Business
Gold Resource Reports Results of Operations for the Year Ended December 31, 2023
DENVER / Mar 13, 2024 / Business Wire / Gold Resource Corporation (NYSE American: GORO) (the “Company”) is pleased to announce its full-year operational results
About this update from Gold Resource Corporation
[{"type":"text","content":"DENVER / Mar 13, 2024 / Business Wire / Gold Resource Corporation (NYSE American: GORO) (the “Company”) is pleased to announce its full-year operational results from its Don David Gold Mine (“DDGM”) near Oaxaca, Mexico, and a corporate update on its other activities. 2023 Highlights include: Produced and sold 18,534 ounces of gold and 1,036,229 ounces of silver Produced and sold 10,954 tonnes of zinc, 904 tonnes of copper, and 3,681 tonnes of lead Total cash cost after co-product credits for the full year was $1,250 per gold equivalent ounce Cash balance of $6.3 million with no debt and working capital of $15.2 million at December 31, 2023 Completed Back Forty Optimization Study that indicates an After-Tax of $214 million NPV6% with a 25.7% IRR and a 2.5 year payback “Our operational results for the final quarter of 2023 were in line with our mine plan and guidance even though our financial results were lower than planned,” stated Allen Palmiere, President and CEO for the Company. “Factors that are out of our control affected our bottom line, including a strengthened Mexican Peso to the US dollar, increased local power costs, and lower metal prices for our co-product metals of copper, lead, and zinc. We continue to be committed to the identification and implementation of opportunities that will reduce costs and increase efficiencies to offset these factors as we move forward. Our exploration drilling program at DDGM yielded encouraging drill results from our underground exploration program and will continue with the goal of increasing the average grade of our 2024 mine plan and life of mine resources. We also completed the optimization work for the Back Forty project and filed an inaugural S-K 1300 that resulted in an improved project valuation and increased economic returns, while reducing environment impacts.” Corporate and Financial: The Company closed the year with a $6.3 million cash balance as at December 31, 2023. The decrease of $17.4 million from December 31, 2022 is attributable to a cash outflow of $12.5 million for capital investments and a cash outflow of $5.2 million from operating activities for 2023, which included $7.8 million of income tax payments for the tax years 2022 and 2023, exploration investment of $4.2 million at the DDGM, and $1.6 million in spending on the Back Forty Project optimization work, offset...