Gold Resource (GORO) 10-Q 2 Aug 16 2016 Q2 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	6 Months Ended
	Jun. 30, 2016	Aug. 01, 2016
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q2
Entity Registrant Name	GOLD RESOURCE CORP
Entity Central Index Key	1,160,791
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding		54,266,706
Entity Current Reporting Status	Yes

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Current assets:
Cash and cash equivalents	$ 13,264	$ 12,822
Gold and silver bullion	3,785	2,988
Accounts receivable	2,045	321
Inventories	10,055	8,753
IVA taxes receivable	780	1,332
Income tax receivable	2,074	3,794
Prepaid expenses and other current assets	2,334	2,608
Total current assets	34,337	32,618
Property, plant and mine development, net	52,523	51,637
Deferred tax assets	19,433	21,064
Investments in equity securities	231	231
Other non-current assets	902	985
Total assets	107,426	106,535
Current liabilities:
Accounts payable	6,730	11,600
Accrued expenses and other current liabilities	2,086	2,140
Capital lease obligations		842
Mining royalty taxes payable	771	230
Dividends payable	90	90
Total current liabilities	9,677	14,902
Reclamation and remediation liabilities	2,583	2,815
Total liabilities	12,260	17,717
Shareholders' equity:
Preferred stock - $0.001 par value, 5,000,000 shares authorized: no shares issued and outstanding
Common stock - $0.001 par value, 100,000,000 shares authorized: 54,603,104 and 54,266,706 shares issued and outstanding at June 30, 2016 and December 31, 2015	55	55
Additional paid-in capital	96,980	96,766
Accumulated (deficit) / retained earnings	5,186	(948)
Treasury stock at cost, 336,398 shares	(5,884)	(5,884)
Accumulated other comprehensive loss	(1,171)	(1,171)
Total shareholders' equity	95,166	88,818
Total liabilities and shareholders' equity	$ 107,426	$ 106,535

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2016	Dec. 31, 2015
Condensed Consolidated Balance Sheets
Preferred stock, par value	$ 0.001	$ 0.001
Preferred stock, shares authorized	5,000,000	5,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	100,000,000	100,000,000
Common stock, shares issued	54,603,104	54,266,706
Common stock, shares outstanding	54,603,104	54,266,706
Treasury stock, shares	336,398	336,398

Condensed Consolidated Statemen

Condensed Consolidated Statements Of Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Condensed Consolidated Statements Of Income
Sales, net	$ 26,198	$ 23,273	$ 43,601	$ 51,645
Mine cost of sales:
Production costs	10,707	14,117	21,803	27,051
Depreciation and amortization	3,054	2,224	5,860	3,616
Reclamation and remediation	44	7	91	30
Total mine cost of sales	13,805	16,348	27,754	30,697
Mine gross profit	12,393	6,925	15,847	20,948
Costs and expenses:
General and administrative expenses	1,670	2,388	3,848	5,119
Exploration expenses	642	2,894	1,146	4,606
Total costs and expenses	2,312	5,282	4,994	9,725
Operating income	10,081	1,643	10,853	11,223
Other income (expense), net	538	(543)	1,244	(1,047)
Income before income taxes	10,619	1,100	12,097	10,176
Provision for income taxes	5,011	288	5,692	4,311
Net income	$ 5,608	$ 812	$ 6,405	$ 5,865
Net income per common share:
Basic	$ 0.10	$ 0.01	$ 0.12	$ 0.11
Basic and diluted	$ 0.10	$ 0.01	$ 0.12	$ 0.11
Weighted average shares outstanding:
Basic weighted average shares of common stock	54,266,706	54,179,369	54,266,706	54,179,369
Diluted weighted average shares of common stock	54,670,594	54,179,369	54,372,705	54,179,369

Condensed Consolidated Stateme5

Condensed Consolidated Statements Of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Cash flows from operating activities:
Net income	$ 6,405	$ 5,865
Adjustments to reconcile net income to net cash from operating activities:
Deferred income taxes	1,623	1,602
Depreciation, depletion and amortization	6,029	3,748
Stock-based compensation	486	1,913
Other operating adjustments	(815)	977
Changes in operating assets and liabilities:
Accounts receivable	(1,724)	728
Inventories	(1,302)	(1,195)
Prepaid expenses and other current assets	122	424
Accounts payable and other accrued liabilities	(1,571)	703
Mining and income taxes payable/receivable	2,256	(5,263)
Other noncurrent assets	41	(37)
Net cash provided by operating activities	11,550	9,465
Cash flows from investing activities:
Capital expenditures	(10,276)	(11,943)
Proceeds from the sale of equity investments	324
Other investing activities	3	28
Net cash used in investing activities	(9,949)	(11,915)
Cash flows from financing activities:
Dividends paid	(543)	(3,251)
Repayments of capital leases	(606)	(745)
Net cash used in financing activities	(1,149)	(3,996)
Effect of exchange rate changes on cash and cash equivalents	(10)	(72)
Net (decrease) increase in cash and equivalents	442	(6,518)
Cash and equivalents at beginning of period	12,822	27,541
Cash and equivalents at end of period	13,264	21,023
Supplemental Cash Flow Information
Interest expense paid	13	48
Income and mining taxes paid	$ 256	$ 7,321

