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Gold Resource Corp (GORO) SEC Filing 10-K Annual Report for the fiscal year ending Sunday, December 31, 2023

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CIK: 1160791 Ticker: GORO

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Exhibit 99.1

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NEWS - FOR IMMEDIATE RELEASE

NYSE American: GORO

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GOLD RESOURCE CORPORATION REPORTS RESULTS OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2023

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Denver, Colorado – March 13, 2023 – Gold Resource Corporation (NYSE American: GORO) (the “Company”) is pleased to announce its full-year operational results from its Don David Gold Mine (“DDGM”) near Oaxaca, Mexico, and a corporate update on its other activities.

2023 Highlights include:

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●Produced and sold 18,534 ounces of gold and 1,036,229 ounces of silver
●Produced and sold 10,954 tonnes of zinc, 904 tonnes of copper, and 3,681 tonnes of lead
●Total cash cost after co-product credits for the full year was $1,250 per gold equivalent ounce
●Cash balance of $6.3 million with no debt and working capital of $15.2 million at December 31, 2023
●Completed Back Forty Optimization Study that indicates an After-Tax of $214 million NPV6% with a 25.7% IRR and a 2.5 year payback

“Our operational results for the final quarter of 2023 were in line with our mine plan and guidance even though our financial results were lower than planned,” stated Allen Palmiere, President and CEO for the Company. “Factors that are out of our control affected our bottom line, including a strengthened Mexican Peso to the US dollar, increased local power costs, and lower metal prices for our co-product metals of copper, lead, and zinc. We continue to be committed to the identification and implementation of opportunities that will reduce costs and increase efficiencies to offset these factors as we move forward. Our exploration drilling program at DDGM yielded encouraging drill results from our underground exploration program and will continue with the goal of increasing the average grade of our 2024 mine plan and life of mine resources. We also completed the optimization work for the Back Forty project and filed an inaugural S-K 1300 that resulted in an improved project valuation and increased economic returns, while reducing environment impacts.”

Corporate and Financial:

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●The Company closed the year with a $6.3 million cash balance as at December 31, 2023. The decrease of $17.4 million from December 31, 2022 is attributable to a cash outflow of $12.5 million for capital investments and a cash outflow of $5.2 million from operating activities for 2023, which included $7.8 million of income tax payments for the tax years 2022 and 2023, exploration investment of $4.2 million at the DDGM, and $1.6 million in spending on the Back Forty Project optimization work, offset by a $0.2 million increase in the value of cash due to the strengthening of the peso.
●Working capital at December 31, 2023, was $15.2 million, a 29% decrease from the December 31, 2022, working capital of $21.4 million. The decrease is primarily driven by the decline in cash balance discussed above.
●DDGM total cash costs (after co-product credits) and total all-in sustaining cost per gold equivalent (“AuEq”)1 ounce sold were $1,250 and $1,630, respectively. See Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations—Non-GAAP Measures below for a reconciliation of non-GAAP measures to applicable GAAP measures.

1 Gold equivalent is determined by taking gold ounces produced and sold, plus silver ounces produced and sold, converted to gold equivalent ounces using the gold to silver average realized price ratio for the period.

The following information was filed by Gold Resource Corp (GORO) on Wednesday, March 13, 2024 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Gold Resource Corp's 10-K Annual Report:

