via NEWMEDIAWIRE -- Gold Resource Corporation (NYSE American: GORO)
(the “Company” or “GRC”) today announced a ninth consecutive year
of profitability, reporting net income of $5.8 million or $0.09 per
share. The Company also confirmed its previously announced
2019 consolidated annual production record of 40,318 gold ounces
along with 1,732,604 silver ounces. The Company announced its
2020 consolidated precious metal Outlook targeting 54,000 gold
ounces and 1,700,000 silver ounces plus or minus a 10 percent
range. Gold Resource Corporation is a gold and silver
producer, developer and explorer with operations in Oaxaca, Mexico
and Nevada, U.S.A. The Company has returned $113 million to
its shareholders in monthly dividends since commercial production
commenced July 1, 2010 and offers its shareholders the option to
convert their cash dividends into physical gold and silver and take
delivery.
2019 ANNUAL HIGHLIGHTS
- Achieved its ninth consecutive year of profitability;
- Record consolidated annual gold production;
- Achieved 2019 Oaxaca Mining Unit gold production outlook range
with 29,435 ounces;
- Achieved 2019 Oaxaca Mining Unit silver production outlook
range with 1.72 million ounces;
- $135.4 million consolidated net sales, an increase of 17%;
- $5.8 million net income, or $0.09 per share;
- Oaxaca Mining Unit $264 total cash costs (after by-product
credits) per precious metal gold equivalent ounce sold;
- Oaxaca Mining Unit $646 total all-in sustaining cost per
precious metal gold equivalent ounce sold;
- Completed construction and commenced production at the Nevada
Mining Unit, producing 10,883 gold ounces;
- 100% increase in annualized dividends from $0.02 to $0.04 per
share, $1.5 million distributed in shareholder dividends, totaling
over $113 million since 2010.
2019 Overview
“I am very pleased to report Gold Resource Corporation delivered
record gold production and its ninth consecutive year of
profitability for 2019,” stated Gold Resource Corporation CEO and
President, Mr. Jason Reid. “In addition to these achievements, just
ten months after ground breaking we brought our Nevada Mining Unit
online in April producing first gold from our Isabella Pearl
Mine. We plan to continue ramping up production through 2020
to a targeted annual rate of 40,000 gold ounces for the full year
2021. Our production models expect a significant increase in
gold grade the second half of 2020 which is expected to boost gold
production and reduce costs.”
For the year ended December 31, 2019, the Company’s Oaxaca
Mining Unit sold 41,062 precious metal gold equivalent ounces at a
total cash cost of $264 per gold equivalent ounce. Realized 2019
average sales prices were $1,418 per ounce for gold and $16.31 per
ounce for silver. The Company’s Nevada Mining Unit sold
10,272 gold ounces at a total cash cost of $1,040 per ounce.
The Company recorded consolidated revenues of $135.4 million, and
net income of $5.8 million, or $0.09 per share. Base metal
production generated $75.8 million in revenue for 2019.
The calculation of our cash cost per ounce contained in this
press release is a non-GAAP financial measure. Please see
"Management's Discussion and Analysis and Results of Operations"
contained in the Company’s most recent Form 10-K for a complete
discussion and reconciliation of the non-GAAP measures.
