Gold Resource Corporation reports first quarter 2024 financial results

Denver, May 2, 2024–(Business Wire)–Gold Resource Co., Ltd. (New York Stock Exchange American: Goro) (“''company“) is pleased to announce a corporate update on first quarter operating results and other activities at the Don David Gold Mine (“DDGM”) located near Oaxaca, Mexico.

Highlights for Q1 2024 include:

• Produced and sold 3,557 ounces of gold and 216,535 ounces of silver

• Produced and sold 1,682 tons of zinc, 264 tons of copper, and 667 tons of lead.

• As of March 31, 2024, the company had cash balances of $5.7 million, no debt, and working capital of $13.6 million.

“Work in the first quarter included compensation for the planned closure of Cell 3 of our Tailings Storage Facility (“TSF”) and resolving fluctuations in water quality returned from the TSF pond to the treatment plant. . As a result, the plant's throughput decreased.''Recovery rates decreased during the first few weeks of the quarter until a resolution was achieved, and work to further improve recovery rates continues in the second quarter. . '' said Allen Palmier, President and CEO. “The Mexican peso remains strong against the US dollar, and base metal prices were lower than expected in the quarter. To offset most of these challenges, mine plans are designed to deliver higher grade ore and reduce costs. Our exploration program is aimed at better defining areas where we are seeing very positive and encouraging results.”

Corporate and Finance:

• Net loss for the quarter was $4 million, or $0.05 per share, less $900,000 in DDGM exploration and development and underground drilling costs.

• Total cash cost after co-product credits for the quarter was $1,667 per ounce of gold equivalent (“AuEq”) and total all-in sustaining cost (“AISC”) after co-product credits for the quarter was $2,295 per ounce of AuEq. It was dollars. (look Item 2—Management’s Discussion and Analysis of Financial Condition and Results of Operations – Non-GAAP Measures (for reconciliation of non-GAAP measures to applicable GAAP measures).

Don David Gold Mine:

• During the first quarter of 2024, DDGM produced and sold a total of 5,965 ounces of gold equivalent, comprising 3,557 ounces of gold and 216,535 ounces of silver, at average sales prices of $2,094 and $23.29 per ounce, respectively.

• The underground diamond drilling program progressed as planned during the first quarter with two drilling rigs and continued to deliver positive results. Infill drilling in the first quarter was primarily focused on upgrading Inferred Resources to the Measured and Indicative Resource categories, with particular emphasis on the recently discovered Three Sisters and Gloria Vein systems. Infill drilling in the first quarter was particularly successful in identifying and locating high-grade ore shoots in the Sandy 1 and Sandy 2 veins in the Three Sisters system. Grade-controlled drilling continued on the prospect scheduled for production in both the Arista and Switchback systems.

• There were no lost-time injuries during the quarter, resulting in a year-to-date lost-time injury frequency rate (“LTIFR”) safety record of zero. At Gold Resource Corporation, safety is our top priority. Despite our strong track record with DDGM, we continue to strive to improve our measures, awareness, and training every quarter.

story continues

2024 Capital and Exploration Investment Summary

Trend highlights

Q1 2024 Conference Call

The Company plans to hold a conference call on Friday, May 3, 2024 at 10:00 a.m. Mountain Time.

The conference call will be recorded and posted on our website late the next day after the call ends. Following the prepared remarks, President and Chief Executive Officer Allen Palmiere, Chief Operating Officer Alberto Reyes, and Chief Financial Officer Chet Holyoake will host a live question and answer (Q&A) session. He has two ways to join the conference call.

Click the link below to join the conference via webcast.
https://onlin experience.com/Launch/QReg/ShowUUID=617944F2-FF66-4B11-A082-3804BF9CF029

To join the call by phone, please use the dial-in details below.

Please connect to the conference call at least 10 minutes before 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 operations centered around the Don David gold mine in Oaxaca, Mexico. Base metals important to the United States are also produced as byproducts. Under the direction of an experienced board of directors and senior leadership team, the company's focus is on unlocking the potential of the existing infrastructure and vast tracts of land surrounding the mine in Oaxaca, Mexico, and the Back Forty mine in Michigan, USA.・The purpose is to develop the project. For more information, please visit his website at GRC. www.goldresourcecorp.com And read the company's Form 10-K to understand the risk factors associated with its business.

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, words such as “may”, “might”, “would”, “could”, “would”, “should”, “expect”, “plan”, “anticipate” ”, “intends”, “seeks”, “believes”, “estimates”, “anticipates”, “may”, “continues”, “considers”, “could”, or Negatives of these terms or other equivalent terms. However, not all forward-looking statements contain these terms. They are not historical facts and do not guarantee future performance. Statements contained in this announcement, express or implied, that are not statements of historical fact may be deemed forward-looking statements. This includes, but is not limited to, statements regarding the timing and scope of our process to consider strategic alternatives. potential sale of the company; Our actual results, financial condition and financial condition may differ materially from the anticipated results, financial condition and financial condition expressed in these forward-looking statements. Management believes that these forward-looking statements are reasonable as of the date they are made. However, you are cautioned not to place undue reliance on such forward-looking statements because they speak only as of the date on which they are made. We undertake 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 may cause actual results to differ materially from those projected. This includes but is not limited to: the terms, structure, benefits and costs of strategic transactions; The timing of transactions and whether they complete. The consideration and announcement of strategic alternatives could adversely affect our ability to hire and retain key personnel and maintain relationships with our suppliers, employees, shareholders and other business relationships, as well as our results of operations and business generally. the risk that our management's attention and time may be diverted from consideration of strategic alternatives; the risk of incurring unexpected costs or expenses as a result of the review; Risk of Litigation Related to Reviews. and the risks and uncertainties described in “Item 1A. Risk Factors” of the Company's Annual Report on Form 10-K for the year ended December 31, 2023 and filings with the Securities and Exchange Commission. risks and uncertainties described in future reports from time to time.

View source version on businesswire.com. https://www.businesswire.com/news/home/20240502192046/en/

contact address

Chet Holyoak
CFO
Chet.holyoak@grc-usa.com
www.GoldResourceCorp.com