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Gold Resource Corporation Announces Preliminary Results of Over 30,000 Gold Ounces Produced and Sold, Exceeding Production Guidance For 2022

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Gold Resource Corporation Announces Preliminary Results of Over 30,000 Gold Ounces Produced and Sold, Exceeding Production Guidance For 2022

 

 

 

 

 

Gold Resource Corporation (NYSE American: GORO) 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.

 

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.

(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.

 

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.

 

Posted January 18, 2023

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