date before the first notice is given to shareholders.

(e) The record date for determining shareholders

entitled to take action without a meeting pursuant to Section 1.10 is the date a writing upon which the action is taken is first

received by the Corporation.

4. VOTING LIST.

(a) After a record date is fixed for a shareholders'

meeting, the secretary shall prepare a list of the names of all its shareholders who are entitled to be given notice of the meeting. The

list shall be arranged by voting groups and within each voting group by class or series of shares, shall be alphabetical within each class

or series, and shall show the address of, and the number of shares of each such class and series that are held by, each shareholder.

(b) The shareholders' list shall be available

for inspection by any shareholder, beginning the earlier of ten days before the meeting for which the list was prepared or two business

days after notice of the meeting is given and continuing through the meeting, and any adjournment thereof, at the Corporation's principal

office or at a place identified in the notice of the meeting in the city where the meeting will be held.

list available at the meeting, and any shareholder or agent or attorney of a shareholder is entitled to inspect the list at any time during

the meeting or any adjournment.

5. NOTICE TO SHAREHOLDERS.

(a) The secretary shall give notice to shareholders

of the date, time, and place of each annual and special shareholders' meeting no fewer than ten nor more than sixty days before the date

of the meeting; except that, if the articles of incorporation are to be amended to increase the number of authorized shares, at least

thirty days notice shall be given. Except as otherwise required by the Colorado Business Corporation Act, the secretary shall be required

to give such notice only to shareholders entitled to vote at the meeting.

(b) Notice of an annual shareholders' meeting

need not include a description of the purpose or purposes for which the meeting is called unless a purpose of the meeting is to consider

an amendment to the articles of incorporation, a restatement of the articles of incorporation, a plan of merger or share exchange, disposition

of substantially all of the property of the Corporation, consent by the Corporation to the disposition of property by another entity,

or dissolution of the Corporation.

shall include a description of the purpose or purposes for which the meeting is called.

(d) Notice of a shareholders' meeting shall

be in writing and shall be given

(1) by deposit in the United States

mail, properly addressed to the shareholder's address shown in the Corporation's current record of shareholders, first class postage prepaid,

and, if so given, shall be effective when mailed; or

(2) by telegraph, teletype, electronically

transmitted facsimile, electronic mail, mail, or private carrier or by personal delivery to the shareholder, and, if so given, shall be

effective when actually received by the shareholder.

(e) If an annual or special shareholders'

meeting is adjourned to a different date, time, or place, notice need not be given of the new date, time, or place if the new date, time,

or place is announced at the meeting before adjournment; provided, however, that, if a new record date for the adjourned meeting is fixed

pursuant to Section I.3.(c), notice of the adjourned meeting shall be given to persons who are shareholders as of the new record

date.

(f) If three successive notices are given

by the Corporation, whether with respect to a shareholders' meeting or otherwise, to a shareholder and are returned as undeliverable,

no further notices to such shareholder shall be necessary until another address for the shareholder is made known to the Corporation.

6. QUORUM AND CONDUCT OF MEETINGS.

(a) Except as otherwise provided by statute

or by the articles of incorporation, the presence in person or by proxy of a majority of the voting power of the outstanding shares of

the Corporation entitled to vote shall constitute a quorum at a meeting of shareholders. If less than a majority of voting power of the

outstanding shares are represented at a meeting, either the presiding officer of the meeting or a majority of the voting power of the

shares so represented may adjourn the meeting from time to time until the requisite amount of shares for a quorum shall be present or

represented. At any such adjourned meeting at which a quorum shall be present, any business may be transacted which might have been transacted

at the meeting as originally called. A quorum, once established, shall not be broken by the withdrawal of enough outstanding shares of

the Corporation entitled to vote that leaves less than a quorum.

(b) The date and time of the opening and the

closing of the polls for each matter upon which the shareholders will vote at a meeting shall be announced at the meeting by the chairman

of the meeting. The Board of Directors may adopt by resolution such rules and regulations for the conduct of the meeting of shareholders

as it shall deem appropriate. Except to the extent inconsistent with such rules and regulations as adopted by the Board of Directors,

the chairman of any meeting of stockholders shall have the right and authority to prescribe such rules, regulations and procedures and

to do all such acts as, in the judgment of such chairman, are appropriate for the proper conduct of the meeting. Such rules, regulations

or procedures, whether adopted by the Board of Directors or prescribed by the chairman of the meeting, may include, without limitation,

the following: (i) the establishment of an agenda or order of business for the meeting; (ii) rules and procedures for maintaining

order at the meeting and the safety of those present; (iii) limitations on attendance at or participation in the meeting to shareholders

of record of the Corporation, their duly authorized and constituted proxies or such other persons as the chairman of the meeting shall

determine; (iv) restrictions on entry to the meeting after the time fixed for the commencement thereof; and (v) limitations

on the time allotted to questions or comments by participants. Unless and to the extent determined by the Board of Directors or the chairman

of the meeting, meetings of shareholders shall not be required to be conducted in accordance with the rules of parliamentary procedure.

7. VOTING ENTITLEMENT OF SHARES. Except as stated

in the articles of incorporation, each outstanding share, regardless of class, is entitled to one vote, and each fractional share is entitled

to a corresponding fractional vote, on each matter voted on at a shareholders' meeting.

8. PROXIES; ACCEPTANCE OF VOTES AND CONSENTS.

(a) A shareholder may vote either in person

or by proxy.

(b) An appointment of a proxy is not effective

against the Corporation until the appointment is received by the Corporation. An appointment is valid for eleven months unless a different

period is expressly provided in the appointment form.

appointment of a proxy, revocation of appointment of a proxy, vote, consent, waiver, or other writing purportedly signed by or for a shareholder,

if such acceptance or rejection is in accordance with the provisions of Sections 7-107-203 and 7-107-205 of the Colorado Business Corporation

Act.

9. WAIVER OF NOTICE.

(a) A shareholder may waive any notice required

by the Colorado Business Corporation Act, the articles of incorporation or these bylaws, whether before or after the date or time stated

in the notice as the date or time when any action will occur or has occurred. The waiver shall be in writing, be signed by the shareholder

entitled to the notice, and be delivered to the Corporation for inclusion in the minutes or filing with the corporate records, but such

delivery and filing shall not be conditions of the effectiveness of the waiver.

