Gold Resource Corporation (NYSE-A:GORO, ETR:GIH), the Mexico-focused producer, said it ended 2021 with US$34 million in cash having sold 37,512 precious metal gold-equivalent ounces.
The operation at the Don David mine achieved the high end of output guidance, added the miner, and 13,553 tonnes of zinc, 1,420 tonnes of copper and 5,999 tonnes of lead were sold over the year.
In the fourth quarter to end-December, 9,848 gold equivalent ounces were sold.
"As I reflect on my first year at Gold Resource, I am pleased with the results of the Don David Gold Mine and the acquisition of Aquila Resources Corporation," said Allen Palmiere, CEO in a statement.
"Despite ground control challenges and the voluntary temporary shutdown due to COVID-19 in late August and early September, our Mexican operation still achieved the high end of guidance for gold production.
READ: Gold Resource delivers strong 3Q profit and revenue as higher gold grades offset temporary coronavirus-related shutdown
"Throughout the year, the team took a disciplined approach to identifying opportunities for improvements and implementing efficiencies. Our exploration investment has shown great promise and has given us excellent targets for our 2022 in-mine and near-mine drill program. In addition, the completion of the filtration plant and dry stack facilities advances our environmental stewardship efforts. I am optimistic about 2022 as we continue to plan for our future in Oaxaca and advance the definitive feasibility study for the Back Forty Project in Michigan."
Toronto- listed Aquila Resources is the owner of the Back Forty project, a development-stage project containing a gold-rich volcanogenic massive sulfide deposit located in the Penokean Volcanic Belt in Michigan’s Upper Peninsula, and the acquisition is now closed.
In the Fall last year, the two companies entered a definitive agreement that saw GRC acquiring all of the issued and outstanding common shares of TSX-listed Aquila by way of a plan of arrangement.
The transaction offers an attractive opportunity to the shareholders of Aquila and GRC to develop the Back Forty Project using GRC's strong balance sheet and cash flows, Palmiere had said.
Contact the author at giles@proactiveinvestors.com