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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Gold Resource Corporation | AMEX:GORO | AMEX | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
-0.0012 | -0.25% | 0.4879 | 0.5099 | 0.458 | 0.50 | 514,146 | 00:59:53 |
Gold Resource Corporation (NYSE American: GORO) (the “Company”) is pleased to announce its full-year operational results from its Don David Gold Mine (“DDGM”) near Oaxaca, Mexico, and a corporate update on its other activities.
2023 Highlights include:
“Our operational results for the final quarter of 2023 were in line with our mine plan and guidance even though our financial results were lower than planned,” stated Allen Palmiere, President and CEO for the Company. “Factors that are out of our control affected our bottom line, including a strengthened Mexican Peso to the US dollar, increased local power costs, and lower metal prices for our co-product metals of copper, lead, and zinc. We continue to be committed to the identification and implementation of opportunities that will reduce costs and increase efficiencies to offset these factors as we move forward. Our exploration drilling program at DDGM yielded encouraging drill results from our underground exploration program and will continue with the goal of increasing the average grade of our 2024 mine plan and life of mine resources. We also completed the optimization work for the Back Forty project and filed an inaugural S-K 1300 that resulted in an improved project valuation and increased economic returns, while reducing environment impacts.”
Corporate and Financial:
Don David Gold Mine:
Back Forty Project:
Full Year 2023 Financial Results
Financial Measures (Unaudited) ($’s in millions)
Cash balance at December 31, 2023
$6.3
For the Year Ended December 31, 2023
Cash used in operating activities
$(5.2)
Net loss
$(16.0)
Net sales
$97.7
Production costs
$76.1
Depreciation, amortization, & reclamation
$26.1
Mining gross loss
$(5.3)
EBITDA
$4.4
2023 Capital and Exploration Investment Summary
For the nine months ended September 30, 2023
2023 full year guidance
(in thousands)
Sustaining Investments:
Underground Development
Capital
$
4,386
Infill Drilling
Capitalized Exploration
4,096
Other Sustaining Capital
Capital
1,420
Surface and Underground Exploration Development & Other
Capitalized Exploration
1,139
Subtotal of Sustaining Investments:
11,041
$
9 - 11 million
Growth Investments:
DDGM growth:
Surface Exploration / Other
Exploration
2,240
Underground Exploration Drilling
Exploration
1,927
Underground Exploration Development
Capitalized Exploration
357
Back Forty growth:
Back Forty Project Optimization & Permitting
Exploration
1,642
Subtotal of Growth Investments:
6,166
$
6 - 7 million
Total Capital and Exploration:
$
17,207
$
15 - 18 million
Trending Highlights
2022
2023
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Operating Data
Total tonnes milled
136,844
129,099
110,682
116,616
117,781
113,510
116,626
111,254
Average Grade
-
Gold (g/t)
3.00
2.63
1.98
2.51
2.33
1.59
1.52
1.44
Silver (g/t)
81
64
80
109
94
86
73
85
Copper (%)
0.41
0.32
0.37
0.45
0.37
0.37
0.32
0.39
Lead (%)
1.97
1.99
1.59
1.58
1.73
1.64
1.29
1.39
Zinc (%)
4.89
4.00
4.21
4.27
3.88
3.72
3.24
2.95
Metal production (before payable metal deductions)
Gold (ozs.)
11,187
9,317
5,851
7,767
7,171
4,637
4,443
4,077
Silver (ozs.)
332,292
249,088
261,256
370,768
322,676
289,816
247,159
282,487
Copper (tonnes)
431
303
296
406
336
334
276
341
Lead (tonnes)
2,073
2,020
1,249
1,323
1,559
1,389
1,048
1,072
Zinc (tonnes)
5,562
4,282
3,901
4,198
3,837
3,569
3,223
2,884
Metal produced and sold
Gold (ozs.)
