Gold Resource (GORO) 10-Q 2 Nov 16 2016 Q3 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	9 Months Ended
	Sep. 30, 2016	Nov. 01, 2016
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q3
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		56,566,874
Entity Current Reporting Status	Yes

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Current assets:
Cash and cash equivalents	$ 17,065	$ 12,822
Gold and silver rounds/bullion	3,876	2,988
Accounts receivable	2,414	321
Inventories	9,409	8,753
Income tax receivable	937	3,794
Prepaid expenses and other current assets	1,693	3,940
Total current assets	35,394	32,618
Property, plant and mine development, net	70,959	51,637
Deferred tax assets	15,055	21,064
Other non-current assets	1,547	1,216
Total assets	122,955	106,535
Current liabilities:
Accounts payable	5,433	11,600
Mining royalty taxes payable	1,079	230
Accrued expenses and other current liabilities	2,596	3,072
Total current liabilities	9,108	14,902
Reclamation and remediation liabilities	2,554	2,815
Total liabilities	11,662	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: 56,903,272 and 56,566,874 shares issued and outstanding, respectively, at September 30, 2016 and 54,603,104 and 54,266,706 shares issued and outstanding, respectively, at December 31, 2015	57	55
Additional paid-in capital	111,790	96,766
Accumulated retained earnings (deficit)	6,501	(948)
Treasury stock at cost, 336,398 shares	(5,884)	(5,884)
Accumulated other comprehensive loss	(1,171)	(1,171)
Total shareholders' equity	111,293	88,818
Total liabilities and shareholders' equity	$ 122,955	$ 106,535

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 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	56,903,272	54,603,104
Common stock, shares outstanding	56,566,874	54,266,706
Treasury stock, shares	336,398	336,398

Condensed Consolidated Statemen

Condensed Consolidated Statements Of Income - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Condensed Consolidated Statements Of Income
Sales, net	$ 21,367	$ 19,437	$ 64,968	$ 71,082
Mine cost of sales:
Production costs	12,767	13,411	34,570	40,462
Depreciation and amortization	3,189	1,579	9,049	5,195
Reclamation and remediation	48	6	139	36
Total mine cost of sales	16,004	14,996	43,758	45,693
Mine gross profit	5,363	4,441	21,210	25,389
Costs and expenses:
General and administrative expenses	2,027	2,913	5,875	8,032
Exploration expenses	881	1,810	2,027	6,416
Total costs and expenses	2,908	4,723	7,902	14,448
Operating income (loss)	2,455	(282)	13,308	10,941
Other (expense) income, net	(74)	(1,033)	1,170	(2,080)
Income (loss) before income taxes	2,381	(1,315)	14,478	8,861
Provision for income taxes	787	(846)	6,479	3,465
Net income (loss)	$ 1,594	$ (469)	$ 7,999	$ 5,396
Net income per common share:
Basic	$ 0.03	$ (0.01)	$ 0.15	$ 0.10
Diluted	$ 0.03	$ (0.01)	$ 0.14	$ 0.10
Weighted average shares outstanding:
Basic weighted average shares of common stock	55,781,382	54,179,369	54,994,430	54,179,369
Diluted weighted average shares of common stock	57,597,392	54,179,369	55,589,307	54,201,274

Condensed Consolidated Stateme5

Condensed Consolidated Statements Of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015
Cash flows from operating activities:
Net income	$ 7,999	$ 5,396
Adjustments to reconcile net income to net cash from operating activities:
Deferred income taxes	250	(1,522)
Depreciation, depletion and amortization	9,343	6,331
Stock-based compensation	997	3,293
Other operating adjustments	(531)	2,472
Changes in operating assets and liabilities:
Accounts receivable	(2,092)	(435)
Inventories	(657)	(1,149)
Prepaid expenses and other current assets	1,203	(897)
Accounts payable and other accrued liabilities	(2,774)	5,069
Mining and income taxes payable/receivable	3,690	(4,528)
Other noncurrent assets	64	466
Net cash provided by operating activities	17,492	14,496
Cash flows from investing activities:
Capital expenditures	(12,637)	(21,837)
Proceeds from the sale of equity investments	749
Other investing activities	(315)	40
Net cash used in investing activities	(12,203)	(21,797)
Cash flows from financing activities:
Proceeds from exercise of stock options	391
Dividends paid	(818)	(4,876)
Repayments of capital leases	(606)	(1,123)
Net cash used in financing activities	(1,033)	(5,999)
Effect of exchange rate changes on cash and cash equivalents	(13)	(136)
Net (decrease) increase in cash and equivalents	4,243	(13,436)
Cash and equivalents at beginning of period	12,822	27,541
Cash and equivalents at end of period	17,065	14,105
Supplemental Cash Flow Information
Interest expense paid	13	65
Income and mining taxes paid	256	$ 8,464
Walker Lane Minerals Corp [Member]
Non-cash investing activities:
Common stock issued for the acquisition	13,060
Mina Gold Property [Member]
Non-cash investing activities:
Common stock issued for the acquisition	$ 850

