Business
Gold Resource Corporation Reports Third Quarter Net Income of $5.0 Million, or $0.07 Per Share
COLORADO SPRINGS, CO, Nov. 02, 2020 (GLOBE NEWSWIRE) -- via NewMediaWire -- Gold Resource Corporation (NYSE American: GORO) (the “Company”, “We”, “Our” or “GRC”
About this update from Gold Resource Corporation
[{"type":"text","content":" COLORADO SPRINGS, CO, Nov. 02, 2020 (GLOBE NEWSWIRE) -- via NewMediaWire -- Gold Resource Corporation (NYSE American: GORO) (the “Company”, “We”, “Our” or “GRC”) reported consolidated production results for the third quarter ended September 30, 2020 of 12,575 gold ounces and 333,761 silver ounces. In addition to precious metals, the Company produced base metals resulting in consolidated net revenue of $42.3 million for the quarter. Gold Resource Corporation is a gold and silver producer, developer and explorer with operations in Oaxaca, Mexico and Nevada, USA. The Company has returned $115 million to its shareholders in consecutive monthly dividends since July 2010 and offers its shareholders the option to convert their cash dividends into physical gold and silver and take delivery. “Our successful third quarter demonstrates our strength and determination,” stated Gold Resource Corporation’s CEO and President, Mr. Jason Reid. “Despite the mandatory two-month shutdown in Mexico during the second quarter, our Oaxaca Mining unit is back to generating free cashflow while putting employee and community health and safety first. Nevada also delivered on generating free cash flow with its record quarterly gold production, a 51% increase over the prior quarter, while continuing rigorous COVID protocols. Additionally, we made a deliberate strategic move to unlock and increase shareholder value from both mining units by initiating the spin-off of the Nevada Mining Unit to shareholders as Fortitude Gold Corporation.” Q3 2020 HIGHLIGHTS On July 1, 2020, we celebrated 10 years of production, over $1 billion in revenue and $114 million in shareholder dividends; Record gold production from Isabella Pearl of 7,847 gold ounces; Consolidated production of 12,575 gold ounces and 333,761 silver ounces; $42.3 million consolidated net sales bringing year-to-date September 30, 2020 sales to $91.4 million; Net income of $5.0 million or $0.07 per share; Total Oaxaca Mining Unit cash cost after by-product credits of $589 per ounce; Total Nevada Mining Unit cash cost after by-product credits of $935 per ounce; $31.3 million cash balance at September 30, 2020, an increase of $20.2 million from the December 31, 2019 balance of $11.1 million; Cash from operating activities of $17.7 million for the nine months ended September 30,...