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Document And Entity Information
Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Changes In Shareholders' Equity
Consolidated Statements Of Changes In Shareholders' Equity (Parenthetical)
Consolidated Statements Of Operations
Accrued Expenses And Other Liabilities
Accrued Expenses And Other Liabilities (Details)
Accrued Expenses And Other Liabilities (Tables)
Commitments And Contingencies
Commitments And Contingencies (Narrative) (Details)
Commitments And Contingencies (Tables)
Commitments And Contingencies - Contingent Consideration (Details)
Derivatives
Derivatives (Details)
Derivatives (Tables)
Derivatives - Other (Details)
Employee Benefits
Employee Benefits (Details)
Fair Value Measurement
Fair Value Measurement (Details)
Fair Value Measurement (Tables)
Fair Value Measurement - Realized Unrealized Derivatives, Net (Details)
Fair Value Measurement - Statement Of Income Classification (Details)
Gold And Silver Stream Agreements
Gold And Silver Stream Agreements (Tables)
Gold And Silver Stream Agreements - Liabilities (Details)
Gold And Silver Stream Agreements - Narrative (Details)
Income Taxes
Income Taxes (Tables)
Income Taxes - Income Tax Expense (Details)
Income Taxes - Narrative (Details)
Income Taxes - Reconciliation Of Taxes Reported At Company's Tax Rate And U.S. Federal Statutory Tax Rate (Details)
Income Taxes - Tax Effects Of Temporary Differences That Give Rise To Significant Portions Of Deferred Tax Assets (Details)
Income Taxes - U.S. And Foreign Components Of Loss Before Income Taxes (Details)
Insider Trading Arrangements
Inventories
Inventories (Details)
Inventories (Tables)
Nature Of Operations And Summary Of Significant Accounting Policies
Nature Of Operations And Summary Of Significant Accounting Policies (Details)
Nature Of Operations And Summary Of Significant Accounting Policies (Policies)
Nature Of Operations And Summary Of Significant Accounting Policies (Tables)
Nature Of Operations And Summary Of Significant Accounting Policies - Estimated Economic Lives (Details)
Nature Of Operations And Summary Of Significant Accounting Policies - Revised Balance Sheet (Details)
Net Loss Per Common Share
Net Loss Per Common Share (Tables)
Net Loss Per Common Share - Calculation Of Basic And Diluted Net Income Per Share (Details)
Net Loss Per Common Share - Narrative (Details)
Other Expense, Net
Other Expense, Net (Details)
Other Expense, Net (Tables)
Other Non-Current Assets
Other Non-Current Assets (Details)
Other Non-Current Assets (Tables)
Other Non-Current Assets - Narrative (Details)
Pay Vs Performance Disclosure
Prepaid Expenses And Other Current Assets
Prepaid Expenses And Other Current Assets (Details)
Prepaid Expenses And Other Current Assets (Tables)
Property, Plant And Mine Development, Net
Property, Plant And Mine Development, Net (Tables)
Property, Plant And Mine Development, Net - Summary Of Property, Equipment And Mine Development (Details)
Reclamation And Remediation
Reclamation And Remediation (Tables)
Reclamation And Remediation - Changes (Details)
Reclamation And Remediation - Narrative (Details)
Revenue
Revenue (Details)
Revenue (Tables)
Segment Reporting
Segment Reporting (Details)
Segment Reporting (Tables)
Shareholders' Equity
Shareholders' Equity (Details)
Stock-Based Compensation
Stock-Based Compensation (Narrative) (Details)
Stock-Based Compensation (Tables)
Stock-Based Compensation - Black-Scholes Assumptions (Details)
Stock-Based Compensation - Stock-Based Compensation Expense (Details)
Stock-Based Compensation - Summary Of Dsu Activity Under The Incentive Plan (Details)
Stock-Based Compensation - Summary Of Psu Activity Under The Incentive Plan (Details)
Stock-Based Compensation - Summary Of Rsu Activity Under Incentive Plan (Details)
Stock-Based Compensation - Summary Of Stock Option Activity Under Incentive Plan (Details)
Stock-Based Compensation - Summary Of Stock Options By Exercise Price Range (Details)
Supplementary Cash Flow Information
Supplementary Cash Flow Information (Details)
Supplementary Cash Flow Information (Tables)
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Zinc Zero Cost Collar (Details)
Zinc Zero Cost Collar (Tables)
Ticker: GORO
CIK: 1160791
Form Type: 10-K Annual Report
Accession Number: 0001558370-24-004134
Submitted to the SEC: Wed Mar 27 2024 9:11:05 PM EST
Accepted by the SEC: Thu Mar 28 2024
Period: Sunday, December 31, 2023
Industry: Gold And Silver Ores

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