Basis of Preparation of Financi

Basis of Preparation of Financial Statements	6 Months Ended
	Jun. 30, 2016
Basis of Preparation of Financial Statements
Basis of Preparation of Financial Statements	1. Basis of Preparation of Financial Statements Basis of Presentation: The unaudited interim condensed consolidated financial statements included herein are expressed in United States dollars and are prepared in conformance with United States generally accepted accounting principles (“U.S. GAAP”) and applicable rules of the U.S. Securities and Exchange Commission (“SEC”) regarding interim financial reporting. The unaudited interim condensed consolidated financial statements include the accounts of Gold Resource Corporation (the “Company”), its U.S. subsidiary GRC Nevada Inc. and its Mexican subsidiary Don David Gold Mexico S.A. de C.V. Significant intercompany accounts and transactions have been eliminated. Certain information and note disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to SEC rules and regulations, although the Company believes that the disclosures included herein are adequate to make the information presented not misleading. These unaudited interim condensed consolidated financial statements should be read in conjunction with the Company’s consolidated financial statements and notes thereto contained in the Company’s annual report on Form 10-K for the year ended December 31, 2015. Unless otherwise noted, there have been no material changes to the footnotes from those accompanying the audited financial statements contained in the Company’s annual report on Form 10-K. In management’s opinion, the unaudited condensed consolidated financial statements contained herein reflect all material normal and recurring adjustments that are necessary for the fair presentation of the Company’s financial position, results of operations, and cash flows on a basis consistent with that of its audited consolidated financial statements for the year ended December 31, 2015. However, the results of operations for the interim period ended June 30, 2016 may not be indicative of results of operations to be expected for the full fiscal year. Recently Issued Accounting Pronouncements: Accounting Standards Update 2016-09—Compensation—Stock compensation (Topic 718): Improvements to employee share-based payment accounting . On March 30, 2016 the Financial Accounting Standards Board (“FASB”) issued guidance intended to improve the accounting for employee share-based payments. The standard affects all organizations that issue share-based payment awards to their employees and was part of the FASB’s Simplification Initiative. The objective of the Simplification Initiative is to identify, evaluate, and improve areas of U.S. GAAP for which cost and complexity can be reduced while maintaining or improving the usefulness of the information provided to users of financial statements. The areas for simplification in this standard involve several aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. For public business entities, the amendments in this standard are effective for annual periods beginning after December 15, 2016, and interim periods within those annual periods. The Company is the process of evaluating the impact of this standard on the financial statements and disclosures.

Fair Value Measurement

Fair Value Measurement	6 Months Ended
	Jun. 30, 2016
Fair Value Measurement
Fair Value Measurement	2. Fair Value Measurement Fair value accounting establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy are described below: Level 1 Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities; Level 2 Quoted prices in markets that are not active, or inputs that are observable, either directly or indirectly, for substantially the full term of the asset or liability; and Level 3 Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (supported by little or no market activity). The following tables set forth certain of the Company’s assets measured at fair value by level within the fair value hierarchy. As required by accounting guidance, assets are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. Fair Value as of June 30, 2016 Level 1 Level 2 Level 3 Total Balance Sheet Classification (in thousands) Gold and silver rounds/bullion $ $ - $ - $ Gold and silver rounds/bullion Receivables related to unsettled invoices $ - $ $ - $ Accounts receivable Current investments in equity securities $ $ - $ - $ Prepaid expense and other current assets Fair Value as of December 31, 2015 Level 1 Level 2 Level 3 Total Balance Sheet Classification (in thousands) Gold and silver rounds/bullion $ $ - $ - $ Gold and silver rounds/bullion Receivables related to unsettled invoices $ - $ $ - $ Accounts receivable Current investments in equity securities $ $ - $ - $ Prepaid expense and other current assets Cash and cash equivalents consist primarily of money market funds and are valued at cost, which approximates fair value. Gold and silver rounds/bullion consist of precious metals used in the dividend program which are valued using quoted market prices. The Company’s current investments consist of marketable equity securities which are valued using quoted market prices. The Company determined that it was not practicable to estimate the fair value of its non-current investment in equity securities of $0.2 million and as such, it is reported at cost. Trade accounts receivable include amounts due to the Company for shipments of concentrates and doré sold to customers. Concentrate sales contracts provide for provisional pricing as specified in such contracts. These sales contain an embedded derivative related to the provisional pricing mechanism which is bifurcated and accounted for as a derivative. At the end of each reporting period, the Company records an adjustment to sales to reflect the mark-to-market of outstanding provisional invoices. Because these provisionally priced sales have not yet settled as of the reporting date, the mark-to-market adjustment related to these invoices is included in accounts receivable as of each reporting date. Gains and losses related to changes in the fair value of these financial instruments were included in the Company’s consolidated statements of income as shown in the following table : Three months ended June 30, 2016 2015 Statement of Income Classification (in thousands) Derivative gain $ 651 $ Sales, net Gold and silver rounds/bullion gain (loss) $ 405 $ Other income (expense), net Investment loss $ (3) $ Other income (expense), net Six months ended June 30, 2016 2015 Statement of Income Classification (in thousands) Derivative gain (loss) $ $ Sales, net Gold and silver rounds/bullion gain (loss) $ $ Other income (expense), net Investment gain (loss) $ $ Other income (expense), net

Gold And Silver Bullion

Gold And Silver Bullion	6 Months Ended
	Jun. 30, 2016
Gold And Silver Bullion
Gold And Silver Bullion	3. Gold and Silver Rounds/Bullion The Company periodically purchases gold and silver bullion on the open market to use in its dividend exchange program under which shareholders may exchange their cash dividends for minted gold and silver rounds. During the six months ended June 30, 2016, the Company made no purchases of gold or silver bullion. At June 30, 2016 and December 31, 2015, the Company’s holdings of rounds/bullion consisted of the following: 2016 2015 Gold Silver Gold Silver (in thousands, except ounces and per ounce ) Ounces Per ounce $ $ $ $ Total $ $ $ $

Current Inventories

Current Inventories	6 Months Ended
	Jun. 30, 2016
Current Inventories
Inventories	4. Current Inventories At June 30, 2016 and December 31, 2015, inventories consisted of the following : 2016 2015 (in thousands) Stockpiles - underground mine $ $ Stockpiles - open pit mine Concentrates Materials and supplies (1) Total $ $ (1) Net of reserve for obsolescence of $194 and $92 , respectively.

