UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
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FORM
CURRENT REPORT
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1.01
Item 2.02 Results of Operations and Financial Condition.
On October 12, 2022, Gold Resource Corporation issued a news release reporting its preliminary production and select financial results for the third quarter of 2022. A copy of the news release is attached as Exhibit 99.1 to this report.
In accordance with General Instruction B.2 of Form 8-K, the information in this Item 2.02, including Exhibit 99.1, shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liability of that section, and shall not be incorporated by reference into any of the Company’s filings or other document filed under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits. The following exhibits are furnished with this report:
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104 | Cover Page Interactive Data File (formatted in Inline XBRL and contained in Exhibit 101) | |||
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
GOLD RESOURCE CORPORATION | |||
Date: October 12, 2022 | By: | /s/ Allen Palmiere | |
Name: | Allen Palmiere | ||
Title: | Chief Executive Officer and President | ||
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Exhibit 99.1
NEWS - FOR IMMEDIATE RELEASE | NYSE American: GORO | |||
GOLD RESOURCE CORPORATION ANNOUNCES PRELIMINARY RESULTS OF
8,042 GOLD EQUIVALENT OUNCES PRODUCED AND SOLD IN Q3 2022
Denver, Colorado – October 12, 2022 – 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 $22 million.
Allen Palmiere, President and CEO said “Production at the Don David Gold Mine in Mexico remains on track to achieve guidance. The feasibility study continues to advance at the Back Forty Project in Michigan. In addition to the feasibility study work, we continue to focus on preparing State of Michigan permits and engaging with the community, including tribal leaders.”
Sales Statistics
Three months ended September 30, | Nine months ended September 30, | ||||
2022 | 2021 | 2022 | 2021 | ||
Metal sold | |||||
Gold (ozs.) | 5,478 | 5,809 | 22,605 | 16,525 | |
Silver (ozs.) | 225,012 | 255,394 | 722,041 | 778,776 | |
Copper (tones) | 282 | 268 | 976 | 1,015 | |
Lead (tonnes) | 1,056 | 1,550 | 4,450 | 3,940 | |
Zinc (tonnes) | 2,943 | 3,059 | 10,892 | 9,386 | |
Average metal prices realized(1) | |||||
Gold ($ 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
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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.
Contacts:
Kim Perry
Chief Financial Officer
Kim.Perry@GRC-USA.com
www.GoldResourceCorp.com
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