Gold Resource Corporation Announces Preliminary Results of 8,042 Gold Equivalent Ounces Produced and Sold in Q3 2022
October 12 2022 - 3:40PM
Business Wire
Gold Resource Corporation (NYSE American: GORO) (the “Company”)
sold a total of 5,478 ounces of gold and 225,012 ounces of silver
in Q3 2022 for a gold equivalent total of 8,042 ounces.
Additionally, the Company sold 2,943 tonnes of zinc, 282 tonnes of
copper, and 1,056 tonnes of lead contributing to a strong cash
balance of over $22 million.
Allen Palmiere, President and CEO said “Production at the Don
David Gold Mine in Mexico remains on track to achieve guidance. The
feasibility study continues to advance at the Back Forty Project in
Michigan. In addition to the feasibility study work, we continue to
focus on preparing State of Michigan permits and engaging with the
community, including tribal leaders.”
Sales Statistics
Three months ended September
30,
Nine months ended September
30,
2022
2021
2022
2021
Metal sold
Gold (ozs.)
5,478
5,809
22,605
16,525
Silver (ozs.)
225,012
255,394
722,041
778,776
Copper (tones)
282
269
976
1,015
Lead (tonnes)
1,056
1,550
4,450
3,940
Zinc (tonnes)
2,943
3,059
10,892
9,386
Average metal prices
realized(1)
Gold ($ per oz.)
1,627
1,762
1,823
1,790
Silver ($ per oz.)
19
23
22
26
Copper ($ per tonne)
7,115
9,092
9,015
9,466
Lead ($ per tonne)
1,882
2,397
2,166
2,231
Zinc ($ per tonne)
3,186
3,032
3,828
2,924
Precious metal gold equivalent ounces
sold
Gold Ounces
5,478
5,809
22,605
16,525
Gold Equivalent Ounces from Silver
2,564
3,361
8,575
11,151
Total AuEq Ounces
8,042
9,170
31,180
27,676
(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:
Q2 2021
Q3 2021
Q4 2021
Q1 2022
Q2 2022
Q3 2022
Arista Mine
Tonnes Milled
126,363
97,806
135,398
135,801
128,884
110,682
Average Gold Grade (g/t)
1.91
2.68
1.93
3.00
2.63
1.98
Average Silver Grade (g/t)
79
91
82
81
64
80
Average Copper Grade (%)
0.36
0.37
0.38
0.41
0.32
0.37
Average Lead Grade (%)
1.63
2.29
2.17
1.97
1.99
1.59
Average Zinc Grade (%)
3.64
4.79
4.77
4.89
4.00
4.21
Combined
Tonnes milled(1)
129,590
98,010
135,398
136,844
129,099
110,682
Tonnes Milled per Day(2)
1,506
1,353
1,559
1,590
1,516
1,361
Metal production (before payable metal
deductions)(3)
Gold (ozs.)
6,555
6,933
6,853
11,187
9,317
5,851
Silver (ozs.)
295,979
265,829
330,873
332,292
249,088
261,256
Copper (tonnes)
368
284
413
431
303
296
Lead (tonnes)
1,654
1,808
2,345
2,073
2,020
1,249
Zinc (tonnes)
3,683
3,920
5,349
5,562
4,282
3,901
(1) Combined tonnes milled in Q2 and Q3 2021 included 3,227 and
204 tonnes from the Open Pit Mine, respectively. The Open Pit Mine
is no longer in production as of Q3 2021. Additionally, Q1 and Q2
2022 combined tonnes milled includes 1,043 and 215 purchased
tonnes, respectively, related to an environmental initiative with a
local community.
(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.
Q3 2022 Conference Call
The Company will host a conference call Tuesday, November 1,
2022 at 10:00 a.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 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: https://app.webinar.net/no36p6L10ja
To join the call via telephone, please use the following dial-in
details:
Participant Toll Free:
+1 (888) 886-7786
International:
+1 (416) 764-8658
Conference ID:
96525237
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 company’s 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 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/20221012006017/en/
Kim Perry Chief Financial Officer Kim.Perry@GRC-USA.com
www.GoldResourceCorp.com
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