Gold Resource Corporation Reports 2020 Annual Gold and Silver Production

Rhea-AI Summary

Gold Resource Corporation (NYSE American: GORO) reported preliminary year-end 2020 production results, highlighting a total of approximately 20,473 gold ounces and 1,189,366 silver ounces produced during the year. The fourth quarter figures showed production of around 6,854 gold ounces and 276,902 silver ounces. Despite challenges posed by the COVID-19 pandemic, the company maintained a strong balance sheet with $25.4 million in cash, allowing for future reinvestments in Mexico. The spin-off of its Nevada Mining Unit to Fortitude Gold Corporation was completed on December 31, 2020.

Positive

• Production of approximately 20,473 gold ounces and 1,189,366 silver ounces in 2020.
• Strong fourth quarter production of 6,854 gold ounces and 276,902 silver ounces.
• Maintained a strong balance sheet with $25.4 million in cash for reinvestment.

Negative

• 2020 production outlook was withdrawn due to uncertainties from pandemic protocols.

DENVER, CO / ACCESSWIRE / January 25, 2021 / Gold Resource Corporation (NYSE American:GORO) (the "Company") today announced preliminary 2020 year-end and fourth quarter production results.

Allen Palmiere, President and CEO, said "Our Oaxaca Mining Unit delivered solid production results during a demanding 2020 amid the global pandemic. While COVID-19 is expected to remain a challenge in the short to medium term, our team has done an admirable job managing the situation. The Company finished the year with a strong balance sheet, including $25.4 million in cash, which provides us with flexibility as we move to reinvest capital in Mexico to increase the productivity and the life of the operations."

The Company's Oaxaca Mining Unit produced approximately 20,473 gold ounces and 1,189,366 silver ounces during the 2020 production year. Fourth quarter 2020 gold and silver production totaled approximately 6,854 ounces and 276,902 ounces, respectively. Preliminary annual base metal production included approximately 1,593 tonnes of copper, 7,725 tonnes of lead and 19,696 tonnes of zinc. The Company withdrew its 2020 production outlook in April 2020 as a result of the uncertainties around the temporary suspension of Mexican mining operations and the effects of pandemic protocols on operations following restart.

Financial results for the fourth quarter and fiscal year-end dated December 31, 2020 will be available in the Company's annual report on Form 10-K tentatively expected to be filed with the Securities and Exchange Commission on March 2, 2021 followed by an Earnings Call. Details for the Earnings Call will be distributed in a press release later in February.

The Company completed the spin-off of its Nevada Mining Unit to Fortitude Gold Corporation effective December 31, 2020. Please see our website for additional information on this transaction.

About GRC:

Gold Resource Corporation is a gold and silver producer, developer and explorer with operations in Oaxaca, Mexico. The Company's focus is on unlocking the value of the mine, existing infrastructure, and large property position. For more information, please visit GRC's website, located at www.goldresourcecorp.com and read the Company's 10-K for an understanding of the risk factors involved.

Contacts:

Kim Perry
Chief Financial Officer
720-459-3855
www.Goldresourcecorp.com

SOURCE: Gold Resource Corporation

View source version on accesswire.com:
https://www.accesswire.com/625630/Gold-Resource-Corporation-Reports-2020-Annual-Gold-and-Silver-Production

FAQ

What were the 2020 production results for Gold Resource Corporation (GORO)?

Gold Resource Corporation reported approximately 20,473 gold ounces and 1,189,366 silver ounces produced in 2020.

What were the fourth quarter production results for GORO?

In the fourth quarter, Gold Resource Corporation produced about 6,854 gold ounces and 276,902 silver ounces.

How much cash does GORO have for reinvestment?

Gold Resource Corporation has a strong balance sheet with $25.4 million in cash available for reinvestment.

What significant event occurred on December 31, 2020, for GORO?

Gold Resource Corporation completed the spin-off of its Nevada Mining Unit to Fortitude Gold Corporation on December 31, 2020.

Why did GORO withdraw its 2020 production outlook?

The production outlook was withdrawn due to uncertainties around the temporary suspension of mining operations in Mexico and pandemic-related protocols.