Gold Resource Corporation (NYSE-A:GORO, ETR:GIH) released preliminary first-quarter results showing it increased its gold sales with 11,729 ounces of total gold equivalent sold, compared to 8,810 ounces in the same quarter last year.
For the three-month period to end March 31, 2022, the company sold a total of 8,381 ounces of gold and 265,407 ounces of silver, and 4,359 tonnes of zinc, 408 tonnes of copper, and 1,639 tonnes of lead.
In a statement, the firm said that the sales have contributed to a “strong” cash balance of over $31 million.
READ: Gold Resource Corp posts $125.2M in revenue; strong balance sheet with $33.7M at end of 2021
"2022 is off to a good start with strong production results at the Don David Gold Mine in Mexico and the feasibility study advancing at the Back Forty Project in Michigan,” CEO Allen Palmiere said in a statement.
“Our investment in capital and exploration progressed during the quarter, including the completion of the filtration plant and dry stack facilities in January accelerating our environmental stewardship efforts."
The company’s operations are focused on the Don David gold mine in Oaxaca, Mexico. Under the direction of a new board and senior leadership, Gold Resource is unlocking what it calls the “significant upside potential” of its existing infrastructure and large land position surrounding the mine.
It recently closed its acquisition of Aquila Resources Inc (TSX:AQA) to develop the Back Forty Project in Michigan.
Contact Angela at angela@proactiveinvestors.com
Follow her on Twitter @AHarmantas