Gold Resource Corporation Announces Preliminary Fourth Quarter and Year-End Results
January 30 2024 - 12:15PM
Business Wire
Gold Resource Corporation (NYSE American: GORO) (the “Company”)
announces its preliminary fourth quarter results that includes the
sale of 3,757 ounces of gold and 258,252 ounces of silver resulting
in total gold equivalent (AuEq) ounces of 6,768. Additionally, the
company sold 2,182 tonnes of zinc, 327 tonnes of copper, and 820
tonnes of lead. During the year ending December 31, 2023, the
company sold 31,085 AuEq ounces, 10,954 tonnes of zinc, 1,231
tonnes of copper, and 4,501 tonnes of lead.
“Production during the quarter was lower than the last four
quarters mainly due to lower average grades as was expected in our
2023 mine plan. We continue to identify and implement opportunities
for cost reductions and operational efficiencies. Our 2023 drill
program resulted in encouraging positive results that demonstrate
the potential to increase our resources and reserves that could
lead to future increased production1,” stated Allen Palmiere,
President and CEO. “The last quarter has continued to present
challenges beyond our control as the most metal prices have
continued to be lower than planned and the Mexican peso has
remained strong against the US Dollar. We did see an increase above
plan in the gold price towards the end of the year which has helped
to relieve some of the negative pressure from other metal
prices.”
Sales Statistics
Three months ended December
31,
Twelve months ended December
31,
2023
2022
2023
2022
Metal sold
Gold (ozs.)
3,757
7,514
18,534
30,119
Silver (ozs.)
258,252
335,168
1,036,229
1,057,209
Copper (tones)
327
372
1,231
1,348
Lead (tonnes)
820
941
4,501
5,391
Zinc (tonnes)
2,182
3,265
10,954
14,157
Average metal prices
realized(2)
Gold ($ per oz.)
1,985
1,734
1,955
1,801
Silver ($ per oz.)
23.14
21.25
23.68
21.53
Copper ($ per tonne)
8,205
8,221
8,513
8,795
Lead ($ per tonne)
2,122
1,954
2,158
2,129
Zinc ($ per tonne)
2,516
2,577
2,621
3,539
Precious metal gold equivalent ounces
sold
Gold Ounces
3,757
7,514
18,534
30,119
Gold Equivalent Ounces from Silver
3,011
4,107
12,551
12,638
Total AuEq Ounces
6,768
11,621
31,085
42,757
Trending Production Statistics
For the three months ended:
Q3 2022
Q4 2022
Q1 2023
Q2 2023
Q3 2023
Q4 2023
Arista Mine
Tonnes Milled
110,682
116,616
116,721
113,510
116,626
111,255
Average Gold Grade (g/t)
1.98
2.51
2.33
1.59
1.52
1.44
Average Silver Grade (g/t)
80
109
94
86
73
85
Average Copper Grade (%)
0.37
0.45
0.37
0.37
0.32
0.39
Average Lead Grade (%)
1.59
1.58
1.73
1.64
1.29
1.39
Average Zinc Grade (%)
4.21
4.27
3.88
3.72
3.24
2.95
Combined
Tonnes milled(3)
110,682
116,616
117,781
113,510
116,626
111,255
Tonnes Milled per Day(4)
1,361
1,389
1,420
1,395
1,557
1,379
Metal production (before payable metal
deductions)(5)
Gold (ozs.)
5,851
7,767
7,171
4,637
4,443
4,077
Silver (ozs.)
261,256
370,768
322,676
289,816
247,159
282,488
Copper (tonnes)
296
406
336
334
276
341
Lead (tonnes)
1,249
1,323
1,559
1,389
1,048
1,072
Zinc (tonnes)
3,901
4,198
3,837
3,569
3,223
2,884
Year-End 2023 Conference Call
The Company will host a conference call Thursday, March 14, 2024
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 Chet
Holyoak, 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://onlinexperiences.com/Launch/QReg/ShowUUID=F24608AC-00ED-4198-B37C-E83FCE95DDEB
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: 34193701
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. The company’s focus is to unlock
the significant upside potential of its existing infrastructure and
large land position surrounding the Don David mine 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.
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
https://goldresourcecorp.com/news-releases/gold-resource-corporation-reports-continued-positi-6343/.
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. 3 Combined tonnes 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. 4 Based on actual days the mill operated
during the period. 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.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240130673946/en/
Chet Holyoak Chief Financial Officer Chet.Holyoak@GRC-USA.com
www.GoldResourceCorp.com
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