News

Gold Resource Corporation (NYSE American: GORO) (the “Company”) sold a total of 5,478 ounces of gold and 225,012 ounces of silver in Q3 2022 for a gold equivalent total of 8,042 ounces. Additionally, the Company sold 2,943 tonnes of zinc, 282 tonnes of copper, and 1,056 tonnes of lead contributing to a strong cash balance of over $22 million.

Allen Palmiere, President and CEO said “Production at the Don David Gold Mine in Mexico remains on track to achieve guidance. The feasibility study continues to advance at the Back Forty Project in Michigan. In addition to the feasibility study work, we continue to focus on preparing State of Michigan permits and engaging with the community, including tribal leaders.”

Sales Statistics

Three months ended
September 30,

Nine months ended
September 30,

2022

2021

2022

2021

Metal sold

Gold (ozs.)

5,478

5,809

22,605

16,525

Silver (ozs.)

225,012

255,394

722,041

778,776

Copper (tones)

282

269

976

1,015

Lead (tonnes)

1,056

1,550

4,450

3,940

Zinc (tonnes)

2,943

3,059

10,892

9,386

Average metal prices realized (1)

Gold ($ per oz.)

1,627

1,762

1,823

1,790

Silver ($ per oz.)

19

23

22

26

Copper ($ per tonne)

7,115

9,092

9,015

9,466

Lead ($ per tonne)

1,882

2,397

2,166

2,231

Zinc ($ per tonne)

3,186

3,032

3,828

2,924

Precious metal gold equivalent ounces sold

Gold Ounces

5,478

5,809

22,605

16,525

Gold Equivalent Ounces from Silver

2,564

3,361

8,575

11,151

Total AuEq Ounces

8,042

9,170

31,180

27,676

(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:

Q2 2021

Q3 2021

Q4 2021

Q1 2022

Q2 2022

Q3 2022

Arista Mine

Tonnes Milled

126,363

97,806

135,398

135,801

128,884

110,682

Average Gold Grade (g/t)

1.91

2.68

1.93

3.00

2.63

1.98

Average Silver Grade (g/t)

79

91

82

81

64

80

Average Copper Grade (%)

0.36

0.37

0.38

0.41

0.32

0.37

Average Lead Grade (%)

1.63

2.29

2.17

1.97

1.99

1.59

Average Zinc Grade (%)

3.64

4.79

4.77

4.89

4.00

4.21

Combined

Tonnes milled (1)

129,590

98,010

135,398

136,844

129,099

110,682

Tonnes Milled per Day (2)

1,506

1,353

1,559

1,590

1,516

1,361

Metal production (before payable metal deductions) ( 3)

Gold (ozs.)

6,555

6,933

6,853

11,187

9,317

5,851

Silver (ozs.)

295,979

265,829

330,873

332,292

249,088

261,256

Copper (tonnes)

368

284

413

431

303

296

Lead (tonnes)

1,654

1,808

2,345

2,073

2,020

1,249

Zinc (tonnes)

3,683

3,920

5,349

5,562

4,282

3,901

(1) Combined tonnes milled in Q2 and Q3 2021 included 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 and Q2 2022 combined tonnes milled includes 1,043 and 215 purchased tonnes, respectively, related to an environmental initiative with a local community.

(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.

Q3 2022 Conference Call

The Company will host a conference call Tuesday, November 1, 2022 at 10:00 a.m. Eastern 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: https://app.webinar.net/no36p6L10ja

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:

96525237

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 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.

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