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): April 12, 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 April 12 2023, Gold Resource Corporation issued a news release reporting its preliminary production and select financial results for the first 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 April 12, 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: April 12, 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 RESULTS OF OVER 10,000 GOLD EQUIVALENT OUNCES PRODUCED AND SOLD IN Q1 2023
Denver, Colorado – April 12, 2023 – Gold Resource Corporation (NYSE American: GORO) (the “Company”) sold a total of 6,508 ounces of gold and 294,815 ounces of silver in Q1 2023 for a gold equivalent total of 10,055 ounces. Additionally, the Company sold 3,060 tonnes of zinc, 332 tonnes of copper, and 1,417 tonnes of lead.
“Our 2023 annual production at the Don David Gold Mine is off to a good start. This achievement is due to mining higher average grades as a result of targeted infill drilling and mine sequencing,” stated Allen Palmiere, President and CEO. “Underground resource expansion drilling is progressing as planned. In addition, the mine is managed by a new leadership team that is already realizing improvements to maximize efficiencies and safety protocols. At the Back Forty Project in Michigan, feasibility study work related to metallurgical testing and refinement of capital cost estimates continues.”
Sales Statistics
| Three months ended March 31, | ||
|---|---|---|
| 2023 | 2022 | |
| Metal sold | ||
| Gold (ozs.) | 6,508 | 8,381 |
| Silver (ozs.) | 294,815 | 265,407 |
| Copper (tones) | 332 | 408 |
| Lead (tonnes) | 1,417 | 1,639 |
| Zinc (tonnes) | 3,060 | 4,359 |
| Average metal prices realized^(1)^ | ||
| Gold ($ per oz.) | 1,915 | 1,898 |
| Silver ($ per oz.) | 23 | 24 |
| Copper ($ per tonne) | 9,172 | 10,144 |
| Lead ($ per tonne) | 2,158 | 2,347 |
| Zinc ($ per tonne) | 3,195 | 3,842 |
| Precious metal gold equivalent ounces sold | ||
| Gold Ounces | 6,508 | 8,381 |
| Gold Equivalent Ounces from Silver | 3,547 | 3,348 |
| Total AuEq Ounces | 10,055 | 11,729 |
| (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. |
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Trending Production Statistics
| For the three months ended: | ||||||
|---|---|---|---|---|---|---|
| Q4 2021 | Q1 2022 | Q2 2022 | Q3 2022 | Q4 2022 | Q1 2023 | |
| Arista Mine | ||||||
| Tonnes Milled | 135,398 | 135,801 | 128,884 | 110,682 | 116,616 | 116,721 |
| Average Gold Grade (g/t) | 1.93 | 3.00 | 2.63 | 1.98 | 2.51 | 2.33 |
| Average Silver Grade (g/t) | 82 | 81 | 64 | 80 | 109 | 94 |
| Average Copper Grade (%) | 0.38 | 0.41 | 0.32 | 0.37 | 0.45 | 0.37 |
| Average Lead Grade (%) | 2.17 | 1.97 | 1.99 | 1.59 | 1.58 | 1.73 |
| Average Zinc Grade (%) | 4.77 | 4.89 | 4.00 | 4.21 | 4.27 | 3.88 |
| Combined | ||||||
| Tonnes milled^(1)^ | 135,398 | 136,844 | 129,099 | 110,682 | 116,616 | 117,781 |
| Tonnes Milled per Day^(2)^ | 1,559 | 1,590 | 1,516 | 1,361 | 1,389 | 1,420 |
| Metal production (before payable metal deductions)^(^^3)^ | ||||||
| Gold (ozs.) | 6,853 | 11,187 | 9,317 | 5,851 | 7,767 | 7,171 |
| Silver (ozs.) | 330,873 | 332,292 | 249,088 | 261,256 | 370,768 | 322,676 |
| Copper (tonnes) | 413 | 431 | 303 | 296 | 406 | 336 |
| Lead (tonnes) | 2,345 | 2,073 | 2,020 | 1,249 | 1,323 | 1,559 |
| Zinc (tonnes) | 5,349 | 5,562 | 4,282 | 3,901 | 4,198 | 3,837 |
| (1) | 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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| (2) | Based on actual days the mill operated during the period. |
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| (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. |
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Q1 2023 Conference Call
The Company will host a conference call Wednesday, April 26, 2023, at 10:00 a.m. Mountain 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=1609974&tp_key=2108468e9d
To join the call via telephone, please use the following dial-in details:
| Participant Toll Free: | +1 (888) 396-8049 |
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| International: | +1 (416) 764-8646 |
| Conference ID: | 13462059 |
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 deposit, 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