via NEWMEDIAWIRE -- Gold Resource Corporation (NYSE American: GORO)
(the “Company” or “GRC”) reported consolidated production results
for the second quarter ended June 30, 2020 of 7,649 ounces of gold
and 191,232 ounces of silver. In addition to precious
metals, the Company produced base metals resulting in consolidated
net revenue of $21.1 million for the quarter. At the
beginning of the second quarter, the Company’s Oaxaca Mining Unit
was placed on care and maintenance as the Mexican government
declared a country-wide health emergency and mandatory
non-essential business suspension due to the novel coronavirus
(COVID-19) global pandemic. The Company was granted approval
to restart operations on May 27, 2020 after nearly eight weeks of
being shut down during the second quarter. Operations
were reinstated, along with a stringent employee illness protocol
and screening process, and have gradually ramped up during the
months of June and July. Gold Resource Corporation is a gold and
silver producer, developer and explorer with operations in Oaxaca,
Mexico and Nevada, USA. The Company has returned $114
million 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.
Q2 2020 HIGHLIGHTS
- $21.1 million net sales;
- $13.3 million cash balance at June 30, 2020, an increase
from the December 31, 2019 balance of $11.1 million;
- Working capital of $33.6 million, an increase of 48% from
December 31, 2019;
- Maintained a strong balance sheet during Mexico
operations suspension;
- Consolidated production of 7,649 gold ounces and 191,232
silver ounces;
- Successful restart of Mexican operations following nearly
two-month suspension;
- Acquisition of the Golden Mile project in Nevada, an
advanced exploration property in the highly prospective Walker Lane
Trend;
- Isabella Pearl gold production increase of 41% over Q1
2020;
- $4.7 million gold and silver bullion inventory; and
- $0.01 per share dividend distribution for quarter.
Overview of Q2 2020 Results
Second quarter production from the Company’s
Nevada Mining Unit (NMU) totaled 5,208 ounces of gold, an increase
of 41% over Q1 2020. The Isabella Pearl project
continues to be in its ramp up phase for the remainder of 2020
targeting 40,000 gold ounces in 2021. Production from the
Company’s Oaxaca Mining Unit (OMU) was negatively impacted during
the quarter by a nearly eight week government mandated shutdown in
Mexico due to the COVID-19 global pandemic. OMU second quarter
production totaled 2,441 ounces of gold, 185,330 ounces of silver,
246 tonnes ofcopper, 1,140 tonnes of lead and 3,004 tonnes of
zinc. The Company withdrew its 2020 annual production
outlook during the quarter due to the pandemic.
During the three months ended June 30, 2020, the
Company sold 5,054 gold ounces from its Isabella Pearl mine at a
total cash cost of $1,402 per ounce (after by-product credits) at
an average realized price of $1,708 per gold ounce*. With
limited production during the second quarter, the Company sold
4,333 precious metal gold equivalent ounces at a total cash cost of
$1,379 per ounce (after by-product credits) at its OMU. OMU
average realized metal prices during the quarter included $1,784
per ounce gold and $16.83 per ounce silver*. The Company
recorded a net loss of $1.8 million, or $0.03 per share mainly due
to the mandatory shutdown of operations in Mexico resulting in
lower revenues. The Company paid $0.7 million to its
shareholders in dividends, or $0.01 per share during the quarter.
Cash and cash equivalents at quarter end totaled $13.3
million.
*Average realized metal prices include final
settlement adjustments for previously unsettled provisional
sales. Some provisional sales may remain unsettled from
one period into the next. Realized prices will therefore vary
from average spot metal market prices upon final settlement.
COVID-19
With both the NMU and OMU projects in current
operation, the Company strives to mitigate the spread of COVID-19
and protect the health and safety of our employees, contractors,
and communities in which we operate. The Company has
taken precautionary measures including specialized training, social
distancing, a work-from-home mandate where possible, and close
monitoring of national and regional COVID-19 impacts and
governmental guidelines. With the ever changing and
fluid nature of the pandemic impact, Company management continues
to analyze and prepare for various scenarios whereby a forced or
prolonged suspension of one or both mining units may be
sustained.