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2016
Income Taxes
Income Taxes	5. Income Taxes The Company recorded income tax expense of $ 5.0 million and $ 5.7 million for the three and six months ended June 30, 2016. During the three and six months ended June 30, 2015, the Company recorded income tax expense of $0.3 million and $4.3 million, respectively. The Company recorded $1. 7 million of fuel tax credits in income tax receivable with the offset to production cost. The Mexican government approved a 2016 Federal Revenue Act that provides tax incentives, including tax credits on Mexican Excise Duty (a.k.a., IEPS), for the acquisition of combustible fossils to be used in productive processes. Our Mexico operations utilize a significant amount of diesel fuel for power generation that qualifies for such tax credits. These tax credits can be applied against income taxes payable, as well as other income tax withholdings for 2016. The Company already applied $0.2 million of fuel tax credits against its taxes payable and anticipates to utilize the remainder by the end of the year. The Company has asserted permanent reinvestment of all Mexico undistributed earnings as of December 31, 2015. The impact of the planned annual dividends for 2016, net of foreign tax credits, is reflected in the estimated annual effective tax rate. The Company’s annualized effective rate differs from the statutory rate primarily due to dividends from our Mexican subsidiary as well as differences in statutory rates for income and mining taxes in Mexico. In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences are available for deduction. Management considers the scheduled reversal of deferred tax liabilities (including the impact of available carryback and carry forward periods), projected future taxable income and tax-planning strategies in making this assessment. As of June 30, 2016, the Company believes it has sufficient positive evidence to conclude that its federal and foreign deferred tax assets are more likely than not to be realized. However, the Company has determined that the realization of its state deferred tax assets is not more likely that not to be realized and has a valuation allowance offsetting the state deferred tax assets. As of June 30, 2016, the Company believes that it has no liability for uncertain tax positions.

Prepaid Expenses and Other Curr

Prepaid Expenses and Other Current Assets	6 Months Ended
	Jun. 30, 2016
Prepaid Expenses And Other Current Assets
Prepaid Expenses and Other Current Assets	6 . Prepaid Expenses and Other Current Assets At June 30, 2016 and December 31, 2015, prepaid expenses and other current assets consisted of the following: 2016 2015 (in thousands) Advances to suppliers $ $ Other receivables Prepaid insurance Vendor deposits Investment in equity securities (1) Other current assets Total $ $ (1) Please see Note 2 .

Property, Plant and Mine Develo

Property, Plant and Mine Development – net	6 Months Ended
	Jun. 30, 2016
Property, Plant and Mine Development – net
Property, Plant and Mine Development – net	7. Property, Plant and Mine Development, net At June 30, 2016 and December 31, 2015, property, plant and mine development consisted of the following: 2016 2015 (in thousands) Asset retirement costs $ $ Construction-in-progress Furniture and office equipment Land and mineral rights Light vehicles and other mobile equipment Machinery and equipment (1) Mill facilities and infrastructure Mine development Software and licenses Subtotal (2) Accumulated depletion, depreciation and amortization (3) Total $ $ (1) Includes nil and $3.1 million of assets recorded under capital leases for the periods ended June 30, 2016 and December 31, 2015, respectively. (2) Includes accrued capital expenditures of $0.1 and $2.9 million for the periods ended June 30, 2016 and December 31, 2015, respectively. (3) Includes nil and $0.5 million for the periods ended June 30, 2016 and December 31, 2015, respectively, of accumulated depreciation associated with capitalized leased assets. Depreciation on the leased assets is recorded over their estimated useful lives. The Company recorded depletion, depreciation and amortization expense of $ 3.2 million and $6.0 million for the three and six months ended June 30, 2016, respectively. For the three and six months ended June 30, 2015, the Company recorded depletion, depreciation and amortization expense of $ 2.3 million and $3.7 million respectively. The Company paid off all capital leases in the second quarter of 2016.

Other Non-Current Assets

Other Non-Current Assets	6 Months Ended
	Jun. 30, 2016
Other Non-Current Assets
Other Non-Current Assets	8. Other Non-Current Assets At June 30, 2016 and December 31, 2015, other non-current assets consisted of the following : 2016 2015 (in thousands) Deferred charge $ $ Other non-current assets Total $ $

Accrued Liabilities And Other C

Accrued Liabilities And Other Current Liabilities	6 Months Ended
	Jun. 30, 2016
Accrued Liabilities And Other Current Liabilities
Accured Liabilities And Other Current Liabilities	9. Accrued Expenses and Other Current Liabilities At June 30, 2016 and December 31, 2015, accrued expenses and other current liabilities consisted of the following: 2016 2015 (in thousands) Accrued insurance $ $ Accrued royalty payments Other taxes payable Total $ $

Reclamation and Remediation

Reclamation and Remediation	6 Months Ended
	Jun. 30, 2016
Reclamation And Remediation
Reclamation And Remediation	10. Reclamation and Remediation The Company’s reclamation and remediation obligations relate to the Aguila Project. The following table presents the changes in reclamation and remediation obligations for the six months ended June 30, 2016 and the twelve months ended December 31, 2015: 2016 2015 (in thousands) Reclamation liabilities – balance at beginning of period $ $ Changes in estimate - Foreign currency exchange gain Reclamation liabilities – balance at end of period Asset retirement obligation – balance at beginning of period Changes in estimate - Accretion expense Foreign currency exchange gain Asset retirement obligation – balance at end of period Total period end balance $ $

Shareholders' Equity

Shareholders' Equity	6 Months Ended
	Jun. 30, 2016
Shareholders' Equity
Shareholders' Equity	11. Shareholders’ Equity The Company declared and paid $0.5 million of dividends during the six months ended June 30, 2016. During the six months ended June 30, 2015, the Company declared and paid dividends of $3.3 million. Since July 2010, the Company has declared monthly cash dividends totaling $2.04 per share to shareholders of record. On July 27, 2016 , the Board of Directors declared a dividend on common stock totaling $0.1 million payable in August 2016.

