Gold Resource Announces Preliminary Fourth Quarter and Year-End Results

About this update from Gold Resource Corporation

DENVER / Jan 30, 2024 / Business Wire / Gold Resource Corporation (NYSE American: GORO) (the “Company”) announces its preliminary fourth quarter results that includes the sale of 3,757 ounces of gold and 258,252 ounces of silver resulting in total gold equivalent (AuEq) ounces of 6,768. Additionally, the company sold 2,182 tonnes of zinc, 327 tonnes of copper, and 820 tonnes of lead. During the year ending December 31, 2023, the company sold 31,085 AuEq ounces, 10,954 tonnes of zinc, 1,231 tonnes of copper, and 4,501 tonnes of lead. “Production during the quarter was lower than the last four quarters mainly due to lower average grades as was expected in our 2023 mine plan. We continue to identify and implement opportunities for cost reductions and operational efficiencies. Our 2023 drill program resulted in encouraging positive results that demonstrate the potential to increase our resources and reserves that could lead to future increased production 1 ,” stated Allen Palmiere, President and CEO. “The last quarter has continued to present challenges beyond our control as the most metal prices have continued to be lower than planned and the Mexican peso has remained strong against the US Dollar. We did see an increase above plan in the gold price towards the end of the year which has helped to relieve some of the negative pressure from other metal prices.” Sales Statistics   Three months ended December 31,   Twelve months ended December 31,     2023   2022   2023   2022 Metal sold                 Gold (ozs.)   3,757   7,514   18,534   30,119 Silver (ozs.)   258,252   335,168   1,036,229   1,057,209 Copper (tones)   327   372   1,231   1,348 Lead (tonnes)   820   941   4,501   5,391 Zinc (tonnes)   2,182   3,265   10,954   14,157 Average metal prices realized (2)                 Gold ($ per oz.)   1,985   1,734   1,955   1,801 Silver ($ per oz.)   23.14   21.25   23.68   21.53 Copper ($ per tonne)   8,205   8,221   8,513   8,795 Lead ($ per tonne)   2,122   1,954   2,158   2,129 Zinc ($ per tonne)   2,516   2,577   2,621   3,539 Precious metal gold equivalent ounces sold         Gold Ounces   3,757   7,514   18,534   30,119 Gold Equivalent Ounces from Silver   3,011   4,107   12,551   12,638 Total AuEq Ounces   6,768   11,621   31,085   42,757   Trending Production Statistics   For the three months ended:     Q3 2022   Q4 2022   Q1 2023   Q2 2023   Q3 2023   Q4 2023 Arista Mine Tonnes Milled   110,682   116,616   116,721   113,510   116,626   111,255 Average Gold Grade (g/t)   1.98   2.51   2.33   1.59   1.52   1.44 Average Silver Grade (g/t)   80   109   94   86   73   85 Average Copper Grade (%)   0.37   0.45   0.37   0.37   0.32   0.39 Average Lead Grade (%)   1.59   1.58   1.73   1.64   1.29   1.39 Average Zinc Grade (%)   4.21   4.27   3.88   3.72   3.24   2.95 Combined                         Tonnes milled (3)   110,682   116,616   117,781   113,510   116,626   111,255 Tonnes Milled per Day (4)   1,361   1,389   1,420   1,395   1,557   1,379 Metal production (before payable metal deductions) (5 ) Gold (ozs.)   5,851   7,767   7,171   4,637   4,443   4,077 Silver (ozs.)   261,256   370,768   322,676   289,816   247,159   282,488 Copper (tonnes)   296   406   336   334   276   341 Lead (tonnes)   1,249   1,323   1,559   1,389   1,048   1,072 Zinc (tonnes)   3,901   4,198   3,837   3,569   3,223   2,884 Year-End 2023 Conference Call The Company will host a conference call Thursday, March 14, 2024 at 10:00 a.m. Eastern Time. The conference call will be recorded and posted to the Company’s website later in the day following the conclusion of the call. Following prepared remarks, Allen Palmiere, President and Chief Executive Officer, Alberto Reyes, Chief Operating Officer and Chet Holyoak, Chief Financial Officer will host a live question and answer (Q&A) session. There are two ways to join the conference call. To join the conference via webcast, please click on the following link: Click Here To join the call via telephone, please use the following dial-in details: Participant Toll Free: +1 (888) 886-7786 International: +1 (416) 764-8658 Conference ID: 34193701 Please connect to the conference call at least 10 minutes prior to the start time using one of the connection options listed above. About GRC: Gold Resource Corporation is a gold and silver producer, developer, and explorer with its operations centered on the Don David Gold Mine in Oaxaca, Mexico. The company’s focus is to unlock the significant upside potential of its existing infrastructure and large land position surrounding the Don David mine and to develop the Back Forty Project in Michigan, USA. For more information, please visit GRC’s website, located at www.goldresourcecorp.com and read the company’s Form 10-K for an understanding of the risk factors associated with its business. 1 See the press release titled “Gold Resource Corporation Reports Continued Positive Drill Results at Don David Gold Mine” published September 12, 2023. The press release can be found at https://goldresourcecorp.com/news-releases/gold-resource-corporation-reports-continued-positi-6343/ . 2 Average metal prices realized vary from the market metal prices due to final settlement adjustments from our provisional invoices. Our average metal prices realized will therefore differ from the average market metal prices in most cases. 3 Combined tonnes in Q1 and Q2 2022 and Q1 2023 includes 1,043, 215, and 1,060 purchased tonnes, respectively, related to a collaborative initiative with a local community to ensure the proper environmental treatment and storage of the material. 4 Based on actual days the mill operated during the period. 5 The difference between what we report as "Metal Production" and "Metal Sold" is attributable to the difference between the quantities of metals contained in the concentrates we produce versus the portion of those metals actually paid for according to the terms of our sales contracts. Differences can also arise from inventory changes related to shipping schedules, or variances in ore grades and recoveries which impact the amount of metals contained in concentrates produced and sold.

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