Gold Resource Corporation Announces Preliminary First Quarter Production Results
Gold Resource Corp. (NYSE American: GORO) (the "Company") announces its preliminary first quarter results that includes the sale of 3,557 ounces of gold and 216,535 ounces of silver resulting in total gold equivalent ("AuEq") ounces of 5,965. Additionally, the company sold 1,682 tonnes of zinc, 264 tonnes of copper, and 667 tonnes of lead.
"During the first quarter we continued our process to identify and implement opportunities for cost reductions and operational efficiencies in order to improve profitability. We are also moving forward with our 2024 drill program with the purpose of increasing our resources and reserves that could lead to future production improvements." stated Allen Palmiere, President and CEO. "The Mexican peso has continued to remain strong against the US dollar, but we have seen substantial increases in the metals prices that are more than offsetting the impact of the exchange rate. With the enhancements we are making with our operations and the improvements we are seeing in the metal prices, we are moving in the right direction."
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| Sales Statistics | Three months ended | |
| 2024 | 2023 | |
| Metal sold | ||
| Gold (ozs.) | 3,557 | 6,508 |
| Silver (ozs.) | 216,535 | 294,815 |
| Copper (tonnes) | 264 | 332 |
| Lead (tonnes) | 667 | 1,417 |
| Zinc (tonnes) | 1,682 | 3,060 |
| Average metal prices realized(1) | ||
| Gold ($ per oz.) | 2,094 | 1,915 |
| Silver ($ per oz.) | 23 | 23 |
| Copper ($ per tonne) | 8,546 | 9,172 |
| Lead ($ per tonne) | 1,977 | 2,158 |
| Zinc ($ per tonne) | 2,483 | 3,195 |
| Precious metal gold equivalent ounces sold | ||
| Gold Ounces | 3,557 | 6,508 |
| Gold Equivalent Ounces from Silver | 2,408 | 3,547 |
| Total AuEq Ounces | 5,965 | 10,055 |
(1) Average metal prices realized vary from the market metal prices due to final settlement adjustments from our provisional invoices. Our average metal prices realized will therefore differ from the average market metal prices in most cases.
Trending Production Statistics
| For the three months ended: | ||||||
| Q4 2022 | Q1 2023 | Q2 2023 | Q3 2023 | Q4 2023 | Q1 2024 | |
| Arista Mine | ||||||
| Tonnes Milled | 116,616 | 116,721 | 113,510 | 116,626 | 111,255 | 98,889 |
| Average Gold Grade (g/t) | 2.51 | 2.33 | 1.59 | 1.52 | 1.44 | 1.89 |
| Average Silver Grade (g/t) | 109 | 94 | 86 | 73 | 85 | 88 |
| Average Copper Grade (%) | 0.45 | 0.37 | 0.37 | 0.32 | 0.39 | 0.37 |
| Average Lead Grade (%) | 1.58 | 1.73 | 1.64 | 1.29 | 1.39 | 1.25 |
| Average Zinc Grade (%) | 4.27 | 3.88 | 3.72 | 3.24 | 2.95 | 2.82 |
| Combined |
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| Tonnes milled | 116,616 | 117,781 | 113,510 | 116,626 | 111,255 | 98,889 |
| Tonnes Milled per Day(2) | 1,389 | 1,420 | 1,395 | 1,557 | 1,379 | 1,328 |
| Metal production (before payable metal deductions)(3) | ||||||
| Gold (ozs.) | 7,767 | 7,171 | 4,637 | 4,443 | 4,077 | 4,757 |
| Silver (ozs.) | 370,768 | 322,676 | 289,816 | 247,159 | 282,488 | 251,707 |
| Copper (tonnes) | 406 | 336 | 334 | 276 | 341 | 280 |
| Lead (tonnes) | 1,323 | 1,559 | 1,389 | 1,048 | 1,072 | 812 |
| Zinc (tonnes) | 4,198 | 3,837 | 3,569 | 3,223 | 2,884 | 2,310 |
(2) Based on actual days the mill operated during the period.
(3) The difference between what we report as "Metal Production" and "Metal Sold" is attributable to the difference between the quantities of metals contained in the concentrates we produce versus the portion of those metals actually paid for according to the terms of our sales contracts. Differences can also arise from inventory changes related to shipping schedules, or variances in ore grades and recoveries which impact the amount of metals contained in concentrates produced and sold.
Q1 2024 Conference Call
The Company will host a conference call Wednesday, May 1, 2024 at 12:00 p.m. Eastern Time.
The conference call will be recorded and posted to the Company's 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 Chet Holyoak, 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:
https://onlinexperiences.com/Launch/QReg/ShowUUID=617944F2-FF66-4B11-A082-3804BF9CF029
To join the call via telephone, please use the following dial-in details:
Participant Toll Free: +1 (800) 717-1738
International: +1 (289) 514-5100
Conference ID: 45398
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 Corp. is a gold and silver producer, developer, and explorer with its operations centered on the Don David Gold Mine in Oaxaca, Mexico. The company's focus is to unlock the significant upside potential of its existing infrastructure and large land position surrounding the Don David mine and to develop the Back Forty Project in Michigan, USA. For more information, please visit GRC's website, located at www.goldresourcecorp.com and read the company's Form 10-K for an understanding of the risk factors associated with its business.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240415920849/en/
Contact
Chet Holyoak
Chief Financial Officer
Chet.Holyoak@GRC-USA.com
www.GoldResourceCorp.com
