Business
Gold Resource Reports Results of Operations for the Year-Ended December 31, 2022
SOLD 42,757 GOLD EQUIVALENT OUNCES, EXCEEDING 2022 GUIDANCE NET LOSSES OF $6.3 MILLION AND EBITDA OF $29.5 MILLION STRONG CASH BALANCE OF $23.7 MILLION AT YEAR
About this update from Gold Resource Corporation
[{"type":"text","content":" SOLD 42,757 GOLD EQUIVALENT OUNCES, EXCEEDING 2022 GUIDANCE NET LOSSES OF $6.3 MILLION AND EBITDA OF $29.5 MILLION STRONG CASH BALANCE OF $23.7 MILLION AT YEAR END MINERAL RESOURCE AND RESERVES REPLACED 88% AND 74%, RESPECTIVELY 2022 FINANCIAL RESULTS REMAIN UNAUDITED, BDO USA, LLP, STILL TO COMPLETE FINAL AUDIT PROCEDURES AND RESULTS WILL BE RELEASED WITH THE 10-K DENVER / Mar 02, 2023 / Business Wire / Gold Resource Corporation (NYSE American: GORO) (the “Company”) sold a total of 30,119 ounces of gold and 1,057,209 ounces of silver in 2022 for a 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. For the year ended December 31, 2022, the company reported a net loss of $6.3 million with revenue of $138.7 million and mine gross profit of $29.7 million from operations. A total of $31.3 million was invested in the Don David Gold Mine and Back Forty Project. 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. We also made excellent strides with our operations, capital, and exploration programs. The results of the Q4 2022 drilling at DDGM are very promising and have confirmed the ongoing 2023 drill program is on the right track to potentially deliver higher grade resources into the near- and mid-term mine plan. With improved access and ventilation our team can now aggressively continue with the underground infill and expansion drilling to follow-up these positive results. While our grade profile is expected to decline in 2023, we continue to identify and implement productivity improvements. Work continues with the feasibility study to advance the Back Forty Project in Michigan with a deliberate and measured approach. Upon completion, preparation of State of Michigan permits will follow. In both Mexico and Michigan, we are focused on collaborating with local communities to ensure sustainability.” 2022 HIGHLIGHTS Additional highlights for the year ended December 31, 2022, are summarized below: Strategic: Cash inflow of $14.2 million from operating activities for 2022, which included $18.6 million of income tax p...