GOLD RESOURCE CORP Files 10-K for Fiscal Year Ended December 31, 2023

Ticker: GORO · Form: 10-K · Filed: Mar 28, 2024 · CIK: 1160791

Gold Resource Corp 10-K Filing Summary
FieldDetail
CompanyGold Resource Corp (GORO)
Form Type10-K
Filed DateMar 28, 2024
Risk Levelmedium
Pages15
Reading Time18 min
Key Dollar Amounts$0.001, $0.63, $6.3 million, $17.4 million, $12.5 million
Sentimentneutral

Sentiment: neutral

Topics: 10-K, Gold Resource Corp, Financial Report, Mining, Fiscal Year End

TL;DR

<b>Gold Resource Corp filed its 10-K report for the fiscal year ending December 31, 2023, detailing its financial position and operational data.</b>

AI Summary

GOLD RESOURCE CORP (GORO) filed a Annual Report (10-K) with the SEC on March 28, 2024. Gold Resource Corp reported total assets of $88,514,243 for the fiscal year ended December 31, 2023. The company's retained earnings stood at $88,368,250 as of December 31, 2023. Additional paid-in capital was reported as $88,514,243 for the fiscal year ended December 31, 2023. The filing covers the fiscal year ending December 31, 2023. The company's IRS number is 841473173.

Why It Matters

For investors and stakeholders tracking GOLD RESOURCE CORP, this filing contains several important signals. This 10-K filing provides a comprehensive overview of Gold Resource Corp's financial health and operational performance for the fiscal year 2023, which is crucial for investors to assess the company's stability and future prospects. The detailed financial statements and disclosures within this report allow stakeholders to understand the company's asset base, equity structure, and any significant changes or events that occurred during the reporting period.

Risk Assessment

Risk Level: medium — GOLD RESOURCE CORP shows moderate risk based on this filing. The company operates in the mining industry, which is subject to significant price volatility for commodities like gold and silver, as well as operational risks inherent in extraction and exploration activities.

Analyst Insight

Investors should review the detailed risk factors and financial statements in the 10-K to understand the specific challenges and opportunities facing Gold Resource Corp in the current market environment.

Financial Highlights

revenue
88514243
total Assets
88514243
eps
0.18

Key Numbers

  • 88514243 — Total Assets (As of December 31, 2023)
  • 88368250 — Retained Earnings (As of December 31, 2023)
  • 88514243 — Additional Paid-In Capital (As of December 31, 2023)
  • 0.18 — EPS (For the fiscal year ended December 31, 2023)
  • 0.07 — EPS (For the fiscal year ended December 31, 2022)

Key Players & Entities

  • GOLD RESOURCE CORP (company) — FILER
  • 20231231 (date) — CONFORMED PERIOD OF REPORT
  • 20240328 (date) — FILED AS OF DATE
  • 88514243 (dollar_amount) — total assets
  • 88368250 (dollar_amount) — retained earnings
  • 841473173 (company) — IRS NUMBER
  • CO (company) — STATE OF INCORPORATION
  • 1040 (industry) — STANDARD INDUSTRIAL CLASSIFICATION

FAQ

When did GOLD RESOURCE CORP file this 10-K?

GOLD RESOURCE CORP filed this Annual Report (10-K) with the SEC on March 28, 2024.

What is a 10-K filing?

A 10-K is a comprehensive annual financial report required by the SEC, covering audited financials, business operations, risk factors, and management discussion. This particular 10-K was filed by GOLD RESOURCE CORP (GORO).

Where can I read the original 10-K filing from GOLD RESOURCE CORP?

You can access the original filing directly on the SEC's EDGAR system. The filing is publicly available and includes all exhibits and attachments submitted by GOLD RESOURCE CORP.

What are the key takeaways from GOLD RESOURCE CORP's 10-K?

GOLD RESOURCE CORP filed this 10-K on March 28, 2024. Key takeaways: Gold Resource Corp reported total assets of $88,514,243 for the fiscal year ended December 31, 2023.. The company's retained earnings stood at $88,368,250 as of December 31, 2023.. Additional paid-in capital was reported as $88,514,243 for the fiscal year ended December 31, 2023..

Is GOLD RESOURCE CORP a risky investment based on this filing?

Based on this 10-K, GOLD RESOURCE CORP presents a moderate-risk profile. The company operates in the mining industry, which is subject to significant price volatility for commodities like gold and silver, as well as operational risks inherent in extraction and exploration activities.

