via NewMediaWire -- Gold Resource Corporation (NYSE American: GORO)
(the “Company”, “We”, “Our” or “GRC”) reported consolidated
production results for the third quarter ended September 30, 2020
of 12,575 gold ounces and 333,761 silver ounces. In addition
to precious metals, the Company produced base metals resulting in
consolidated net revenue of $42.3 million for the quarter.
Gold Resource Corporation is a gold and silver producer, developer
and explorer with operations in Oaxaca, Mexico and Nevada,
USA. The Company has returned $115 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.
“Our successful third quarter demonstrates our strength and
determination,” stated Gold Resource Corporation’s CEO and
President, Mr. Jason Reid. “Despite the mandatory two-month
shutdown in Mexico during the second quarter, our Oaxaca Mining
unit is back to generating free cashflow while putting employee and
community health and safety first. Nevada also delivered on
generating free cash flow with its record quarterly gold
production, a 51% increase over the prior quarter, while continuing
rigorous COVID protocols. Additionally, we made a deliberate
strategic move to unlock and increase shareholder value from both
mining units by initiating the spin-off of the Nevada Mining Unit
to shareholders as Fortitude Gold Corporation.”
Q3 2020 HIGHLIGHTS
- On July 1, 2020, we celebrated 10 years of production, over $1
billion in revenue and $114 million in shareholder dividends;
- Record gold production from Isabella Pearl of 7,847 gold
ounces;
- Consolidated production of 12,575 gold ounces and 333,761
silver ounces;
- $42.3 million consolidated net sales bringing year-to-date
September 30, 2020 sales to $91.4 million;
- Net income of $5.0 million or $0.07 per share;
- Total Oaxaca Mining Unit cash cost after by-product credits of
$589 per ounce;
- Total Nevada Mining Unit cash cost after by-product credits of
$935 per ounce;
- $31.3 million cash balance at September 30, 2020, an increase
of $20.2 million from the December 31, 2019 balance of $11.1
million;
- Cash from operating activities of $17.7 million for the nine
months ended September 30, 2020, an increase of 127% from same
period in 2019;
- Working capital at September 30, 2020 of $50.0 million, an
increase of 120% from December 31, 2019;
- $0.7 million dividend distributions, or $0.01 per share for the
quarter;
- On August 6, 2020, we announced Ms. Kim Perry would transition
from the Board of Directors to fill the Chief Financial Officer
role for retiring Mr. John Labate. The Board of Directors’
nominating committee is actively recruiting for the vacant Board of
Director’s seat;
- Subsequent to the quarter close, we announced on October 5,
2020, the intent to spin-off the Nevada Mining Unit to its
shareholders as a separate publicly traded company, Fortitude Gold
Corporation, to further create shareholder value.
Overview of Q3 2020 Results
Record third quarter production from the Company’s Nevada Mining
Unit (NMU) totaled 7,847 gold ounces, an increase of 51% over Q2
2020. Through the first three quarters of 2020, NMU gold
production totaled 16,747 gold ounces. The third quarter was
the first full quarter that the Company was able to regularly
access portions of the deposit’s high-grade “Pearl” zone, while
also mining the deposit’s lower grade “Isabella” zone. Gold
Resource Corporation remains on track to achieve its annual
production target of 40,000 gold ounces in 2021.
Third quarter Oaxaca Mining Unit (OMU) production totaled 4,728
gold ounces, 324,592 silver ounces, 428 copper tonnes, 2,157 lead
tonnes and 5,538 zinc tonnes. Through the first three
quarters of 2020, OMU production numbers total 13,619 gold ounces,
912,464 silver ounces, 1,162 copper tonnes, 5,811 lead tonnes and
14,386 zinc tonnes.