8,381
8,746
5,478
7,514
6,508
4,287
3,982
3,757
Silver (ozs.)
265,407
231,622
225,012
335,168
294,815
274,257
208,905
258,252
Copper (tonnes)
408
286
282
372
332
327
245
327
Lead (tonnes)
1,639
1,755
1,056
941
1,417
1,317
947
820
Zinc (tonnes)
4,359
3,590
2,943
3,265
3,060
3,141
2,571
2,182
Average metal prices realized
Gold ($ per oz.)
$ 1,898
$ 1,874
$ 1,627
$ 1,734
$ 1,915
$ 2,010
$ 1,934
$1,985
Silver ($ per oz.)
$ 23.94
$ 22.05
$ 18.54
$ 21.25
$ 23.04
$ 24.93
$ 23.61
$23.14
Copper ($ per tonne)
$ 10,144
$ 9,275
$ 7,115
$ 8,221
$ 9,172
$ 8,397
$ 8,185
$8,205
Lead ($ per tonne)
$ 2,347
$ 2,168
$ 1,882
$ 1,954
$ 2,158
$ 2,153
$ 2,196
$2,122
Zinc ($ per tonne)
$ 3,842
$ 4,338
$ 3,186
$ 2,577
$ 3,195
$ 2,485
$ 2,195
$2,516
Gold equivalent ounces sold
Gold Ounces
8,381
8,746
5,478
7,514
6,508
4,287
3,982
3,757
Gold Equivalent Ounces from Silver
3,348
2,729
2,564
4,107
3,547
3,402
2,550
3,011
Total AuEq oz
11,729
11,475
8,042
11,621
10,055
7,689
6,532
6,768
Financial Data
Total sales, net (in thousands)
$ 45,417
$ 37,064
$ 23,869
$ 32,374
$ 31,228
$ 24,807
$ 20,552
$21,141
Production Costs (in thousands)
$ 20,074
$ 21,722
$ 19,380
$ 19,773
$ 19,850
$ 20,302
$ 18,957
$17,034
Production Costs/Tonnes Milled
$ 147
$ 168
$ 175
$ 170
$ 169
$ 179
$ 163
$153
Operating Cash Flows (in thousands)
$ 4,230
$ 7,976
($ 4,292)
$ 6,243
$ 1,024
($ 551)
($ 7,475)
$1,783
Net income (loss) (in thousands)
$ 4,019
$ 2,673
($ 9,730)
($ 3,283)
($ 1,035)
($ 4,584)
($ 7,341)
$(3,057)
Earnings (loss) per share - basic
$ 0.05
$0.03
($ 0.11)
($ 0.04)
($ 0.01)
($ 0.05)
($ 0.08)
$(0.03)
Trending Highlights of Non-GAAP Measures
2022
2023
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
(in thousands, except per oz)
Gold equivalent ounces sold (oz)
11,729
11,475
8,042
11,621
10,055
7,689
6,532
6,768
Total production costs
$ 20,074
$ 21,722
$ 19,380
$ 19,773
$ 19,850
$ 20,302
$ 18,957
$ 17,034
Treatment and refining charges
2,748
3,137
2,860
3,327
3,184
3,328
2,788
2,330
Co-product credits (1)
(24,732)
(22,027)
(13,369)
(13,314)
(15,881)
(13,384)
(9,733)
(9,908)
Total cash cost after co-product credits
($ 1,910)
$ 2,832
$ 8,871
$ 9,786
$ 7,153
$ 10,246
$ 12,012
$ 9,456
Total cash cost after co-product credits per AuEq oz sold
($ 163)
$ 247
$ 1,103
$ 842
$ 711
$ 1,333
$ 1,839
$ 1,397
Sustaining - capitalized expenditure
$ 4,596
$ 4,028
$ 3,605
$ 4,110
$ 2,588
$ 2,187
$ 3,489
$ 1,638
Sustaining - Exploration Expenditure
-
-
-
-
548
531
52
8
Reclamation and remediation (2)
62
61
58
620
195
200
216
163
Subtotal of DDGM sustaining costs
$ 4,658
$ 4,089
$ 3,663
$ 4,730
$ 3,331
$ 2,918
$ 3,757
$ 1,809
DDGM all-in sustaining cost after co-product credits per AuEq oz sold
$ 234
$ 603
$ 1,559
$ 1,249
$ 1,043
$ 1,712
$ 2,414
$ 1,664
Sustaining - general and administrative, including stock-based compensation expenses
$ 2,673
$ 2,313
$ 2,249
$ 2,768
$ 1,790
$ 2,137
$ 1,662
$ 1,675
Consolidated all-in sustaining cost after co-product credits
$ 5,421
$ 9,234
$ 14,783
$ 17,284
$ 12,274
$ 15,301
$ 17,431
$ 12,940
Total consolidated all-in sustaining cost after co-product credits per AuEq oz sold
$ 462
$ 805
$ 1,838
