- CASH BALANCE OF MORE THAN 22 MILLION $
- OVER $24 MILLION INVESTED IN CAPITAL AND EXPLORATION
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THE LOSS OF 9.7 MILLION USD THIRD QUARTER RESULT IS
- LOWER METAL PRICES
- HIGHER DEPRECIATION EXPENSE DUE TO LOWER MINERAL RESERVE BASE
- PREVIOUS FORTY PROJECT FEASIBILITY WORK & PERMIT EXPENSES
Gold Resource Corp GORO (the “Company”) sold a total of 5,478 ounces of gold and 225,012 ounces of silver for a total gold equivalent ounce of 8,042 ounces in the third quarter of 2022. In addition, the company sold 2,943 tons of zinc, 282 tons of copper and 1,056 tons of lead.
Allen Palmiere, President and CEO, said: “The implementation of safety programs has been our top priority in 2021 and 2022 to address ground support and ventilation issues. The disciplined approach has impacted production levels, mine development and exploration remain on track to meet our 2022 guidance. We put safety first in temporary production costs. During the quarter, we continued to advance the feasibility study and permitting initiatives at the Back Forty project in Michigan.”
Q3 2022 HIGHLIGHTS
Additional highlights for the third quarter ended September 30, 2022 include:
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Our balance sheet remains strong with $22.5 million in cash as of September 30, 2022. The $11.2 million decrease since December 31, 2021 is due to:
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year-to-date cash provided by operating activities of $7.9 million, net of $16.2 million in income tax payments for fiscal years 2021 and 2022;
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$6.9 million investment in Back Forty project feasibility study and permitting;
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Investing Canadian Dollars (“C$”) 2.4 million (or US$1.7 million) in Maritime Resources Corp., ticker symbol “MAE.V” on the Toronto Stock Exchange—Venture Exchange (“TSX-V” ), in exchange for 9.9% of the Company’s issued and outstanding shares through a private placement;
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Investments of US$14.1 million; and
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Distributed $2.7 million in dividends to shareholders ($0.9 million in the quarter,…
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