Third quarter NMU sales from the Isabella Pearl mine totaled
8,396 gold ounces at a total cash cost of $935 per ounce (after
by-product credits) at an average realized price of $1,901 per
ounce. Third quarter OMU sales totaled 7,898 precious metal
gold equivalent ounces at a total cash cost of $589 per ounce
(after by-product credits). OMU average realized metal prices
during the quarter included $1,887 per ounce and $25.47 per
ounce*. The Company recorded net income of $5.0 million, or
$0.07 per share, and 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 $31.3 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
The Company previously withdrew its 2020 production outlook for
both its Oaxaca and Nevada Mining Units following the impacts and
uncertainties of the global pandemic, the two-month mandatory
governmental suspension of Mexican operations in April 2020, and
uncertainty of potential future outbreaks or governmental responses
to the pandemic. Both mining units operated continuously
during the third quarter along with continued health screening
protocols for COVID-19 prevention and mitigation. During the
third quarter, Nevada identified one positive case of COVID-19
while Mexico identified 29 positive cases. Due to the rigorous
protocols in place, these cases were promptly identified and
mitigated to ensure the health and safety of our employees and the
communities in which we operate.
Nevada Mining Unit Spin-Off
Subsequent to the quarter, on October 5, 2020, the Company
announced its intention to spin-off its Nevada Mining Unit to
shareholders as a separate publicly traded company, Fortitude Gold
Corporation. 100% of the Nevada Mining Unit will be
distributed on a pro rata basis to shareholders of record on the
transaction execution date. Following completion of the
spin-off, the Gold Resource Corporation will hold all of the assets
and related liabilities of the Oaxaca Mining Unit and Fortitude
Gold Corporation will hold all of the Nevada assets and related
liabilities. The spin-off does not require shareholder
approval and is expected to be tax-free to the shareholders.
The transaction is subject to certain conditions, including the
final approval by the Company’s Board of Directors and the receipt
of an effective date for the Form S-1 registration statement filed
by Fortitude Gold Corporation on October 19, 2020 with the
Securities and Exchange Commission. The transaction is
targeted to be completed by year-end 2020 or the first quarter of
2021.
The following Production Statistics tables summarize certain
information about our Oaxaca and Nevada Mining Unit operations for
the three and nine months ended September 30, 2020 and 2019:
Oaxaca Mining Unit
|
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|
|
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|
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|
|
Three months ended September 30, |
|
Nine months ended September 30, |
|
|
2020 |
|
2019 |
|
2020 |
|
2019 |
Arista
Mine |
|
|
|
|
|
|
|
|
|
|
|
|
Milled |
|
|
|
|
|
|
|
|
|
|
|
|
Tonnes Milled |
|
|
136,618 |
|
|
163,259 |
|
|
373,394 |
|
|
469,167 |
Grade |
|
|
|
|
|
|
|
|
|
|
|
|
Average Gold Grade (g/t) |
|
|
1.25 |
|
|
1.76 |
|
|
1.35 |
|
|
1.72 |
Average Silver Grade (g/t) |
|
|
76 |
|
|
85 |
|
|
78 |
|
|
84 |
Average Copper Grade (%) |
|
|
0.40 |
|
|
0.39 |
|
|
0.39 |
|
|
0.38 |
Average Lead Grade (%) |
|
|
1.93 |
|
|
1.92 |
|
|
1.95 |
|
|
1.91 |
Average Zinc Grade (%) |
|
|
5.02 |
|
|
4.70 |
|
|
4.85 |
|
|
4.71 |
Aguila
Open Pit Mine |
|
|
|
|
|
|
|
|
|
|
|
|
Milled |
|
|
|
|
|
|
|
|
|
|
|
|
Tonnes Milled |
|
|
16,913 |
|
|
3,640 |
|
|
34,740 |
|
|
23,976 |
Grade |
|
|
|
|
|
|
|
|
|
|
|
|
Average Gold Grade (g/t) |
|
|
1.35 |
|
|
1.49 |
|
|
1.32 |
|
|
1.76 |
Average Silver Grade (g/t) |
|
|
32 |
|
|
58 |
|
|
36 |
|
|
45 |
Mirador
Mine |
|
|
|
|
|
|
|
|
|
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Milled |
|
|
|
|
|
|
|
|
|
|
|
|
Tonnes Milled |
|
|
- |
|
|
11,690 |
|
|
7,450 |
|
|
22,540 |
Grade |
|
|
|
|
|
|
|
|
|
|
|
|
Average Gold Grade (g/t) |
|
|
- |
|
|
0.76 |
|
|
0.91 |
|
|
0.95 |
Average Silver Grade (g/t) |
|
|
- |
|
|
197 |
|
|
130 |
|
|
203 |
Combined |
|
|
|
|
|
|
|
|
|
|
|
|
Tonnes milled |
|
|
153,531 |
|
|
178,589 |
|
|
415,584 |
|
|
515,683 |
Tonnes Milled per Day (1) |
|
|
1,745 |
|
|
2,007 |
|
|
1,880 |
|
|
1,967 |
Metal production (before payable metal deductions)
(2) |
|
|
|
|
|
|
|
|
|
|
|
|
Gold (ozs.) |
|
|
4,728 |
|
|
7,462 |
|
|
13,619 |
|
|
21,881 |
Silver (ozs.) |
|
|
324,592 |
|
|
473,810 |
|
|
912,464 |
|
|
1,304,975 |
Copper (tonnes) |
|
|
428 |
|
|
492 |
|
|
1,162 |
|
|
1,407 |
Lead (tonnes) |
|
|
2,157 |
|
|
2,459 |
|
|
5,811 |
|
|
6,916 |
Zinc (tonnes) |
|
|
5,538 |
|
|
6,057 |
|
|
14,386 |
|
|
17,949 |
- Based on actual days the mill operated during the period.
