8-K
GOLD RESOURCE CORP (GORO)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): October 16, 2023
GOLD RESOURCE CORP ORATION
(Exact name of registrant as specified in its charter)
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| Colorado | | 001-34857 | | 84-1473173 |
| (State or other jurisdiction of<br><br>incorporation) | | (Commission<br>File Number) | | (I.R.S. Employer<br>Identification Number) |
| 7900 E. Union Ave , Suite 320 Denver , Colorado | | 80237 |
|---|---|---|
| (Address of principal executive offices) | | (Zip Code) |
Registrant’s telephone number, including area code: (303) 320-7708
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| ☐ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
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| ☐ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
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| ☐ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
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| ☐ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
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Securities registered pursuant to Section 12(b) of the Act:
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| Title of each class | | Trading Symbol(s) | | Name of each exchange on which<br><br>registered |
| Common stock | | GORO | | NYSE American |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ◻
1.01
Item 2.02 Results of Operations and Financial Condition.
On October 16 2023, Gold Resource Corporation issued a news release reporting its preliminary production and select financial results for the third quarter of 2023. 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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|---|---|---|---|
| 99.1 | News Release dated October 16, 2023 | ||
| 104 | | Cover Page Interactive Data File (formatted in Inline XBRL and contained in Exhibit 101) |
2
SIGNATURES
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.
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| | | GOLD RESOURCE CORPORATION | |
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| Date: October 16, 2023 | By: | /s/ Allen Palmiere | |
| Name: | Allen Palmiere | ||
| Title: | Chief Executive Officer and President |
3
Microsoft Word - Jan 25 2021 Preliminary production_FINAL (1).docx
Exhibit 99.1
| NEWS - FOR **** IMMEDIATE **** RELEASE | | NYSE **** American: **** GORO |
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GOLD RESOURCE CORPORATION ANNOUNCES PRELIMINARY THIRD QUARTER RESULTS
Denver, Colorado – October 16, 2023 – Gold Resource Corporation (NYSE American: GORO) (the “Company”) announces its preliminary third quarter results that includes the sale of 3,982 ounces of gold and 208,905 ounces of silver resulting in total gold equivalent (AuEq) ounces of 6,532. Additionally, the company sold 2,571 tonnes of zinc, 245 tonnes of copper, and 947 tonnes of lead. During the nine months ending September 30, 2023, the company sold 24,306 AuEq ounces, 8,772 tonnes of zinc, 904 tonnes of copper, and 3,681 tonnes of lead.
Allen Palmiere, President and CEO said “The quarter has presented some challenges beyond our control including decreased metal prices and the strengthening of the Mexican peso against the US Dollar. Production during the quarter was on par with the last four quarters, however average grade decreased as was expected in our 2023 mine plan. We continue to identify and implement opportunities for cost reductions and operational efficiencies. We continue to be encouraged by the positive results of our 2023 drill program at the Don David Gold Mine that demonstrate the potential to increase our resources and reserves that could lead to future increased production^(1)^.”
| Sales Statistics | Three months ended September 30, | Nine months ended September 30, | ||
|---|---|---|---|---|
| 2023 | 2022 | 2023 | 2022 | |
| Metal sold | ||||
| Gold (ozs.) | 3,982 | 5,478 | 14,777 | 22,605 |
| Silver (ozs.) | 208,905 | 225,012 | 777,977 | 722,041 |
| Copper (tones) | 245 | 282 | 904 | 976 |
| Lead (tonnes) | 947 | 1,056 | 3,681 | 4,450 |
| Zinc (tonnes) | 2,571 | 2,943 | 8,772 | 10,892 |
| Average metal prices realized^(2)^ | ||||
| Gold ($ per oz.) | 1,934 | 1,627 | 1,948 | 1,823 |
| Silver ($ per oz.) | 24 | 19 | 24 | 22 |
| Copper ($ per tonne) | 8,185 | 7,115 | 8,624 | 9,015 |
| Lead ($ per tonne) | 2,196 | 1,882 | 2,166 | 2,166 |
| Zinc ($ per tonne) | 2,195 | 3,186 | 2,648 | 3,828 |
| Precious metal gold equivalent ounces sold | ||||
| Gold Ounces | 3,982 | 5,478 | 14,777 | 22,605 |
| Gold Equivalent Ounces from Silver | 2,550 | 2,564 | 9,529 | 8,575 |
| Total AuEq Ounces | 6,532 | 8,042 | 24,306 | 31,180 |
| (1) | See the press release titled “Gold Resource Corporation Reports Continued Positive Drill Results at Don David Gold Mine” published September 12, 2023. The press release can be found at www.goldresourcecorporation.com/news. |
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| (2) | 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. |
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Trending Production Statistics
| 3) | ||||||
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| For the three months ended: | ||||||
| Q2 2022 | Q3 2022 | Q4 2022 | Q1 2023 | Q2 2023 | Q3 2023 | |
| Arista Mine | ||||||
| Tonnes Milled | 128,884 | 110,682 | 116,616 | 116,721 | 113,511 | 116,626 |
| Average Gold Grade (g/t) | 2.63 | 1.98 | 2.51 | 2.33 | 1.59 | 1.52 |
| Average Silver Grade (g/t) | 64 | 80 | 109 | 94 | 86 | 73 |
| Average Copper Grade (%) | 0.32 | 0.37 | 0.45 | 0.37 | 0.37 | 0.32 |
| Average Lead Grade (%) | 1.99 | 1.59 | 1.58 | 1.73 | 1.64 | 1.29 |
| Average Zinc Grade (%) | 4.00 | 4.21 | 4.27 | 3.88 | 3.72 | 3.24 |
| Combined | | | ||||
| Tonnes milled^(3)^ | 129,099 | 110,682 | 116,616 | 117,781 | 113,511 | 116,626 |
| Tonnes Milled per Day^(4)^ | 1,516 | 1,361 | 1,389 | 1,420 | 1,395 | 1,557 |
| Metal production (before payable metal deductions)^(5)^ | ||||||
| Gold (ozs.) | 9,317 | 5,850 | 7,767 | 7,171 | 4,637 | 4,443 |
| Silver (ozs.) | 249,088 | 261,257 | 370,768 | 322,676 | 289,816 | 247,159 |
| Copper (tonnes) | 303 | 296 | 406 | 336 | 334 | 276 |
| Lead (tonnes) | 2,020 | 1,248 | 1,323 | 1,559 | 1,389 | 1,048 |
| Zinc (tonnes) | 4,282 | 3,901 | 4,198 | 3,837 | 3,569 | 3,223 |
| (3) | Combined tonnes milled in Q1 and Q2 2022 and Q1 2023 includes 1,043, 215, and 1,060 purchased tonnes, respectively, related to a collaborative initiative with a local community to ensure the proper environmental treatment and storage of the material. |
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| (4) | Based on actual days the mill operated during the period. |
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| (5) | 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. |
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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:
Chet Holyoak
Chief Financial Officer
Chet.Holyoak@GRC-USA.com
www.GoldResourceCorp.com