GORO Great News! The increased Divy was our warning. Next quarter can only get better as they commission the ADR plant to pour their own gold bars, and run a full quarter at commercial production numbers. The increased price of silver should weigh in this quarter as well. Just doubled the divy could easily double it again in the next couple quarters.
October 29, 2019 NYSE American: GORO
GOLD RESOURCE CORPORATION REPORTS RECORD THIRD QUARTER GOLD
PRODUCTION WITH NET INCOME OF $3 MILLION, OR $0.05 PER SHARE
COLORADO SPRINGS – October 29, 2019 – Gold Resource Corporation (NYSE American:
GORO) (the “Company” or “GRC”) reported record gold production results for the third quarter
ended September 30, 2019 of 11,165 ounces of gold. In addition, the Company produced 477,297
ounces of silver, which along with base metal revenue generated $40.1 million in net revenue and
$3.0 million, or $0.05 per share, in net income for the quarter. The Company recently increased its
2019 global gold production outlook 42% to 38,400 ounces, as the Isabella Pearl mine in Mineral
County, Nevada continues its production ramp up†
. The Company also maintains its 2019 Oaxaca
Mining Unit (“OMU”) silver production outlook of 1.7 million ounces†
. Gold Resource Corporation is
a gold and silver producer, developer and explorer with operations in Oaxaca, Mexico and Nevada,
USA. The Company has returned $112 million to its shareholders in consecutive monthly dividends
since July 2010 and offers its shareholders the option to convert their cash dividends into physical
gold and silver and take delivery.
Q3 2019 HIGHLIGHTS
• $3.0 million net income, or $0.05 per share
• $8.8 million cash and cash equivalents
• $40.1 million net sales
• $9.3 million mine gross profit
• Record gold production of 11,165 ounces
• 477,297 silver ounces produced
• $197 total cash cost per gold equivalent ounce sold, after by-product credits (OMU)
• $520 total all-in sustaining cost per precious metal gold equivalent ounce sold (OMU)
• $4.2 million gold and silver bullion
• $20.6 million base metal by-product credits, or $1,888 per precious metal gold ounce sold
(OMU)
• $0.3 million dividend distributions, or $0.005 per share for quarter
• Nevada Mining Unit’s Isabella Pearl mine reached commercial production levels in
September
• No ATM share sales since July 30, 2019
2
Overview of Q3 2019 Results
Third quarter OMU production totaled 7,462 ounces of gold, 473,810 ounces of silver, 492 tonnes of
copper, 2,459 tonnes of lead and 6,057 tonnes of zinc. Through the first three quarters of 2019,
OMU production numbers total 21,881 ounces of gold, 1,304,975 ounces of silver, 1,407 tonnes of
copper, 6,916 tonnes of lead and 17,949 tonnes of zinc. Third quarter production from the
Company’s Nevada Mining Unit (NMU) totaled 3,703 ounces of gold. Since producing first gold in
April 2019, the NMU has produced 5,381 ounces of gold through September 30, 2019.
The Company maintains its 2019 OMU annual outlook, targeting 27,000 gold ounces and 1,700,000
silver ounces†
. In addition, the Company’s NMU targets 6,000 ounces of gold production for the
fourth quarter of 2019†
. This fourth quarter production target paired with 5,381 gold ounces
produced year-to-date, increases the Company’s global 2019 annual gold production outlook to
38,400 ounces†
.
The Company sold 10,887 precious metal gold equivalent ounces at a total cash cost of $197 per
ounce (after by-product credits) at its OMU, benefiting from strong base metal production and sales.
OMU average realized metal prices during the quarter included $1,490 per ounce gold and $17.08
per ounce silver*. The Company sold 4,044 gold ounces from its Isabella Pearl mine at an average
realized price of $1,481 per gold ounce*. The Company recorded net income of $3.0 million, or
$0.05 per share, and paid $0.3 million to its shareholders in dividends, or $0.005 per share during
the quarter. Cash and cash equivalents at quarter end totaled $8.8 million.
“Our Oaxaca Mining Unit’s strong operational results, coupled with our continued ramp up of our
Isabella Pearl mine, which recently declared commercial production, resulted in record gold
production for the third quarter,” stated Mr. Jason Reid, President and CEO of Gold Resource
Corporation. “The Company is on a trajectory to increase its future global annual gold production
by more than 100 percent. We are also on a trajectory of shifting the Company’s primary revenue
distribution to gold with continued excellent exposure to silver and base metals. In addition, we
have become a multi-jurisdictional mining company with two producing mining units and a vast
property portfolio. These and other positive results enabled the Company’s Board of Directors to
increase the monthly instituted dividend 100 percent with last week’s October dividend declaration.”
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