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): January 17, 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 January 17, 2023, Gold Resource Corporation issued a news release reporting its preliminary production and select financial results for the fourth 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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|---|---|---|---|
| 99.1 | News Release dated January 17, 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: January 17, 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 30,000 GOLD OUNCES PRODUCED AND SOLD, EXCEEDING
PRODUCTION GUIDANCE FOR 2022
Denver, Colorado – January 17, 2023 – 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. |
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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. |
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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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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.
Contacts:
Kim Perry
Chief Financial Officer
Kim.Perry@GRC-USA.com
www.GoldResourcecorp.com