(b) A shareholder's attendance at a meeting

waives objection to lack of notice or defective notice of the meeting, unless the shareholder at the beginning of the meeting objects

to holding the meeting or transacting business at the meeting because of lack of notice or defective notice, and waives objection to consideration

of a particular matter at the meeting that is not within the purpose or purposes described in the meeting notice, unless the shareholder

objects to considering the matter when it is presented.

10. ACTION BY SHAREHOLDERS WITHOUT A MEETING. Any

action required or permitted to be taken at a shareholders' meeting may be taken without a meeting if all of the shareholders entitled

to vote thereon consent to such action in writing. Action taken pursuant to this section shall be effective when the Corporation has received

writings that describe and consent to the action, signed by all of the shareholders entitled to vote thereon. Action taken pursuant to

this section shall be effective as of the date the last writing necessary to effect the action is received by the Corporation, unless

all of the writings necessary to effect the action specify another date, which may be before or after the date the writings are received

by the Corporation. Such action shall have the same effect as action taken at a meeting of shareholders and may be described as such in

any document. Any shareholder who has signed a writing describing and consenting to action taken pursuant to this section may revoke such

consent by a writing signed by the shareholder describing the action and stating that the shareholder's prior consent thereto is revoked,

if such writing is received by the Corporation before the effectiveness of the action.

11. MEETINGS BY TELECOMMUNICATIONS. To the extent

provided by resolution of the board of directors or in the notice of the meeting, any or all of the shareholders may participate in an

annual or special shareholders’ meeting by, or the meeting may be conducted through the use of, any means of communication by which

all persons participating in the meeting may hear each other during the meeting. A shareholder participating in a meeting by this means

is deemed to be present in person at the meeting.

Article II

DIRECTORS

1. AUTHORITY OF THE BOARD OF DIRECTORS. The corporate

powers shall be exercised by or under the authority of, and the business and affairs of the Corporation shall be managed under the direction

of, a board of directors.

2. NUMBER. Subject to the provisions of the articles

of incorporation, the number of directors shall be a minimum of one (1) and a maximum of five (5), and may be increased or decreased

by resolution adopted by the board of directors from time to time, but no decrease in the number of directors shall have the effect of

shortening the term of any incumbent director.

3. QUALIFICATION. Directors shall be natural persons

at least eighteen years old but need not be residents of the State of Colorado or shareholders of the Corporation.

4. ELECTION. The board of directors shall be elected

at the annual meeting of shareholders or at a special meeting called for that purpose.

5. TERM. Each director shall be elected to hold

office until the next annual meeting of shareholders, the director's successor is elected and qualified, or the director’s earlier

death, resignation or removal.

6. RESIGNATION. A director may resign at any time

by giving written notice of his or her resignation to any other director or (if the director is not also the secretary) to the secretary.

The resignation shall be effective when it is received by the other director or secretary, as the case may be, unless the notice of resignation

specifies a later effective date. Acceptance of such resignation shall not be necessary to make it effective unless the notice so provides.

7. REMOVAL. Any director may be removed by the

shareholders of the voting group that elected the director, with or without cause at a meeting called for that purpose. The notice of

the meeting shall state that the purpose, or one of the purposes, of the meeting is removal of the director. A director may be removed

only if the number of votes cast in favor of removal exceeds the number of votes cast against removal.

8. VACANCIES.

(a) If a vacancy occurs on the board of directors,

including a vacancy resulting from an increase in the number of directors:

(1) The shareholders may fill the

vacancy at the next annual meeting or at a special meeting called for that purpose; or

(2) The board of directors may fill

the vacancy; or

(3) If the directors remaining in

office constitute fewer than a quorum of the board, they may fill the vacancy by the affirmative vote of a majority of all the directors

remaining in office.

(b) Notwithstanding Section II.8.(a),

if the vacant office was held by a director elected by a voting group of shareholders, then, if one or more of the remaining directors

were elected by the same voting group, only such directors are entitled to vote to fill the vacancy if it is filled by directors, and

they may do so by the affirmative vote of a majority of such directors remaining in office; and only the holders of shares of that voting

group are entitled to vote to fill the vacancy if it is filled by the shareholders.

later date, by reason of a resignation that will become effective at a later date under Section II.6. or otherwise, may be filled

before the vacancy occurs, but the new director may not take office until the vacancy occurs.

9. MEETINGS. The board of directors may hold regular

or special meetings in or out of Colorado. A regular meeting shall be held in the principal office of the Corporation on such date or

dates, and at such time, as may be established by resolution of the board of directors. If the board shall establish a date and time for

a regular meeting of the board, such meeting may be held without notice of the date, time, place, or purpose of the meeting. The board

of directors may, by resolution, establish other dates, times and places for additional regular meetings, which may thereafter be held

without further notice. Special meetings may be called by the president or by any two directors and shall be held at the principal office

of the Corporation unless another place is consented to by every director. At any time when the board consists of a single director, that

director may act at any time, date, or place without notice.

10. NOTICE OF SPECIAL MEETING. Notice of a special

meeting shall be given to every director at least twenty four hours before the time of the meeting, stating the date, time, and place

of the meeting. The notice need not describe the purpose of the meeting. Notice may be given orally to the director, personally or by

telephone or other wire or wireless communication. Notice may also be given in writing by telegraph, teletype, electronically transmitted

facsimile, electronic mail, mail, or private carrier. Notice shall be effective at the earliest of the time it is received; five days

after it is deposited in the United States mail, properly addressed to the last address for the director shown on the records of the Corporation,

first class postage prepaid; or the date shown on the return receipt if mailed by registered or certified mail, return receipt requested,

postage prepaid, in the United States mail and if the return receipt is signed by the director to which the notice is addressed.

11. QUORUM. Except as provided in Section II.8.,

a majority of the number of directors fixed in accordance with these Bylaws shall constitute a quorum for the transaction of business

at all meetings of the board of directors. The act of a majority of the directors present at any meeting at which a quorum is present

shall be the act of the board of directors, except as otherwise specifically required by law.