$ 1,487
$ 1,221
$ 1,990
$ 2,669
$ 1,912
Non-sustaining cost- capital expenditure
$ 1,353
$ 541
$ -
$ -
$ -
$ 147
$ 209
$ 1
Non-sustaining cost- exploration expenditure
2,305
2,837
4,973
2,934
1,839
1,440
1,960
570
Subtotal of non-sustaining costs
$ 3,658
$ 3,378
$ 4,973
$ 2,934
$ 1,839
$ 1,587
$ 2,169
$ 571
Total all-in cost after co-product credits
$ 9,079
$ 12,612
$ 19,756
$ 20,218
$ 14,113
$ 16,888
$ 19,600
$ 13,511
Total all-in cost after co-product credits per AuEq oz sold
$ 774
$ 1,099
$ 2,457
$ 1,740
$ 1,404
$ 2,196
$ 3,001
$ 1,996
(1)
Refer to Realized/Unrealized Derivatives for copper, zinc, and lead in the Annual and Quarterly Reports, Item 8— Financial Statements and Supplementary Data: Fair Value Measurement and Item 1—Condensed Consolidated Interim Financial Statements and Notes (unaudited): Fair Value Measurement. Note that Co-product credits for the prior year (2022) comparable numbers were adjusted to include realized embedded derivatives only for co-products (which better represents the cash cost after co-product credits because it now excludes unrealized gains or losses) and align with the current year presentation.
(2)
Refer to Reclamation and remediation in the Annual and Quarterly Reports, Item 8— Financial Statements and Supplementary Data: Reclamation and Remediation and Item 1—Condensed Consolidated Interim Financial Statements and Notes (unaudited): Reclamation and Remediation. Note that the prior year’s (2022) comparable numbers were adjusted to include Reclamation and remediation (which better represents the all-in sustaining cost after co-product credits because Reclamation and remediation are part of normal operating activities) and to align with the current year’s presentation.
2024 Guidance
The Company’s focus continues to be on unlocking the value of the Don David Gold Mine, existing infrastructure, and large property position in Oaxaca, Mexico and therefore we plan to make significant investments for infrastructure and exploration in 2024.
Measure
2024 Guidance
Metals Produced & Sold
13,000 to 15,000 Gold Ounces 1,250,000 to 1,400,000 Silver Ounces 29,500 to 31,500 Gold Equivalent Ounces
Cash Cost after Co-product Credits per AuEq ounces (1) (2)
$1,100 to $1,300
All-in-Sustaining Cost after Co-Product Credits per AuEq ounce (1)
$1,450 to $1,650 (DDGM) $1,600 to $1,800 (Consolidated)
Capital Investment (DDGM)
$6.8 to $8.0 million (Sustaining Capital) $2.0 to $3.0 million (Sustaining Capitalized Exploration) $0.5 to $0.8 million (Non-Sustaining Capitalized Exploration)
Exploration Investment (DDGM)
$2.0 to $3.5 million (Non-Sustaining Exploration Expense)
Back Forty Investment
$0.7 to $0.9 million
General & Administrative Expense
$5.0 to $6.0 million, excluding Stock-based-Compensation
(1)
Calculations of cost after co-product credits per gold equivalent ounce and all-in sustaining cost after co-product credits per AuEq ounce are non-GAAP financial measures. Please see Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations—Non-GAAP Measures in the Annual Report for a complete reconciliation of the non-GAAP measures to U.S. GAAP.