The following Production Statistics table summarize certain
information about our Oaxaca and Nevada Mining Unit operations for
the three and twelve months ended December 31, 2019 and 2018:
Oaxaca Mining Unit
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended December 31, |
|
Year ended December 31, |
|
|
2019 |
|
2018 |
|
2019 |
|
2018 |
Arista
Mine |
|
|
|
|
|
|
|
|
|
|
|
|
Milled |
|
|
|
|
|
|
|
|
|
|
|
|
Tonnes Milled |
|
|
160,701 |
|
|
149,494 |
|
|
629,868 |
|
|
560,191 |
Grade |
|
|
|
|
|
|
|
|
|
|
|
|
Average Gold Grade (g/t) |
|
|
1.77 |
|
|
1.82 |
|
|
1.73 |
|
|
1.69 |
Average Silver Grade (g/t) |
|
|
78 |
|
|
65 |
|
|
82 |
|
|
95 |
Average Copper Grade (%) |
|
|
0.37 |
|
|
0.35 |
|
|
0.38 |
|
|
0.37 |
Average Lead Grade (%) |
|
|
1.79 |
|
|
1.72 |
|
|
1.88 |
|
|
1.66 |
Average Zinc Grade (%) |
|
|
4.41 |
|
|
4.45 |
|
|
4.64 |
|
|
4.29 |
Aguila
Open Pit Mine |
|
|
|
|
|
|
|
|
|
|
|
|
Milled |
|
|
|
|
|
|
|
|
|
|
|
|
Tonnes Milled |
|
|
7,367 |
|
|
10,705 |
|
|
31,343 |
|
|
36,435 |
Grade |
|
|
|
|
|
|
|
|
|
|
|
|
Average Gold Grade (g/t) |
|
|
1.31 |
|
|
2.02 |
|
|
1.65 |
|
|
2.08 |
Average Silver Grade (g/t) |
|
|
77 |
|
|
38 |
|
|
53 |
|
|
41 |
Mirador
Mine |
|
|
|
|
|
|
|
|
|
|
|
|
Milled |
|
|
|
|
|
|
|
|
|
|
|
|
Tonnes Milled |
|
|
9,422 |
|
|
3,800 |
|
|
31,962 |
|
|
15,044 |
Grade |
|
|
|
|
|
|
|
|
|
|
|
|
Average Gold Grade (g/t) |
|
|
0.82 |
|
|
1.52 |
|
|
0.91 |
|
|
1.43 |
Average Silver Grade (g/t) |
|
|
179 |
|
|
222 |
|
|
195 |
|
|
174 |
Combined |
|
|
|
|
|
|
|
|
|
|
|
|
Tonnes milled |
|
|
177,490 |
|
|
163,999 |
|
|
693,173 |
|
|
611,670 |
Tonnes Milled per Day (1) |
|
|
2,017 |
|
|
1,885 |
|
|
1,980 |
|
|
1,764 |
Metal production (before payable metal deductions)
(2) |
|
|
|
|
|
|
|
|
|
|
|
|
Gold (ozs.) |
|
|
7,554 |
|
|
7,974 |
|
|
29,435 |
|
|
26,838 |
Silver (ozs.) |
|
|
417,877 |
|
|
330,605 |
|
|
1,722,852 |
|
|
1,672,034 |
Copper (tonnes) |
|
|
452 |
|
|
446 |
|
|
1,859 |
|
|
1,652 |
Lead (tonnes) |
|
|
2,286 |
|
|
2,006 |
|
|
9,202 |
|
|
7,280 |
Zinc (tonnes) |
|
|
5,734 |
|
|
5,572 |
|
|
23,683 |
|
|
19,808 |
- Based on actual days the mill operated during the period.
- The difference between what we report as "ounces/tonnes
produced" and "payable ounces/tonnes 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 incidental to shipping
schedules, or variances in ore grades and recoveries which impact
the amount of metals contained in concentrates produced and
sold.
Nevada Mining Unit
|
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|
|
|
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|
|
|
|
|
|
|
Three months ended December 31, |
|
Year ended December 31, |
|
|
2019 |
|
2018 |
|
2019 |
|
2018 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Ore mined |
|
|
|
|
|
|
|
|
|
|
|
|
Ore (tonnes) |
|
|
164,277 |
|
|
- |
|
|
934,723 |
|
|
- |
Gold grade (g/t) |
|
|
1.09 |
|
|
- |
|
|
0.76 |
|
|
- |
Low-grade stockpile (tonnes) |
|
|
|
|
|
|
|
|
|
|
|
|
Ore (tonnes) |
|
|
57,839 |
|
|
- |
|
|
529,959 |
|
|
- |
Gold grade (g/t) |
|
|
0.46 |
|
|
- |
|
|
0.51 |
|
|
- |
Waste (tonnes) |
|
|
1,557,021 |
|
|
- |
|
|
4,504,360 |
|
|
- |
Metal production (before payable metal deductions)
(1) |
|
|
|
|
|
|
|
|
|
|
|
|
Gold (ozs.) |
|
|
5,502 |
|
|
- |
|
|
10,883 |
|
|
- |
Silver (ozs.) |
|
|
5,293 |
|
|
- |
|
|
9,752 |
|
|
- |
The following Sales Statistics tables summarizes certain
