GORO Gold Resource Corporation

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 production1.”

Sales Statistics

Three months ended September 30,

Nine months ended September 30,

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

Average metal prices realized(2)

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

Zinc ($ per tonne)

2,195

3,186

2,648

3,828

Precious metal gold equivalent ounces sold

Gold Ounces

3,982

5,478

14,777

22,605

Gold Equivalent Ounces from Silver

2,550

2,564

9,529

8,575

Total AuEq Ounces

6,532

8,042

24,306

31,180

 

Trending Production Statistics

 

For the three months ended:

Q2 2022

Q3 2022

Q4 2022

Q1 2023

Q2 2023

Q3 2023

Arista Mine

Tonnes Milled

128,884

110,682

116,616

116,721

113,511

116,626

Average Gold Grade (g/t)

2.63

1.98

2.51

2.33

1.59

1.52

Average Silver Grade (g/t)

64

80

109

94

86

73

Average Copper Grade (%)

0.32

0.37

0.45

0.37

0.37

0.32

Average Lead Grade (%)

1.99

1.59

1.58

1.73

1.64

1.29

Average Zinc Grade (%)

4.00

4.21

4.27

3.88

3.72

3.22

Combined

 

 

Tonnes milled(3)

129,099

110,682

116,616

117,781

113,511

116,626

Tonnes Milled per Day(4)

1,516

1,361

1,389

1,420

1,395

1,557

Metal production (before payable metal deductions)(5)

Gold (ozs.)

9,317

5,850

7,767

7,171

4,637

4,443

Silver (ozs.)

249,088

261,257

370,768

322,676

289,816

247,159

Copper (tonnes)

303

296

406

336

334

276

Lead (tonnes)

2,020

1,248

1,323

1,559

1,389

1,048

Zinc (tonnes)

4,282

3,901

4,198

3,837

3,569

3,223

 

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.

www.GoldResourceCorp.com

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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20231016957262/en/

Chet Holyoak Chief Financial Officer Chet.Holyoak@GRC-USA.com