(2)
Co-product credits directly impact the Cash Costs and All-in Sustaining Costs per AuEq ounce calculation. Guidance is based on 3,630 tonnes of lead sold at a $0.95 per pound metal price, 1,007 tonnes of copper sold at a $3.80 per pound metal prices and 10,174 tonnes of zinc sold at a $1.15 per pound metal price.
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.
Q4 2023 Conference Call
The Company will host a conference call on Thursday, March 14, 2024, at 10:00 p.m. Eastern Time. Our 2023 Form 10-K will be filed at a future date, no later than April 1,2024, once our External Audit Firm, BDO USA, P.C., completes their audit procedures.
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 Chet Holyoak, 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://onlinexperiences.com/Launch/QReg/ShowUUID=F24608AC-00ED-4198-B37C-E83FCE95DDEB
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: 34193701
Please connect to the conference call at least 10 minutes prior to the start time using one of the connection options listed above.
Forward-Looking Statements:
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. In some cases, you can identify forward-looking statements by the following words: "may," "might," "will," "could," "would," "should," "expect," "plan," "anticipate," "intend," "seek," "believe," "estimate," "predict," "potential," "continue," "contemplate," "possible," or the negative of these terms or other comparable terminology, although not all forward-looking statements contain these words. They are not historical facts, nor are they guarantees of future performance. Any express or implied statements contained in this announcement that are not statements of historical fact may be deemed to be forward-looking statements, including, without limitation, statements regarding the timing and scope of a process to explore strategic alternatives for the Company, including a potential sale of the Company. It is possible that the Company’s actual results, financial condition, and developments may differ, possibly materially, from the anticipated results, developments, and financial condition indicated in these forward-looking statements. Management believes that these forward-looking statements are reasonable as of the time made. However, caution should be taken not to place undue reliance on any such forward-looking statements because such statements speak only as of the date when made. Our Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by law. These forward-looking statements are neither promises nor guarantees, but involve known and unknown risks and uncertainties that could cause actual results to differ materially from those projected, including, without limitation: whether the objectives of the strategic alternative review process will be achieved; the terms, structure, benefits and costs of any strategic transaction; the timing of any transaction and whether any transaction will be consummated at all; the risk that the strategic alternatives review and its announcement could have an adverse effect on the ability of the Company to retain and hire key personnel and maintain relationships with suppliers, employees, shareholders, and other business relationships, and on its operating results and business generally; the risk the strategic alternatives review could divert the attention and time of the Company’s management; the risk of any unexpected costs or expenses resulting from the review; the risk of any litigation relating to the review; and the risks and uncertainties described in “Item 1A. Risk Factors” in our Annual report on Form 10-K for the year ended December 31, 2022, and those described from time to time in our future reports filed with the Securities and Exchange Commission.
___________________________ 1 Gold equivalent is determined by taking gold ounces produced and sold, plus silver ounces produced and sold, converted to gold equivalent ounces using the gold to silver average realized price ratio for the period. 2 Further information regarding the Mexican Chamber of Mines benchmark can be found at https://camimex.org.mx/sostenibilidad2023/indicadores.html. Information contained therein is not a part of this report and is not incorporated by reference herein.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240313689211/en/
Chet Holyoak Chief Financial Officer Chet.holyoak@grc-usa.com www.GoldResourceCorp.com
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