Business
Gold Resource Reports Strong First Quarter Gold Production and a Strengthened Management Team at the Mine
MAINTAINED A SOLID BALANCE SHEET WITH $21.4 MILLION IN CASH SOLD 10,055 GOLD EQUIVALENT OUNCES COMPLETED MORE THAN 2,500 METERS OF EXPANSION EXPLORATION DRILLIN
About this update from Gold Resource Corporation
[{"type":"text","content":" MAINTAINED A SOLID BALANCE SHEET WITH $21.4 MILLION IN CASH SOLD 10,055 GOLD EQUIVALENT OUNCES COMPLETED MORE THAN 2,500 METERS OF EXPANSION EXPLORATION DRILLING EBITDA OF $6.3 MILLION NET LOSSES OF $1 MILLION, OR $0.01 PER SHARE DENVER / Apr 25, 2023 / Business Wire / Gold Resource Corporation (NYSE American: GORO) (the “Company”) sold a total of 6,508 ounces of gold and 294,815 ounces of silver in the first quarter of 2023 for a total of 10,055 gold equivalent ounces. Additionally, during the quarter, the Company sold 3,060 tonnes of zinc, 332 tonnes of copper, and 1,417 tonnes of lead. For the quarter ended March 31, 2023, the company reported a net loss of $1 million with revenue of $31.2 million and mine gross profit of $3.9 million from operations. A total of $5 million was invested in the Don David Gold Mine and Back Forty Project. “Our 2023 annual production at the Don David Gold Mine is off to a good start. This achievement is due to mining higher average grades as a result of targeted infill drilling and mine sequencing,” stated Allen Palmiere, President and CEO. “Underground resource expansion drilling is progressing as planned. In addition, the mine is managed by a new leadership team that is already realizing improvements to maximize efficiencies and safety protocols. At the Back Forty Project in Michigan, feasibility study work related to metallurgical testing and refinement of capital cost estimates continues.” 2023 HIGHLIGHTS Additional highlights for the three months ended March 31, 2023, are summarized below: Financial Working capital was $24.1 million as of March 31, 2023, $2.7 million higher than as of December 31, 2022. The increase is primarily due to a decrease in royalty taxes payable. Total cash cost for the quarter was $711 per gold equivalent (“AuEq”) ounce (after co-product credits) and total all-in sustaining cost for the quarter was $1,221 per AuEq ounce (after co-product credits). The Company’s Annual Meeting of Shareholders will be held in person on June 15, 2023. Information regarding notice, materials, and voting can be found in the 2023 Proxy Statement that will be filed with the SEC on April 28, 2023 and available at https://www.sec.gov/edgar. Don David Gold Mine The Don David Gold Mine (“DDGM”) safety program aims to bolster the overall health and safety culture of our employees. There was o...