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Gold Resource Corporation (NYSE:GORO) (the “Company or GRC”) reported production results for the first quarter ended March 31, 2017 of 6,747 ounces of gold and 427,890 ounces of silver, which along with base metal revenue generated $24.3 million in net revenue for the quarter. Gold Resource Corporation is a gold and silver producer, developer and …
Gold Resource Corporation (NYSE:GORO) (the “Company or GRC”) reported production results for the first quarter ended March 31, 2017 of 6,747 ounces of gold and 427,890 ounces of silver, which along with base metal revenue generated $24.3 million in net revenue for the quarter. 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 $109 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.
Q1 2017 HIGHLIGHTS
• 6,747 gold ounces produced
• 427,890 silver ounces produced
• $24.3 million net sales
• $4.4 million net income, or $0.08 per share
• $263 total cash cost per gold equivalent ounce sold (after by-product credits)
• $744 total all-in sustaining cost per precious metal gold equivalent ounce sold
• $9.4 million by-product credits, or $717 per precious metal gold ounce sold
• $0.3 million dividend distributions, or $0.005 per share for quarter
Overview of Q1 2017 Results
Gold Resource Corporation’s Oaxaca Mining Unit sold 13,114 precious metal gold equivalent ounces at a total cash cost of $263 per ounce (after by-product credits). Realized average metal price sales during the quarter were $1,215 per ounce gold and $17.29 per ounce silver. The Company recorded net income of $4.4 million, or $0.08 per share. The Company 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 $16.6 million. Realized gold and silver prices increased 1% and 20%, respectively, compared to the first quarter of 2016.
The Company maintains its 2017 Annual Outlook (range plus or minus 5%) of 27,500 gold ounces and 1,850,000 silver ounces. 2 The following Production and Sales Statistics table summarizes certain information about our mining operations for the three months ended March 31, 2017 and 2016:
About GRC: Gold Resource Corporation is a mining company focused on production and pursuing development of gold and silver projects that feature low operating costs and produce high returns on capital. The Company has 56,839,823 shares outstanding, zero warrants, zero debt and has returned over $109 million back to its shareholders since commercial production commenced July 1, 2010. Gold Resource Corporation offers its shareholders the option to convert their cash dividends into physical gold and silver and take delivery. For more information, please visit GRC’s website, located at www.Goldresourcecorp.com and read the Company’s 10-K for an understanding of the risk factors involved.
Cautionary Statements: This press release contains forward-looking statements that involve risks and uncertainties. The statements contained in this press release that are not purely historical are forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act. When used in this press release, the words “plan,” “target,” “anticipate,” “believe,” “estimate,” “intend” and “expect” and similar expressions are intended to identify such forwardlooking statements. Such forward-looking statements include, without limitation, the statements regarding Gold Resource Corporation’s strategy, future plans for production, future expenses and costs, future liquidity and capital resources, and estimates of mineralized material. All forward-looking statements in this press release are based upon information available to Gold Resource Corporation on the date of this press release, and the company assumes no obligation to update any such forward-looking statements. Forward looking statements involve a number of risks and uncertainties, and there can be no assurance that such statements will prove to be accurate. The Company’s actual results could differ materially from those discussed in this press release. In particular, there can be no assurance that production will continue at any specific rate. Factors that could cause or contribute to such differences include, but are not limited to, those discussed in the Company’s 10-K filed with the SEC.
Contacts:
Corporate Development
Greg Patterson 303-320-7708
www.Goldresourcecorp.com
See Accompanying Tables
The following information summarizes the results of operations for Gold Resource Corporation for the three months ended March 31, 2017 and 2016, its financial condition at March 31, 2017 and December 31, 2016 and its cash flows for the three months ended March 31, 2017 and 2016. The summary data for the three months ended March 31, 2017 is unaudited; the summary data for the year ended December 31, 2016 is derived from our audited financial statements contained in our annual report on Form 10-K for the year ended December 31, 2016, but do not include the footnotes and other information that is included in the complete financial statements. Readers are urged to review the Company’s Form 10-K in its entirety, which can be found on the SEC’s website at www.sec.gov.
The calculation of our cash cost per precious metal gold equivalent ounce, total all-in sustaining cost per precious metal gold equivalent ounce and total all-in cost per precious metal gold equivalent ounce contained in this press release are non-GAAP financial measures. Please see “Management’s Discussion and Analysis and Results of Operations” contained in the Company’s most recent Form 10-Q and Form 10-K for a complete discussion and reconciliation of the non-GAAP measures
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Source: www.goldresourcecorp.com