Gold Resource Corporation (NYSE-A:GORO, ETR:GIH) (GRC) said it ended the first quarter of its 2023 financial year with a solid balance sheet, including $21.4 million in cash after selling 10,055 gold equivalent ounces.
The company noted that it sold 6,508 ounces of gold and 294,815 ounces of silver in the three months to March 31, 2023. Sales of zinc reached 3,060 tonnes, while it also sold 1,417 tonnes of lead and 332 tonnes of copper.
“Our 2023 annual production at the Don David Gold Mine is off to a good start. This achievement is due to mining higher average grades as a result of targeted infill drilling and mine sequencing,” GRC president and CEO Allen Palmiere said in a statement.
During the quarter, it invested $5 million in the Don David Gold Mine and Back Forty Project and completed more than 2,500 metres of expansion exploration drilling.
Exploration at the Don David Gold Mine progressed as planned during the quarter as it continued to focus on infill drilling. Its exploration objectives this year are to identify and define additional mineral resources from the Three Sisters, South Soledad, Sagrario, and Marena vein systems, GRC said.
“Underground resource expansion drilling is progressing as planned. In addition, the mine is managed by a new leadership team that is already realizing improvements to maximize efficiencies and safety protocols,” Palmiere added. “At the Back Forty Project in Michigan, feasibility study work related to metallurgical testing and refinement of capital cost estimates continues.”
The company reported revenue of $31.2 million and a mine gross profit of $3.9 million from operations. Underlying earnings (EBITDA) reached $6.3 million and it posted a net loss of $1 million, or $0.01 per share.
GRC said it will host a conference call today, April 26, 2023, at 10.00am Mountain Time. To join the conference via webcast, interested parties can use this link.