“While it is never positive to see a mandated
business suspension at any point in time, I am optimistic the
shutdown was positive for Mexico in its fight to combat the
COVID-19 virus,” stated Mr. Jason Reid, President and CEO of Gold
Resource Corporation. “The Company was granted approval
to restart operations on May 27, 2020 after nearly eight weeks of
being shut down during the second quarter and have gradually ramped
up operations during the months of June and
July. Company management both in Mexico and Nevada have
implemented strong protocols and procedures to help mitigate any
potential impact from the coronavirus. These continue to
be challenging times for all business across the globe, including
mining, and we will continue to focus on mitigating the spread of
the virus within our Company, our contractors and the communities
in which we operate.”
Mr. Reid continued, “We are pleased with the 41%
increase in gold production over the previous quarter at Isabella
Pearl. We were also pleased to have reached the first bench levels
in the Pearl zone during the quarter. As we continue
through the ramp up phase and expose more Pearl benches, we expect
an increase in mineralized tonnes at higher grade coupled with less
waste removal for this phase one of the Pearl mine plan
sequence. Eighty percent of the of the ore in the Isabella
Pearl deposit is located in the Pearl zone and it is great to have
reached the top as we mine down. Both precious metal
production and total cash costs are expected to improve the second
half of 2020 as higher grade ore is accessed at the Pearl
deposit.
“Subsequent to quarter-end, we announced reaching
Company milestones of a decade of production, over $1 billion
generated in revenue and over $114 million in dividends distributed
to shareholders. We are very proud to have reached these
milestones,” commented Mr. Reid.
The following Production Statistics tables
summarize certain information about our Oaxaca and Nevada Mining
Unit operations for the three and six months ended June 30, 2020
and 2019:
Oaxaca Mining Unit
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended June 30, |
|
Six months ended June 30, |
|
|
2020 |
|
2019 |
|
2020 |
|
2019 |
Arista Mine |
|
|
|
|
|
|
|
|
|
|
|
|
Milled |
|
|
|
|
|
|
|
|
|
|
|
|
Tonnes Milled |
|
|
78,741 |
|
|
155,847 |
|
|
236,776 |
|
|
305,908 |
Grade |
|
|
|
|
|
|
|
|
|
|
|
|
Average Gold Grade (g/t) |
|
|
1.73 |
|
|
1.87 |
|
|
1.41 |
|
|
1.70 |
Average Silver Grade (g/t) |
|
|
71 |
|
|
92 |
|
|
78 |
|
|
83 |
Average Copper Grade (%) |
|
|
0.39 |
|
|
0.40 |
|
|
0.39 |
|
|
0.38 |
Average Lead Grade (%) |
|
|
1.92 |
|
|
1.96 |
|
|
1.96 |
|
|
1.97 |
Average Zinc Grade (%) |
|
|
4.92 |
|
|
4.77 |
|
|
4.75 |
|
|
4.72 |
Aguila Open Pit Mine |
|
|
|
|
|
|
|
|
|
|
|
|
Milled |
|
|
|
|
|
|
|
|
|
|
|
|
Tonnes Milled |
|
|
3,579 |
|
|
8,872 |
|
|
17,827 |
|
|
20,336 |
Grade |
|
|
|
|
|
|
|
|
|
|
|
|
Average Gold Grade (g/t) |
|
|
1.46 |
|
|
1.39 |
|
|
1.29 |
|
|
1.80 |
Average Silver Grade (g/t) |
|
|
50 |
|
|
43 |
|
|
41 |
|
|
43 |
Mirador Mine |
|
|
|
|
|
|
|
|
|
|
|
|
Milled |
|
|
|
|
|
|
|
|
|
|
|
|
Tonnes Milled |
|
|
5,246 |
|
|
6,737 |
|
|
7,450 |
|
|
10,850 |
Grade |
|
|
|
|
|
|
|
|
|
|
|
|