- 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.
Nevada Mining Unit
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Three months ended September 30, |
|
Nine months ended September 30, |
|
2020 |
|
2019 |
|
2020 |
|
2019 |
|
|
|
|
|
|
|
|
|
|
|
|
Ore mined |
|
|
|
|
|
|
|
|
|
|
|
Ore (tonnes) (1) |
|
188,048 |
|
|
82,169 |
|
|
490,620 |
|
|
770,446 |
Gold grade (g/t) |
|
2.02 |
|
|
0.75 |
|
|
1.60 |
|
|
0.70 |
Low-grade stockpile (tonnes) |
|
|
|
|
|
|
|
|
|
|
|
Ore (tonnes) |
|
51,977 |
|
|
83,394 |
|
|
70,467 |
|
|
472,120 |
Gold grade (g/t) |
|
0.50 |
|
|
0.47 |
|
|
0.52 |
|
|
0.52 |
Pre-strip waste (tonnes) |
|
- |
|
|
1,111,259 |
|
|
1,346,316 |
|
|
2,514,809 |
Waste (tonnes) |
|
1,437,428 |
|
|
136,632 |
|
|
3,597,770 |
|
|
432,530 |
Metal production (before payable metal deductions)
(2) |
|
|
|
|
|
|
|
|
|
|
|
Gold (ozs.) |
|
7,847 |
|
|
3,703 |
|
|
16,747 |
|
|
5,381 |
Silver (ozs.) |
|
9,169 |
|
|
3,487 |
|
|
20,154 |
|
|
4,459 |
- Nine months ended September 30, 2019 amount includes
run-of-mine ore and initial over liner of the heap leach pad.
- 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 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 related 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 nine months ended September 30, 2020 and 2019:
Oaxaca Mining Unit
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|
|
|
|
|
|
|
Three months ended September 30, |
|
Nine months ended September 30, |
|
|
2020 |
|
2019 |
|
2020 |
|
2019 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Metal
sold |
|
|
|
|
|
|
|
|
|
|
|
|
Gold (ozs.) |
|
|
3,619 |
|
|
6,175 |
|
|
11,153 |
|
|
17,201 |
Silver (ozs.) |
|
|
316,993 |
|
|
411,088 |
|
|
862,087 |
|
|
1,096,131 |
Copper (tonnes) |
|
|
447 |
|
|
451 |
|
|
1,090 |
|
|
1,220 |
Lead (tonnes) |
|
|
1,849 |
|
|
2,188 |
|
|
4,827 |
|
|
5,961 |
Zinc (tonnes) |
|
|
4,586 |
|
|
6,016 |
|
|
11,534 |
|
|
14,389 |
Average
metal prices realized (1) |
|
|
|
|
|
|
|
|
|
|
|
|
Gold ($ per oz.) |
|
|
1,887 |
|
|
1,490 |
|
|
1,766 |
|
|
1,391 |
Silver ($ per oz.) |
|
|
25.47 |
|
|
17.08 |
|
|
20.09 |
|
|
15.94 |
Copper ($ per tonne) |
|
|
6,711 |
|
|
5,659 |
|
|
5,954 |
|
|
6,027 |
Lead ($ per tonne) |
|
|
1,902 |
|
|
2,018 |
|
|
1,779 |
|
|
1,976 |
Zinc ($ per tonne) |
|
|
2,392 |
|
|
2,261 |
|
|
2,114 |
|
|
2,642 |
Precious
metal gold equivalent ounces sold |
|
|
|
|
|
|
|
|
|
|
|
|
Gold Ounces |
|
|
3,619 |
|
|
6,175 |
|
|
11,153 |
|
|
17,201 |
Gold Equivalent Ounces from Silver |
|
|
4,279 |
|
|
4,712 |
|
|
9,807 |
|
|
12,561 |
Total Precious Metal Gold Equivalent Ounces |
|
|
7,898 |
|
|
10,887 |
|
|
20,960 |
|
|
29,762 |
Total cash cost before by-product credits per precious metal gold
equivalent ounce sold |
|
$ |
2,803 |
|
$ |
2,187 |
|
$ |
2,767 |
|
$ |
2,247 |
Total cash cost after by-product credits per precious metal gold
equivalent ounce sold (2) |
|
$ |
589 |
|
$ |
299 |
|
$ |
884 |
|
$ |
327 |