12. WAIVER OF NOTICE.

(a) A director may waive any notice of a meeting

before or after the time and date of the meeting stated in the notice. Except as provided by Section II.12.(b), the waiver shall

be in writing and shall be signed by the director. Such waiver shall be delivered to the secretary for filing with the corporate records,

but such delivery and filing shall not be conditions of the effectiveness of the waiver.

(b) A director's attendance at or participation

in a meeting waives any required notice to him or her of the meeting unless, at the beginning of the meeting or promptly upon his or her

later arrival, the director objects to holding the meeting or transacting business at the meeting because of lack of notice or defective

notice and does not thereafter vote for or assent to action taken at the meeting.

13. ATTENDANCE BY TELEPHONE. One or more directors

may participate in a regular or special meeting by, or conduct the meeting through the use of, any means of communication by which all

directors participating may hear each other during the meeting. A director participating in a meeting by this means is deemed to be present

in person at the meeting.

14. DEEMED ASSENT TO ACTION.

(a) A director who is present at a meeting

of the board of directors when corporate action is taken shall be deemed to have assented to all action taken at the meeting unless:

(1) The director objects at the

beginning of the meeting, or promptly upon his or her arrival, to holding the meeting or transacting business at the meeting and does

not thereafter vote for or assent to any action taken at the meeting;

(2) The director contemporaneously

requests that his or her dissent or abstention as to any specific action taken be entered in the minutes of the meeting; or

(3) The director causes written

notice of his or her dissent or abstention as to any specific action to be received by the presiding officer of the meeting before adjournment

of the meeting or by the secretary (or, if the director is the secretary, by another director) promptly after adjournment of the meeting.

(b) The right of dissent or abstention pursuant

to this Section II.14. as to a specific action is not available to a director who votes in favor of the action taken.

15. ACTION BY DIRECTORS WITHOUT A MEETING. Any

action required or permitted by law to be taken at a board of directors' meeting may be taken without a meeting if all members of the

board consent to such action in writing. Action shall be deemed to have been so taken by the board at the time the last director signs

a writing describing the action taken, unless, before such time, any director has revoked his or her consent by a writing signed by the

director and received by the secretary or any other person authorized by the bylaws or the board of directors to receive such a revocation.

Such action shall be effective at the time and date it is so taken unless the directors establish a different effective time or date.

Such action has the same effect as action taken at a meeting of directors and may be described as such in any document.

16. NOMINATIONS OF DIRECTORS. The board of directors

may nominate persons to stand for election to the board of directors at any time prior to a meeting of shareholders at which directors

are to be elected. Any shareholder may nominate a person to stand for election to the board of directors provided such shareholder provides

written notification of the intention to nominate such persons at the next shareholder meeting not less than 90 days in advance of such

meeting, or the twentieth day following the day on which public announcement of the date of the shareholder meeting is made, if later,

and provided further such notice is accompanied by all information regarding the proposed nominee that is required to be disclosed in

solicitations of proxies with respect to nominees for election as directors, or is otherwise required, pursuant to Regulation 14A under

the Securities Exchange Act of 1934, as amended, and information regarding all direct and indirect business or personal relationships

between the shareholder and the proposed nominee.

Article III

COMMITTEES OF THE BOARD OF DIRECTORS

1. COMMITTEES OF THE BOARD OF DIRECTORS.

(a) Subject to the provisions of Section 7-108-206

of the Colorado Business Corporation Act, the board of directors may create one or more committees and appoint one or more members of

the board of directors to serve on them. The creation of a committee and appointment of members to it shall require the approval of a

majority of all the directors in office when the action is taken, whether or not those directors constitute a quorum of the board.

(b) The provisions of these bylaws governing

meetings, action without meeting, notice, waiver of notice, and quorum and voting requirements of the board of directors apply to committees

and their members as well.

adopted from time to time by a majority of all the directors in office when the resolution is adopted, whether or not those directors

constitute a quorum of the board, each committee shall exercise the authority of the board of directors with respect to the corporate

powers and the management of the business and affairs of the Corporation; except that a committee shall not:

(1) Authorize distributions;

(2) Approve or propose to shareholders

action that the Colorado Business Corporation Act requires to be approved by shareholders;

(3) Fill vacancies on the board

of directors or on any of its committees;

(4) Amend the articles of incorporation

pursuant to Section 7-110-102 of the Colorado Business Corporation Act;

(5) Adopt, amend, or repeal bylaws;

(6) Approve a plan of merger not

requiring shareholder approval;

(7) Authorize or approve reacquisition

of shares, except according to a formula or method prescribed by the board of directors; or

(8) Authorize or approve the issuance

or sale of shares, or a contract for the sale of shares, or determine the designation and relative rights, preferences, and limitations

of a class or series of shares; except that the board of directors may authorize a committee or an officer to do so within limits specifically

prescribed by the board of directors.

(d) The creation of, delegation of authority

to, or action by, a committee does not alone constitute compliance by a director with applicable standards of conduct.

Article IV

OFFICERS

1. GENERAL. The Corporation shall have as officers

a president, a secretary, and a treasurer, who shall be appointed by the board of directors. The board of directors may appoint as additional

officers a chairman and other officers of the board. The board of directors, the president, and such other subordinate officers as the

board of directors may authorize from time to time, acting singly, may appoint as additional officers one or more vice presidents, assistant

secretaries, assistant treasurers, and such other subordinate officers as the board of directors, the president, or such other appointing

officers deem necessary or appropriate. The officers of the Corporation shall hold their offices for such terms and shall exercise such

authority and perform such duties as shall be determined from time to time by these Bylaws, the board of directors, or (with respect to

officers whom are appointed by the president or other appointing officers) the persons appointing them; provided, however, that the board

of directors may change the term of offices and the authority of any officer appointed by the president or other appointing officers.

Any two or more offices may be held by the same person. The officers of the Corporation shall be natural persons at least eighteen years

old.

2. TERM. Each officer shall hold office from the

time of appointment until the time of removal or resignation pursuant to Section IV.3. or until the officer's death.

3. REMOVAL AND RESIGNATION. Any officer appointed

by the board of directors may be removed at any time by the board of directors. Any officer appointed by the president or other appointing

officer may be removed at any time by the board of directors or by the person appointing the officer. Any officer may resign at any time

by giving written notice of resignation to any director (or to any director other than the resigning officer if the officer is also a

director), to the president, to the secretary, or to the officer who appointed the officer. Acceptance of such resignation shall not be

necessary to make it effective, unless the notice so provides.