What should investors do after reading GOLD RESOURCE CORP's 10-K?

Investors should review the detailed risk factors and financial statements in the 10-K to understand the specific challenges and opportunities facing Gold Resource Corp in the current market environment. The overall sentiment from this filing is neutral.

Key Dates

  • 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K filing.
  • 2024-03-28: Filing Date — Date the 10-K report was officially submitted to the SEC.

Filing Stats: 4,501 words · 18 min read · ~15 pages · Grade level 13.8 · Accepted 2024-03-27 21:11:05

Key Financial Figures

  • $0.001 — ge on which registered Common Stock , $0.001 par value GORO NYSE American Secu
  • $0.63 — he closing price of the common stock of $0.63 as reported on the NYSE American. As
  • $6.3 million — l: The Company closed the year with a $6.3 million cash balance as at December 31, 2023. T
  • $17.4 million — s at December 31, 2023. The decrease of $17.4 million from December 31, 2022 is mainly attrib
  • $12.5 million — ainly attributable to a cash outflow of $12.5 million for capital investments and a cash outf
  • $5.2 million — pital investments and a cash outflow of $5.2 million from operating activities for 2023, whi
  • $7.8 million — ing activities for 2023, which included $7.8 million of income tax payments for the tax year
  • $4.2 million — 022 and 2023, exploration investment of $4.2 million at the Don David Gold Mine ("DDGM"), an
  • $1.6 million — t the Don David Gold Mine ("DDGM"), and $1.6 million in spending on the Back Forty Project o
  • $0.2 million — Project optimization work, offset by a $0.2 million increase in the value of cash due to th
  • $15.2 m — rking capital at December 31, 2023, was $15.2 million, a 29% decrease from the December
  • $21.4 million — e December 31, 2022, working capital of $21.4 million. The decrease is primarily driven by th
  • $1,250 — d equivalent ("AuEq") 1 ounce sold were $1,250 and $1,630, respectively. See Item 7. M
  • $1,630 — t ("AuEq") 1 ounce sold were $1,250 and $1,630, respectively. See Item 7. Management's
  • $75.0 m — an aggregate gross sales price of up to $75.0 million, was renewed in June 2023. On Fe

Filing Documents

Business

Business 5 ITEM 1A :

Risk Factors

Risk Factors 12 ITEM 1C: Cybersecurity 25 ITEM 1B : Unresolved Staff Comments 25 ITEM 2:

Properties

Properties 26 ITEM 3 :

Legal Proceedings

Legal Proceedings 40 ITEM 4 : Mine Safety Disclosures 40 PART II ITEM 5 : Market For Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 41 ITEM 6: Reserved 41 ITEM 7 :

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 42 ITEM 7A :

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 62 ITEM 8 :

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 64 ITEM 9 : Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 99 ITEM 9A :

Controls and Procedures

Controls and Procedures 99 ITEM 9B : Other Information 99 ITEM 9C: Disclosures Regarding Foreign Jurisdictions that Prevent Inspections 99 PART III ITEM 10 : Directors, Executive Officers, and Corporate Governance 100 ITEM 11 :

Executive Compensation

Executive Compensation 100 ITEM 12 :

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 100 ITEM 13 : Certain Relationships and Related Transactions, and Director Independence 100 ITEM 14 : Principal Accounting Fees and Services 100 PART IV ITEM 15 : Exhibits and Financial Statement Schedules 101 ITEM 16: Form 10-K Summary 103

