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Gold Resource posts first quarter net income of $2.5M and says gold production in-line with quarterly guidance

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Gold Resource Corporation (NYSEAMERICAN:GORO) (FRA:GIH) posted first-quarter results that saw solid net income of $2.5 million and gold production that was in line with quarterly guidance. 

For the period ended March 31, 2021, the Denver, Colorado-based gold and silver producer, reported a net income of $2.5 million and earnings per share of $0.03 on revenue of $27.3 million. 

Gold Resource said it produced 6,097 gold ounces and 307,610 silver ounces, or a total of 10,750 gold equivalent ounces at a “cash cost of $408 per ounce, of which 5,019 gold ounces and 253,061 silver ounces were payable ounces sold or a total of 8,810 gold equivalent ounces.” 

READ: Gold Resource Corp confident of annual production guidance for gold equivalent ounces as it posts 1Q output figures

The company said it ended the quarter with an additional $1.8 million and a cash balance of $27.2 million on March 31, 2021.

In a statement accompanying the numbers, Gold Resource CEO Allen Palmiere said: “Gold production in the first quarter was as expected while silver and base metal production were modestly behind forecast as the team proactively addressed challenging ground conditions with a change in mine sequencing and the use of paste fill.”

“Our all-in sustaining cost per ounce was $937 per ounce of gold equivalent, due largely to the nearly 30% reduction in treatment charges. This allowed us to reinvest $5 million into exploration and infrastructure improvements at the Don David Gold Mine and still end the quarter with an additional $1.8 million and a cash balance of $27.2 million as at March 31, 2021.”

Palmiere noted that the operations team continued to demonstrate its ability to be “nimble and disciplined operators” while focusing on good “environmental, social and governance practices.”

For the seventh consecutive year, the Don David Gold Mine earned the prestigious Empresa Socialmente Responsable award from the Mexican Center for Philanthropy,” said Palmiere.

Separately, the company announced that after “careful consideration,” the directors had decided to change “the frequency” with which the company will declare and pay dividends from “monthly to quarterly.” The first $0.01 quarterly dividend will be paid on June 30, 2021, to shareholders of record as of June 15, 2021.

The company also said that dividends “may vary in amount and consistency or be discontinued” at the board’s discretion depending on “cash flows, company development requirements and strategies, construction, spot gold and silver prices, taxation, general market conditions and other factors.”

Gold Resource has spun out its Nevada unit into a separate public company and is now focused solely on Oaxaca, Mexico. “There have been no lost time incidents at the Don David Gold Mine during Q1 2021,” noted the company. Construction of the water filtration plant and dry stack tailings facilities progressed with an “expected completion in the third quarter,” said the company.

Moreover, Gold Resource said that “a total 262 meters of exploration underground development” was completed along with 14 underground diamond drill holes (totaling 4,099 meters) at the company’s Arista and Switchback vein systems. 

Contact the author Uttara Choudhury at [email protected]

Follow her on Twitter: @UttaraProactive

Story by ProactiveInvestors


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