4. PRESIDENT. The president shall preside at all

meetings of shareholders, and the president shall also preside at all meetings of the board of directors unless the board of directors

has appointed a chairman, vice chairman, or other officer of the board and has authorized such person to preside at meetings of the board

of directors instead of the president. Subject to the direction and control of the board of directors, the president shall be the chief

executive officer of the Corporation and as such shall have general and active management of the business of the Corporation and shall

see that all orders and resolutions of the board of directors are carried into effect. The president may negotiate, enter into, and execute

contracts, deeds, and other instruments on behalf of the Corporation as are necessary and appropriate to the conduct to the business and

affairs of the Corporation or as are approved by the board of directors. The president shall have such additional authority and duties

as are appropriate and customary for the office of president and chief executive officer, except as the same may be expanded or limited

by the board of directors from time to time.

5. VICE PRESIDENT. The vice president, if any,

or, if there are more than one, the vice presidents in the order determined by the board of directors or the president (or. if no such

determination is made, in the order of their appointment), shall be the officer or officers next in seniority after the president. Each

vice president shall have such authority and duties as are prescribed by the board of directors or president. Upon the death, absence,

or disability of the president, the vice president, if any, or, if there are more than one, the vice presidents in the order determined

by the board of directors or the president, shall have the authority and duties of the president.

6. SECRETARY. The secretary shall be responsible

for the preparation and maintenance of minutes of the meetings of the board of directors and of the shareholders and of the other records

and information required to be kept by the Corporation under Section 7-116-101 of the Colorado Business Corporation Act and for authenticating

records of the corporation. The secretary shall also give, or cause to be given, notice of all meetings of the shareholders and special

meetings of the board of directors, keep the minutes of such meetings, have charge of the corporate seal, if any, and have authority to

affix the corporate seal to any instrument requiring it (and, when so affixed, it may be attested by the secretary's signature), be responsible

for the maintenance of all other corporate records and files and for the preparation and filing of reports to governmental agencies (other

than tax returns), and have such other authority and duties as are appropriate and customary for the office of secretary, except as the

same may be expanded or limited by the board of directors from time to time.

7. ASSISTANT SECRETARY. The assistant secretary,

if any, or, if there are more than one, the assistant secretaries in the order determined by the board of directors or the secretary (or,

if no such determination is made, in the order of their appointment) shall, under the supervision of the secretary, perform such duties

and have such authority as may be prescribed from time to time by the board of directors or the secretary. Upon the death, absence, or

disability of the secretary, the assistant secretary, if any, or, if there are more than one, the assistant secretaries in the order designated

by the board of directors or the secretary (or, if no such determination is made, in the order of their appointment), shall have the authority

and duties of the secretary.

8. TREASURER. The treasurer shall have control

of the funds and the care and custody of all stocks, bonds, and other securities owned by the Corporation, and shall be responsible for

the preparation and filing of tax returns. The treasurer shall receive all moneys paid to the Corporation and, subject to any limits imposed

by the board of directors, shall have authority to give receipts and vouchers, to sign and endorse checks and warrants in the Corporation's

name and on the Corporation's behalf, and give full discharge for the same. The treasurer shall also have charge of disbursement of funds

of the Corporation, shall keep full and accurate records of the receipts and disbursements, and shall deposit all moneys and other valuable

effects in the name and to the credit of the Corporation in such depositories as shall be designated by the board of directors. The treasurer

shall have such additional authority and duties as are appropriate' and customary for the office of treasurer, except as the same may

be expanded or limited by the board of directors from time to time.

9. ASSISTANT TREASURER. The assistant treasurer,

if any, or, if there are more than one, the assistant treasurers in the order determined by the board of directors or the treasurer (or,

if no such determination is made, in the order of their appointment) shall, under the supervision of the treasurer, have such authority

and duties as may be prescribed from time to time by the board of directors or the treasurer. Upon the death, absence, or disability of

the treasurer, the assistant treasurer, if any, or if there are more than one, the assistant treasurers in the order determined by the

board of directors or the treasurer (or, if no such determination is made, in the order of their appointment), shall have the authority

and duties of the treasurer.

10. COMPENSATION. Officers shall receive such compensation

for their services as may be authorized or ratified by the board of directors. Election or appointment of an officer shall not of itself

create a contractual right to compensation for services performed as such officer.

Article V

INDEMNIFICATION

1. DEFINITIONS. As used in this article:

(a) "Corporation" includes any domestic

or foreign entity that is a predecessor of the Corporation by reason of a merger or other transaction in which the predecessor's existence

ceased upon consummation of the transaction.

(b) "Director" means an individual

who is or was a director of the Corporation or an individual who, while a director of the Corporation, is or was serving at the Corporation's

request as a director, officer, partner, trustee, employee, fiduciary, or agent of another domestic or foreign corporation or other person

or of an employee benefit plan. A director is considered to be serving an employee benefit plan at the Corporation's request if his or

her duties to the Corporation also impose duties on, or otherwise involve services by, the director to the plan or to participants in

or beneficiaries of the plan. "Director" includes, unless the context requires otherwise, the estate or personal representative

of a director.

fees.

(d) "Liability" means the obligation

incurred with respect to a proceeding to pay a judgment, settlement, penalty, fine, including an excise tax assessed with respect to an

employee benefit plan, or reasonable expenses.

(e) "Official capacity" means, when

used with respect to a director, the office of director in the Corporation and, when used with respect to a person other than a director

as contemplated in Section V.2.(a), the office in the Corporation held by the officer or the employment, fiduciary, or agency relationship

undertaken by the employee, fiduciary, or agent on behalf of the Corporation. "Official capacity" does not include service for

any other domestic or foreign corporation or other person or employee benefit plan.

(f) "Party" includes a person who

was, is, or is threatened to be made a named defendant or respondent in a proceeding.

(g) "Proceeding" means any threatened,

pending, or completed action, suit, or proceeding, whether civil, criminal, administrative, or investigative and whether formal or informal.

