DENVER–(BUSINESS WIRE)–Gold Resource Corporation (NYSE American: GORO) (the �Company) sold a total of 6,508 ounces of gold and 294,815 ounces of silver in the first quarter of 2023 for a total of 10,055 gold equivalent ounces. Additionally, during the quarter, the Company sold 3,060 tonnes of zinc, 332 tonnes of copper, and 1,417 tonnes of lead. For the quarter ended March 31, 2023, the company reported a net loss of $1 million with revenue of $31.2 million and mine gross profit of $3.9 million from operations. A total of $5 million was invested in the Don David Gold Mine and Back Forty Project.
Our 2023 annual production at the Don David Gold Mine is off to a good start. This achievement is due to mining higher average grades as a result of targeted infill drilling and mine sequencing, stated Allen Palmiere, President and CEO. Underground resource expansion drilling is progressing as planned. In addition, the mine is managed by a new leadership team that is already realizing improvements to maximize efficiencies and safety protocols. At the Back Forty Project in Michigan, feasibility study work related to metallurgical testing and refinement of capital cost estimates continues.
2023 HIGHLIGHTS
Additional highlights for the three months ended March 31, 2023, are summarized below:
Financial
Don David Gold Mine
Back Forty Project
2023 Capital and Exploration Investment Summary
|
| For the three months ended March 31, 2023 |
| 2023 full year guidance |
| ||||||||
|
| (in thousands) |
| ||||||||||
Sustaining Investments: |
|
|
|
|
|
|
| ||||||
Underground Development | Capital | $ | 1,296 |
|
|
|
| ||||||
Infill Drilling | Capitalized Exploration |
| 817 |
|
|
|
| ||||||
Other Sustaining Capital | Capital |
| 475 |
|
|
|
| ||||||
Surface and Underground Exploration Development & Other | Capitalized Exploration |
| 548 |
|
|
|
| ||||||
Subtotal of Sustaining Investments: |
|
| 3,136 |
| $ | 9 – 11 million |
| ||||||
Growth Investments: |
|
|
|
|
|
|
| ||||||
DDGM growth: |
|
|
|
|
|
|
| ||||||
Surface Exploration / Other | Exploration |
| 766 |
|
|
|
| ||||||
Underground Exploration Drilling | Exploration |
| 477 |
|
|
|
| ||||||
Underground Exploration Development | Exploration |
| 146 |
|
|
|
| ||||||
Back Forty growth: |
|
|
|
|
|
|
| ||||||
Back Forty Feasibility Study & Permits | Exploration |
| 450 |
|
|
|
| ||||||
Subtotal of Growth Investments: |
|
| 1,839 |
| $ | 6 – 7 million |
| ||||||
Total Capital and Exploration: |
| $ | 4,975 |
| $ | 15 – 18 million |
|
Trending Highlights (unaudited)
| 2022 |
|
| |||
| Q1 | Q2 | Q3 | Q4 |
| Q1 |
Operating Data |
|
|
|
|
|
|
Total tonnes milled | 136,844 | 129,099 | 110,682 | 116,616 |
| 117,781 |
Average Grade |
|
|
|
|
|
|
Gold (g/t) | 3.00 | 2.63 | 1.98 | 2.51 |
| 2.33 |
Silver (g/t) | 81 | 64 | 80 | 109 |
| 94 |
Copper (%) | 0.41 | 0.32 | 0.37 | 0.45 |
| 0.37 |
Lead (%) | 1.97 | 1.99 | 1.59 | 1.58 |
| 1.73 |
Zinc (%) | 4.89 | 4.00 | 4.21 | 4.27 |
| 3.88 |
Metal production (before payable metal deductions) |
|
|
|
|
|
|
Gold (ozs.) | 11,187 | 9,317 | 5,851 | 7,767 |
| 7,171 |
Silver (ozs.) | 332,292 | 249,088 | 261,256 | 370,768 |
| 322,676 |
Copper (tonnes) | 431 | 303 | 296 | 406 |
| 336 |
Lead (tonnes) | 2,073 | 2,020 | 1,249 | 1,323 |
| 1,559 |
Zinc (tonnes) | 5,562 | 4,282 | 3,901 | 4,198 |
| 3,837 |
Metal produced and sold |
|
|
|
|
|
|
Gold (ozs.) | 8,381 | 8,746 | 5,478 | 7,514 |
| 6,508 |
Silver (ozs.) | 265,407 | 231,622 | 225,012 | 335,168 |
| 294,815 |
Copper (tonnes) | 408 | 286 | 282 | 372 |
| 332 |
