Business
Gold Resource Reports Robust Financial Results and Strong Balance Sheet for the First Quarter 2022
DENVER / May 09, 2022 / Business Wire / Gold Resource Corporation (NYSE American: GORO) (the “Company”) sold a total of 8,381 ounces of gold and 265,407 ounces
About this update from Gold Resource Corporation
[{"type":"text","content":"DENVER / May 09, 2022 / Business Wire / Gold Resource Corporation (NYSE American: GORO) (the “Company”) sold a total of 8,381 ounces of gold and 265,407 ounces of silver in Q 1 2022 for a gold equivalent total of 11,729 ounces. Additionally, the Company sold 4,359 tonnes of zinc, 408 tonnes of copper, and 1,639 tonnes of lead. Allen Palmiere, President and CEO, said, “Our operations delivered excellent results during the first quarter 2022. Quarter over quarter processing costs per tonne held steady despite a hyper inflationary environment. Likewise, we reinvested $7.1 million into exploration and infrastructure improvements at the Don David Gold Mine during the quarter. Another $1.1 million was invested to progress the feasibility study and permitting initiatives at the Back Forty Project in Michigan. Our investments in both Mexico and Michigan are focused on favorably impacting our environment, social and governance programs while creating operational efficiencies and longevity.” Q1 2022 HIGHLIGHTS Additional highlights for the first quarter ended March 31, 2022, are summarized below: Strategic For the eighth consecutive year, the Don David Gold Mine earned the prestigious Empresa Socialmente Responsable (“ESR”) award from the Mexican Center for Philanthropy (CEMEFI). Awards are given to organizations who demonstrate a commitment to supporting social and environmental protection programs within their local communities. During the quarter, the Company purchased and processed a thousand tonnes of tailings material from a nearby community in an effort to ensure the proper environmental treatment and storage of the material. Patrick Frenette was hired as Vice President, Technical Services and Steve Donohue was seconded as Vice President, Environmental and Regulatory Affairs (Michigan) to further derisk the successful delivery of the optimized feasibility study and permit applications for the Back Forty Project. $0.9 million was distributed in shareholder dividends this quarter, totaling $120.3 million since 2010. Operational Two lost time incidents occurred during the quarter. Both incidents were thoroughly investigated, and the appropriate actions taken. Financial Working capital was $32.4 million at March 31, 2022, $3.1 million higher than at December 31, 2021. The increase is primarily due to an increase in accounts receivables...