Concentrate Sale Settlements

Concentrate Sale Settlements	6 Months Ended
	Jun. 30, 2016
Concentrate Sale Settlements
Concentrate Sale Settlements	12. Concentrate Sale Settlements The Company records adjustments to sales of metals concentrate that result from final settlement of provisional invoices in the period that the final invoice settlement occurs. The Company also compares assays taken at the mine site on its concentrate shipments, upon which the Company’s provisional invoices are based, to assays obtained from samples taken at the buyer’s warehouse prior to final settlement, upon which the final invoices are in part based, to assess whether an adjustment to sales is required prior to final invoice settlement. In addition to the final settlement adjustments on provisional invoices, the Company records a sales adjustment to mark-to-market outstanding provisional invoices at the end of each reporting period. These adjustments resulted in an increase to sales of $0.6 million and $0.7 million for the three and six months ended June 30, 2016 and a decrease to sales of nil and $0.1 million for the three and six months ended June 30, 2015. Sales of metal concentrates are recorded net of smelter refining fees, treatment charges and penalties. Total charges for these items totaled $4.1 million and $7.0 million for the three and six months ended June 30, 2016, respectively, and $3.1 million and $5.8 million for the three and six months ended June 30, 2015, respectively.

Stock Options

Stock Options	6 Months Ended
	Jun. 30, 2016
Stock Options
Stock Options	13. Equity Incentive Plans The Company previously maintained a Non-Qualified Stock Option and Stock Grant Plan, approved by the Board of Directors in 1999 (“1999 Plan”.) In 2010, that plan was amended and restated as the Gold Resource Corporation Amended and Restated Stock Option and Stock Grant Plan and the number of shares reserved for issuance there under was increased to 10 million. On April 14, 2016, the Board of Directors adopted the Gold Resource Corporation 2016 Equity Incentive Plan (“2016 Plan”) and suspended the grant of any new awards under the 1999 Plan. The 1999 Plan will remain in effect until all awards granted thereunder have been exercised, forfeited, cancelled, expired or otherwise terminated. The 2016 Plan allows for the issuance of incentive and non-qualified stock options, stock appreciation rights, restricted stock units, stock grants, stock units, performance shares, performance share units and performance cash. All employees, officers, non-employee directors and consultants of the Company are eligible to participate in the 2016 Plan. The current amount of common stock subject to grant under the 2016 Plan is 5.0 million shares. The 2016 Plan was approved by the Company’s shareholders on June 15, 2016. A summary of activity under the plans for the six months ended June 30, 2016 is presented below: Shares Weighted Average Exercise Price (per share) Weighted Average Remaining Contractual Term (in years) Aggregate Intrinsic Value (thousands) Outstanding as of December 31, 2015 $ $ - Granted - - Exercised - - - - Expired - - - - Forfeited - - - - Outstanding as of June 30, 2016 $ $ - Vested and exercisable as of June 30, 2016 $ $ - A total of 240,000 options were granted during the six months ended June 30, 2016, of which 100,000 options vested immediately and have an exercise term of 10 years. The remaining options vest over a three year period and have an exercise term of 10 years. The average fair value of options granted during the period ended June 30, 2016 was $1.15 per share. The total fair value of options vested during the period ended June 30, 2016 was $0.8 million. The following table summarizes information about stock options outstanding at June 30, 2016: Outstanding Exercisable Range of Exercise Prices Number of Options Weighted Average Remaining Contractual Term (in years) Weighted Average Exercise Price (per share) Number of Options Weighted Average Exercise Price (per share) $0.26 - $3.39 $ $ $3.40 - $3.95 $ $ $5.81 - $14.36 $ $ $14.37 - $17.09 $ $ $17.10 - $20.51 $ $ $ $ The fair value of stock option grants is amortized over the respective vesting period. Total stock-based compensation expense related to stock options has been allocated between production costs and general and administrative expense as follows: Three months ended June 30, Six months ended June 30, 2016 2015 2016 2015 (in thousands) (in thousands) Production costs $ $ $ $ General and administrative expenses Total $ $ $ $ The estimated unrecognized stock-based compensation expense from unvested options as of June 30, 2016 was $0.5 million and is expected to be recognized over the remaining vesting periods of up to three years. The assumptions used to determine the value of stock-based awards under the Black-Scholes-Merton method are summarized below: Six months ended June 30, 2016 2015 Risk-free interest rate % - Dividend yield % - Expected volatility % - Expected life in years -

Other Income (Expense), Net

Other Income (Expense), Net	6 Months Ended
	Jun. 30, 2016
Other Income (Expense), Net
Other Income (Expense), Net	14. Other Income (Expense), Net Other income (expense), net, consisted of the following: Three months ended June 30, Six months ended June 30, 2016 2015 2016 2015 (in thousands) Unrealized currency exchange gain $ $ $ $ Realized currency exchange (loss) gain Gain (loss) from gold and silver rounds/bullion, net (1) Gain (loss) from investments, net (1) Interest income Interest expense Other expense, net Total $ $ $ $ (1) Gains and losses due to changes in the fair value of an investment are non-cash in nature until such time that they are realized through cash transactions. For additional information regarding our fair value measurements and investments, please see Note 2 .

Net Income per Common Share

Net Income per Common Share	6 Months Ended
	Jun. 30, 2016
Net Income per Common Share
Net Income per Common Share	15. Net Income per Common Share Basic earnings per share is calculated based on the weighted average number of common shares outstanding for the period. Diluted earnings per share is calculated based on the assumption that stock options outstanding, which have an exercise price less than the average market price of the Company’s common shares during the period, have been exercised on the later of the beginning of the period or the date granted and that the funds obtained from the exercise were used to purchase common shares at the average market price during the period. Options to purchase 4.3 million shares of common stock at average exercise prices of $10.28 were outstanding at June 30, 2016 and 2015, but were not included in the computation of diluted weighted average common shares because their exercise prices exceeded the average price of the Company’s common stock for the respective periods presented. Net income per common share is as follows: Three months ended June 30, Six months ended June 30, 2016 2015 2016 2015 (in thousands, except shares and per share amounts) Net income $ $ $ $ Basic weighted average shares of common stock outstanding Dilutive effect of stock options - - Diluted weighted average common shares outstanding Net income per: Basic and diluted share $ $ $ $

Supplementary Cash-Flow Informa

Supplementary Cash-Flow Information	6 Months Ended
	Jun. 30, 2016
Supplementary Cash-Flow Information
Supplementary Cash-Flow Information	16. Supplementary Cash-Flow Information Other operating adjustments and write-downs within the net cash provided by operations on the statement of cash flows consisted of the following: Six months ended June 30, 2016 2015 (in thousands) Deferred charge (1) $ $ Unrealized (gain) loss on gold and silver rounds/bullion Unrealized foreign currency exchange gain Unrealized (gain) loss on investments Loss on disposition of fixed assets - Other Total other operating adjustments $ $ (1) Please see Note 8 .

