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Gold Resource Corp (GORO) SEC Filing 10-Q Quarterly report for the period ending Tuesday, March 31, 2020

Gold Resource Corp

CIK: 1160791 Ticker: GORO

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FOR IMMEDIATE RELEASE

NEWS

March 2, 2020

         NYSE American: GORO

 

GOLD RESOURCE CORPORATION ACHIEVES RECORD ANNUAL GOLD PRODUCTION, NINTH CONSECUTIVE PROFITABLE YEAR, DELIVERS EARNINGS

OF $0.09 PER SHARE AND PROVIDES 2020 PRODUCTION OUTLOOK

 

COLORADO SPRINGS – March 2, 2020– Gold Resource Corporation (NYSE American: GORO) (the “Company” or “GRC”) today announced a ninth consecutive year of profitability, reporting net income of $5.8 million or $0.09 per share.  The Company also confirmed its previously announced 2019 consolidated annual production record of 40,318 gold ounces along with 1,732,604 silver ounces.  The Company announced its 2020 consolidated precious metal Outlook targeting 54,000 gold ounces and 1,700,000 silver ounces plus or minus a 10 percent range.  Gold Resource Corporation is a gold and silver producer, developer and explorer with operations in Oaxaca, Mexico and Nevada, U.S.A.  The Company has returned $113 million to its shareholders in monthly dividends since commercial production commenced July 1, 2010 and offers its shareholders the option to convert their cash dividends into physical gold and silver and take delivery.

 

2019 ANNUAL HIGHLIGHTS

 

·

Achieved its ninth consecutive year of profitability;

·

Record consolidated annual gold production;

·

Achieved 2019 Oaxaca Mining Unit gold production outlook range with 29,435 ounces;

·

Achieved 2019 Oaxaca Mining Unit silver production outlook range with 1.72 million ounces;

·

$135.4 million consolidated net sales, an increase of 17%;

·

$5.8 million net income, or $0.09 per share;

·

Oaxaca Mining Unit $264 total cash costs (after by-product credits) per precious metal gold equivalent ounce sold;

·

Oaxaca Mining Unit $646 total all-in sustaining cost per precious metal gold equivalent ounce sold;

·

Completed construction and commenced production at the Nevada Mining Unit, producing 10,883 gold ounces;

·

100% increase in annualized dividends from $0.02 to $0.04 per share,  $1.5 million distributed in shareholder dividends, totaling over $113 million since 2010.

 

2019 Overview

 

“I am very pleased to report Gold Resource Corporation delivered record gold production and its ninth consecutive year of profitability for 2019,” stated Gold Resource Corporation CEO and President, Mr. Jason Reid. “In addition to these achievements, just ten months after ground breaking we brought our Nevada Mining Unit online in April producing first gold from our Isabella Pearl Mine.  We plan to continue ramping up production through 2020 to a targeted annual rate of 40,000 gold ounces for the full year 2021.  Our production models expect a significant increase in gold grade the second half of 2020 which is expected to boost gold production and reduce costs.”

 

For the year ended December 31, 2019, the Company’s Oaxaca Mining Unit sold 41,062 precious metal gold equivalent ounces at a total cash cost of $264 per gold equivalent ounce. Realized 2019 average sales prices were $1,418 per ounce

1

for gold and $16.31 per ounce for silver.  The Company’s Nevada Mining Unit sold 10,272 gold ounces at a total cash cost of $1,040 per ounce.    The Company recorded consolidated revenues of $135.4 million, and net income of $5.8 million, or $0.09 per share. Base metal production generated $75.8 million in revenue for 2019.

 

The calculation of our cash cost per ounce contained in this press release is a non-GAAP financial measure. Please see "Management's Discussion and Analysis and Results of Operations" contained in the Company’s most recent Form 10-K for a complete discussion and reconciliation of the non-GAAP measures.

 

The following Production Statistics table summarize certain information about our Oaxaca and Nevada Mining Unit operations for the three and twelve months ended December 31, 2019 and 2018:

 

Oaxaca Mining Unit

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three months ended December 31, 

 

Year ended December 31, 

 

    

2019

    

2018

    

2019

    

2018

Arista Mine

 

 

 

 

 

 

 

 

 

 

 

 

Milled

 

 

 

 

 

 

 

 

 

 

 

 

Tonnes Milled

 

 

160,701

 

 

149,494

 

 

629,868

 

 

560,191

Grade

 

 

 

 

 

 

 

 

 

 

 

 

Average Gold Grade (g/t)

 

 

1.77

 

 

1.82

 

 

1.73

 

 

1.69

Average Silver Grade (g/t)

 

 

78

 

 

65

 

 

82

 

 

95

Average Copper Grade (%)

 

 

0.37

 

 

0.35

 

 

0.38

 

 

0.37

Average Lead Grade (%)

 

 

1.79

 

 

1.72

 

 

1.88

 

 

1.66

Average Zinc Grade (%)

 

 

4.41

 

 

4.45

 

 

4.64

 

 

4.29

Aguila Open Pit Mine

 

 

 

 

 

 

 

 

 

 

 

 

Milled

 

 

 

 

 

 

 

 

 

 

 

 

Tonnes Milled

 

 

7,367

 

 

10,705

 

 

31,343

 

 

36,435

Grade

 

 

 

 

 

 

 

 

 

 

 

 

Average Gold Grade (g/t)

 

 

1.31

 

 

2.02

 

 

1.65

 

 

2.08

Average Silver Grade (g/t)

 

 

77

 

 

38

 

 

53

 

 

41

Mirador Mine

 

 

 

 

 

 

 

 

 

 

 

 

Milled

 

 

 

 

 

 

 

 

 

 

 

 

Tonnes Milled

 

 

9,422

 

 

3,800

 

 

31,962

 

 

15,044

Grade

 

 

 

 

 

 

 

 

 

 

 

 

Average Gold Grade (g/t)

 

 

0.82

 

 

1.52

 

 

0.91

 

 

1.43

Average Silver Grade (g/t)

 

 

179

 

 

222

 

 

195

 

 

174

Combined

 

 

 

 

 

 

 

 

 

 

 

 

Tonnes milled

 

 

177,490

 

 

163,999

 

 

693,173

 

 

611,670

Tonnes Milled per Day (1)

 

 

2,017

 

 

1,885

 

 

1,980

 

 

1,764

Metal production (before payable metal deductions) (2)

 

 

 

 

 

 

 

 

 

 

 

 

Gold (ozs.)

 

 

7,554

 

 

7,974

 

 

29,435

 

 

26,838

Silver (ozs.)

 

 

417,877

 

 

330,605

 

 

1,722,852

 

 

1,672,034

Copper (tonnes)

 

 

452

 

 

446

 

 

1,859

 

 

1,652

Lead (tonnes)

 

 

2,286

 

 

2,006

 

 

9,202

 

 

7,280

Zinc (tonnes)

 

 

5,734

 

 

5,572

 

 

23,683

 

 

19,808


The following information was filed by Gold Resource Corp (GORO) on Monday, March 2, 2020 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Gold Resource Corp provided additional information to their SEC Filing as exhibits

Ticker: GORO
CIK: 1160791
Form Type: 10-Q Quarterly Report
Accession Number: 0001558370-20-005181
Submitted to the SEC: Tue May 05 2020 4:06:47 PM EST
Accepted by the SEC: Tue May 05 2020
Period: Tuesday, March 31, 2020
Industry: Gold And Silver Ores

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