Basis of Preparation of Financi

Basis of Preparation of Financial Statements	9 Months Ended
	Sep. 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. subsidiaries GRC Nevada Inc. and Walker Lane Minerals Corp (“Walker Lane”), 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 statement 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. The results of operations for the interim period ended September 30, 2016 may not be indicative of results of operations to be expected for the full fiscal year.

Recently Issued Accounting Pron

Recently Issued Accounting Pronouncements	9 Months Ended
	Sep. 30, 2016
Recently Issued Accounting Pronouncements
Recently Issued Accounting Pronouncements	2. Recently Issued Accounting Pronouncements Stock-based compensation 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. Revenue recognition Accounting Standards Update No. 2014-09—Revenue from Contracts with Customers (Topic 606). On May 28, 2014, FASB issued guidance that requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. This standard was further amended in August 2015, March 2016, April 2016 and May 2016 by Accounting Standards Updates No. 2015-14, No. 2016-08, No. 2016-10 and No. 2016-12, respectively. The guidance will replace most existing revenue recognition guidance when it becomes effective. The new standard is effective for the Company for periods beginning after December 15, 2017, and early application is not permitted. The standard permits the use of either the retrospective or the cumulative effect transition method. The Company does not anticipate any significant changes due to the implementation of this update, as there are no complex contractual arrangements with current customers, therefore our current revenue recognition model is not expected to change.

Acquisitions

Acquisitions	9 Months Ended
	Sep. 30, 2016
Acquisitions
Acquisitions	3. Acquisitions Mina Gold Property On August 12, 2016, the Company acquired the Mina Gold property located in Mineral County, Nevada from Nevada Select Royalty Inc. (“Nevada Select”), a privately-held entity, for $1.0 million, which includes 130,169 shares of common stock valued at $0.9 million and cash of $0.1 million. The property consists of patented and unpatented mining claims. Nevada Select retained a net smelter return royalty (“NSR”) of 3% on the patented claims and a 2% NSR on the unpatented claims. The Company has the right to buy down 1% of the NSR on the patented claims for $1.0 million and 0.5% of the NSR on the unpatented claims for $0.5 million. Isabella Pearl Project On August 12, 2016, the Company acquired all of the outstanding stock of Walker Lane, a privately-held entity, which owns the Isabella Pearl project located in Mineral County, Nevada, in exchange for 2,000,000 shares of the Company’s common stock valued at $13.1 million and cash of $0.2 million. The land position totals 341 unpatented mining claims, of which 58 claims encompass the Isabella Pearl deposit. The 58 Isabella Pearl claims along with 25 additional claims have a 3% NSR, with the balance of the claims having a 1% NSR. In connection with the above two acquisitions, the Company incurred acquisition costs of $0.1 million, for the nine months ended September 30, 2016. The transactions were accounted for as asset acquisitions and transaction costs were capitalized in accordance with U.S. GAAP. The assets and liabilities were recorded at the market value of the Company’s shares at the date of the transactions. The Walker Lane acquisition resulted in the Company recording $5.6 million of deferred tax liability related to the temporary book and tax differences in the basis of the property. The acquisition method requires the Company to determine the fair value of all acquired assets, including identifiable intangible assets, and all assumed liabilities. The total cost of acquisitions is allocated to the underlying identifiable net assets, based on their respective estimated fair values. Determining the fair value of assets acquired and liabilities assumed requires management’s judgment and often involves the use of significant estimates and assumptions, including assumptions with respect to future cash inflows and outflows, discount rates, and asset lives, among other items. The preliminary allocation of the purchase price is based on management’s estimates and may be adjusted after obtaining additional information regarding, among other things, asset valuations, liabilities assumed and revisions of previous estimates. A preliminary allocation of the purchase consideration in thousands as of September 30, 2016 is as follows: Purchase Price $ Preliminary allocation of purchase price: ASSETS Prepaid expenses and other current assets $ Mineral interests and mineral rights Other non-current assets Total assets LIABILITIES Deferred tax liability Reclamation and remediation liabilities Total liabilities Net fair value $