2. AUTHORITY TO INDEMNIFY DIRECTORS.

(a) Except as provided in Section V.2.(d),

the Corporation shall indemnify a person made a party to a proceeding because the person is or was a director against liability incurred

in the proceeding if:

(1) The person conducted himself

or herself in good faith; and

(2) The person reasonably believed:

(A) In the case of conduct in an official

capacity with the Corporation, that his or her conduct was in the Corporation's best interests; and

(B) In all other cases, that his or

her conduct was at least not opposed to the Corporation's best interests; and

(3) In the case of any criminal

proceeding, the person had no reasonable cause to believe his or her conduct was unlawful.

(b) A director's conduct with respect to an

employee benefit plan for a purpose the director reasonably believed to be in the interests of the participants in or beneficiaries of

the plan is conduct that satisfies the requirement of Section V.2.(a)(2)(B). A director's conduct with respect to an employee benefit

plan for a purpose that the director did not reasonably believe to be in the interests of the participants in or beneficiaries of the

plan shall be deemed not to satisfy the requirements of Section V.2.(a)(1).

order, settlement, conviction, or upon a plea of nolo contendere or its equivalent is not, of itself, determinative that the director

did not meet the standard of conduct described in this Section V.2.

(d) The Corporation may not indemnify a director

under this Section V.2.

(1) In connection with a proceeding

by or in the right of the Corporation in which the director was adjudged liable to the Corporation; or

(2) In connection with any other

proceeding charging that the director derived an improper personal benefit, whether or not involving action in an official capacity, in

which proceeding the director was adjudged liable on the basis that he or she derived an improper personal benefit.

(e) Indemnification permitted under this Section V.2

in connection with a proceeding by or in the right of the Corporation is limited to reasonable expenses incurred in connection with the

proceeding.

3. MANDATORY INDEMNIFICATION OF DIRECTORS. The

Corporation shall indemnify a person who was wholly successful, on the merits or otherwise, in the defense of any proceeding to which

the person was a party because the person is or was a director, against reasonable expenses incurred by him or her in connection with

the proceeding.

4. ADVANCE OF EXPENSES TO DIRECTORS.

(a) The Corporation may pay for or reimburse

the reasonable expenses incurred by a director who is a party to a proceeding in advance of final disposition of the proceeding if:

(1) The director furnishes to the

Corporation a written affirmation of the director's good faith belief that he or she has met the standard of conduct described in Section V.2.

(2) The director furnishes to the

Corporation a written undertaking, executed personally or on the director's behalf, to repay the advance if it is ultimately determined

that he or she did not meet the standard of conduct; and

(3) A determination is made that

the facts then known to those making the determination would not preclude indemnification under this article.

(b) The undertaking required by Section V.4.(a)(2) shall

be an unlimited general obligation of the director but need not be secured and may be accepted without reference to financial ability

to make repayment.

under this Section V.4 shall be made in the manner specified in Section V.6.

5. COURT-ORDERED INDEMNIFICATION OF DIRECTORS.

A director who is or was a party to a proceeding may apply for indemnification to the court conducting the proceeding or to another court

of competent jurisdiction. On receipt of an application, the court, after giving any notice the court considers necessary, may order indemnification

in the following manner:

(a) If it determines that the director is

entitled to mandatory indemnification under Section V.3., the court shall order indemnification, in which case the court shall also

order the Corporation to pay the director's reasonable expenses incurred to obtain court-ordered indemnification.

(b) If it determines that the director is

fairly and reasonably entitled to indemnification in view of all the relevant circumstances, whether or not the director met the standard

of conduct set forth in Section V.2.(a) or was adjudged liable in the circumstances described in Section V.2.(d), the court

may order such indemnification as the court deems proper; except that the indemnification with respect to any proceeding in which liability

shall have been adjudged in the circumstances described in Section V.2.(d) is limited to reasonable expenses incurred in connection

with the proceeding and reasonable expenses incurred to obtain court-ordered indemnification.

6. DETERMINATION AND AUTHORIZATION OF INDEMNIFICATION

OF DIRECTORS.

(a) The Corporation may not indemnify a director

under Section V.2 unless authorized in the specific case after a determination has been made that indemnification of the director

is permissible in the circumstances because the director has met the standard of conduct set forth in Section V.2. The Corporation

shall not advance expenses to a director under Section V.4 unless authorized in the specific case after the written affirmation and

undertaking required by Section V.4(a)(1) and V.4.(a)(2) are received and the determination required by Section V.4.(a)(3) has

been made.

(b) The determinations required by Section V.6.(a) shall

be made:

(1) By the board of directors by

a majority vote of those present at a meeting at which a quorum is present, and only those directors not parties to the proceeding shall

be counted in satisfying the quorum; or

(2) If a quorum cannot be obtained,

by a majority vote of a committee of the board of directors designated by the board of directors, which committee shall consist of two

or more directors not parties to the proceeding; except that directors who are parties to the proceeding may participate in the designation

of directors for the committee.

in Section V.6.(b)(1), and a committee cannot be established under Section V.6.(b)(2) if a quorum is obtained or a committee

is designated, if a majority of the directors constituting such quorum or such committee so directs, the determination required to be

made by Section V.6.(a) shall be made:

(1) By independent legal counsel

selected by a vote of the board of directors or the committee in the manner specified in Section V.6.(b)(1) or V.6.(b)(2), or,

if a quorum of the full board cannot be obtained and a committee cannot be established, by independent legal counsel selected by a majority

vote of the full board of directors; or

(2) By the shareholders.

(d) Authorization of indemnification and advance

of expenses shall be made in the same manner as the determination that indemnification or advance of expenses is permissible; except that,

if the determination that indemnification or advance of expenses is permissible is made by independent legal counsel, authorization of

indemnification and advance of expenses shall be made by the body that selected such counsel.

7. INDEMNIFICATION OF OFFICERS, EMPLOYEES, FIDUCIARIES,

AND AGENTS.

(a) An officer is entitled to mandatory indemnification

under Section V.3. and is entitled to apply for court-ordered indemnification under Section V.5., in each case to the same extent

as a director;

(b) The Corporation may indemnify and advance

expenses to an officer, employee, fiduciary, or agent of the Corporation to the same extent as to a director; and

advance expenses to an officer, employee, fiduciary, or agent who is not a director to a greater extent than is provided in these bylaws,

if not inconsistent with public policy, and if provided for by general or specific action of its board of directors or shareholders or

by contract.