Average Gold Grade (g/t) |
|
|
0.79 |
|
|
1.10 |
|
|
0.91 |
|
|
1.16 |
Average Silver Grade (g/t) |
|
|
126 |
|
|
201 |
|
|
130 |
|
|
211 |
Combined |
|
|
|
|
|
|
|
|
|
|
|
|
Tonnes milled |
|
|
87,566 |
|
|
171,456 |
|
|
262,053 |
|
|
337,094 |
Tonnes Milled per Day (1) |
|
|
1,943 |
|
|
1,967 |
|
|
1,976 |
|
|
1,947 |
Metal production (before payable metal
deductions) (2) |
|
|
|
|
|
|
|
|
|
|
|
|
Gold (ozs.) |
|
|
2,441 |
|
|
7,881 |
|
|
8,891 |
|
|
14,419 |
Silver (ozs.) |
|
|
185,330 |
|
|
466,512 |
|
|
587,872 |
|
|
831,165 |
Copper (tonnes) |
|
|
246 |
|
|
482 |
|
|
734 |
|
|
915 |
Lead (tonnes) |
|
|
1,140 |
|
|
2,304 |
|
|
3,654 |
|
|
4,457 |
Zinc (tonnes) |
|
|
3,004 |
|
|
6,054 |
|
|
8,848 |
|
|
11,892 |
- 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
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended June 30, |
|
Six months ended June 30, |
|
|
2020 |
|
2019 |
|
2020 |
|
2019 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Ore mined |
|
|
|
|
|
|
|
|
|
|
|
|
Ore (tonnes) (1) |
|
|
143,818 |
|
|
273,223 |
|
|
302,572 |
|
|
688,277 |
Gold grade (g/t) |
|
|
1.54 |
|
|
0.61 |
|
|
1.33 |
|
|
0.69 |
Low-grade stockpile (tonnes) |
|
|
|
|
|
|
|
|
|
|
|
|
Ore (tonnes) |
|
|
- |
|
|
244,650 |
|
|
18,490 |
|
|
388,726 |
Gold grade (g/t) |
|
|
- |
|
|
0.52 |
|
|
0.57 |
|
|
0.52 |
Waste (tonnes) (2) |
|
|
1,026,922 |
|
|
1,101,858 |
|
|
2,817,970 |
|
|
1,698,448 |
Metal production (before payable metal
deductions) (3) |
|
|
|
|
|
|
|
|
|
|
|
|
Gold (ozs.) |
|
|
5,208 |
|
|
1,678 |
|
|
8,900 |
|
|
1,678 |
Silver (ozs.) |
|
|
5,902 |
|
|
972 |
|
|
10,985 |
|
|
972 |
- 2019 amounts include run-of-mine ore and initial over
liner of the heap leach pad.
- 2020 amounts are primarily stripping tonnes for the Pearl
deposit.
- The difference between what we report as "ounces
produced" and "payable ounces sold" is attributable to the
difference between the quantities of metals contained in the doré
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 doré produced and sold.
The following Sales Statistics tables summarize
certain information about our Oaxaca and Nevada Mining Unit
operations for the three and six months ended June 30, 2020 and
2019:
Oaxaca Mining Unit
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended June 30, |
|
Six months ended June 30, |
|
|
2020 |
|
2019 |
|
2020 |
|
2019 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Metal sold |
|
|
|
|
|
|
|
|
|
|
|
|
Gold (ozs.) |
|
|
2,542 |
|
|
6,268 |
|
|
7,534 |
|
|
11,026 |
Silver (ozs.) |
|
|
189,866 |
|
|
416,855 |
|
|
545,094 |
|
|
685,044 |
Copper (tonnes) |
|
|
215 |
|
|
431 |
|
|
643 |
|
|
769 |
Lead (tonnes) |
|
|
1,014 |
|
|
2,120 |
|
|
2,978 |
|
|
3,773 |
Zinc (tonnes) |
|
|
2,592 |
|
|
3,867 |
|
|
6,948 |
|
|
8,373 |
Average metal prices realized (1) |
|
|
|
|
|
|
|
|
|
|
|
|
Gold ($ per oz.) |
|
|
1,784 |
|
|
1,333 |
|
|
1,709 |
|
|
1,338 |
Silver ($ per oz.) |
|
|
16.83 |
|
|
14.94 |
|
|
16.96 |
|
|
15.26 |
Copper ($ per tonne) |
|
|
5,229 |
|
|
6,205 |
|
|
5,424 |
|
|
6,245 |
Lead ($ per tonne) |
|
|
1,723 |
|
|
1,871 |
|
|
1,702 |
|
|
1,955 |
Zinc ($ per tonne) |
|
|
2,001 |
|
|
2,987 |
|
|
1,930 |
|
|
2,917 |
Precious metal gold equivalent ounces sold |
|
|
|
|
|
|
|
|
|
|
|
|
