Gold Resource Corporation (NYSEAMERICAN:GORO) (FRA:GIH) said it remains confident in its annual production guidance for gold equivalent ounces for 2021 as the company posted first-quarter output details for the three months to end-March.
The miner produced 5,019 payable gold ounces and 253,061 payable silver ounces from its Mexico operations during the first quarter.
Base metal output included 382 tonnes of payable copper, 1,176 tonnes of payable lead and 3,134 tonnes of payable zinc.
READ: Gold Resource Corp reports net income of $4.4M in 2020 after solid production from Mexico
"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," Allen Palmiere, GORO's CEO said in a statement, praising the team's ability to be nimble and disciplined.
"We remain confident in our annual production guidance for gold equivalent ounces. Our cash costs after by-product credits and all-in sustaining costs per ounce have declined significantly since year-end, due largely to a greater than 30% reduction in treatment charges.
"Our operations' personnel continue to manage the COVID-19 pandemic well with the safety and health of our employees, contractors and communities being our top priority," he added.
When releasing 2020 results in February this year, GORO had said metal production in 2021 was expected to increase slightly over 2020 as the company improves operations and margins reflected in a reduced cash cost per ounce after by-product credits.
Payable production guidance is for between 19,500 and 21,500 ounces of gold and 1.7million to 1.8 million ounces of silver. All-in-sustaining-costs (AISC) after by-product credits per gold equivalent ounce are expected to be between $800 and $900.
GORO underwent a shift in focus at the end of 2020. Having been a company with producing operations in Nevada and Mexico, it spun out its Nevada unit into a separate public company and is now focused solely on Mexico. Allen Palmiere became the chief executive.
The company said it will issue its financial and operating results for the first quarter to March 31, 2021 on Wednesday, April 28, 2021 after market close, and will host a conference call the following day, on April 29, at 11.00am Eastern Time.
The conference call will be recorded and posted to the company's website later in the day.
To join the conference via webcast, please click HERE. To join the call via telephone, people are asked to use one of the following: Toll Free: 888-506-0062, International: 973-528-0011, Entry Code: 117123.
Contact the author at giles@proactiveinvestors.com