Total all-in sustaining cost per precious metal gold equivalent
ounce sold |
|
$ |
897 |
|
$ |
622 |
|
$ |
1,174 |
|
$ |
723 |
- 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 September 30, |
|
Nine months ended September 30, |
|
|
2020 |
|
2019 |
|
2020 |
|
2019 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Metal
sold |
|
|
|
|
|
|
|
|
|
|
|
|
Gold (ozs.) |
|
|
8,396 |
|
|
4,044 |
|
|
17,205 |
|
|
5,175 |
Silver (ozs.) |
|
|
9,616 |
|
|
3,534 |
|
|
21,046 |
|
|
4,146 |
Average
metal prices realized (1) |
|
|
|
|
|
|
|
|
|
|
|
|
Gold ($ per oz.) |
|
|
1,901 |
|
|
1,481 |
|
|
1,773 |
|
|
1,455 |
Silver ($ per oz.) |
|
|
24.02 |
|
|
17.56 |
|
|
19.86 |
|
|
17.19 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total cash cost
before by-product credits per gold ounce sold |
|
$ |
963 |
|
$ |
1,130 |
|
$ |
1,182 |
|
$ |
999 |
Total cash cost
after by-product credits per gold ounce sold |
|
$ |
935 |
|
$ |
1,115 |
|
$ |
1,158 |
|
$ |
985 |
Total all-in
sustaining cost per gold ounce sold |
|
$ |
945 |
|
$ |
1,137 |
|
$ |
1,191 |
|
$ |
1,002 |
- 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.
See Accompanying Tables
The following information summarizes the results of operations
for Gold Resource Corporation for the three and nine months ended
September 30, 2020 and 2019, its financial condition at September
30, 2020 and December 31, 2019, and its cash flows for the nine
months ended September 30, 2020 and 2019. The summary data as of
September 30, 2020 and for the nine months ended September 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 ounce, total all-in sustaining cost per precious metal
gold equivalent ounce and total all-in cost per precious metal gold
equivalent 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)
|
|
|
|
|
|
|
|
|
September 30, |
|
December 31, |
|
|
2020 |
|
2019 |
|
|
(unaudited) |
|
|
|
ASSETS |
|
|
|
|
|
|
Current
assets: |
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
31,313 |
|
$ |
11,076 |
Gold and silver rounds/bullion |
|
|
5,241 |
|
|
4,265 |
Accounts receivable, net |
|
|
4,777 |
|
|
8,362 |
Inventories, net |
|
|
26,977 |
|
|
24,131 |
Prepaid taxes |
|
|
- |
|
|
786 |
Prepaid expenses and other current assets |
|
|
2,168 |
|
|
2,032 |
Total current assets |
|
|
70,476 |
|
|
50,652 |
Property, plant
and mine development, net |
|
|
117,409 |
|
|
125,259 |
Operating lease
assets, net |
|
|
1,411 |
|
|
7,436 |
Deferred tax
assets, net |
|
|
8,617 |
|
|
4,635 |
Other
non-current assets |
|
|
5,550 |
|
|
5,030 |
Total assets |
|
$ |
203,463 |
|
$ |
193,012 |
LIABILITIES AND
SHAREHOLDERS' EQUITY |
|
|
|
|
|
|
Current
liabilities: |
|
|
|
|
|
|
Accounts payable |
|
$ |
11,991 |
|
$ |
14,456 |
Loans payable, current |
|
|
840 |
|
|
879 |
Finance lease liabilities, current |
|
|
465 |
|
|
446 |
Operating lease liabilities, current |
|
|
1,371 |
|
|
7,287 |
Income taxes payable, net |
|
|
876 |
|
|
- |
Mining royalty taxes payable, net |