Gold Ounces |
|
|
2,542 |
|
|
6,268 |
|
|
7,534 |
|
|
11,026 |
Gold Equivalent Ounces from Silver |
|
|
1,791 |
|
|
4,672 |
|
|
5,409 |
|
|
7,813 |
Total Precious Metal Gold Equivalent Ounces |
|
|
4,333 |
|
|
10,940 |
|
|
12,943 |
|
|
18,839 |
Total cash cost before by-product credits per precious metal gold
equivalent ounce sold |
|
$ |
3,238 |
|
$ |
1,991 |
|
$ |
2,770 |
|
$ |
2,287 |
Total cash cost after by-product credits per precious metal gold
equivalent ounce sold (2) |
|
$ |
1,379 |
|
$ |
328 |
|
$ |
1,072 |
|
$ |
345 |
Total all-in sustaining cost per precious metal gold equivalent
ounce sold |
|
$ |
1,603 |
|
$ |
726 |
|
$ |
1,354 |
|
$ |
783 |
- 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 June 30, |
|
Six months ended June 30, |
|
|
2020 |
|
2019 |
|
2020 |
|
2019 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Metal sold |
|
|
|
|
|
|
|
|
|
|
|
|
Gold (ozs.) |
|
|
5,054 |
|
|
1,131 |
|
|
8,809 |
|
|
1,131 |
Silver (ozs.) |
|
|
5,851 |
|
|
612 |
|
|
11,430 |
|
|
612 |
Average metal prices realized (1) |
|
|
|
|
|
|
|
|
|
|
|
|
Gold ($ per oz.) |
|
|
1,708 |
|
|
1,363 |
|
|
1,651 |
|
|
1,363 |
Silver ($ per oz.) |
|
|
16.10 |
|
|
15.07 |
|
|
16.36 |
|
|
15.07 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total cash cost before by-product credits per gold ounce
sold (2) |
|
$ |
1,420 |
|
$ |
- |
|
$ |
1,391 |
|
$ |
- |
Total cash cost after by-product credits per gold ounce
sold (2) |
|
$ |
1,402 |
|
$ |
- |
|
$ |
1,370 |
|
$ |
- |
Total all-in sustaining cost per gold ounce sold (2) |
|
$ |
1,456 |
|
$ |
- |
|
$ |
1,402 |
|
$ |
- |
- 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.
- 2019 amounts not applicable as 2019 was a partial period due to
mine commencing production in May 2019.
See Accompanying TablesThe following
information summarizes the results of operations for Gold Resource
Corporation for the three and six months ended June 30, 2020 and
2019, its financial condition at June 30, 2020 and December 31,
2019, and its cash flows for the six months ended June 30, 2020 and
2019. The summary data as of June 30, 2020 and for the six months
ended June 30, 2020 and 2019 is unaudited; the summary data as of
December 31, 2019 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)
|
|
|
|
|
|
|
|
|
June 30, |
|
December 31, |
|
|
2020 |
|
2019 |
|
|
(unaudited) |
|
|
|
ASSETS |
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
13,328 |
|
$ |
11,076 |
Gold and silver rounds/bullion |
|
|
4,717 |
|
|
4,265 |
Accounts receivable, net |
|
|
3,363 |
|
|
8,362 |
Inventories, net |
|
|
27,034 |
|
|
24,131 |
Prepaid taxes |
|
|
- |
|
|
786 |
Prepaid expenses and other current assets |
|
|
2,514 |
|
|
2,032 |
Total current assets |
|
|
50,956 |
|
|
50,652 |
Property, plant and mine development, net |
|
|
121,758 |
|
|
125,259 |
Operating lease assets, net |
|
|
3,227 |
|
|
7,436 |
Deferred tax assets, net |
|
|
8,491 |
|
|
4,635 |
Other non-current assets |
|
|
4,344 |
|
|
5,030 |
Total assets |
|
$ |
188,776 |
|
$ |
193,012 |
LIABILITIES AND SHAREHOLDERS' EQUITY |
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
Accounts payable |
|
$ |
8,513 |
|
$ |
14,456 |
Loans payable, current |
|
|
886 |
|
|
879 |
Finance lease liabilities, current |