Basis of Preparation of Finan22

Basis of Preparation of Financial Statements (Policy)	6 Months Ended
	Jun. 30, 2016
Basis of Preparation of Financial Statements
Basis Of Presentation	Basis of Presentation: The unaudited interim condensed consolidated financial statements included herein are expressed in United States dollars and are prepared in conformance with United States generally accepted accounting principles (“U.S. GAAP”) and applicable rules of the U.S. Securities and Exchange Commission (“SEC”) regarding interim financial reporting. The unaudited interim condensed consolidated financial statements include the accounts of Gold Resource Corporation (the “Company”), its U.S. subsidiary GRC Nevada Inc. and its Mexican subsidiary Don David Gold Mexico S.A. de C.V. Significant intercompany accounts and transactions have been eliminated. Certain information and note disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to SEC rules and regulations, although the Company believes that the disclosures included herein are adequate to make the information presented not misleading. These unaudited interim condensed consolidated financial statements should be read in conjunction with the Company’s consolidated financial statements and notes thereto contained in the Company’s annual report on Form 10-K for the year ended December 31, 2015. Unless otherwise noted, there have been no material changes to the footnotes from those accompanying the audited financial statements contained in the Company’s annual report on Form 10-K. In management’s opinion, the unaudited condensed consolidated financial statements contained herein reflect all material normal and recurring adjustments that are necessary for the fair presentation of the Company’s financial position, results of operations, and cash flows on a basis consistent with that of its audited consolidated financial statements for the year ended December 31, 2015. However, the results of operations for the interim period ended June 30, 2016 may not be indicative of results of operations to be expected for the full fiscal year.
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements: Accounting Standards Update 2016-09—Compensation—Stock compensation (Topic 718): Improvements to employee share-based payment accounting . On March 30, 2016 the Financial Accounting Standards Board (“FASB”) issued guidance intended to improve the accounting for employee share-based payments. The standard affects all organizations that issue share-based payment awards to their employees and was part of the FASB’s Simplification Initiative. The objective of the Simplification Initiative is to identify, evaluate, and improve areas of U.S. GAAP for which cost and complexity can be reduced while maintaining or improving the usefulness of the information provided to users of financial statements. The areas for simplification in this standard involve several aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. For public business entities, the amendments in this standard are effective for annual periods beginning after December 15, 2016, and interim periods within those annual periods. The Company is the process of evaluating the impact of this standard on the financial statements and disclosures.

Fair Value Measurement (Tables)

Fair Value Measurement (Tables)	6 Months Ended
	Jun. 30, 2016
Fair Value Measurement
Fair Value, By Balance Sheet Reclassification	Fair Value as of June 30, 2016 Level 1 Level 2 Level 3 Total Balance Sheet Classification (in thousands) Gold and silver rounds/bullion $ $ - $ - $ Gold and silver rounds/bullion Receivables related to unsettled invoices $ - $ $ - $ Accounts receivable Current investments in equity securities $ $ - $ - $ Prepaid expense and other current assets Fair Value as of December 31, 2015 Level 1 Level 2 Level 3 Total Balance Sheet Classification (in thousands) Gold and silver rounds/bullion $ $ - $ - $ Gold and silver rounds/bullion Receivables related to unsettled invoices $ - $ $ - $ Accounts receivable Current investments in equity securities $ $ - $ - $ Prepaid expense and other current assets
Gains And Losses Related To Changes In Fair Value	Three months ended June 30, 2016 2015 Statement of Income Classification (in thousands) Derivative gain $ 651 $ Sales, net Gold and silver rounds/bullion gain (loss) $ 405 $ Other income (expense), net Investment loss $ (3) $ Other income (expense), net Six months ended June 30, 2016 2015 Statement of Income Classification (in thousands) Derivative gain (loss) $ $ Sales, net Gold and silver rounds/bullion gain (loss) $ $ Other income (expense), net Investment gain (loss) $ $ Other income (expense), net

Gold And Silver Bullion (Tables

Gold And Silver Bullion (Tables)	6 Months Ended
	Jun. 30, 2016
Gold And Silver Bullion
Schedule Of Company's Holdings	2016 2015 Gold Silver Gold Silver (in thousands, except ounces and per ounce ) Ounces Per ounce $ $ $ $ Total $ $ $ $

Prepaid Expenses and Other Cu25

Prepaid Expenses and Other Current Assets (Tables)	6 Months Ended
	Jun. 30, 2016
Prepaid Expenses And Other Current Assets
Schedule of prepaid and other assets	2016 2015 (in thousands) Advances to suppliers $ $ Other receivables Prepaid insurance Vendor deposits Investment in equity securities (1) Other current assets Total $ $ (1) Please see Note 2 .

Property, Plant and Mine Deve26

Property, Plant and Mine Development – net (Tables)	6 Months Ended
	Jun. 30, 2016
Property, Plant and Mine Development – net
Schedule Of Property And Equipment	2016 2015 (in thousands) Asset retirement costs $ $ Construction-in-progress Furniture and office equipment Land and mineral rights Light vehicles and other mobile equipment Machinery and equipment (1) Mill facilities and infrastructure Mine development Software and licenses Subtotal (2) Accumulated depletion, depreciation and amortization (3) Total $ $ (1) Includes nil and $3.1 million of assets recorded under capital leases for the periods ended June 30, 2016 and December 31, 2015, respectively. (2) Includes accrued capital expenditures of $0.1 and $2.9 million for the periods ended June 30, 2016 and December 31, 2015, respectively. (3) Includes nil and $0.5 million for the periods ended June 30, 2016 and December 31, 2015, respectively, of accumulated depreciation associated with capitalized leased assets. Depreciation on the leased assets is recorded over their estimated useful lives.