8. INSURANCE. The Corporation may purchase and

maintain insurance on behalf of a person who is or was a director, officer, employee, fiduciary, or agent of the Corporation, or who,

while a director, officer, employee, fiduciary, or agent of the Corporation, is or was serving at the request of the Corporation as a

director, officer, partner, trustee, employee, fiduciary, or agent of another domestic or foreign corporation or other person or of an

employee benefit plan, against liability asserted against or incurred by the person in that capacity or arising from his or her status

as a director, officer, employee, fiduciary, or agent, whether or not the Corporation would have power to indemnify the person against

the same liability under Section V.2., V.3., or V.7. Any such insurance may be procured from any insurance company designated by

the board of directors, whether such insurance company is formed under the laws of this state or any other jurisdiction of the United

States or elsewhere, including any insurance company in which the Corporation has an equity or any other interest through stock ownership

or otherwise.

9. NOTICE TO SHAREHOLDERS OF INDEMNIFICATION OF

DIRECTOR. If the Corporation indemnifies or advances expenses to a director under this article in connection with a proceeding by or in

the right of the Corporation, the Corporation shall give written notice of the indemnification or advance to the shareholders with or

before the notice of the next shareholders' meeting. If the next shareholder action is taken without a meeting at the instigation of the

board of directors, such notice shall be given to the shareholders at or before the time the first shareholder signs a writing consenting

to such action.

Article VI

1. CERTIFICATES. Shares of the capital stock of

the Corporation may be represented by certificates, or may be uncertificated shares that are be evidenced by a book entry system maintained

by the registrar of such stock, or a combination of both. To the extent that shares are in certificated form, such certificates shall

be in a form approved by the board of directors and signed by the chairman or vice chairman of the board of directors (if any), or the

president or any vice president, and by the secretary or an assistant secretary or the treasurer or an assistant treasurer. All certificates

shall be consecutively numbered, and the names of the owners, the number of shares, and the date of issue shall be entered on the books

of the Corporation. Each certificate representing shares shall state upon its face

(a) That the Corporation is organized under

the laws of the State of Colorado;

(b) The name of the person to whom issued;

the designation of the series, if any, that the certificate represents;

(d) The par value, if any, of each share represented

by the certificate;

(e) A summary, on the front or the back, of

the designations, preferences, limitations, and relative rights applicable to each class, the variations in preferences, limitations,

and rights determined for each series, and the authority of the board of directors to determine variations for future classes or series.

A conspicuous statement, on the front or the back, that the Corporation will furnish to the shareholder, on request in writing and without

charge, information concerning the designations, preferences, limitations, and relative rights applicable to each class, the variations

in preferences, limitations, and rights determined for each series, and the authority of the board of directors to determine variations

for future classes or series; and

(f) Any restrictions imposed by the Corporation

upon the transfer of the shares represented by the certificate.

2. FACSIMILE SIGNATURES. Where a certificate is

signed

(a) By a transfer agent other than the Corporation

or its employee, or

(b) By a registrar other than the Corporation

or its employee, any or all of the officers' signatures on the certificate required by Section VI.1. may be facsimile. If any officer,

transfer agent or registrar who has signed, or whose facsimile signature or signatures have been placed upon, any certificate, shall cease

to be such officer, transfer agent, or registrar, whether because of death, resignation, or otherwise, before the certificate is issued

by the Corporation, it may nevertheless be issued by the Corporation with the same effect as if he or she were such officer, transfer

agent or registrar at the date of issue.

3. TRANSFERS OF SHARES. Transfers of shares shall

be made on the books of the Corporation only upon presentation of the certificate representing such shares properly endorsed by the person

or persons appearing upon the face of such certificate to be the owner, or upon receipt of proper documentation of transfer if such shares

are uncertificated, except as may otherwise be expressly provided by the statutes of the State of Colorado or by order of a court of competent

jurisdiction. The officers or transfer agents of the Corporation may, in their discretion, require a signature guaranty before making

any transfer. The Corporation shall be entitled to treat the person in whose name any shares are registered on its books as the owner

of those shares for all purposes and shall not be bound to recognize any equitable or other claim or interest in the shares on the part

of any other person, whether or not the Corporation shall have notice of such claim or interest.

4. SHARES HELD FOR ACCOUNT OF ANOTHER. The board

of directors may adopt by resolution a procedure whereby a shareholder of the Corporation may certify in writing to the Corporation that

all or a portion of the shares registered in the name of such shareholder are held for the account of a specified person or persons. The

resolution shall set forth

(a) The classification of shareholders who

may certify;

(b) The purpose or purposes for which the

certification may be made;

to be contained herein;

(d) If the certification is with respect to

a record date, the time after the record date within which the certification must be received by the Corporation; and

(e) Such other provisions with respect to

the procedure as are deemed necessary or desirable. Upon receipt by the Corporation of a certification complying with the procedure, the

persons specified in the certification shall be deemed, for the purpose or purposes set forth in the certification, to be the holders

of record of the number of shares specified in place of the shareholder making the certification.

Article VII

MISCELLANEOUS

1. CORPORATE SEAL. The board of directors may adopt

a seal, circular in form and bearing the name of the Corporation and the words "SEAL" and "COLORADO," which, when

adopted, shall constitute the seal of the Corporation. The seal may be used by causing it or a facsimile of it to be impressed, affixed,

manually reproduced, or rubber stamped with indelible ink. Even if the Corporation has adopted a corporate seal, properly authorized actions

of the Corporation are effective whether or not any writing evidencing such action is sealed.

2. FISCAL YEAR. The board of directors may, by

resolution, adopt a fiscal year for the Corporation.

3. RECEIPT OF NOTICES BY THE CORPORATION. Notices,

shareholder writings consenting to action, and other documents or writings shall be deemed to have been received by the Corporation when

they are received

(a) At the registered office of the Corporation

in the State of Colorado;

(b) At the principal office of the Corporation

(as that office is designated in the most recent document filed by the Corporation with the Secretary of State for the State of Colorado

designating a principal office) addressed to the attention of the secretary of the Corporation;

the secretary may be found; or

(d) By any other person authorized from time

to time by the board of directors, the president, or the secretary to receive such writings, wherever such person is found.