|
|
459 |
|
|
446 |
Operating lease liabilities, current |
|
|
3,150 |
|
|
7,287 |
Mining royalty taxes payable, net |
|
|
832 |
|
|
1,538 |
Accrued expenses and other current liabilities |
|
|
3,507 |
|
|
3,366 |
Total current liabilities |
|
|
17,347 |
|
|
27,972 |
Reclamation and remediation liabilities |
|
|
6,276 |
|
|
5,605 |
Loans payable, long-term |
|
|
340 |
|
|
782 |
Finance lease liabilities, long-term |
|
|
203 |
|
|
435 |
Operating lease liabilities, long-term |
|
|
88 |
|
|
160 |
Total liabilities |
|
|
24,254 |
|
|
34,954 |
Shareholders' equity: |
|
|
|
|
|
|
Common stock - $0.001 par value, 100,000,000 shares
authorized: |
|
|
|
|
|
|
70,061,099 and 65,691,527 shares outstanding at June 30, 2020 and
December 31, 2019, respectively |
|
|
70 |
|
|
66 |
Additional paid-in capital |
|
|
160,937 |
|
|
148,171 |
Retained earnings |
|
|
10,570 |
|
|
16,876 |
Treasury stock at cost, 336,398 shares |
|
|
(5,884) |
|
|
(5,884) |
Accumulated other comprehensive loss |
|
|
(1,171) |
|
|
(1,171) |
Total shareholders' equity |
|
|
164,522 |
|
|
158,058 |
Total liabilities and shareholders' equity |
|
$ |
188,776 |
|
$ |
193,012 |
GOLD RESOURCE CORPORATIONCONSOLIDATED
STATEMENTS OF OPERATIONS (U.S. dollars in thousands,
except share and per share amounts)Unaudited
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended June 30, |
|
Six months ended June 30, |
|
|
|
2020 |
|
2019 |
|
2020 |
|
2019 |
|
Sales, net |
|
$ |
21,098 |
|
$ |
29,374 |
|
$ |
49,103 |
|
$ |
55,952 |
|
Mine cost of sales: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Production costs |
|
|
17,642 |
|
|
18,677 |
|
|
38,527 |
|
|
36,558 |
|
Depreciation and amortization |
|
|
5,007 |
|
|
4,165 |
|
|
12,405 |
|
|
7,407 |
|
Reclamation and remediation |
|
|
30 |
|
|
41 |
|
|
68 |
|
|
57 |
|
Total mine cost of sales |
|
|
22,679 |
|
|
22,883 |
|
|
51,000 |
|
|
44,022 |
|
Mine gross (loss) profit |
|
|
(1,581) |
|
|
6,491 |
|
|
(1,897) |
|
|
11,930 |
|
Costs and expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
General and administrative expenses |
|
|
2,197 |
|
|
2,708 |
|
|
4,471 |
|
|
4,719 |
|
Exploration expenses |
|
|
551 |
|
|
631 |
|
|
1,706 |
|
|
2,081 |
|
Other income, net |
|
|
(1,847) |
|
|
(107) |
|
|
(334) |
|
|
(82) |
|
Total costs and expenses |
|
|
901 |
|
|
3,232 |
|
|
5,843 |
|
|
6,718 |
|
(Loss) income before income taxes |
|
|
(2,482) |
|
|
3,259 |
|
|
(7,740) |
|
|
5,212 |
|
(Benefit) provision for income taxes |
|
|
(670) |
|
|
1,461 |
|
|
(2,807) |
|
|
2,532 |
|
Net (loss) income |
|
$ |
(1,812) |
|
$ |
1,798 |
|
$ |
(4,933) |
|
$ |
2,680 |
|
Net (loss) income per common share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted |
|
$ |
(0.03) |
|
$ |
0.03 |
|
$ |
(0.07) |
|
$ |
0.04 |
|
Weighted average shares outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
69,985,499 |
|
|
62,778,445 |
|
|
68,011,860 |
|
|
61,729,871 |
|
Diluted |
|
|
69,985,499 |
|
|
63,066,616 |
|
|
68,011,860 |
|
|
62,079,859 |
|
GOLD RESOURCE CORPORATIONCONSOLIDATED
STATEMENTS OF CASH FLOWS (U.S. dollars in thousands,
except share and per share amounts)Unaudited
|
|
|
|
|
|
|
|
|
|
Six Months Ended June 30, |
|
|
2020 |
|
2019 |
|
Cash flows from operating activities: |
