Gold Resource Corp. (NYSE American: GORO) (the "Company") announces its preliminary third quarter results that includes the sale of 3,982 ounces of gold and 208,905 ounces of silver resulting in total gold equivalent (AuEq) ounces of 6,532. Additionally, the company sold 2,571 tonnes of zinc, 245 tonnes of copper, and 947 tonnes of lead. During the nine months ending September 30, 2023, the company sold 24,306 AuEq ounces, 8,772 tonnes of zinc, 904 tonnes of copper, and 3,681 tonnes of lead.
Allen Palmiere, President and CEO said "The quarter has presented some challenges beyond our control including decreased metal prices and the strengthening of the Mexican peso against the US Dollar. Production during the quarter was on par with the last four quarters, however average grade decreased as was expected in our 2023 mine plan. We continue to identify and implement opportunities for cost reductions and operational efficiencies. We continue to be encouraged by the positive results of our 2023 drill program at the Don David Gold Mine that demonstrate the potential to increase our resources and reserves that could lead to future increased production1."
Sales Statistics
Three months ended September 30,
Nine months ended September 30,
2023
2022
2023
2022
Metal sold
Gold (ozs.)
3,982
5,478
14,777
22,605
Silver (ozs.)
208,905
225,012
777,977
722,041
Copper (tones)
245
282
904
976
Lead (tonnes)
947
1,056
3,681
4,450
Zinc (tonnes)
2,571
2,943
8,772
10,892
Average metal prices realized(2)
Gold ($ per oz.)
1,934
1,627
1,948
1,823
Silver ($ per oz.)
24
19
24
22
Copper ($ per tonne)
8,185
7,115
8,624
9,015
Lead ($ per tonne)
2,196
1,882
2,166
2,166
Zinc ($ per tonne)
2,195
3,186
2,648
3,828
Precious metal gold equivalent ounces sold
Gold Ounces
3,982
5,478
14,777
22,605
Gold Equivalent Ounces from Silver
2,550
2,564
9,529
8,575
Total AuEq Ounces
6,532
8,042
24,306
31,180
Trending Production Statistics
For the three months ended:
Q2 2022
Q3 2022
Q4 2022
Q1 2023
Q2 2023
Q3 2023
Arista Mine
Tonnes Milled
128,884
110,682
116,616
116,721
113,511
116,626
Average Gold Grade (g/t)
2.63
1.98
2.51
2.33
1.59
1.52
Average Silver Grade (g/t)
64
80
109
94
86
73
Average Copper Grade (%)
0.32
0.37
0.45
0.37
0.37
0.32
Average Lead Grade (%)
1.99
1.59
1.58
1.73
1.64
1.29
Average Zinc Grade (%)
4.00
4.21
4.27
3.88
3.72
3.22
Combined
Tonnes milled(3)
129,099
110,682
116,616
117,781
113,511
116,626
Tonnes Milled per Day(4)
1,516
1,361
1,389
1,420
1,395
1,557
Metal production (before payable metal deductions)(5)
Gold (ozs.)
9,317
5,850
7,767
7,171
4,637
4,443
Silver (ozs.)
249,088
261,257
370,768
322,676
289,816
247,159
Copper (tonnes)
303
296
406
336
334
276
Lead (tonnes)
2,020
1,248
1,323
1,559
1,389
1,048
Zinc (tonnes)
4,282
3,901
4,198
3,837
3,569
3,223
About GRC:
Gold Resource Corp. 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.
www.GoldResourceCorp.com
1 See the press release titled "Gold Resource Corp. Reports Continued Positive Drill Results at Don David Gold Mine" published September 12, 2023. The press release can be found at www.goldresourcecorporation.com/news. 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.
View source version on businesswire.com: https://www.businesswire.com/news/home/20231016957262/en/
Contact
Chet Holyoak Chief Financial Officer Chet.Holyoak@GRC-USA.com