information about our Oaxaca and Nevada Mining Unit operations for
three and twelve months ended December 31, 2019 and 2018:
Oaxaca Mining Unit
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended December 31, |
|
Year ended December 31, |
|
|
2019 |
|
2018 |
|
2019 |
|
2018 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Metal
sold |
|
|
|
|
|
|
|
|
|
|
|
|
Gold (ozs.) |
|
|
6,966 |
|
|
6,142 |
|
|
24,167 |
|
|
22,886 |
Silver (ozs.) |
|
|
372,729 |
|
|
285,859 |
|
|
1,468,860 |
|
|
1,529,951 |
Copper (tonnes) |
|
|
436 |
|
|
420 |
|
|
1,656 |
|
|
1,521 |
Lead (tonnes) |
|
|
2,073 |
|
|
1,892 |
|
|
8,034 |
|
|
6,754 |
Zinc (tonnes) |
|
|
4,933 |
|
|
4,596 |
|
|
19,322 |
|
|
16,123 |
Average
metal prices realized (1) |
|
|
|
|
|
|
|
|
|
|
|
|
Gold ($ per oz.) |
|
|
1,484 |
|
|
1,214 |
|
|
1,418 |
|
|
1,259 |
Silver ($ per oz.) |
|
|
17.39 |
|
|
13.70 |
|
|
16.31 |
|
|
15.65 |
Copper ($ per tonne) |
|
|
5,938 |
|
|
5,871 |
|
|
6,003 |
|
|
6,345 |
Lead ($ per tonne) |
|
|
2,072 |
|
|
1,741 |
|
|
2,001 |
|
|
2,119 |
Zinc ($ per tonne) |
|
|
2,382 |
|
|
1,825 |
|
|
2,576 |
|
|
2,770 |
Precious
metal gold equivalent ounces sold |
|
|
|
|
|
|
|
|
|
|
|
|
Gold Ounces |
|
|
6,966 |
|
|
6,142 |
|
|
24,167 |
|
|
22,886 |
Gold Equivalent Ounces from Silver |
|
|
4,368 |
|
|
3,226 |
|
|
16,895 |
|
|
19,018 |
Total Precious Metal Gold Equivalent Ounces |
|
|
11,334 |
|
|
9,368 |
|
|
41,062 |
|
|
41,904 |
Total cash cost before by-product credits per precious metal gold
equivalent ounce sold |
|
$ |
1,864 |
|
$ |
1,858 |
|
$ |
2,109 |
|
$ |
1,722 |
Total cash cost after by-product credits per precious metal gold
equivalent ounce sold (2) |
|
$ |
220 |
|
$ |
42 |
|
$ |
264 |
|
$ |
84 |
Total all-in sustaining cost per precious metal gold equivalent
ounce sold |
|
$ |
565 |
|
$ |
426 |
|
$ |
646 |
|
$ |
655 |
- Average metal prices realized vary from the market metal prices
due to final settlement adjustments from our provisional invoices
when they are settled. Our average metal prices realized will
therefore differ from the market average metal prices in most
cases.
- Total cash cost after by-product credits are significantly
affected by base metals sales during the periods presented.
Nevada Mining Unit
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended December 31, |
|
Year ended December 31, |
|
|
2019 |
|
2018 |
|
2019 |
|
2018 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Metal
sold |
|
|
|
|
|
|
|
|
|
|
|
|
Gold (ozs.) |
|
|
5,097 |
|
|
- |
|
|
10,272 |
|
|
- |
Silver (ozs.) |
|
|
4,186 |
|
|
- |
|
|
8,332 |
|
|
- |
Average
metal prices realized (1) |
|
|
|
|
|
|
|
|
|
|
|
|
Gold ($ per oz.) |
|
|
1,482 |
|
|
- |
|
|
1,468 |
|
|
- |
Silver ($ per oz.) |
|
|
16.89 |
|
|
- |
|
|
17.04 |
|
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total cash cost
before by-product credits per gold ounce sold |
|
$ |
1,110 |
|
$ |
- |
|
$ |
1,054 |
|
$ |
- |
Total cash cost
after by-product credits per gold ounce sold |
|
$ |
1,096 |
|
$ |
- |
|
$ |
1,040 |
|
$ |
- |
Total all-in
sustaining cost per gold ounce sold |
|
$ |
1,096 |
|
$ |
- |
|
$ |
1,049 |
|
$ |
- |
- Average metal prices realized vary from the market metal prices
due to final settlement adjustments from our provisional invoices
when they are settled. Our average metal prices realized will
therefore differ from the market average metal prices in most
cases.
