Gold Resource Corporation Announces Preliminary Results of 8,042 Gold Equivalent Ounces Produced and Sold in Q3 2022

DENVER--(BUSINESS WIRE)-- Gold Resource Corporation (NYSE American: GORO) (the “Company”) sold a total of 5,478 ounces of gold and 225,012 ounces of silver in Q3 2022 for a gold equivalent total of 8,042 ounces. Additionally, the Company sold 2,943 tonnes of zinc, 282 tonnes of copper, and 1,056 tonnes of lead contributing to a strong cash balance of over $22 million.

Allen Palmiere, President and CEO said “Production at the Don David Gold Mine in Mexico remains on track to achieve guidance. The feasibility study continues to advance at the Back Forty Project in Michigan. In addition to the feasibility study work, we continue to focus on preparing State of Michigan permits and engaging with the community, including tribal leaders.”

Sales Statistics

	Three months ended September 30,				Nine months ended September 30,
	2022		2021		2022		2021
Metal sold
Gold (ozs.)	5,478		5,809		22,605		16,525
Silver (ozs.)	225,012		255,394		722,041		778,776
Copper (tones)	282		269		976		1,015
Lead (tonnes)	1,056		1,550		4,450		3,940
Zinc (tonnes)	2,943		3,059		10,892		9,386
Average metal prices realized(1)
Gold ($ per oz.)	1,627		1,762		1,823		1,790
Silver ($ per oz.)	19		23		22		26
Copper ($ per tonne)	7,115		9,092		9,015		9,466
Lead ($ per tonne)	1,882		2,397		2,166		2,231
Zinc ($ per tonne)	3,186		3,032		3,828		2,924
Precious metal gold equivalent ounces sold
Gold Ounces	5,478		5,809		22,605		16,525
Gold Equivalent Ounces from Silver	2,564		3,361		8,575		11,151
Total AuEq Ounces	8,042		9,170		31,180		27,676

(1) 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.

Trending Production Statistics

		For the three months ended:
		Q2 2021		Q3 2021		Q4 2021		Q1 2022		Q2 2022		Q3 2022
Arista Mine
Tonnes Milled		126,363		97,806		135,398		135,801		128,884		110,682
Average Gold Grade (g/t)		1.91		2.68		1.93		3.00		2.63		1.98
Average Silver Grade (g/t)		79		91		82		81		64		80
Average Copper Grade (%)		0.36		0.37		0.38		0.41		0.32		0.37
Average Lead Grade (%)		1.63		2.29		2.17		1.97		1.99		1.59
Average Zinc Grade (%)		3.64		4.79		4.77		4.89		4.00		4.21
Combined
Tonnes milled(1)		129,590		98,010		135,398		136,844		129,099		110,682
Tonnes Milled per Day(2)		1,506		1,353		1,559		1,590		1,516		1,361
Metal production (before payable metal deductions)(3)
Gold (ozs.)		6,555		6,933		6,853		11,187		9,317		5,851
Silver (ozs.)		295,979		265,829		330,873		332,292		249,088		261,256
Copper (tonnes)		368		284		413		431		303		296
Lead (tonnes)		1,654		1,808		2,345		2,073		2,020		1,249
Zinc (tonnes)		3,683		3,920		5,349		5,562		4,282		3,901

(1) Combined tonnes milled in Q2 and Q3 2021 included 3,227 and 204 tonnes from the Open Pit Mine, respectively. The Open Pit Mine is no longer in production as of Q3 2021. Additionally, Q1 and Q2 2022 combined tonnes milled includes 1,043 and 215 purchased tonnes, respectively, related to an environmental initiative with a local community.

(2) Based on actual days the mill operated during the period.

(3) 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.

Q3 2022 Conference Call

The Company will host a conference call Tuesday, November 1, 2022 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 Kim Perry, 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: https://app.webinar.net/no36p6L10ja

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:				96525237

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. Under the direction of an experienced board and senior leadership team, the company’s focus is to unlock the significant upside potential of its existing infrastructure and large land position surrounding the mine in Oaxaca, Mexico 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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20221012006017/en/

Kim Perry

Chief Financial Officer

Kim.Perry@GRC-USA.com

www.GoldResourceCorp.com

Source: Gold Resource Corporation

FAQ

What were Gold Resource Corporation's sales figures for Q3 2022?

In Q3 2022, Gold Resource Corporation sold 5,478 ounces of gold and 225,012 ounces of silver.

What is the gold equivalent total for GORO in Q3 2022?

The gold equivalent total for GORO in Q3 2022 was 8,042 ounces.

When will Gold Resource Corporation hold its Q3 2022 conference call?

The Q3 2022 conference call is scheduled for November 1, 2022, at 10:00 a.m. Eastern Time.

What is the current cash balance for Gold Resource Corporation?

Gold Resource Corporation currently has a cash balance exceeding $22 million.

How did Gold Resource Corporation's gold sales compare from Q3 2021 to Q3 2022?

Gold sales decreased from 5,809 ounces in Q3 2021 to 5,478 ounces in Q3 2022.