4. FACSIMILE SIGNATURE. Where, under these Bylaws

or under the Colorado Business Corporation Act, as amended, a signature of a director, officer or shareholder of the Corporation is required,

such signature may be presented either in original form or by a facsimile copy thereof, to the extent permitted by law.

5. AMENDMENT OF BYLAWS. The shareholders shall

have the power to adopt, amend, repeal, or otherwise alter the foregoing Bylaws. The board of directors may also make, amend, or repeal,

subject to any provision of the Colorado Business Corporation Act, as amended, the articles of incorporation, or a bylaw adopted by the

shareholders that reserves the power exclusively to the shareholders or otherwise restricts the authority of the board of directors.

EX-99.1 — EXHIBIT 99.1

EX-99.1

Filename: tm2620533d2_ex99-1.htm · Sequence: 4

Exhibit 99.1

NEWS FOR IMMEDIATE RELEASE

GOLDGROUP MINING AND GOLD RESOURCE CORPORATION

ANNOUNCE EXPECTED TICKER SYMBOL OF COMBINED COMPANY

VANCOUVER,

CANADA / DENVER, COLORADO, USA – July 15, 2026 – Goldgroup Mining Inc. (TSX-V: GGA; OTC: GGAZD) (“Goldgroup”

or the “Company”) and Gold Resource Corporation (NYSE American: GORO) (“GRC”) are pleased to announce that subject

to obtaining all required approvals, including the approval of the TSX Venture Exchange, and the satisfaction or waiver of all required

closing conditions for the previously announced merger (the “Merger”) pursuant to the Arrangement Agreement and Plan of Merger

dated January 25, 2026 and amended on May 15, 2026, by and among GRC, Goldgroup, and Goldgroup Merger Sub Inc., a wholly owned

subsidiary of Goldgroup, Goldgroup’s common shares are expected to commence trading under the ticker symbol “GORO” on

the NYSE American LLC (the “NYSE American”) after the closing of the Merger.

Subject to the above-mentioned approvals and conditions,

the Merger is expected to be consummated after the market close on July 17, 2026. As a result of the Merger, Goldgroup’s common

shares are expected to commence trading on the NYSE American and GRC’s common stock is expected to be delisted from the NYSE American,

in each case prior to the market open on July 20, 2026. Goldgroup’s common shares will no longer be quoted on the OTC Markets

upon commencement of trading on the NYSE American.

About Goldgroup

Goldgroup is a Canadian-based mining company with

two high-growth gold assets in Mexico. The Company holds a 100% interest in the recently acquired San Francisco project located in the

State of Sonora. The project is fully permitted for a rapid restart of mining operations and is comprised of two open pits together with

heap leach processing facilities and associated infrastructure. It is a robust project with significant gold resources and strong upside

in terms of optimized development and multiple, large-scale exploration targets. In addition to the San Francisco gold project, the Company

has a 100% interest in the producing Cerro Prieto heap leach gold mine located in the State of Sonora.

Goldgroup is led by a team of highly successful

and seasoned individuals with extensive expertise in mine development, corporate finance, and exploration in Mexico.

For

further information on Goldgroup, please visit www.goldgroupmining.com.

About GRC

Gold

Resource Corporation is a gold and silver producer, developer, and explorer with its operations centered on the Don David Gold

Mine in Oaxaca, Mexico. Under the direction of an experienced board and senior leadership team, the company’s focus is to unlock

the significant upside potential of its existing infrastructure and large land position surrounding the mine in Oaxaca, Mexico and to

develop the Back Forty Project in Michigan, USA. For more information, please visit the company’s website, located at www.goldresourcecorp.com.

Contacts

Ralph Shearing

Chief Executive Officer

Goldgroup Mining Inc.

(604) 306-6867

www.goldgroupmining.com

Allen Palmiere

Chief Executive Officer

Gold Resource Corporation

(720) 459-3854

www.goldresourcecorp.com

Forward-Looking Statements

Certain

information contained in this news release, including any information relating to future financial or operating performance, may be considered

“forward-looking information” (within the meaning of applicable Canadian securities law) and “forward-looking statements”

(within the meaning of the United States Private Securities Litigation Reform Act of 1995). Forward-looking words such as “plan,”

“target,” “anticipate,” “believe,” “estimate,” “intend” and “expect”

and similar expressions are intended to identify such forward-looking statements. Such forward-looking statements include, without limitation,

statements regarding the expected ticker symbol and commencement of trading of GRC’s common shares on the NYSE American and the

expected delisting of GRC’s shares of common stock on the NYSE American. All forward-looking statements in this press release are

based upon information available to GRC and Goldgroup as of the date of this press release, and neither GRC nor Goldgroup assume any

obligation to update any such forward-looking statements except as required by applicable securities law. Forward-looking statements

involve a number of risks and uncertainties, and there can be no assurance that such statements will prove to be accurate and readers

are cautioned not to place undue reliance on such forward-looking statements. Actual results could differ materially from those discussed

in this press release. Forward-looking statements are subject to risks and uncertainties, including that GRC’s delisting from the

NYSE American and Goldgroup’s subsequent listing may not be completed on time as expected or at all. Additional risks related to

GRC may be found in the periodic and current reports filed with the SEC by GRC, including GRC’s Annual Report on Form 10-K

for the year ended December 31, 2025, as amended, which are available on the SEC’s website at https://www.sec.gov.

Additional risks related to Goldgroup may be found in the risk factors disclosed in GRC’s management information circular dated

May 29, 2026, Goldgroup’s annual information form dated June 10, 2026 and other continuous disclosure materials available

under Goldgroup’s profile on SEDAR+ at www.sedarplus.ca. Any and all of the forward-looking information contained in this

news release is qualified by these cautionary statements.