Other Non-Current Assets (Table

Other Non-Current Assets (Tables)	6 Months Ended
	Jun. 30, 2016
Other Non-Current Assets
Schedule of Other Assets, Noncurrent	2016 2015 (in thousands) Deferred charge $ $ Other non-current assets Total $ $

Accrued Liabilities And Other28

Accrued Liabilities And Other Current Liabilities (Tables)	6 Months Ended
	Jun. 30, 2016
Accrued Liabilities And Other Current Liabilities
Schedule Of Accrued Liabilities And Other Current Liabilities	2016 2015 (in thousands) Accrued insurance $ $ Accrued royalty payments Other taxes payable Total $ $

Reclamation and Remediation (Ta

Reclamation and Remediation (Tables)	6 Months Ended
	Jun. 30, 2016
Reclamation And Remediation
Changes In Reclamation And Remediation	2016 2015 (in thousands) Reclamation liabilities – balance at beginning of period $ $ Changes in estimate - Foreign currency exchange gain Reclamation liabilities – balance at end of period Asset retirement obligation – balance at beginning of period Changes in estimate - Accretion expense Foreign currency exchange gain Asset retirement obligation – balance at end of period Total period end balance $ $

Stock Options (Tables)

Stock Options (Tables)	6 Months Ended
	Jun. 30, 2016
Stock Options
Schedule of Share-based Compensation, Stock Options, Activity	Shares Weighted Average Exercise Price (per share) Weighted Average Remaining Contractual Term (in years) Aggregate Intrinsic Value (thousands) Outstanding as of December 31, 2015 $ $ - Granted - - Exercised - - - - Expired - - - - Forfeited - - - - Outstanding as of June 30, 2016 $ $ - Vested and exercisable as of June 30, 2016 $ $ -
Schedule of Share-based Compensation, Shares Authorized under Stock Option Plans, by Exercise Price Range	Outstanding Exercisable Range of Exercise Prices Number of Options Weighted Average Remaining Contractual Term (in years) Weighted Average Exercise Price (per share) Number of Options Weighted Average Exercise Price (per share) $0.26 - $3.39 $ $ $3.40 - $3.95 $ $ $5.81 - $14.36 $ $ $14.37 - $17.09 $ $ $17.10 - $20.51 $ $ $ $
Schedule Of Stock-Based Compensation Expense Allocated Between Production And General And Administrative Expense	Three months ended June 30, Six months ended June 30, 2016 2015 2016 2015 (in thousands) (in thousands) Production costs $ $ $ $ General and administrative expenses Total $ $ $ $
Schedule of Assumptions Used to Determine the Value of our Stock-based Awards	Six months ended June 30, 2016 2015 Risk-free interest rate % - Dividend yield % - Expected volatility % - Expected life in years -

Other Income (Expense), Net (Ta

Other Income (Expense), Net (Tables)	6 Months Ended
	Jun. 30, 2016
Other Income (Expense), Net
Schedule Of Other Income (Expense)	Three months ended June 30, Six months ended June 30, 2016 2015 2016 2015 (in thousands) Unrealized currency exchange gain $ $ $ $ Realized currency exchange (loss) gain Gain (loss) from gold and silver rounds/bullion, net (1) Gain (loss) from investments, net (1) Interest income Interest expense Other expense, net Total $ $ $ $ (1) Gains and losses due to changes in the fair value of an investment are non-cash in nature until such time that they are realized through cash transactions. For additional information regarding our fair value measurements and investments, please see Note 2 .

Net Income per Common Share (Ta

Net Income per Common Share (Tables)	6 Months Ended
	Jun. 30, 2016
Net Income per Common Share
Net Income Per Share	Three months ended June 30, Six months ended June 30, 2016 2015 2016 2015 (in thousands, except shares and per share amounts) Net income $ $ $ $ Basic weighted average shares of common stock outstanding Dilutive effect of stock options - - Diluted weighted average common shares outstanding Net income per: Basic and diluted share $ $ $ $

Fair Value Measurement - Balanc

Fair Value Measurement - Balance Sheet Classification (Details) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short Term Investments	$ 3,785	$ 2,988
Receivables related to unsettled invoices	2,045	321
Investments in equity securities	473	400
Non current assets
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Non-current investments in equity securities	200
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short Term Investments	3,785	2,988
Investments in equity securities	473	400
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Receivables related to unsettled invoices	$ 2,045	321
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short Term Investments
Receivables related to unsettled invoices
Investments in equity securities

Fair Value Measurement - Statem

Fair Value Measurement - Statement Of Income Classification (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Fair Value Measurement
Derivative gain (loss)	$ 651	$ 315	$ 1,336	$ (794)
Gold and silver rounds/bullion gain (loss)	405	(73)	832	(73)
Unrealized loss (gain) on investments	$ (3)	$ (780)	$ 361	$ (1,499)

Gold And Silver Bullion (Detail

Gold And Silver Bullion (Details)	6 Months Ended
	Jun. 30, 2016USD ($)
Gold And Silver Bullion
Purchases of gold and silver bullion	$ 0

Gold And Silver Bullion - Bulli

Gold And Silver Bullion - Bullion Holdings (Details) $ in Thousands	Jun. 30, 2016USD ($)oz$ / oz	Dec. 31, 2015USD ($)oz$ / oz
Schedule of Investments [Line Items]
Total carrying value	$ 3,785	$ 2,988
Gold
Schedule of Investments [Line Items]
Ounces | oz	1,597	1,623
Carrying value per ounce | $ / oz	1,321	1,062
Total carrying value	$ 2,110	$ 1,723
Silver
Schedule of Investments [Line Items]
Ounces | oz	91,224	91,522
Carrying value per ounce | $ / oz	18.36	13.82
Total carrying value	$ 1,675	$ 1,265

Current Inventories (Details)

Current Inventories (Details) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Current Inventories
Stockpiles - underground mine	$ 816	$ 121
Stockpiles - open pit mine	442	729
Concentrates	2,181	1,432
Materials and supplies	6,616	6,471
Inventories - current	10,055	8,753
Inventory reserve	$ 194	$ 92

