Business
Gold Resource Issues 2023 Guidance and Suspension of Dividend Program
DENVER / Feb 13, 2023 / Business Wire / Gold Resource Corporation (NYSE American: GORO) (the “Company,” “We,” “Our” or “GRC”) remains focused on unlocking the v
About this update from Gold Resource Corporation
[{"type":"text","content":"DENVER / Feb 13, 2023 / Business Wire / Gold Resource Corporation (NYSE American: GORO) (the “Company,” “We,” “Our” or “GRC”) remains focused on unlocking the value of our Mexican mine, existing infrastructure, and large property position. Additionally, the Company remains committed to optimizing the mine plan and process flowsheets for the Back Forty Project. With that said, the 2022 market volatility, challenging economic conditions and the lower grade profile of our current Mineral Reserves and Mineral Resources, have collectively contributed to an adverse impact on our 2022 cash flows and consolidated earnings. While we are focused on organic growth and disciplined cost cutting initiatives, the lower grade profile is expected to continue through 2023 and is projected to negatively impact operating cash flows and total cash costs per gold equivalent ounce, as reflected in the guidance table below. Allen Palmiere, President and CEO, said, “2022 was a challenging year for the Company on a number of fronts; however, we made excellent strides with our operations, capital and exploration programs. Further, I remain very proud of how our workforce embraced our objectives and values around safety, operational process improvement and collaboration with our internal and external stakeholders. We will continue identifying operational efficiencies and cost improvement opportunities in 2023; however, as per our 2023 guidance, lower gold grades will result in less production in 2023 than 2022 and further significantly contribute to an increased Cash Costs and All-in Sustaining Costs. More importantly, we are eager to advance the exploration drilling at a number of highly prospective underground targets in Mexico. With the Back Forty Project, we will continue work on the feasibility study with a deliberate and measured approach. I remain optimistic that this year will provide opportunities to grow the Company in new directions.” Measure 2023 Guidance Payable Production 17,000 to 19,000 Gold Ounces 900,000 to 1,000,000 Silver Ounces 30,000 to 31,000 Gold Equivalent Ounces Cash Costs after by-product credits per gold equivalent (“AuEq”) ounce 1, 2 $1,000 to $1,050 All-in Sustaining Costs after by-product credits per AuEq ounce 1, 2 DDGM: $1,250 to $1,350 Consolidated: $1,650 to $1,750 Capital Investment $6 to $7 million Exploration Co...