|
|
1,162 |
|
|
1,538 |
Accrued expenses and other current liabilities |
|
|
3,754 |
|
|
3,366 |
Total current liabilities |
|
|
20,459 |
|
|
27,972 |
Reclamation and
remediation liabilities |
|
|
6,710 |
|
|
5,605 |
Loans payable,
long-term |
|
|
165 |
|
|
782 |
Finance lease
liabilities, long-term |
|
|
84 |
|
|
435 |
Operating lease
liabilities, long-term |
|
|
51 |
|
|
160 |
Total liabilities |
|
|
27,469 |
|
|
34,954 |
Shareholders'
equity: |
|
|
|
|
|
|
Common stock - $0.001 par value, 100,000,000 shares
authorized: |
|
|
|
|
|
|
71,850,665 and 65,691,527 shares outstanding at September 30, 2020
and December 31, 2019, respectively |
|
|
72 |
|
|
66 |
Additional paid-in capital |
|
|
168,114 |
|
|
148,171 |
Retained earnings |
|
|
14,863 |
|
|
16,876 |
Treasury stock at cost, 336,398 shares |
|
|
(5,884) |
|
|
(5,884) |
Accumulated other comprehensive loss |
|
|
(1,171) |
|
|
(1,171) |
Total shareholders' equity |
|
|
175,994 |
|
|
158,058 |
Total liabilities and shareholders' equity |
|
$ |
203,463 |
|
$ |
193,012 |
GOLD RESOURCE
CORPORATIONCONSOLIDATED STATEMENTS OF
OPERATIONS (U.S. dollars in thousands, except share
and per share amounts)Unaudited
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended September 30, |
|
Nine months ended September 30, |
|
|
|
2020 |
|
2019 |
|
2020 |
|
2019 |
|
Sales, net |
|
$ |
42,286 |
|
$ |
40,066 |
|
$ |
91,389 |
|
$ |
96,018 |
|
Mine cost of
sales: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Production costs |
|
|
24,027 |
|
|
24,611 |
|
|
62,554 |
|
|
61,169 |
|
Depreciation and amortization |
|
|
7,289 |
|
|
6,117 |
|
|
19,694 |
|
|
13,524 |
|
Reclamation and remediation |
|
|
68 |
|
|
20 |
|
|
136 |
|
|
77 |
|
Total mine cost of sales |
|
|
31,384 |
|
|
30,748 |
|
|
82,384 |
|
|
74,770 |
|
Mine gross
profit |
|
|
10,902 |
|
|
9,318 |
|
|
9,005 |
|
|
21,248 |
|
Costs and
expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
General and administrative expenses |
|
|
2,665 |
|
|
2,194 |
|
|
7,136 |
|
|
6,913 |
|
Exploration expenses |
|
|
1,799 |
|
|
1,129 |
|
|
3,505 |
|
|
3,210 |
|
Other (income) expense, net |
|
|
(537) |
|
|
600 |
|
|
(871) |
|
|
518 |
|
Total costs and expenses |
|
|
3,927 |
|
|
3,923 |
|
|
9,770 |
|
|
10,641 |
|
Income (loss)
before income taxes |
|
|
6,975 |
|
|
5,395 |
|
|
(765) |
|
|
10,607 |
|
Provision (benefit) for income taxes |
|
|
1,974 |
|
|
2,417 |
|
|
(833) |
|
|
4,949 |
|
Net income |
|
$ |
5,001 |
|
$ |
2,978 |
|
$ |
68 |
|
$ |
5,658 |
|
Net income per
common share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
0.07 |
|
$ |
0.05 |
|
$ |
- |
|
$ |
0.09 |
|
Diluted |
|
$ |
0.07 |
|
$ |
0.05 |
|
$ |
- |
|
$ |
0.09 |
|
Weighted average
shares outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
70,641,938 |
|
|
65,495,958 |
|
|
68,896,059 |
|
|
63,001,178 |
|
Diluted |
|
|
71,044,528 |
|
|
65,796,899 |
|
|
69,289,349 |
|
|
63,336,131 |
|
GOLD RESOURCE
