Business
Gold Resource Announces Financial Results for the Third Quarter 2022 and Reiterates 2022 Production and Cost Guidance
DENVER / Oct 31, 2022 / Business Wire / Gold Resource Corporation (NYSE American: GORO) (the “Company”) sold a total of 5,478 ounces of gold and 225,012 ounces
About this update from Gold Resource Corporation
[{"type":"text","content":"DENVER / Oct 31, 2022 / Business Wire / Gold Resource Corporation (NYSE American: GORO) (the “Company”) sold a total of 5,478 ounces of gold and 225,012 ounces of silver in Q3 2022 for a gold equivalent total of 8,042 ounces. Additionally, the Company sold 2,943 tonnes of zinc, 282 tonnes of copper, and 1,056 tonnes of lead. Allen Palmiere, President and CEO said “The implementation of safety programs has been our top priority in 2021 and 2022 to address ground support and ventilation issues. The disciplined approach had an impact on production volumes, mine development and exploration. With that said, we are still on track to meet our 2022 guidance. We are putting safety first at the temporary cost of production. During the quarter we continued to advance the feasibility study and permitting initiatives at the Back Forty Project in Michigan.” Q3 2022 HIGHLIGHTS Additional highlights for the third quarter ended September 30, 2022, include: Our balance sheet remains strong, with $22.5 million in cash as of September 30, 2022. The decrease of $11.2 million since December 31, 2021, is after: year-to-date cash inflow of $7.9 million from operating activities, net of $16.2 million in income tax payments for tax years 2021 and 2022; $6.9 million investment in the Back Forty Project feasibility study and permitting work; investing Canadian dollar (“C$”) 2.4 million (or US dollar $1.7 million) in Maritime Resources Corp., ticker symbol “MAE.V” on the Toronto Stock Exchange—Venture Exchange (“TSX-V”), in exchange for 9.9% of the company’s issued and outstanding shares via a private placement; investing $14.1 million in capital expenditures; and distributing to shareholders $2.7 million in dividends ($0.9 million this quarter, totaling over $122 million since 2010). The Don David Gold Mine safety program aims to bolster the overall health and safety culture. There were no lost time incidents during the third quarter of 2022. The year-to-date lost time injury frequency rate per million hours of 2.76 is substantially below the Camimex (Mexican Chamber of Mines) benchmark of 5.281. During the third quarter of 2022, production, mine development, and exploration were deliberately and temporarily slowed to improve safety specific to ground support and ventilation. Working capital was $28.9 million at September 30, 2022, $0.4 million lower than ...