2020 Production Outlook
The Company is targeting 2020 consolidated annual production
(with ranges based on plus or minus 10%) of 54,000 ounces gold and
1,700,000 ounces silver. The Company remains focused on
mining tonnes based on net smelter return (“NSR”) values per tonne
of all metals to maximize cash flow. The Company will continue to
focus on its overall margin from both precious and base metal
production. Base metal production results in lower production costs
per tonne and per ounce when used as a credit against production
costs.
Year-End 2019 Proven & Probable Reserve
Update
The Company recently updated its 2019 Nevada and Oaxaca Mining
Unit’s Proven and Probable (“P&P”) Reserve Reports as of
December 31, 2019. Year-end 2019 Nevada Mining Unit proven
and probable reserves totaled 2,247,400 tonnes grading 3.05 g/t
gold. Gold grade increased year-over-year by 33.8%, which
increased contained gold ounces by 5,300 to 220,100. Mine
life at the Company’s Nevada Mining Unit is estimated at four and
one-half years.
The Company also updated its 2019 Oaxaca Mining Unit Proven and
Probable (“P&P”) Reserve Report as of December 31, 2019,
reporting 2,831,600 tonnes grading 1.97 grams per tonne (g/t) gold
and 122 g/t silver, equating to 179,300 gold ounces and 11,096,400
silver ounces. The reserve report also includes significant
base metals from the Arista Mine consisting of 11,600 tonnes of
copper grading 0.4%, 45,400 tonnes of lead grading 1.7% and 133,100
tonnes of zinc grading 4.8%. Mine life at the Company’s
Oaxaca Mining Unit is estimated at four years based on an estimated
mill throughput of 2,000 tonnes of ore per day.
For additional details on the updated reserve report, please
view the P&P press release dated March 2, 2020. The updated
full reserve report will be available on the Company’s website in
the near future.
Projects Update
Oaxaca Mining Unit
During 2019, the Company continued development of the Arista
underground mine, including the Switchback vein system. Bulk
tonnage mining techniques were utilized at Switchback, while also
processing a large amount of development ore. The Company
also completed construction of three capital projects in 2019, the
paste fill plant, the tailings lift, and the power grid
project. The paste fill plant will improve the Arista Mine’s
safety, allow for more efficient extraction of stope pillars when
possible, and provide for tailings storage underground which will
lessen the demand for surface tailings facilities. The third
phase of the surface tailings impoundment lift was completed in
February 2019. The Company also successfully switched from
diesel power generation to lower cost grid power at the Aguila
project. For 2020, the Company anticipates spending approximately
$12 million to construct a dry stack tailings facility near the
Aguila mill. Dry stack tailings facilities are more
environmentally friendly as water can be recycled and dry tailings
can be stacked in disturbed areas such as the Aguila pit and
original tailings impoundment areas.
Nevada Mining Unit
The Company produced first gold doré at the Isabella Pearl mine
in April 2019, made initial gold sales of doré in May 2019, and
reached commercial production levels in October 2019. In
December 2019, the Company completed construction of the ADR plant
and commenced producing doré at the Isabella Pearl Mine site.
During 2020, the Company targets the production of 27,000 gold
ounces (plus or minus 10%) at Isabella Pearl. Gold production
is expected to increase the second half of 2020 and when the
Company expects to access the upper portions of the high-grade
Pearl deposit.
The Company’s Nevada Mining Unit now consists of four properties
covering more than 7,358 hectares (18,191 acres) in south central
Nevada’s Walker Lane Mineral Belt. The flagship Isabella
Pearl mine is currently in production, while the additional three
properties are in various stages of exploration.
Exploration Program
Oaxaca Mining Unit exploration activities during 2019 focused on
underground exploration drilling at the Arista and Switchback vein
systems in the Arista Mine. The Switchback drilling program
continued to target further expansion and delineation of the
multiple high-grade parallel veins for reserve definition,
expansion and mine plan optimization. The Switchback strike
length is now over one kilometer and remains open on strike and
vertical extent.
In 2019, the Company continued to expand the high-grade ore zone
at the Mirador mine’s Independencia vein with 18 step-out and
in-fill diamond drill holes totaling 2,327 meters.
Nevada Mining Unit exploration activities in 2019 included a
successful 110-hole, 8,096-meter reverse circulation drilling
program targeted to explore and expand mineral reserves at the
Isabella Pearl Mine. This program included in-fill and
step-out drill holes on the Pearl, Civit Cat North and Scarlet
targets.
