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Gold Resource Corporation Announces Preliminary Results of Over 10,000 Gold Equivalent Ounces Produced and Sold in Q1 2023

Gold Resource Corporation (NYSE American: GORO) (the “Company”) sold a total of 6,508 ounces of gold and 294,815 ounces of silver in Q1 2023 for a gold equivalent total of 10,055 ounces. Additionally, the Company sold 3,060 tonnes of zinc, 332 tonnes of copper, and 1,417 tonnes of lead.

“Our 2023 annual production at the Don David Gold Mine is off to a good start. This achievement is due to mining higher average grades as a result of targeted infill drilling and mine sequencing,” stated Allen Palmiere, President and CEO. “Underground resource expansion drilling is progressing as planned. In addition, the mine is managed by a new leadership team that is already realizing improvements to maximize efficiencies and safety protocols. At the Back Forty Project in Michigan, feasibility study work related to metallurgical testing and refinement of capital cost estimates continues.”

Sales Statistics

Three months ended March 31,

2023

2022

Metal sold

Gold (ozs.)

6,508

8,381

Silver (ozs.)

294,815

265,407

Copper (tones)

332

408

Lead (tonnes)

1,417

1,639

Zinc (tonnes)

3,060

4,359

Average metal prices realized(1)

Gold ($ per oz.)

1,915

1,898

Silver ($ per oz.)

23

24

Copper ($ per tonne)

9,172

10,144

Lead ($ per tonne)

2,158

2,347

Zinc ($ per tonne)

3,195

3,842

Precious metal gold equivalent ounces sold

 

Gold Ounces

6,508

8,381

Gold Equivalent Ounces from Silver

3,547

3,348

Total AuEq Ounces

10,055

11,729

(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:

Q4 2021

Q1 2022

Q2 2022

Q3 2022

Q4 2022

Q1 2023

Arista Mine

Tonnes Milled

135,398

135,801

128,884

110,682

116,616

116,721

Average Gold Grade (g/t)

1.93

3.00

2.63

1.98

2.51

2.33

Average Silver Grade (g/t)

82

81

64

80

109

94

Average Copper Grade (%)

0.38

0.41

0.32

0.37

0.45

0.37

Average Lead Grade (%)

2.17

1.97

1.99

1.59

1.58

1.73

Average Zinc Grade (%)

4.77

4.89

4.00

4.21

4.27

3.88

Combined

Tonnes milled(1)

135,398

136,844

129,099

110,682

116,616

117,781

Tonnes Milled per Day(2)

1,559

1,590

1,516

1,361

1,389

1,420

Metal production (before payable metal deductions)(3)

Gold (ozs.)

6,853

11,187

9,317

5,851

7,767

7,171

Silver (ozs.)

330,873

332,292

249,088

261,256

370,768

322,676

Copper (tonnes)

413

431

303

296

406

336

Lead (tonnes)

2,345

2,073

2,020

1,249

1,323

1,559

Zinc (tonnes)

5,349

5,562

4,282

3,901

4,198

3,837

(1)

  Combined tonnes milled 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.

(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.

Q1 2023 Conference Call

The Company will host a conference call Wednesday, April 26, 2023, at 10:00 a.m. Mountain 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: Click Here To Join Webcast

To join the call via telephone, please use the following dial-in details:

Participant Toll Free:

 

+1 (888) 396-8049

International:

 

+1 (416) 764-8646

Conference ID:

 

13462059

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 deposit, 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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