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Income Taxes
Income tax (benefit) expense	$ 5,011	$ 288	$ 5,692	$ 4,311
Fuel tax credits	1,700		1,700
Fuel tax credits applied against taxes payable	$ 200		$ 200

Prepaid Expenses and Other Cu39

Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Prepaid Expenses And Other Current Assets
Advances to suppliers	$ 103	$ 89
Other receivable	268	86
Prepaid insurance	1,134	1,120
Vendor deposits	236	797
Investment in equity securities	473	400
Other current assets	120	116
Total	$ 2,334	$ 2,608

Property, Plant and Mine Deve40

Property, Plant and Mine Development – net - Summary of Property, Equipment and Mine Development (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2016	Dec. 31, 2015	Jun. 30, 2015
Property, equipment and mine development - net
Property and equipment, gross	$ 75,042	$ 69,306
Accumulated depreciation, depletion and amortization	(22,519)	(17,669)
Total property, equipment and mine development - net	52,523	51,637
Capital expenditures	100	2,900
Capital Lease Obligations [Member]
Property, equipment and mine development - net
Accumulated depreciation, depletion and amortization	0		$ (500)
Asset retirement costs
Property, equipment and mine development - net
Property and equipment, gross	659	659
Construction-in-progress
Property, equipment and mine development - net
Property and equipment, gross	5,635	3,916
Furniture and office equipment
Property, equipment and mine development - net
Property and equipment, gross	1,557	1,555
Land and mineral rights
Property, equipment and mine development - net
Property and equipment, gross	230	230
Light vehicles and other mobile equipment
Property, equipment and mine development - net
Property and equipment, gross	1,993	1,887
Machinery and equipment
Property, equipment and mine development - net
Property and equipment, gross	19,780	19,867
Capital lease	0	3,100
Mill facilities and infrastructure
Property, equipment and mine development - net
Property and equipment, gross	8,972	8,920
Mine development
Property, equipment and mine development - net
Property and equipment, gross	34,610	31,079
Software and licenses [Member]
Property, equipment and mine development - net
Property and equipment, gross	$ 1,606	$ 1,193

Property, Plant and Mine Deve41

Property, Plant and Mine Development – net - Narrative (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Dec. 31, 2015
Property, Plant and Mine Development – net
Accumulated depreciation, depletion and amortization	$ 22,519		$ 17,669
Depletion, depreciation and amortization	$ 6,029	$ 3,748

Other Non-Current Assets (Detai

Other Non-Current Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Other Non-Current Assets
Deferred charge	$ 577	$ 620
Other non-current assets	325	365
Total	$ 902	$ 985

Accrued Liabilities And Other43

Accrued Liabilities And Other Current Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Accrued Liabilities And Other Current Liabilities
Accrued insurance	$ 807	$ 909
Accrued royalty payments	1,152	1,152
Other taxes payable	127	79
Accrued expenses and other current liabilities	$ 2,086	$ 2,140

Reclamation and Remediation (De

Reclamation and Remediation (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2016	Dec. 31, 2015
Asset Retirement Obligation, Roll Forward Analysis
Reclamation liabilities – balance at beginning of period	$ 2,192	$ 2,545
Changes in estimate		17
Foreign currency exchange gain	(197)	(370)
Reclamation liabilities – balance at end of period	1,995	2,192
Asset retirement obligation – balance at beginning of period	623	448
Changes in estimate		187
Accretion expense	23	42
Foreign currency exchange gain	(58)	(54)
Asset retirement obligation – balance at end of period	588	623
Total reclamation liabilities	$ 2,583	$ 2,815

Shareholders' Equity (Details)

Shareholders' Equity (Details) - USD ($) $ / shares in Units, $ in Thousands	6 Months Ended		60 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2015	Jul. 27, 2016	Dec. 31, 2015
Dividends declared	$ 500	$ 3,300
Monthly cash dividend rate declared, per common share			$ 2.04
Dividends Payable, Date Declared	Jul. 1, 2016
Treasury stock, shares	336,398				336,398
Common stock repurchased, value	$ 5,884				$ 5,884
Subsequent Event [Member]
Dividends declared				$ 100

Concentrate Sale Settlements (D

Concentrate Sale Settlements (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Deferred Revenue Arrangement
Smelter refining fees, treatment charges and penalties	$ 4,100	$ 3,100	$ 7,000	$ 5,800
Fair Value
Deferred Revenue Arrangement
Increase (decrease) in sales from mark-to-market adjustments	$ 600	$ 0	$ 700	$ (100)

Stock Options - Summary of Acti

Stock Options - Summary of Activity Under Stock Option Plan (Details) - $ / shares	6 Months Ended	12 Months Ended
	Jun. 30, 2016	Dec. 31, 2015
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Outstanding, Beginning Balance (in shares)	5,550,000
Granted (in shares)	240,000
Stock option exercised (in shares)
Expired (in shares)
Forfeited (in shares)
Outstanding, Ending Balance (in shares)	5,790,000	5,550,000
Vested and exercisable as of December 31, 2015 (in shares)	4,591,666
Weighted Average Exercise Price
Outstanding Weighted Average Exercise Price, Beginning Balance	$ 7.75
Weighted Average Exercise Price, Granted	2.35
Weighted Average Exercise Price, Exercised
Weighted Average Exercise Price, Expired
Weighted Average Exercise Price, Forfeited
Outstanding Weighted Average Exercise Price, Ending Balance	7.53	$ 7.75
Weighted Average Exercise Price, Vested and exercisable as of end of period	$ 8.87
Weighted -Average Remaining contractual Term (in years)
Weighted Average Remaining Contractual Term (in years), Outstanding as of beginning of period	5 years 7 months 24 days	5 years 1 month 6 days
Weighted Average Remaining Contractual Term (in years), Outstanding as of end of period	5 years 7 months 24 days	5 years 1 month 6 days
Weighted Average Remaining Contractual Term (in years), Vested and exercisable as of end of period	4 years 8 months 19 days