Gold And Silver Bullion

Gold And Silver Bullion	9 Months Ended
	Sep. 30, 2016
Gold And Silver Bullion
Gold And Silver Bullion	4. 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 nine months ended September 30, 2016 and 2015, the Company made no purchases of gold or silver bullion. At September 30, 2016 and December 31, 2015, the Company’s holdings of rounds/bullion, using quoted market prices, 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	9 Months Ended
	Sep. 30, 2016
Current Inventories
Inventories	5. Inventories At September 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)

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2016
Income Taxes
Income Taxes	6 . Income Taxes The Company recorded income tax expense of $0.8 million and $6.5 million for the three and nine months ended September 30, 2016, respectively. During the three and nine months ended September 30, 2015, the Company recorded income tax benefit of $0.8 million and income tax expense of $3.5 million, respectively. In 2015, 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. The Company’s Mexican 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. In the first nine months of 2016, the Company recorded $2.3 million of fuel tax credits with the offset to production cost with $1.7 million applied to income tax payable and $0.6 million applied to other taxes payable. 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 carryforward periods), projected future taxable income and tax-planning strategies in making this assessment. As of September 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 September 30, 2016, the Company believes that it has no liability for uncertain tax positions.

Property, Plant and Mine Develo

Property, Plant and Mine Development – net	9 Months Ended
	Sep. 30, 2016
Property, Plant and Mine Development – net
Property, Plant and Mine Development – net	7. Property, Plant and Mine Development, net At September 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 (1) Furniture and office equipment Land and mineral rights Light vehicles and other mobile equipment Machinery and equipment (2) Mill facilities and infrastructure Mineral interests and mineral rights (3) - Mine development Software and licenses Subtotal (4) Accumulated depletion, depreciation and amortization (5) Total $ $ (1) Includes $5.1 and $2.6 million for Switchback development at September 30, 2016 and December 31, 2015, respectively. (2) Includes nil and $3.1 million of assets recorded under capital leases at September 30, 2016 and December 31, 2015, respectively. (3) These assets relate to the recent Nevada Mining Unit property acquisitions, please see Note 3 for additional information. (4) Includes accrued capital expenditures of $0.1 and $2.9 million for the periods ended September 30, 2016 and December 31, 2015, respectively. (5) Includes nil and $0.5 million for the periods ended September 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 $3.3 million and $9.3 million for the three and nine months ended September 30, 2016 respectively. For the three and nine months ended September 30, 2015, the Company recorded depletion, depreciation and amortization expense of $1.6 million and $5.4 million respectively.

Reclamation and Remediation

Reclamation and Remediation	9 Months Ended
	Sep. 30, 2016
Reclamation And Remediation
Reclamation And Remediation	8. Reclamation and Remediation The Company’s reclamation and remediation obligations primarily relate to the Aguila Project. 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	9 Months Ended
	Sep. 30, 2016
Shareholders' Equity
Shareholders' Equity	9. Shareholders’ Equity The Company declared and paid $0.8 million and $4.9 million of dividends during the nine months ended September 30, 2016 and 2015, respectively. On October 26, 2016, the Board of Directors declared a dividend on common stock totaling $0.1 million payable in November 2016. Please see Note 3 and Note 10 for additional information.

Equity Incentive Plans

Equity Incentive Plans	9 Months Ended
	Sep. 30, 2016
Equity Incentive Plans
Equity Incentive Plans	10. Equity Incentive Plans The Company maintains an Equity Incentive Plan that provides for the issuance of up to 5 million shares of common stock in the form 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. The Plan was adopted in April 2016 and replaced the Amended and Restated Stock Option and Stock Grant Plan. A total of 717,000 options with a term of 10 years were granted during the nine months ended September 30, 2016, of which 168,000 vested immediately and the remainder vest over a three year period. A total of 188,803 restricted stock units were granted during the nine months ended September 30, 2016, of which 26,739 vest within six months and the remainder vest over a three year period. The fair value of stock option grants is amortized over the respective vesting periods. Total stock-based compensation expense has been allocated as follows: Three months ended September 30, Nine months ended September 30, 2016 2015 2016 2015 (in thousands) Production costs $ $ $ $ General and administrative expenses Exploration expense - - Total $ $ $ $

