Preliminary Results from Gold Resource Corporation
Gold Resource Corporation (NYSE: GORO) announced preliminary fourth-quarter results, reporting the sale of 3,757 ounces of gold and 258,252 ounces of silver (6,768 ounces of gold equivalent (AuEq)). The company also sold 2,182 tons of zinc, 327 tons of copper and 820 tons of lead, with full-year sales of 1,085 AuEq ounces, 10,954 tons of zinc, 1,231 tons of copper, and 4,501 tons of lead.
Allen Palmiere, President and CEO, commented, “Production during the quarter was lower than the last four quarters mainly due to lower average grades as was expected in our 2023 mine plan. We continue to identify and implement opportunities for cost reductions and operational efficiencies.” He also remarked on the challenges posed by lower metal prices and the strength of the Mexican peso against the U.S. dollar.
Equity Financing Closing by 5E Advanced Materials, Inc.
5E Advanced Materials, Inc. (NASDAQ: FEAM) closed its second tranche of equity financing, securing $7.75 million new equity capital from 5ECAP, LLC. This comes after the company closed $10 million in equity financing on Jan. 18, with the funds designated for the continuation of initial production of boric acid and lithium carbonate and for completing the final stages of its processing plant.
Expansion Plans of Hecla Mining Company
Hecla Mining Company (NYSE: HL) expressed optimism about its expansion plans and acquisitions, particularly in regions like Mexico, Peru, Bolivia, Argentina, and the acquisition of the Keno Hill Silver District in Canada. Despite facing challenges in 2023, including fire-induced production disruptions, Hecla aims to increase its silver production to 20 million ounces annually by 2025 through its various operations.
Phillips J. Baker, CEO of Hecla Mining Company, highlighted the importance of silver in solar panels and the promising reserves of the Keno Hill Silver District, which produced 1.5 million ounces of silver in 2023 with reserves of 200 million ounces.