Gold Resource (US:GORO)2024-05-02 23:05Production and Sales - Gold Resource Corporation produced and sold 3,557 ounces of gold and 216,535 ounces of silver in Q1 2024[5] - Total tonnes milled in Q1 2024 reached 117,781, an increase from 113,510 in Q4 2023[10] - Gold production in Q1 2024 was 7,171 ounces, up from 4,637 ounces in Q4 2023[10] - Silver production in Q1 2024 was 322,676 ounces, compared to 289,816 ounces in Q4 2023[10] - Total sales for Q1 2024 amounted to $31,228,000, an increase from $24,807,000 in Q4 2023[10] Financial Performance - The company reported a net loss of $4.0 million, equating to $0.05 per share, after incurring $0.9 million in exploration development expenses[6] - Net loss for Q1 2024 was $1,035,000, an improvement from a net loss of $4,584,000 in Q4 2023[10] - Total cash cost after co-product credits was $1,667 per gold equivalent ounce, while total all-in sustaining cost was $2,295 per gold equivalent ounce[6] - The average sales price per ounce for gold was $2,094 and for silver was $23.29 during the quarter[6] - The company had a cash balance of $5.7 million and working capital of $13.6 million as of March 31, 2024[5] Capital and Investment - Total capital and exploration investment for Q1 2024 was $3.179 million, with full-year guidance set between $12.0 million and $16.2 million[9] - Sustaining investments totaled $2.075 million, while growth investments amounted to $1.104 million in Q1 2024[9] Exploration and Development - The underground diamond drilling program progressed as planned, focusing on upgrading Inferred Resources to Measured and Indicated categories[6] - The company continued its exploration program, yielding positive results in the recently discovered Three Sisters and Gloria vein systems[2] - The company is focused on expanding its operations in Oaxaca, Mexico, and developing the Back Forty Project in Michigan, USA[13] Safety and Operational Efficiency - There were no lost time incidents during the quarter, maintaining a year-to-date Lost Time Injury Frequency Rate of Zero[6] - Production costs per tonne milled in Q1 2024 were $169, compared to $179 in Q4 2023[10] Strategic Alternatives and Risks - The company is exploring strategic alternatives, including a potential sale, which may impact its financial condition and results[14] - There are risks associated with the strategic alternatives review that could affect the company's ability to retain key personnel and maintain business relationships[15] - The strategic alternatives review may divert management's attention and could incur unexpected costs or expenses[15] - The company faces risks of litigation related to the strategic alternatives review[15] - The risks and uncertainties associated with the review are detailed in the company's Annual report on Form 10-K for the year ended December 31, 2023[15] Forward-Looking Statements - The management believes that the forward-looking statements made are reasonable at the time but cautions against undue reliance on them[14] - The company has no obligation to update or revise any forward-looking statements unless required by law[14] - The company emphasizes that forward-looking statements involve known and unknown risks that could lead to actual results differing materially from projections[14] - The strategic alternatives review process is not guaranteed to achieve its objectives[15] - The timing and structure of any potential transaction remain uncertain[14] Upcoming Events - The conference call for Q1 2024 earnings will be held on May 3, 2024, at 10:00 a.m. Mountain Time[11]