In 2020, the Company anticipates spending approximately $7
million for exploration activities for both the Oaxaca and Nevada
Mining Units. Exploration expenses may be modified depending
on exploration results, metal market conditions and available
capital.
Dividends
The Company increased its instituted monthly dividend in October
2019, boosting the dividend from $0.02 per share per year, to its
current $0.04 per share per year. Total dividend
distributions for 2019 totaled $1.5 million. The Company has
now distributed more than $113 million in dividends back to
shareholders since July 2010.
See Accompanying TablesThe
following information summarizes the results of operations for Gold
Resource Corporation for the years ended December 31, 2019, 2018,
and 2017, its financial condition at December 31, 2019 and 2018 and
its cash flows for the years ended December, 31 2019, 2018 and
2017. The summary data as of December 31, 2019 and 2018 and for the
years ended December 31, 2019, 2018 and 2017 is derived from our
audited financial statements contained in our annual report on Form
10-K for the year ended December 31, 2019, but do not include the
footnotes and other information that is included in the complete
financial statements. Readers are urged to review the Company’s
Form 10-K in its entirety, which can be found on the SEC's website
at www.sec.gov.
The calculation of our cash cost per precious metal gold
equivalent per ounce, total all-in sustaining cost per precious
metal gold equivalent per ounce and total all-in cost per precious
metal gold equivalent per ounce contained in this press release are
non-GAAP financial measures. Please see "Management's Discussion
and Analysis and Results of Operations" contained in the Company’s
most recent Form 10-K for a complete discussion and reconciliation
of the non-GAAP measures.
GOLD RESOURCE
CORPORATIONCONSOLIDATED BALANCE
SHEETS(U.S. dollars in thousands, except share and per
share amounts)
|
|
|
|
|
|
|
|
|
December 31, |
|
December 31, |
|
|
2019 |
|
2018 |
|
|
|
|
|
|
ASSETS |
|
|
|
|
|
|
Current
assets: |
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
11,076 |
|
$ |
7,762 |
Gold and silver rounds/bullion |
|
|
4,265 |
|
|
3,637 |
Accounts receivable, net |
|
|
8,362 |
|
|
1,744 |
Inventories, net |
|
|
24,131 |
|
|
14,342 |
Prepaid taxes |
|
|
786 |
|
|
1,126 |
Prepaid expenses and other current assets |
|
|
2,032 |
|
|
2,745 |
Total current assets |
|
|
50,652 |
|
|
31,356 |
Property, plant
and mine development, net |
|
|
125,259 |
|
|
111,242 |
Operating lease
assets, net |
|
|
7,436 |
|
|
- |
Deferred tax
assets, net |
|
|
4,635 |
|
|
7,372 |
Other
non-current assets |
|
|
5,030 |
|
|
361 |
Total assets |
|
$ |
193,012 |
|
$ |
150,331 |
LIABILITIES AND
SHAREHOLDERS' EQUITY |
|
|
|
|
|
|
Current
liabilities: |
|
|
|
|
|
|
Accounts payable |
|
$ |
14,456 |
|
$ |
12,429 |
Loans payable, current |
|
|
879 |
|
|
765 |
Finance lease liabilities, current |
|
|
446 |
|
|
412 |
Operating lease liabilities, current |
|
|
7,287 |
|
|
- |
Mining royalty taxes payable, net |
|
|
1,538 |
|
|
1,926 |
Accrued expenses and other current liabilities |
|
|
3,366 |
|
|
2,030 |
Total current liabilities |
|
|
27,972 |
|
|
17,562 |
Reclamation and
remediation liabilities |
|
|
5,605 |
|
|
3,298 |
Loans payable,
long-term |
|
|
782 |
|
|
1,378 |
Finance lease
liabilities, long-term |
|
|
435 |
|
|
831 |
Operating lease
liabilities, long-term |
|
|
160 |
|
|
- |
Total liabilities |
|
|
34,954 |
|
|
23,069 |
Shareholders'
equity: |
|
|
|
|
|
|
Common stock - $0.001 par value, 100,000,000 shares