CORPORATIONCONSOLIDATED STATEMENTS OF CASH
FLOWS (U.S. dollars in thousands, except share and
per share amounts)Unaudited
|
|
|
|
|
|
|
|
|
|
Nine Months Ended September 30, |
|
|
2020 |
|
2019 |
|
Cash
flows from operating activities: |
|
|
|
|
|
|
|
Net income |
|
$ |
68 |
|
$ |
5,658 |
|
Adjustments to reconcile net income to net cash from operating
activities: |
|
|
|
|
|
|
|
Deferred income taxes |
|
|
(4,617) |
|
|
1,091 |
|
Depreciation and amortization |
|
|
19,953 |
|
|
13,881 |
|
Stock-based compensation |
|
|
1,175 |
|
|
1,581 |
|
Other operating adjustments |
|
|
(815) |
|
|
314 |
|
Changes in operating assets and liabilities: |
|
|
|
|
|
|
|
Accounts receivable |
|
|
3,585 |
|
|
(6,056) |
|
Inventories |
|
|
(1,823) |
|
|
(5,727) |
|
Prepaid expenses and other current assets |
|
|
(196) |
|
|
1,505 |
|
Other non-current assets |
|
|
(1,304) |
|
|
(2,882) |
|
Accounts payable and other accrued liabilities |
|
|
60 |
|
|
349 |
|
Mining royalty and income taxes payable, net |
|
|
1,610 |
|
|
(1,944) |
|
Net cash provided by operating activities |
|
|
17,696 |
|
|
7,770 |
|
|
|
|
|
|
|
|
|
Cash
flows from investing activities: |
|
|
|
|
|
|
|
Capital expenditures |
|
|
(12,915) |
|
|
(29,166) |
|
Other investing activities |
|
|
133 |
|
|
2 |
|
Net cash used in investing activities |
|
|
(12,782) |
|
|
(29,164) |
|
|
|
|
|
|
|
|
|
Cash
flows from financing activities: |
|
|
|
|
|
|
|
Proceeds from the exercise of stock options |
|
|
- |
|
|
98 |
|
Proceeds from issuance of stock |
|
|
18,674 |
|
|
24,449 |
|
Dividends paid |
|
|
(2,062) |
|
|
(944) |
|
Repayment of loans payable |
|
|
(656) |
|
|
(597) |
|
Repayment of finance leases |
|
|
(332) |
|
|
(311) |
|
Net cash provided by financing activities |
|
|
15,624 |
|
|
22,695 |
|
|
|
|
|
|
|
|
|
Effect of
exchange rate changes on cash and cash equivalents |
|
|
(301) |
|
|
(306) |
|
Net increase in
cash and cash equivalents |
|
|
20,237 |
|
|
995 |
|
Cash and cash
equivalents at beginning of period |
|
|
11,076 |
|
|
7,762 |
|
Cash and cash
equivalents at end of period |
|
$ |
31,313 |
|
$ |
8,757 |
|
|
|
|
|
|
|
|
|
Supplemental Cash Flow Information |
|
|
|
|
|
|
|
Interest expense paid |
|
$ |
84 |
|
$ |
121 |
|
Income and mining taxes paid |
|
$ |
1,915 |
|
$ |
3,743 |
|
Non-cash
investing activities: |
|
|
|
|
|
|
|
Change in capital expenditures in accounts payable |
|
$ |
(2,207) |
|
$ |
158 |
|
Change in estimate for asset retirement costs |
|
$ |
1,404 |
|
$ |
1,476 |
|
Equipment purchased through loan payable |
|
$ |
- |
|
$ |
330 |
|
Equipment purchased under finance leases |
|
$ |
- |
|
$ |
56 |
|
Common stock issued for the acquisition of mineral property |
|
$ |
100 |
|
$ |
- |
|
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 including a decade of production, generated
over $1 billion in revenue and has returned $115 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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