Signatures

Signatures 103 Gold Resource Corporation 1 Table of Contents 2023 HIGHLIGHTS Highlights for the full-year ended December 31, 2023 are summarized below and discussed further in our Management's Discussion and Analysis: Corporate and Financial: The Company closed the year with a $6.3 million cash balance as at December 31, 2023. The decrease of $17.4 million from December 31, 2022 is mainly attributable to a cash outflow of $12.5 million for capital investments and a cash outflow of $5.2 million from operating activities for 2023, which included $7.8 million of income tax payments for the tax years 2022 and 2023, exploration investment of $4.2 million at the Don David Gold Mine ("DDGM"), and $1.6 million in spending on the Back Forty Project optimization work, offset by a $0.2 million increase in the value of cash due to the strengthening of the peso. Working capital at December 31, 2023, was $15.2 million, a 29% decrease from the December 31, 2022, working capital of $21.4 million. The decrease is primarily driven by the decline in cash balance discussed above. DDGM total cash costs (after co-product credits) and total all-in sustaining cost per gold equivalent ("AuEq") 1 ounce sold were $1,250 and $1,630, respectively. See Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations—Non-GAAP Measures below for a reconciliation of non-GAAP measures to applicable GAAP measures. The Company's At-The-Market Offering Agreement with H.C. Wainwright & Co., LLC (the "Agent"), which was entered into in November 2019 (the "ATM Agreement"), pursuant to which the Agent agreed to act as the Company's sales agent with respect to the offer and sale from time to time of the Company's common stock having an aggregate gross sales price of up to $75.0 million, was renewed in June 2023. On February 13, 2023, the Company announced the suspension of future quarterly dividends to protect the balance sheet and to focus capital resources on e

FORWARD-LOOKING STATEMENTS

FORWARD-LOOKING STATEMENTS This report contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. We use the words "anticipate," "continue," "likely," "estimate," "expect," "may," "could," "will," "project," "should," "believe" and similar expressions (including negative and grammatical variations) to identify forward looking statements. Such forward-looking statements include, without limitation, statements regarding: Our strategy for significant future investment in exploration and development activities in Oaxaca, Mexico; The anticipated beneficial impacts of the dry stack tailings facility; Our 2024 guidance for payable production, cash costs per ounce after co-product credits, and all-in sustaining costs per ounce after co-product credits; Expectations regarding 2024 DDGM and Back Forty investment; Expectations regarding 2024 general and administrative costs; The expected timing for the Back Forty Project, permitting, detailed engineering, and project financing; Expectations regarding the likelihood of a successful mine permitting process at the Back Forty Project; Expectations regarding sources and uses of cash during the twelve months ending December 31, 2024; Future exploration plans at DDGM; Compliance with existing legal and regulatory requirements, including future asset reclamation costs; Estimates of Mineral Resources ("Mineral Resources") and Mineral Reserves ("Mineral Reserves"); The sufficiency of our water rights; Our expectations regarding the future payment of dividends; Our expectation for the outcome of the 2015 DDGM tax audit; Anticipated grades from future production at DDGM; Our ability to locate another customer to purchase our products if the relationship with our existing customers is interrupted; and Our ability to satisfy our obligations and other potential cash requirements over the next twelve months. Forward-looking

BUSINESS

BUSINESS History and Organization In this report, "Company," "GRC," "our," "us," and "we" refer to Gold Resource Corporation together with its subsidiaries, unless the context otherwise requires. See Item 2. Properties—Glossary for additional definitions. Gold Resource Corporation was organized under the laws of Colorado, USA on August 24, 1998. Since 2010, GRC has produced gold and silver dor and copper, lead, and zinc concentrates in Oaxaca, Mexico at our subsidiary, Don David Gold Mexico S.A. de C.V. ("Don David Gold Mine" or "DDGM"). The Don David Gold Mine holds six (6) properties which are all located in what is known as the San Jose structural corridor. Our properties span 55 continuous kilometers of this structural corridor, which include three historic mining districts in Oaxaca. On December 10, 2021, the Company successfully completed the acquisition of all the issued and outstanding common shares of Aquila Resources Inc (the "Aquila Transaction"). Aquila's principal asset is its 100% interest in the Back Forty Project located in Menominee County, Michigan, USA. The Back Forty Project has a polymetallic (gold, silver, copper, lead, and zinc) Volcanogenic Massive Sulfide deposit. The Back Forty Project controls surface and mineral rights through ownership and leases with the State of Michigan. Optimization work related to metallurgy and the economic model was completed during the third quarter of 2023, and the Company filed the Back Forty Project Technical Report Summary on October 26, 2023. Results of the work indicate a more robust economic project with no planned impacts to wetlands that is more protective of the environment, which should facilitate a successful mine permitting process. The Board continues to evaluate options that could lead to the development of the Project. Review of Strategic Alternatives Notwithstanding the technical successes noted above, in light of the continued challenges facing the Company, the Company's Board of Director

View Full Filing

View this 10-K filing on SEC EDGAR

View on ReadTheFiling | About | Contact | Privacy | Terms

Data from SEC EDGAR. Not affiliated with the SEC. Not investment advice. © 2026 OpenDataHQ.