-- Published: Wednesday, 30 October 2019 | Print | Disqus
Gold Resource Corporation’s CEO Mr. Jason Reid will host the conference call Wednesday, October 30, 2019 at 11:00 a.m. Eastern Time. Topics of discussion will include third quarter results and an update on current operations. The conference call will be recorded and posted to the Company’s website in three to five business days from recording.
Following Mr. Reid’s opening remarks, the Company will answer questions during a live Q&A period.
Date: Wednesday, October 30, 2019
Time: 11:00 AM Eastern (9:00 AM Mountain)
Attendee Access Information:
Title: Gold Resource Corporation Third Quarter Earnings Call
Host Name: Jason Reid
Company Name: Gold Resource Corporation
To Join the conference call, please click on the following link (“click to join” being the easiest): view the complete list of access numbers and conference start times
Please connect to the conference call at least 10 minutes prior to the start time using the options listed above.
COLORADO SPRINGS, Oct. 29, 2019 (GLOBE NEWSWIRE) -- Gold Resource Corporation (NYSE American: GORO) (the “Company” or “GRC”) reported record gold production results for the third quarter ended September 30, 2019 of 11,165 ounces of gold. In addition, the Company produced 477,297 ounces of silver, which along with base metal revenue generated $40.1 million in net revenue and $3.0 million, or $0.05 per share, in net income for the quarter. The Company recently increased its 2019 global gold production outlook 42% to 38,400 ounces, as the Isabella Pearl mine in Mineral County, Nevada continues its production ramp up†. The Company also maintains its 2019 Oaxaca Mining Unit (“OMU”) silver production outlook of 1.7 million ounces†. Gold Resource Corporation is a gold and silver producer, developer and explorer with operations in Oaxaca, Mexico and Nevada, USA. The Company has returned $112 million to its shareholders in consecutive monthly dividends since July 2010 and offers its shareholders the option to convert their cash dividends into physical gold and silver and take delivery.
Q3 2019 HIGHLIGHTS
- $3.0 million net income, or $0.05 per share
- $8.8 million cash and cash equivalents
- $40.1 million net sales
- $9.3 million mine gross profit
- Record gold production of 11,165 ounces
- 477,297 silver ounces produced
- $197 total cash cost per gold equivalent ounce sold, after by-product credits (OMU)
- $520 total all-in sustaining cost per precious metal gold equivalent ounce sold (OMU)
- $4.2 million gold and silver bullion
- $20.6 million base metal by-product credits, or $1,888 per precious metal gold ounce sold (OMU)
- $0.3 million dividend distributions, or $0.005 per share for quarter
- Nevada Mining Unit’s Isabella Pearl mine reached commercial production levels in September
- No ATM share sales since July 30, 2019
Overview of Q3 2019 Results
Third quarter OMU production totaled 7,462 ounces of gold, 473,810 ounces of silver, 492 tonnes of copper, 2,459 tonnes of lead and 6,057 tonnes of zinc. Through the first three quarters of 2019, OMU production numbers total 21,881 ounces of gold, 1,304,975 ounces of silver, 1,407 tonnes of copper, 6,916 tonnes of lead and 17,949 tonnes of zinc. Third quarter production from the Company’s Nevada Mining Unit (NMU) totaled 3,703 ounces of gold. Since producing first gold in April 2019, the NMU has produced 5,381 ounces of gold through September 30, 2019.
The Company maintains its 2019 OMU annual outlook, targeting 27,000 gold ounces and 1,700,000 silver ounces†. In addition, the Company’s NMU targets 6,000 ounces of gold production for the fourth quarter of 2019†. This fourth quarter production target paired with 5,381 gold ounces produced year-to-date, increases the Company’s global 2019 annual gold production outlook to 38,400 ounces†.
The Company sold 10,887 precious metal gold equivalent ounces at a total cash cost of $197 per ounce (after by-product credits) at its OMU, benefiting from strong base metal production and sales. OMU average realized metal prices during the quarter included $1,490 per ounce gold and $17.08 per ounce silver*. The Company sold 4,044 gold ounces from its Isabella Pearl mine at an average realized price of $1,481 per gold ounce*. The Company recorded net income of $3.0 million, or $0.05 per share, and paid $0.3 million to its shareholders in dividends, or $0.005 per share during the quarter. Cash and cash equivalents at quarter end totaled $8.8 million.
“Our Oaxaca Mining Unit’s strong operational results, coupled with our continued ramp up of our Isabella Pearl mine, which recently declared commercial production, resulted in record gold production for the third quarter,” stated Mr. Jason Reid, President and CEO of Gold Resource Corporation. “The Company is on a trajectory to increase its future global annual gold production by more than 100 percent. We are also on a trajectory of shifting the Company’s primary revenue distribution to gold with continued excellent exposure to silver and base metals. In addition, we have become a multi-jurisdictional mining company with two producing mining units and a vast property portfolio. These and other positive results enabled the Company’s Board of Directors to increase the monthly instituted dividend 100 percent with last week’s October dividend declaration.”
†All production outlook targets include a plus or minus 10 percent range.
*Average realized metal prices include final settlement adjustments for previously unsettled provisional sales. Provisional sales may remain unsettled from one quarter into the next. Realized prices will therefore vary from average spot metal market prices upon final settlement.
The following Production Statistics tables summarize certain information about our Oaxaca and Nevada Mining Units for the three and nine months ended September 30, 2019 and 2018:
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-- Published: Wednesday, 30 October 2019 | E-Mail | Print | Source: GoldSeek.com