|
|
|
|
|
|
|
Net (loss) income |
|
$ |
(4,933) |
|
$ |
2,680 |
|
Adjustments to reconcile net (loss) income to net cash from
operating activities: |
|
|
|
|
|
|
|
Deferred income taxes |
|
|
(4,598) |
|
|
1,275 |
|
Depreciation and amortization |
|
|
12,598 |
|
|
7,641 |
|
Stock-based compensation |
|
|
870 |
|
|
1,214 |
|
Other operating adjustments |
|
|
(368) |
|
|
(293) |
|
Changes in operating assets and liabilities: |
|
|
|
|
|
|
|
Accounts receivable |
|
|
4,999 |
|
|
(3,886) |
|
Inventories |
|
|
(2,274) |
|
|
(8,464) |
|
Prepaid expenses and other current assets |
|
|
(437) |
|
|
97 |
|
Other non-current assets |
|
|
(256) |
|
|
(2,012) |
|
Accounts payable and other accrued liabilities |
|
|
(2,644) |
|
|
6,183 |
|
Mining royalty and income taxes payable, net |
|
|
159 |
|
|
(3,328) |
|
Net cash provided by operating activities |
|
|
3,116 |
|
|
1,107 |
|
|
|
|
|
|
|
|
|
Cash flows from investing activities: |
|
|
|
|
|
|
|
Capital expenditures |
|
|
(10,600) |
|
|
(21,438) |
|
Other investing activities |
|
|
4 |
|
|
1 |
|
Net cash used in investing activities |
|
|
(10,596) |
|
|
(21,437) |
|
|
|
|
|
|
|
|
|
Cash flows from financing activities: |
|
|
|
|
|
|
|
Proceeds from the exercise of stock options |
|
|
- |
|
|
98 |
|
Proceeds from issuance of stock |
|
|
11,900 |
|
|
21,807 |
|
Dividends paid |
|
|
(1,357) |
|
|
(617) |
|
Repayment of loans payable |
|
|
(435) |
|
|
(385) |
|
Repayment of finance leases |
|
|
(219) |
|
|
(204) |
|
Net cash provided by financing activities |
|
|
9,889 |
|
|
20,699 |
|
|
|
|
|
|
|
|
|
Effect of exchange rate changes on cash and cash equivalents |
|
|
(157) |
|
|
(192) |
|
Net increase in cash and cash equivalents |
|
|
2,252 |
|
|
177 |
|
Cash and cash equivalents at beginning of period |
|
|
11,076 |
|
|
7,762 |
|
Cash and cash equivalents at end of period |
|
$ |
13,328 |
|
$ |
7,939 |
|
|
|
|
|
|
|
|
|
Supplemental Cash Flow Information |
|
|
|
|
|
|
|
Interest expense paid |
|
$ |
56 |
|
$ |
79 |
|
Income and mining taxes paid |
|
$ |
1,066 |
|
$ |
2,897 |
|
Non-cash investing activities: |
|
|
|
|
|
|
|
Change in capital expenditures in accounts payable |
|
$ |
(3,120) |
|
$ |
(1,214) |
|
Change in estimate for asset retirement costs |
|
$ |
1,097 |
|
$ |
638 |
|
Equipment purchased through loan payable |
|
$ |
- |
|
$ |
330 |
|
Equipment purchased under finance leases |
|
$ |
- |
|
$ |
56 |
|
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 reached milestones of a decade of production, generated
over $1 billion in revenue and has returned $114 million back to
its shareholders in consecutive monthly dividends since July 2010.
In addition, the Company also 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, the scope, duration, and impact of the COVID-19
pandemic on mining operations, Company employees, and supply chains
as well as the scope, duration and impact of government action
aimed at mitigating the pandemic may cause the actual results and
future events to differ materially from those expressed or implied
by such forward-looking information. Also, 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
Patterson303-320-7708www.Goldresourcecorp.com
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