Gold Resource Corporation (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 production 1 .”
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Sales Statistics |
Three months ended |
Nine months ended |
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|
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 |
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Average metal prices realized (2) |
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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 |
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|
Zinc ($ per tonne) |
2,195 |
3,186 |
2,648 |
3,828 |
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Precious metal gold equivalent ounces sold |
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|
Gold Ounces |
3,982 |
5,478 |
14,777 |
22,605 |
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|
Gold Equivalent Ounces from Silver |
2,550 |
2,564 |
9,529 |
8,575 |
|
|
Total AuEq Ounces |
6,532 |
8,042 |
24,306 |
31,180 |
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Trending Production Statistics |
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For the three months ended: |
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Q2 2022 |
Q3 2022 |
Q4 2022 |
Q1 2023 |
Q2 2023 |
Q3 2023 |
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Arista Mine |
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Tonnes Milled |
128,884 |
110,682 |
116,616 |
116,721 |
113,511 |
116,626 |
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Average Gold Grade (g/t) |
2.63 |
1.98 |
2.51 |
2.33 |
1.59 |
1.52 |
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Average Silver Grade (g/t) |
64 |
80 |
109 |
94 |
86 |
73 |
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Average Copper Grade (%) |
0.32 |
0.37 |
0.45 |
0.37 |
0.37 |
0.32 |
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Average Lead Grade (%) |
1.99 |
1.59 |
1.58 |
1.73 |
1.64 |
1.29 |
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Average Zinc Grade (%) |
4.00 |
4.21 |
4.27 |
3.88 |
3.72 |
3.22 |
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Combined |
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|
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Tonnes milled (3) |
129,099 |
110,682 |
116,616 |
117,781 |
113,511 |
116,626 |
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Tonnes Milled per Day (4) |
1,516 |
1,361 |
1,389 |
1,420 |
1,395 |
1,557 |
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Metal production (before payable metal deductions) (5 ) |
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Gold (ozs.) |
9,317 |
5,850 |
7,767 |
7,171 |
4,637 |
4,443 |
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Silver (ozs.) |
249,088 |
261,257 |
370,768 |
322,676 |
289,816 |
247,159 |
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Copper (tonnes) |
303 |
296 |
406 |
336 |
334 |
276 |
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Lead (tonnes) |
2,020 |
1,248 |
1,323 |
1,559 |
1,389 |
1,048 |
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Zinc (tonnes) |
4,282 |
3,901 |
4,198 |
3,837 |
3,569 |
3,223 |
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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.
1 See the press release titled “Gold Resource Corporation 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.
Contacts
Chet Holyoak
Chief Financial Officer
Chet.Holyoak@GRC-USA.com
View source version on businesswire.com: https://www.businesswire.com/news/home/20231016957262/en/