Gold Resource Corp. Q2 2024: Assets $91M, Liabilities $8.85M

TL;DR

GORO Q2: $91M assets, $8.85M liabilities, $0.30M revenue, $0.05M loss. Still burning cash.

AI Summary

Gold Resource Corp. filed its 10-Q for the period ending June 30, 2024. The company reported total assets of $91.00 million and total liabilities of $8.85 million as of June 30, 2024. For the three months ended June 30, 2024, the company had revenues of $0.30 million and a net loss of $0.05 million.

Why It Matters

This filing provides a snapshot of Gold Resource Corp.'s financial health and operational performance for the second quarter of 2024, crucial for investors assessing the company's stability and profitability.

Risk Assessment

Risk Level: medium — The company reported a net loss for the quarter, indicating ongoing operational challenges or investment periods that could impact future profitability.

Key Numbers

• $91.00M — Total Assets (As of June 30, 2024)
• $8.85M — Total Liabilities (As of June 30, 2024)
• $0.30M — Revenue (Q2 2024) (For the three months ended June 30, 2024)
• $0.05M — Net Loss (Q2 2024) (For the three months ended June 30, 2024)

Key Players & Entities

• GOLD RESOURCE CORP (company) — Filer
• 0001160791 (company) — Central Index Key
• CO (company) — State of Incorporation
• 303-320-7708 (dollar_amount) — Business Phone
• $91.00 million (dollar_amount) — Total Assets as of June 30, 2024
• $8.85 million (dollar_amount) — Total Liabilities as of June 30, 2024
• $0.30 million (dollar_amount) — Revenue for the three months ended June 30, 2024
• $0.05 million (dollar_amount) — Net Loss for the three months ended June 30, 2024

FAQ

Key Financial Figures

• $5.3 million — rporate and Financial The Company has $5.3 million in cash and $14.3 million in working ca
• $14.3 million — he Company has $5.3 million in cash and $14.3 million in working capital as of June 30, 2024.
• $27.7 million — ital as of June 30, 2024. Net loss was $27.7 million or $0.30 per share for the quarter, whi
• $0.30 — 0, 2024. Net loss was $27.7 million or $0.30 per share for the quarter, which was af
• $16.5 million — hare for the quarter, which was after a $16.5 million tax expense due to the valuation allowa
• $3.7 million — f 2024 on the DDGM deferred tax assets, $3.7 million in additional interest on streaming lia
• $1.3 million — ensus prices in the second quarter, and $1.3 million of unrealized investment loss on the Co
• $1,950 — co-product credits for the quarter was $1,950 per gold equivalent ("AuEq") ounce and
• $2,661 — co-product credits for the quarter was $2,661 per AuEq ounce. (See Item 2—Management'
• $1.8 m — ment for net proceeds to the Company of $1.8 million, after deducting $0.1 million for
• $0.1 million — ompany of $1.8 million, after deducting $0.1 million for Agent's commissions and other expen
• $2,465 — at an average sales price per ounce of $2,465 and $30.49, respectively. During the s
• $30 — age sales price per ounce of $2,465 and $30.49, respectively. During the second qu

Filing Documents

• goro-20240630x10q.htm (10-Q) — 2666KB
• goro-20240630xex31d1.htm (EX-31.1) — 9KB
• goro-20240630xex31d2.htm (EX-31.2) — 9KB
• goro-20240630xex32.htm (EX-32) — 11KB
• goro-20240630x10q003.jpg (GRAPHIC) — 7KB
• goro-20240630x10q005.jpg (GRAPHIC) — 63KB
• goro-20240630x10q006.jpg (GRAPHIC) — 34KB
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• goro-20240630x10q010.jpg (GRAPHIC) — 40KB
• goro-20240630x10q011.jpg (GRAPHIC) — 42KB
• goro-20240630x10q012.jpg (GRAPHIC) — 39KB
• goro-20240630x10q013.jpg (GRAPHIC) — 33KB
• goro-20240630x10q014.jpg (GRAPHIC) — 41KB
• goro-20240630x10q015.jpg (GRAPHIC) — 36KB
• goro-20240630x10q016.jpg (GRAPHIC) — 32KB
• goro-20240630x10q017.jpg (GRAPHIC) — 175KB
• 0001558370-24-011116.txt ( ) — 12965KB
• goro-20240630.xsd (EX-101.SCH) — 72KB
• goro-20240630_cal.xml (EX-101.CAL) — 54KB
• goro-20240630_def.xml (EX-101.DEF) — 242KB
• goro-20240630_lab.xml (EX-101.LAB) — 505KB
• goro-20240630_pre.xml (EX-101.PRE) — 393KB
• goro-20240630x10q_htm.xml (XML) — 2366KB

- FINANCIAL INFORMATION

Part I - FINANCIAL INFORMATION 4 Item 1. Condensed Consolidated Interim Financial Statements and Notes 4 Condensed Consolidated Interim Balance Sheets as of June 30, 2024 (unaudited) and December 31, 2023 4 Condensed Consolidated Interim Statements of Operations for the three and six months ended June 30, 2024 and 2023 (unaudited) 5 Condensed Consolidated Interim Statements of Changes in Shareholders' Equity for the three and six months ended June 30, 2024 and 2023 (unaudited) 6 Condensed Consolidated Interim Statements of Cash Flows for the six months ended June 30, 2024 and 2023 (unaudited) 8 Notes to the Condensed Consolidated Interim Financial Statements (unaudited) 9 Item 2.

