Gold Resource Corporation Announces Preliminary Results of Over 30,000 Gold Ounces Produced and Sold, Exceeding Production Guidance For 2022
January 17 2023 - 10:25AM
Business Wire
Gold Resource Corporation (NYSE American: GORO) (the “Company”)
sold a total of 30,119 ounces of gold and 1,057,209 ounces of
silver in 2022 for a gold equivalent total of 42,757 gold
equivalent ounces. Additionally, during the year the Company sold
14,157 tonnes of zinc, 1,348 tonnes of copper, and 5,391 tonnes of
lead contributing to a strong cash balance of over $23 million.
Allen Palmiere, President and CEO said “Despite global
challenges faced this year, such as inflation, and localized
challenges such as ground support and ventilation, gold and silver
production at the Don David Gold Mine in Mexico still ended the
year above guidance. While our grade profile is expected to decline
in 2023, we continue to identify and implement improvement
opportunities, including collaborating with local communities to
ensure sustainability. Work continues with the feasibility study to
advance the Back Forty Project in Michigan and once completed,
preparation of State of Michigan permits will follow. In addition
to the feasibility study work, we continue to focus on engaging
with the local community.”
Sales Statistics
Three months ended December
31,
Twelve months ended December
31,
2022
2021
2022
2021
Metal sold
Gold (ozs.)
7,514
6,119
30,119
22,644
Silver (ozs.)
335,168
287,805
1,057,209
1,066,581
Copper (tones)
372
405
1,348
1,420
Lead (tonnes)
941
2,059
5,391
5,999
Zinc (tonnes)
3,265
4,167
14,157
13,553
Average metal prices
realized(1)
Gold ($ per oz.)
1,734
1,811
1,801
1,796
Silver ($ per oz.)
21.25
23.51
21.53
25.06
Copper ($ per tonne)
8,221
9,768
8,795
9,553
Lead ($ per tonne)
1,954
2,339
2,129
2,268
Zinc ($ per tonne)
2,577
3,466
3,539
3,091
Precious metal gold equivalent ounces
sold
Gold Ounces
7,514
6,119
30,119
22,644
Gold Equivalent Ounces from Silver
4,107
3,736
12,638
14,882
Total AuEq Ounces
11,621
9,855
42,757
37,526
(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:
Q3 2021
Q4 2021
Q1 2022
Q2 2022
Q3 2022
Q4 2022
Arista Mine
Tonnes Milled
97,806
135,398
135,801
128,884
110,682
116,616
Average Gold Grade (g/t)
2.68
1.93
3.00
2.63
1.98
2.51
Average Silver Grade (g/t)
91
82
81
64
80
109
Average Copper Grade (%)
0.37
0.38
0.41
0.32
0.37
0.45
Average Lead Grade (%)
2.29
2.17
1.97
1.99
1.59
1.58
Average Zinc Grade (%)
4.79
4.77
4.89
4.00
4.21
4.27
Combined
Tonnes milled(1)
98,010
135,398
136,844
129,099
110,682
116,616
Tonnes Milled per Day(2)
1,353
1,559
1,590
1,516
1,361
1,389
Metal production (before payable metal
deductions)(3)
Gold (ozs.)
6,933
6,853
11,187
9,317
5,850
7,767
Silver (ozs.)
265,829
330,873
332,292
249,088
261,257
370,768
Copper (tonnes)
284
413
431
303
296
406
Lead (tonnes)
1,808
2,345
2,073
2,020
1,248
1,323
Zinc (tonnes)
3,920
5,349
5,562
4,282
3,901
4,198
(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.
Q4 2022 Conference Call
The Company will host a conference call Friday, March 3, 2023 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://viavid.webcasts.com/starthere.jsp?ei=1594268&tp_key=1f4ada6e2c
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: 38298670
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/20230117005819/en/
Kim Perry Chief Financial Officer Kim.Perry@GRC-USA.com
www.GoldResourceCorp.com
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