authorized: |
|
|
|
|
|
|
65,691,527 and 58,850,431 shares outstanding at December 31, 2019
and 2018, respectively |
|
|
66 |
|
|
59 |
Additional paid-in capital |
|
|
148,171 |
|
|
121,602 |
Retained earnings |
|
|
16,876 |
|
|
12,656 |
Treasury stock at cost, 336,398 shares |
|
|
(5,884) |
|
|
(5,884) |
Accumulated other comprehensive loss |
|
|
(1,171) |
|
|
(1,171) |
Total shareholders' equity |
|
|
158,058 |
|
|
127,262 |
Total liabilities and shareholders' equity |
|
$ |
193,012 |
|
$ |
150,331 |
GOLD RESOURCE
CORPORATIONCONSOLIDATED STATEMENTS OF
OPERATIONS For the years ended December 31, 2019,
2018 and 2017 (U.S. dollars in thousands, except share and per
share amounts)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2019 |
|
2018 |
|
2017 |
Sales, net |
|
$ |
135,366 |
|
$ |
115,308 |
|
$ |
110,156 |
Mine cost of
sales: |
|
|
|
|
|
|
|
|
|
Production costs |
|
|
83,340 |
|
|
66,672 |
|
|
53,436 |
Depreciation and amortization |
|
|
22,812 |
|
|
14,616 |
|
|
14,554 |
Reclamation and remediation |
|
|
99 |
|
|
330 |
|
|
51 |
Total mine cost of sales |
|
|
106,251 |
|
|
81,618 |
|
|
68,041 |
Mine gross
profit |
|
|
29,115 |
|
|
33,690 |
|
|
42,115 |
Costs and
expenses: |
|
|
|
|
|
|
|
|
|
General and administrative expenses |
|
|
9,949 |
|
|
9,325 |
|
|
8,122 |
Exploration expenses |
|
|
3,652 |
|
|
4,703 |
|
|
4,349 |
Other expense, net |
|
|
632 |
|
|
3,111 |
|
|
1,166 |
Total costs and expenses |
|
|
14,233 |
|
|
17,139 |
|
|
13,637 |
Income before
income taxes |
|
|
14,882 |
|
|
16,551 |
|
|
28,478 |
Provision for income taxes |
|
|
9,050 |
|
|
7,263 |
|
|
24,328 |
Net income |
|
$ |
5,832 |
|
$ |
9,288 |
|
$ |
4,150 |
Net income per
common share: |
|
|
|
|
|
|
|
|
|
Basic and diluted |
|
$ |
0.09 |
|
|
0.16 |
|
|
0.07 |
Weighted average
shares outstanding: |
|
|
|
|
|
|
|
|
|
Basic |
|
|
63,681,156 |
|
|
57,534,830 |
|
|
56,854,670 |
Diluted |
|
|
64,032,990 |
|
|
58,369,666 |
|
|
57,594,993 |
GOLD RESOURCE
CORPORATIONCONSOLIDATED STATEMENTS OF CASH
FLOWSFor the years ended December 31, 2019, 2018 and 2017
(U.S. dollars in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2019 |
|
2018 |
|
2017 |
Cash
flows from operating activities: |
|
|
|
|
|
|
|
|
|
Net income |
|
$ |
5,832 |
|
$ |
9,288 |
|
$ |
4,150 |
Adjustments to reconcile net income to net cash from operating
activities: |
|
|
|
|
|
|
|
|
|
Deferred income taxes |
|
|
2,940 |
|
|
(501) |
|
|
14,991 |
Depreciation and amortization |
|
|
23,318 |
|
|
15,169 |
|
|
14,998 |
Stock-based compensation |
|
|
1,932 |
|
|
1,497 |
|
|
1,192 |
Other operating adjustments |
|
|
322 |
|
|
2,535 |
|
|
1,285 |
Changes in operating assets and liabilities: |
|
|
|
|
|
|
|
|
|
Accounts receivable |
|
|
(6,618) |
|
|
(220) |
|
|
(2,254) |
Inventories |
|
|
(7,846) |
|
|
(2,820) |
|
|
(2,797) |
Prepaid expenses and other current assets |
|
|
1,443 |
|
|
(417) |
|
|
(448) |
Other non-current assets |
|
|
(3,603) |
|
|
130 |
|
|
(7) |
Accounts payable and other accrued liabilities |
|
|
3,802 |
|
|
1,489 |
|
|
1,636 |
Mining royalty and income taxes payable, net |
|
|
(106) |
|
|
(3,894) |
|
|
2,887 |
Net cash provided by operating activities |
|
|
21,416 |
|
|
22,256 |
|
|
35,633 |
|
|
|
|
|
|
|
|
|
|
Cash
flows from investing activities: |
|
|
|
|
|
|
|
|
|
Capital expenditures |
|
|
(39,474) |
|
|
(40,076) |
|
|
(25,432) |
Other investing activities |
|
|
2 |
|
|
6 |
|
|
(257) |
Net cash used in investing activities |
|
|
(39,472) |
|
|
(40,070) |
|
|
(25,689) |
|
|
|
|
|
|
|
|
|
|
Cash
flows from financing activities: |
|
|
|
|
|
|
|
|
|
Proceeds from the exercise of stock options |
