Business
Gold Resource Reports Financial Results for the First Quarter 2024
DENVER / May 02, 2024 / Business Wire / Gold Resource Corporation (NYSE American: GORO) (the “Company”) is pleased to announce its first quarter operational res
About this update from Gold Resource Corporation
[{"type":"text","content":"DENVER / May 02, 2024 / Business Wire / Gold Resource Corporation (NYSE American: GORO) (the “Company”) is pleased to announce its first quarter operational results from its Don David Gold Mine (“DDGM”) near Oaxaca, Mexico, and a corporate update on its other activities. 2024 Q1 Highlights include: Produced and sold 3,557 ounces of gold and 216,535 ounces of silver Produced and sold 1,682 tonnes of zinc, 264 tonnes of copper, and 667 tonnes of lead Cash balance of $5.7 million with no debt and working capital of $13.6 million at March 31, 2024 “Work during the first quarter, included reparations for the planned closure of the third cell of our tailings storage facility (“TSF”) and solving fluctuations in the water quality returned to the processing plant from the TSF pond. As a result, plant throughput was reduced, and recoveries were lower during the first few weeks of the quarter until solutions were achieved. Work will continue during the second quarter to further improve recoveries.” stated Allen Palmiere, President and CEO. “The Mexican peso continued to remain strong against the US dollar and base metal prices were lower than expected for the quarter. To offset most of these challenges, the mine plan was adjusted to provide higher grade ore and lower our costs. We also continued with our exploration program to better define the areas that have been returning very positive and encouraging results.” Corporate and Financial: Net loss was $4.0 million or $0.05 per share for the quarter, which was after $0.9 million in expenses for DDGM exploration development and underground drilling. Total cash cost after co-product credits for the quarter was $1,667 per gold equivalent (“AuEq”) ounce and total all-in sustaining cost (“AISC”) after co-product credits for the quarter was $2,295 per AuEq ounce. (See Item 2—Management’s Discussion and Analysis of Financial Condition and Results of Operations – Non-GAAP Measures for a reconciliation of non-GAAP measures to applicable GAAP measures). Don David Gold Mine: In the first quarter of 2024, DDGM produced and sold a total of 5,965 gold equivalent ounces, comprised of 3,557 gold ounces and 216,535 silver ounces at an average sales price per ounce of $2,094 and $23.29, respectively. The underground diamond drilling program progressed as planned and on schedule during the first quarter, usin...