Lead (tonnes) | 1,639 | 1,755 | 1,056 | 941 |
| 1,417 |
Zinc (tonnes) | 4,359 | 3,590 | 2,943 | 3,265 |
| 3,060 |
Average metal prices realized |
|
|
|
|
|
|
Gold ($ per oz.) | $ 1,898 | $ 1,874 | $ 1,627 | $ 1,734 |
| $ 1,915 |
Silver ($ per oz.) | $ 23.94 | $ 22.05 | $ 18.54 | $ 21.25 |
| $ 23.04 |
Copper ($ per tonne) | $ 10,144 | $ 9,275 | $ 7,115 | $ 8,221 |
| $ 9,172 |
Lead ($ per tonne) | $ 2,347 | $ 2,168 | $ 1,882 | $ 1,954 |
| $ 2,158 |
Zinc ($ per tonne) | $ 3,842 | $ 4,338 | $ 3,186 | $ 2,577 |
| $ 3,195 |
Gold equivalent ounces sold |
|
|
|
|
|
|
Gold Ounces | 8,381 | 8,746 | 5,478 | 7,514 |
| 6,508 |
Gold Equivalent Ounces from Silver | 3,348 | 2,729 | 2,564 | 4,107 |
| 3,547 |
Total AuEq oz | 11,729 | 11,475 | 8,042 | 11,621 |
| 10,055 |
Financial Data ($’s in thousands except for per ounce) |
|
|
|
|
|
|
Total sales, net | $ 45,417 | $ 37,064 | $ 23,869 | $ 32,374 |
| $ 31,228 |
Earnings from mining operations before depreciation and amortization | 25,281 | 15,281 | 4,431 | 11,981 |
| 11,183 |
Total cash cost after co-product credits per AuEq oz sold | (163) | 247 | 1,103 | 842 |
| 711 |
Total consolidated all-in sustaining cost after co-product credits per AuEq oz sold | 462 | 799 | 1,831 | 1,226 |
| 1,218 |
Production Costs | 2,074 | 21,722 | 19,380 | 19,773 |
| 19,850 |
Production Costs/Tonnes Milled | 147 | 168 | 175 | 170 |
| 169 |
Earnings before interest, taxes, depreciation, depletion, and amortization | 15,328 | 13,716 | (3,338) | 3,758 |
| 6,085 |
Operating Cash Flows | 4,230 | 7,976 | (4,292) | 6,243 |
| 1,024 |
Net income | 4,019 | 2,673 | (9,730) | (3,283) |
| (1,035) |
Earnings per share – basic | $ 0.05 | $ 0.03 | ($ 0.11) | ($ 0.04) |
| ($ 0.01) |
Q1 2023 Conference Call
The Company will host a conference call Wednesday, April 26, 2023, at 10:00 a.m. Mountain Time.
The conference call will be recorded and posted to the Companys website later in the day following the conclusion of the call. Following prepared remarks, Allen Palmiere, President and Chief Executive Officer, Alberto Reyes, Chief Operating Officer and Kim Perry, Chief Financial Officer will host a live question and answer (Q&A) session. There are two ways to join the conference call.
To join the conference via webcast, please click on the following link:
Click Here To Join Webcast
To join the call via telephone, please use the following dial-in details:
Participant Toll Free: | +1 (888) 396-8049 |
International: | +1 (416) 764-8646 |
Conference ID: | 13462059 |
Please connect to the conference call at least 10 minutes prior to the start time using one of the connection options listed above.
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 companys 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 GRCs website, located at www.goldresourcecorp.com and read the companys Form 10-K for an understanding of the risk factors associated with its business.
Contacts
Kim Perry
Chief Financial Officer
Kim.Perry@GRC-USA.com
www.GoldResourcecorp.com
BEIJING, CHINA - Media OutReach Newswire - 8 November 2024 - Since its inception more…
Acquisition Expands TBS’ Regional Waste Management Platform in Indonesia and Singapore, aligning with its TBS2030…
KUALA LUMPUR, MALAYSIA - Media OutReach Newswire - 8 November 2024 - It’s that time…
BARCELONA, SPAIN - Media OutReach Newswire - 8 November 2024 - On November 6, Central…
SINGAPORE - Media OutReach Newswire - 8 November 2024 - Singapore is strengthening its position…
PARIS, FRANCE - Media OutReach Newswire – 8 November 2024 - This year, OPPO once…