|
|
98 |
|
|
1,261 |
|
|
- |
Proceeds from issuance of stock |
|
|
24,449 |
|
|
4,319 |
|
|
- |
Dividends paid |
|
|
(1,491) |
|
|
(1,149) |
|
|
(1,137) |
Repayment of loans payable |
|
|
(812) |
|
|
(596) |
|
|
(184) |
Repayment of capital leases |
|
|
(419) |
|
|
(383) |
|
|
(73) |
Net cash provided by (used in) financing activities |
|
|
21,825 |
|
|
3,452 |
|
|
(1,394) |
|
|
|
|
|
|
|
|
|
|
Effect of
exchange rate changes on cash and cash equivalents |
|
|
(455) |
|
|
(266) |
|
|
(326) |
Net increase
(decrease) in cash and cash equivalents |
|
|
3,314 |
|
|
(14,628) |
|
|
8,224 |
Cash and cash
equivalents at beginning of period |
|
|
7,762 |
|
|
22,390 |
|
|
14,166 |
Cash and cash
equivalents at end of period |
|
$ |
11,076 |
|
$ |
7,762 |
|
$ |
22,390 |
|
|
|
|
|
|
|
|
|
|
Supplemental Cash Flow Information |
|
|
|
|
|
|
|
|
|
Interest expense paid |
|
$ |
157 |
|
$ |
177 |
|
$ |
65 |
Income and mining taxes paid |
|
$ |
3,743 |
|
$ |
7,068 |
|
$ |
3,102 |
Non-cash
investing activities: |
|
|
|
|
|
|
|
|
|
Change in capital expenditures in accounts payable |
|
$ |
(550) |
|
$ |
3,302 |
|
$ |
1,041 |
Change in estimate for asset retirement costs |
|
$ |
2,172 |
|
$ |
271 |
|
$ |
366 |
Equipment purchased through loan payable |
|
$ |
330 |
|
$ |
526 |
|
$ |
2,397 |
Equipment purchased under finance leases |
|
$ |
56 |
|
$ |
26 |
|
$ |
1,686 |
Common stock issued for the acquisition of mineral rights |
|
$ |
- |
|
$ |
- |
|
$ |
1,300 |
About GRC:
Gold Resource Corporation is a gold and silver producer,
developer and explorer with operations in Oaxaca, Mexico and
Nevada, USA. The Company targets low capital expenditure
projects with potential for generating high returns on
capital. The Company has returned $113 million back to its
shareholders in consecutive monthly dividends since July 2010 and
offers its shareholders the option to convert their cash dividends
into physical gold and silver and take delivery. For more
information, please visit GRC’s website, located at
www.goldresourcecorp.com and read the Company’s 10-K for an
understanding of the risk factors involved.
Cautionary Statements:This press release
contains forward-looking statements that involve risks and
uncertainties. The statements contained in this press release that
are not purely historical are forward-looking statements within the
meaning of Section 27A of the Securities Act and Section 21E of the
Exchange Act. When used in this press release, the words “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, the statements regarding Gold Resource
Corporation’s strategy, future plans for production, future
expenses and costs, future liquidity and capital resources, and
estimates of mineralized material. All forward-looking statements
in this press release are based upon information available to Gold
Resource Corporation on the date of this press release, and the
company assumes no obligation to update any such forward-looking
statements. Forward looking statements involve a number of risks
and uncertainties, and there can be no assurance that such
statements will prove to be accurate. The Company's actual results
could differ materially from those discussed in this press release.
In particular, there can be no assurance that production will
continue at any specific rate. Factors that could cause or
contribute to such differences include, but are not limited to,
those discussed in the Company’s 10-K filed with the SEC.
Contacts:
Corporate DevelopmentGreg Patterson 303-320-7708
www.goldresourcecorp.com
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