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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): January 30, 2024
GOLD RESOURCE CORPORATION
(Exact name of registrant as specified in its charter)
Colorado |
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001-34857 |
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84-1473173 |
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(State or other jurisdiction of incorporation) |
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(Commission |
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(I.R.S. Employer |
7900 E. Union Ave, Suite 320 |
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80237 |
(Address of principal executive offices) |
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(Zip Code) |
Registrant’s telephone number, including area code: (303) 320-7708
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act:
Title of each class |
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Trading Symbol(s) |
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Name of each exchange on which registered |
Common stock |
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GORO |
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NYSE American |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ◻ Item 2.02 Results of Operations and Financial Condition.
1.01
On January 30, 2024, Gold Resource Corporation issued a news release reporting its preliminary production and select financial results for the fourth quarter of 2023. A copy of the news release is attached as Exhibit 99.1 to this report.
In accordance with General Instruction B.2 of Form 8-K, the information in this Item 2.02, including Exhibit 99.1, shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liability of that section, and shall not be incorporated by reference into any of the Company’s filings or other document filed under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.
Item 9.01 Financial Statements and Exhibits
(d) Exhibits. The following exhibits are furnished with this report:
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104 |
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Cover Page Interactive Data File (formatted in Inline XBRL and contained in Exhibit 101) |
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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GOLD RESOURCE CORPORATION |
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Date: January 30, 2024 |
By: |
/s/ Allen Palmiere |
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Name: |
Allen Palmiere |
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Title: |
Chief Executive Officer and President |
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Exhibit 99.1
NEWS - FOR IMMEDIATE RELEASE |
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NYSE American: GORO |
GOLD RESOURCE CORPORATION ANNOUNCES PRELIMINARY FOURTH QUARTER AND YEAR-END RESULTS
Denver, Colorado - January 30, 2024 – Gold Resource Corporation (NYSE American: GORO) (the “Company”) announces its preliminary fourth quarter results that includes the sale of 3,757 ounces of gold and 258,252 ounces of silver resulting in total gold equivalent (AuEq) ounces of 6,768. Additionally, the company sold 2,182 tonnes of zinc, 327 tonnes of copper, and 820 tonnes of lead. During the year ending December 31, 2023, the company sold 31,085 AuEq ounces, 10,954 tonnes of zinc, 1,231 tonnes of copper, and 4,501 tonnes of lead.
“Production during the quarter was lower than the last four quarters mainly due to lower average grades as was expected in our 2023 mine plan. We continue to identify and implement opportunities for cost reductions and operational efficiencies. Our 2023 drill program resulted in encouraging positive results that demonstrate the potential to increase our resources and reserves that could lead to future increased production(1)” stated Allen Palmiere, President and CEO. “The last quarter has continued to present challenges beyond our control as the most metal prices have continued to be lower than planned and the Mexican peso has remained strong against the US Dollar. We did see an increase above plan in the gold price towards the end of the year which has helped to relieve some of the negative pressure from other metal prices.”
Sales Statistics |
Three months ended December 31, |
Twelve months ended December 31, |
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2023 |
2022 |
2023 |
2022 |
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Metal sold |
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Gold (ozs.) |
3,757 |
7,514 |
18,534 |
30,119 |
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Silver (ozs.) |
258,252 |
335,168 |
1,036,229 |
1,057,209 |
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Copper (tones) |
327 |
372 |
1,231 |
1,348 |
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Lead (tonnes) |
820 |
941 |
4,501 |
5,391 |
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Zinc (tonnes) |
2,182 |
3,265 |
10,954 |
14,157 |
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Average metal prices realized(2) |
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Gold ($ per oz.) |
1,985 |
1,734 |
1,955 |
1,801 |
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Silver ($ per oz.) |
23.14 |
21.25 |
23.68 |
21.53 |
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Copper ($ per tonne) |
8,205 |
8,221 |
8,513 |
8,795 |
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Lead ($ per tonne) |
2,122 |
1,954 |
2,158 |
2,129 |
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Zinc ($ per tonne) |
2,516 |
2,577 |
2,621 |
3,539 |
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Precious metal gold equivalent ounces sold |
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Gold Ounces |
3,757 |
7,514 |
18,534 |
30,119 |
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Gold Equivalent Ounces from Silver |
3,011 |
4,107 |
12,551 |
12,638 |
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Total AuEq Ounces |
6,768 |
11,621 |
31,085 |
42,757 |
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| (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 https://goldresourcecorp.com/news-releases/gold-resource-corporation-reports-continued-positi-6343/. |
| (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. |
Trending Production Statistics
For the three months ended: |
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Q3 2022 |
Q4 2022 |
Q1 2023 |
Q2 2023 |
Q3 2023 |
Q4 2023 |
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Arista Mine |
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Tonnes Milled |
110,682 |
116,616 |
116,721 |
113,510 |
116,626 |
111,255 |
Average Gold Grade (g/t) |
1.98 |
2.51 |
2.33 |
1.59 |
1.52 |
1.44 |
Average Silver Grade (g/t) |
80 |
109 |
94 |
86 |
73 |
85 |
Average Copper Grade (%) |
0.37 |
0.45 |
0.37 |
0.37 |
0.32 |
0.39 |
Average Lead Grade (%) |
1.59 |
1.58 |
1.73 |
1.64 |
1.29 |
1.39 |
Average Zinc Grade (%) |
4.21 |
4.27 |
3.88 |
3.72 |
3.24 |
2.95 |
Combined |
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Tonnes milled(3) |
110,682 |
116,616 |
117,781 |
113,510 |
116,626 |
111,255 |
Tonnes Milled per Day(4) |
1,361 |
1,389 |
1,420 |
1,395 |
1,557 |
1,379 |
Metal production (before payable metal deductions)(5) |
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Gold (ozs.) |
5,851 |
7,767 |
7,171 |
4,637 |
4,443 |
4,077 |
Silver (ozs.) |
261,256 |
370,768 |
322,676 |
289,816 |
247,159 |
282,488 |
Copper (tonnes) |
296 |
406 |
336 |
334 |
276 |
341 |
Lead (tonnes) |
1,249 |
1,323 |
1,559 |
1,389 |
1,048 |
1,072 |
Zinc (tonnes) |
3,901 |
4,198 |
3,837 |
3,569 |
3,223 |
2,884 |
| (3) | 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. |
| (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. |
Year-End 2023 Conference Call
The Company will host a conference call Thursday, March 14, 2024 at 10:00 a.m. Eastern 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 Chet Holyoak, 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:
https://onlinexperiences.com/Launch/QReg/ShowUUID=F24608AC-00ED-4198-B37C-E83FCE95DDEB
To join the call via telephone, please use the following dial-in details:
Participant Toll Free: +1 (888) 886-7786
International: +1 (416) 764-8658
Conference ID: 34193701
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. The company’s focus is to unlock the significant upside potential of its existing infrastructure and large land position surrounding the Don David mine 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.
Contacts:
Chet Holyoak
Chief Financial Officer
Chet.Holyoak@GRC-USA.com
www.GoldResourceCorp.com