Gold Resource Corporation Announces Preliminary Results of Over 10,000 Gold Equivalent Ounces Produced and Sold in Q1 2023

Rhea-AI Summary

Gold Resource Corporation (NYSE American: GORO) reported Q1 2023 results, selling 6,508 ounces of gold and 294,815 ounces of silver, totaling 10,055 gold equivalent ounces. Key metrics include 3,060 tonnes of zinc, 332 tonnes of copper, and 1,417 tonnes of lead. Production improvements were attributed to targeted drilling and a new leadership team enhancing efficiency and safety. The average price for gold was $1,915 per ounce, and silver was $23 per ounce. Compared to Q1 2022, gold sales decreased from 8,381 ounces, while silver sales increased from 265,407 ounces. Highlights also include ongoing feasibility studies at the Back Forty Project in Michigan, aiming to refine capital estimates and metallurgical testing.

Positive

• Sales of 3,060 tonnes of zinc, showing strong demand.
• New leadership team improving efficiencies and safety protocols at the Don David Gold Mine.

Negative

• Gold sales decreased from 8,381 ounces in Q1 2022 to 6,508 ounces in Q1 2023.
• Total gold equivalent ounces sold dropped from 11,729 in Q1 2022 to 10,055 in Q1 2023.
• Average gold production grade fell from 2.51 g/t in Q4 2022 to 2.33 g/t in Q1 2023.

DENVER--(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 Q1 2023 for a gold equivalent total of 10,055 ounces. Additionally, the Company sold 3,060 tonnes of zinc, 332 tonnes of copper, and 1,417 tonnes of lead.

“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.”

Sales Statistics

	Three months ended March 31,
	2023	2022
Metal sold
Gold (ozs.)	6,508	8,381
Silver (ozs.)	294,815	265,407
Copper (tones)	332	408
Lead (tonnes)	1,417	1,639
Zinc (tonnes)	3,060	4,359
Average metal prices realized(1)
Gold ($ per oz.)	1,915	1,898
Silver ($ per oz.)	23	24
Copper ($ per tonne)	9,172	10,144
Lead ($ per tonne)	2,158	2,347
Zinc ($ per tonne)	3,195	3,842
Precious metal gold equivalent ounces sold
Gold Ounces	6,508	8,381
Gold Equivalent Ounces from Silver	3,547	3,348
Total AuEq Ounces	10,055	11,729

(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:
	Q4 2021	Q1 2022	Q2 2022	Q3 2022	Q4 2022	Q1 2023
Arista Mine
Tonnes Milled	135,398	135,801	128,884	110,682	116,616	116,721
Average Gold Grade (g/t)	1.93	3.00	2.63	1.98	2.51	2.33
Average Silver Grade (g/t)	82	81	64	80	109	94
Average Copper Grade (%)	0.38	0.41	0.32	0.37	0.45	0.37
Average Lead Grade (%)	2.17	1.97	1.99	1.59	1.58	1.73
Average Zinc Grade (%)	4.77	4.89	4.00	4.21	4.27	3.88
Combined
Tonnes milled(1)	135,398	136,844	129,099	110,682	116,616	117,781
Tonnes Milled per Day(2)	1,559	1,590	1,516	1,361	1,389	1,420
Metal production (before payable metal deductions)(3)
Gold (ozs.)	6,853	11,187	9,317	5,851	7,767	7,171
Silver (ozs.)	330,873	332,292	249,088	261,256	370,768	322,676
Copper (tonnes)	413	431	303	296	406	336
Lead (tonnes)	2,345	2,073	2,020	1,249	1,323	1,559
Zinc (tonnes)	5,349	5,562	4,282	3,901	4,198	3,837

(1)		Combined tonnes milled 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.
(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.

Q1 2023 Conference Call

The Company will host a conference call Wednesday, April 26, 2023, at 10:00 a.m. Mountain 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: Click Here To Join Webcast

To join the call via telephone, please use the following dial-in details:

Participant Toll Free:		+1 (888) 396-8049
International:		+1 (416) 764-8646
Conference ID:		13462059

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 deposit, 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/20230412005757/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 for Q1 2023?

In Q1 2023, Gold Resource Corporation sold 6,508 ounces of gold and 294,815 ounces of silver.

How did gold sales in Q1 2023 compare to Q1 2022 for GORO?

Gold sales decreased from 8,381 ounces in Q1 2022 to 6,508 ounces in Q1 2023.

What is the average price of gold sold by GORO in Q1 2023?

The average price of gold sold in Q1 2023 was $1,915 per ounce.

What projects is Gold Resource Corporation working on currently?

The company is continuing feasibility studies at the Back Forty Project in Michigan.