Gold Resource Corporation Announces Preliminary Results of 11,729 Gold Equivalent Ounces Produced and Sold in Q1 2022
Gold Resource Corp. (NYSE American: GORO) (the "Company") sold a total of 8,381 ounces of gold and 265,407 ounces of silver in Q 1 2022 for a gold equivalent total of 11,729 ounces. Additionally, the Company sold 4,359 tonnes of zinc, 408 tonnes of copper, and 1,639 tonnes of lead contributing to a strong cash balance of over $31 million.
Allen Palmiere, President and CEO said "2022 is off to a good start with strong production results at the Don David Gold Mine in Mexico and the feasibility study advancing at the Back Forty Project in Michigan. Our investment in capital and exploration progressed during the quarter, including the completion of the filtration plant and dry stack facilities in January accelerating our environmental stewardship efforts."
Sales Statistics
| Three months ended March 31, | ||||
| 2022 | 2021 | |||
| Metal sold |
|
| ||
| Gold (ozs.) | 8,381 | 5,019 | ||
| Silver (ozs.) | 265,407 | 253,061 | ||
| Copper (tonnes) | 408 | 382 | ||
| Lead (tonnes) | 1,639 | 1,176 | ||
| Zinc (tonnes) | 4,359 | 3,134 | ||
| Average metal prices realized(1) | ||||
| Gold ($ per oz.) | 1,898 | 1,787 | ||
| Silver ($ per oz.) | 23.94 | 26.77 | ||
| Copper ($ per tonne) | 10,144 | 8,873 | ||
| Lead ($ per tonne) | 2,347 | 2,082 | ||
| Zinc ($ per tonne) | 3,842 | 2,797 | ||
| Precious metal gold equivalent ounces sold | ||||
| Gold Ounces | 8,381 | 5,019 | ||
| Gold Equivalent Ounces from Silver | 3,348 | 3,791 | ||
| Total AuEq Ounces | 11,729 | 8,810 | ||
(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: | ||||||||||
| Q1 2021 | Q2 2021 | Q3 2021 | Q4 2021 | Q1 2022 | ||||||
| Arista Mine |
|
|
| |||||||
| Tonnes Milled | 127,403 | 126,363 | 97,806 | 135,398 | 135,801 | |||||
| Average Gold Grade (g/t) | 1.68 | 1.91 | 2.68 | 1.93 | 3.00 | |||||
| Average Silver Grade (g/t) | 78 | 79 | 91 | 82 | 81 | |||||
| Average Copper Grade (%) | 0.43 | 0.36 | 0.37 | 0.38 | 0.41 | |||||
| Average Lead Grade (%) | 1.7 | 1.63 | 2.29 | 2.17 | 1.97 | |||||
| Average Zinc Grade (%) | 4.29 | 3.64 | 4.79 | 4.77 | 4.89 | |||||
| Combined | ||||||||||
| Tonnes milled(1) | 138,980 | 129,590 | 98,010 | 135,398 | 136,844 | |||||
| Tonnes Milled per Day(2) | 1,604 | 1,506 | 1,353 | 1,559 | 1,590 | |||||
| Metal production (before payable metal deductions)(3) | ||||||||||
| Gold (ozs.) | 6,097 | 6,555 | 6,933 | 6,853 | 11,187 | |||||
| Silver (ozs.) | 307,610 | 295,979 | 265,829 | 330,873 | 332,292 | |||||
| Copper (tonnes) | 441 | 368 | 284 | 413 | 431 | |||||
| Lead (tonnes) | 1,737 | 1,654 | 1,808 | 2,345 | 2,073 | |||||
| Zinc (tonnes) | 4,377 | 3,683 | 3,920 | 5,349 | 5,562 | |||||
(1) Combined tonnes milled in Q1, Q2 and Q3 2021 included 11,577, 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 2022 combined tonnes milled includes 1,043 purchased tonnes related to an environmental initiative with a local community.
(2) Based on actual days the mill operated during the period.
(2) 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 2022 Conference Call
The Company will issue a supplemental news release providing additional details regarding timing of the 10-Q filing with EDGAR for the period ended March 31, 2022 financial and operating results and details for a hosted conference call.
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 a new board and senior leadership, the company's focus has been to unlock the significant upside potential of its existing infrastructure and large land position surrounding the mine and now that our acquisition of Aquila Resources Inc. is closed, 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-Q for an understanding of the risk factors associated with its business.
View source version on businesswire.com: https://www.businesswire.com/news/home/20220414005847/en/
Contact
Kim Perry
Chief Financial Officer
Kim.Perry@GRC-USA.com
www.GoldResourcecorp.com