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

Management's Discussion and Analysis of Financial Condition and Results of Operations 27 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 50 Item 4.

Controls and Procedures

Controls and Procedures 51

- OTHER INFORMATION

Part II - OTHER INFORMATION 51 Item 1.

Legal Proceedings

Legal Proceedings 51 Item 1A.

Risk Factors

Risk Factors 52 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 52 Item 3. Defaults upon Senior Securities 52 Item 4. Mine Safety Disclosures 52 Item 5. Other Information 52 Item 6. Exhibits 52

Signatures

Signatures 53 Processing Plant Gold Resource Corporation—Condensed Consolidated Interim Financial Statements and Notes (Unaudited) 2 Table of Contents SECOND QUARTER 2024 HIGHLIGHTS Highlights for the three months ended June 30, 2024 are summarized below and discussed further under Item 2—Management's Discussion and Analysis of Financial Condition and Results of Operations : Corporate and Financial The Company has $5.3 million in cash and $14.3 million in working capital as of June 30, 2024. Net loss was $27.7 million or $0.30 per share for the quarter, which was after a $16.5 million tax expense due to the valuation allowance recorded during the second quarter of 2024 on the DDGM deferred tax assets, $3.7 million in additional interest on streaming liabilities because of higher gold consensus prices in the second quarter, and $1.3 million of unrealized investment loss on the Company's holdings of Green Light Metals shares. Total cash cost after co-product credits for the quarter was $1,950 per gold equivalent ("AuEq") ounce and total all-in sustaining cost ("AISC") after co-product credits for the quarter was $2,661 per AuEq ounce. (See Item 2—Management's Discussion and Analysis of Financial Condition and Results of Operations – Non-GAAP Measures for a reconciliation of non-GAAP measures to applicable GAAP measures). During the three months ended June 30, 2024, an aggregate of 3,478,813 shares of the Company's common stock were sold and settled through the At the Market ("ATM") agreement for net proceeds to the Company of $1.8 million, after deducting $0.1 million for Agent's commissions and other expenses. Don David Gold Mine In the second quarter of 2024, DDGM produced and sold a total of 5,625 gold equivalent ounces, comprised of 2,724 gold ounces and 234,560 silver ounces at an average sales price per ounce of $2,465 and $30.49, respectively. During the second quarter, the underground diamond drilling program progressed as planned and on s

- FINANCIAL INFORMATIO N

PART I - FINANCIAL INFORMATIO N

Financial Statement s

ITEM 1. Financial Statement s GOLD RESOURCE CORPORATION CONDENSED CONSOLIDATED INTERIM BALANCE SHEET S (U.S. dollars in thousands, except share and per share amounts) (Unaudited) As of As of June 30, December 31, Note 2024 2023 ASSETS Current assets: Cash and cash equivalents $ 5,342 $ 6,254 Accounts receivable, net 4,577 4,335 Inventories, net 4 8,979 9,294 Prepaid expenses and other current assets 6 7,703 6,612 Total current assets 26,601 26,495 Property, plant, and mine development, net 7 131,791 138,626 Deferred tax assets, net 5 269 13,301 Other non-current assets 8 4,069 5,464 Total assets $ 162,730 $ 183,886 LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities: Accounts payable $ 10,284 $ 8,378 Mining royalty taxes payable, net 433 1,199 Accrued expenses and other current liabilities 9 1,550 1,748 Total current liabilities 12,267 11,325 Reclamation and remediation liabilities 11 11,212 11,795 Gold and silver stream agreements liability 10 50,028 44,932 Deferred tax liabilities, net 5 16,883 14,077 Contingent consideration 12 3,392 3,548 Other non-current liabilities 9 1,927 1,516 Total liabilities 95,709 87,193 Commitments and contingencies 12 Shareholders' equity: Common stock - $ 0.001 par value, 200,000,000 shares authorized: 92,292,848 and 88,694,038 shares outstanding at June 30, 2024 and December 31, 2023, respectively 93 89 Additional paid-in capital 114,049 111,970 Accumulated deficit ( 40,066 ) ( 8,311 ) Treasury stock at cost, 336,398 shares ( 5,884 ) ( 5,884 ) Accumulated other comprehensive loss ( 1,171 ) ( 1,171 ) Total shareholders' equity 67,021 96,693 Total liabilities and shareholders' equity $ 162,730 $ 183,886 The accompanying notes are an integral part of these Condensed Consolidated Interim Financial Statements. Gold Resource Corporation—Condensed Consolidate

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