EX-99.2 — EXHIBIT 99.2

EX-99.2

Filename: tm2620533d2_ex99-2.htm · Sequence: 5

Exhibit 99.2

NEWS FOR IMMEDIATE RELEASE

GOLDGROUP MINING AND GOLD RESOURCE CORPORATION

ANNOUNCE CLOSING

OF BUSINESS COMBINATION AND GOLDGROUP’S ANTICIPATED LISTING ON THE NYSE AMERICAN

VANCOUVER,

CANADA / DENVER, COLORADO, USA – July 17, 2026 – Goldgroup Mining Inc. (TSX-V: GGA; OTC: GGAZD) (“Goldgroup”

or the “Company”) and Gold Resource Corporation (NYSE American: GORO) (“GRC”) are pleased to announce that they

have closed the previously announced merger (the “Merger”) pursuant to the Arrangement Agreement and Plan of Merger, dated

January 25, 2026 and amended on May 15, 2026, by and among GRC, Goldgroup, and Goldgroup Merger Sub Inc., a wholly owned subsidiary

of Goldgroup (“Merger Sub”). At the effective time of the Merger, GRC merged with and into Merger Sub, with GRC surviving

as a wholly owned subsidiary of Goldgroup. As a result of the Merger, GRC shareholders are entitled to receive 0.3619 common shares of

Goldgroup for each share of GRC’s common stock.

Allen Palmiere, Goldgroup’s new President

and Chief Executive Officer, remarked: “The business combination of Goldgroup and GRC represents a transformational milestone. With

the combined assets and resources of both entities, we expect Goldgroup to become a leading, Mexico-focused junior precious metals producer.

This represents a tremendous opportunity and we look forward to the continued growth and development of the Company.”

The completion of the Merger follows the satisfaction

of all closing conditions, including receipt of approval by the shareholders of each of GRC and Goldgroup on July 2, 2026, approval

by the Mexican National Antitrust Commission (Comisión Nacional Antimonopolio) (the “NAC”) on April 23,

2026 (the “NAC Ruling”), final approval by the Supreme Court of British Columbia on July 6, 2026, and approval by the

TSX Venture Exchange. In accordance with the NAC Ruling, the Company must deliver certain closing documentation to the NAC within thirty

(30) business days of the closing of the Merger and the elements to determine final tariffs; otherwise, the Company may be subject to

potential daily coercive penalties.

As a result of the Merger, GRC will be delisted

from the NYSE American LLC (the “NYSE American”) prior to market open on or about July 20, 2026. Immediately following

the delisting, Goldgroup will commence trading under the ticker symbol “GORO” on the NYSE American. Goldgroup’s common

shares will no longer be quoted on the OTC Markets upon commencement of trading on the NYSE American. GRC will also apply to cease to

be a reporting issuer in the applicable jurisdictions in Canada.

In connection with the completion of

the Merger, the TSX Venture Exchange has approved the change of Goldgroup’s ticker symbol from “GGA” to “GORO,”

which ticker symbol change is expected to become effective on or around Wednesday, July 22, 2026.

Board of Directors and Management

Upon closing of the Merger, Goldgroup’s

board of directors and executive management was reconstituted. Goldgroup is pleased to confirm the appointment of Ron Little, Lila Manassa

Murphy, Nicole Adshead-Bell, Luis Felipe Medina Aguirre and Francisco Javier Reyes de la Campa to its board of directors, and the appointment

of Allen Palmiere as President and Chief Executive Officer, Chet Holyoak as Chief Financial Officer, and Armando Alexandri as Chief Operating

Officer of the Company. Consequential changes have also been made to the boards of directors and officers of Goldgroup’s subsidiaries.

Goldgroup would like to thank the Company’s

outgoing directors and executive officers for their dedicated service and contributions over the years and wish them all the best in their

future endeavors.

About Goldgroup

Goldgroup

is a Canadian-based mining company with three high-growth gold assets in Mexico. The Company holds a 100% interest in the recently acquired

San Francisco project located in the State of Sonora. The project is fully permitted for a rapid restart of mining operations and is comprised

of two open pits together with heap leach processing facilities and associated infrastructure. It is a robust project with significant

gold resources and strong upside in terms of optimized development and multiple, large-scale exploration targets. In addition to the San

Francisco gold project, the Company has a 100% interest in the producing Cerro Prieto heap leach gold mine located in the State of Sonora

and the producing Don David Gold Mine in Oaxaca, Mexico.

Goldgroup is led by a team of highly successful

and seasoned individuals with extensive expertise in mine development, corporate finance, and exploration in Mexico.

For

further information on Goldgroup, please visit www.goldgroupmining.com.

Contacts

Allen Palmiere

Chief Executive Officer

Goldgroup Mining Inc.

(604)306-6867

www.goldgroupmining.com

Forward-Looking Statements:

Certain information

contained in this news release, including any information relating to future financial or operating performance, may be considered “forward-looking

information” (within the meaning of applicable Canadian securities law) and “forward-looking statements” (within the

meaning of the United States Private Securities Litigation Reform Act of 1995). Forward-looking words such as “plan,” “target,”

“anticipate,” “believe,” “estimate,” “intend” and “expect” and similar expressions

are intended to identify such forward-looking statements. Such forward-looking statements include, without limitation, statements regarding

the expected delisting of GRC’s shares of common stock on the NYSE American, the anticipated commencement of trading of Goldgroup’s

common shares on the NYSE American, the associated removal of Goldgroup’s common shares from the OTC Markets and change of ticker

symbol on the TSX Venture Exchange, and GRC’s application to cease as a reporting issuer in certain Canadian jurisdictions. All

forward-looking statements in this press release are based upon information available to GRC and Goldgroup as of the date of this press

release, and neither GRC nor Goldgroup assume any obligation to update any such forward-looking statements except as required by applicable

securities law. Forward-looking statements involve a number of risks and uncertainties, and there can be no assurance that such statements

will prove to be accurate and readers are cautioned not to place undue reliance on such forward-looking statements. Actual results could

differ materially from those discussed in this press release. Forward-looking statements are subject to risks and uncertainties, including

that GRC’s delisting from the NYSE American and Goldgroup’s subsequent listing may not be completed on time as expected or

at all. Additional risks related to GRC may be found in the periodic and current reports filed with the SEC by GRC, including GRC’s

Annual Report on Form 10-K for the year ended December 31, 2025, as amended, which are available on the SEC’s website at https://www.sec.gov.

Additional risks related to Goldgroup may be found in the risk factors disclosed in GRC’s management information circular dated

May 29, 2026, Goldgroup’s annual information form dated June 10, 2026, and other continuous disclosure materials available under

Goldgroup’s profile on SEDAR+ at www.sedarplus.ca. Any and all of the forward-looking information contained in this news

release is qualified by these cautionary statements.

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