Stock Options - Fair value and

Stock Options - Fair value and other disclosures (Details) $ / shares in Units, shares in Thousands, $ in Millions	6 Months Ended
	Jun. 30, 2016USD ($)$ / sharesshares
Additional disclosures
Maximum number of common shares subject to grant under the plan | shares	5,000
Number of shares that vested | shares	100
Fair value of shares granted exercise price | $ / shares	$ 1.15
Vesting period	3 years
Exercise period	10 years
Fair value of shares vested | $	$ 0.8
Estimated unrecognized compensation cost from unvested options | $	$ 0.5

Stock Options - Summary of Stoc

Stock Options - Summary of Stock Options by Exercise Price Range (Details)	6 Months Ended
	Jun. 30, 2016$ / sharesshares
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Outstanding Number of Options | shares	5,790,000
Outstanding Weighted Average Remaining Contractual Term (in years)	5 years 7 months 24 days
Outstanding Weighted Average Exercise Price (per share)	$ 7.53
Exercisable Number of Options | shares	4,591,666
Exercisable Weighted Average Exercise Price (per share)	$ 8.87
$0.26 - $3.39
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Stock options exercise price range, lower limit	0.26
Stock options exercise price range, upper limit	$ 3.39
Outstanding Number of Options | shares	1,500,000
Outstanding Weighted Average Remaining Contractual Term (in years)	9 years 3 months 11 days
Outstanding Weighted Average Exercise Price (per share)	$ 2.31
Exercisable Number of Options | shares	325,000
Exercisable Weighted Average Exercise Price (per share)	$ 2.32
$3.40 - $3.95
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Stock options exercise price range, lower limit	3.40
Stock options exercise price range, upper limit	$ 3.95
Outstanding Number of Options | shares	1,900,000
Outstanding Weighted Average Remaining Contractual Term (in years)	2 years 2 months 12 days
Outstanding Weighted Average Exercise Price (per share)	$ 3.66
Exercisable Number of Options | shares	1,900,000
Exercisable Weighted Average Exercise Price (per share)	$ 3.66
$5.81 - $14.36
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Stock options exercise price range, lower limit	5.81
Stock options exercise price range, upper limit	$ 14.36
Outstanding Number of Options | shares	1,150,000
Outstanding Weighted Average Remaining Contractual Term (in years)	6 years 7 days
Outstanding Weighted Average Exercise Price (per share)	$ 10.13
Exercisable Number of Options | shares	1,126,666
Exercisable Weighted Average Exercise Price (per share)	$ 10.19
$14.37 - $17.09
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Stock options exercise price range, lower limit	14.37
Stock options exercise price range, upper limit	$ 17.09
Outstanding Number of Options | shares	240,000
Outstanding Weighted Average Remaining Contractual Term (in years)	6 years 6 months 7 days
Outstanding Weighted Average Exercise Price (per share)	$ 14.63
Exercisable Number of Options | shares	240,000
Exercisable Weighted Average Exercise Price (per share)	$ 14.63
$17.10 - $20.51
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Stock options exercise price range, lower limit	17.10
Stock options exercise price range, upper limit	$ 20.51
Outstanding Number of Options | shares	1,000,000
Outstanding Weighted Average Remaining Contractual Term (in years)	6 years 1 month 17 days
Outstanding Weighted Average Exercise Price (per share)	$ 18.02
Exercisable Number of Options | shares	1,000,000
Exercisable Weighted Average Exercise Price (per share)	$ 18.02

Stock Options - Allocation of S

Stock Options - Allocation of Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Stock Options
Production costs	$ 16	$ 259	$ 118	$ 607
General and administrative expenses	51	589	368	1,306
Total stock-based compensation	$ 67	$ 848	$ 486	$ 1,913

Stock Options - Black-Scholes A

Stock Options - Black-Scholes Assumptions (Details)	6 Months Ended
	Jun. 30, 2016
Stock Options
Risk-free interest rate	0.90%
Dividend yield	0.02%
Expected volatility	61.66%
Expected life in years	5 years

Other Income (Expense), Net (De

Other Income (Expense), Net (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Other Income (Expense), Net
Unrealized currency exchange gain	$ 290	$ 278	$ 202	$ 823
Realized currency exchange (loss) gain	(4)	58	139	(264)
Gain (loss) from gold and silver rounds/bullion	407	(72)	834	(72)
Gain (Loss) on Investments	28	(780)	399	(1,499)
Interest income	1	15	1	147
Interest expense	(8)	(25)	(26)	(51)
Other expense	(176)	(17)	(305)	(131)
Total	$ 538	$ (543)	$ 1,244	$ (1,047)

Net Income per Common Share - N

Net Income per Common Share - Narrative (Details) shares in Millions	6 Months Ended
	Jun. 30, 2016$ / sharesshares
Net Income per Common Share
Options to purchase shares of common stock | shares	4.3
Average exercise prices | $ / shares	$ 10.28

Net Income per Common Share - P

Net Income per Common Share - Potential Dilutive Stock Options On Weighted Average Shares Outstanding (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Net Income per Common Share
Net income	$ 5,608	$ 812	$ 6,405	$ 5,865
Basic weighted average shares of common stock	54,266,706	54,179,369	54,266,706	54,179,369
Dilutive effect of stock options	403,888		105,999
Diluted weighted average shares of common stock	54,670,594	54,179,369	54,372,705	54,179,369
Basic:
Net income (loss) per common share: Basic	$ 0.10	$ 0.01	$ 0.12	$ 0.11

Supplementary Cash-Flow Infor55

Supplementary Cash-Flow Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Supplementary Cash-Flow Information
Deferred charge			$ 43	$ 176
Unrealized (gain) loss on gold and silver rounds/bullion			(832)	73
Unrealized foreign currency exchange gain	$ (290)	$ (278)	(202)	(823)
Unrealized (gain) loss on investments	$ 3	$ 780	(361)	1,499
Loss on disposition of fixed assets			515
Other			22	52
Total other operating adjustments			$ (815)	$ 977