Embedded Derivatives

Embedded Derivatives	9 Months Ended
	Sep. 30, 2016
Embedded Derivatives
Embedded Derivatives	11. Embedded Derivatives The Company’s provisional concentrate sales contain an embedded derivative that is required to be separated from the host contract for accounting purposes. The host contract is the receivable from the sale of the concentrates at the prevailing indices’ prices at the time of sale. The embedded derivative, which does not qualify for hedge accounting, is marked to market through operations each period prior to final settlement. Please see Note 14 for additional information. The following table summarizes the Company’s unsettled sales contracts at September 30, 2016, with the quantities of metals under contract subject to final pricing over the next several months: Gold Silver Copper Lead Zinc (ounces) (ounces) (tonnes) (tonnes) (tonnes) Under contract Average forward price $ $ $ $ $

Other (Expense) Income, Net

Other (Expense) Income, Net	9 Months Ended
	Sep. 30, 2016
Other (Expense) Income, Net
Other Income (Expense), Net	12. Other (Expense) Income, Net Other (expense) income, net, consisted of the following: Three months ended September 30, Nine months ended September 30, 2016 2015 2016 2015 (in thousands) Unrealized currency exchange (loss) gain $ $ $ $ Realized currency exchange gain (loss) Gain (loss) from gold and silver rounds/bullion, net (1) (Loss) gain from investments, net (1) Loss on disposal of fixed assets - - Gain on insurance reimbursement - - - Other income (expense), net Total $ $ $ $ (1) Gains and losses due to changes in the fair value are non-cash in nature until such time that they are realized through cash transactions. For additional information regarding the fair value measurements and investments, please see Note 14 .

Net Income per Common Share

Net Income per Common Share	9 Months Ended
	Sep. 30, 2016
Net Income per Common Share
Net Income per Common Share	13. Net Income (Loss) per Common Share Basic earnings (loss) 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, would 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. All the Company’s restricted stock units are considered to be dilutive. The effect of the Company’s dilutive securities are calculated using the treasury stock method and only those instruments that result in a reduction in income per share are included in the calculation. Options to purchase 3.7 million and 4.3 million shares of common stock at weighted average exercise prices of $10.32 and $9.34 were outstanding at September 30, 2016 and 2015, respectively, but were not included in the computation of diluted weighted average common shares, as the exercise price of the options exceeded the average price of the Company’s common stock during those periods and therefore would not affect the calculation of earnings per share. Net income (loss) per common share is as follows: Three months ended September 30, Nine months ended September 30, 2016 2015 2016 2015 (in thousands, except shares and per share amounts) Net income (loss) $ $ $ $ Basic weighted average shares of common stock outstanding Dilutive effect of stock-based awards - Diluted weighted average common shares outstanding Net income (loss) per: Basic share $ $ $ $ Diluted share $ $ $ $

Fair Value Measurement

Fair Value Measurement	9 Months Ended
	Sep. 30, 2016
Fair Value Measurement
Fair Value Measurement	14. 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 Level 2 Level 3 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. The following tables set forth certain of the Company’s assets measured at fair value by level within the fair value hierarchy as of September 30, 2016 and December 31, 2015: 2016 2015 Input Hierarchy Level (in thousands) Cash and cash equivalents Money market funds and other bank deposits $ $ Level 1 Gold and silver rounds/bullion Level 1 Accounts receivable: Receivables from provisional concentrate sales Level 2 Prepaid expenses and other current assets: Current investments - Level 1 $ $ 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. Please see Note 4 for additional information. The Company’s current investments consisted of marketable equity securities which were 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 based on the forward price curve. 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. Please see Note 11 for additional information.

Supplementary Cash-Flow Informa

Supplementary Cash-Flow Information	9 Months Ended
	Sep. 30, 2016
Supplementary Cash-Flow Information
Supplementary Cash-Flow Information	15. Supplementary Cash-Flow Information Other operating adjustments and write-downs within the net cash provided by operations on the statement of cash flows for the nine months ended September 30, 2016 and 2015 consisted of the following: 2016 2015 (in thousands) Unrealized (gain) loss on gold and silver rounds/bullion $ $ Unrealized foreign currency exchange loss (gain) Unrealized (gain) loss on investments Loss on disposition of fixed assets - Other Total other operating adjustments $ $

Basis of Preparation of Finan21

Basis of Preparation of Financial Statements (Policy)	9 Months Ended
	Sep. 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. subsidiaries GRC Nevada Inc. and Walker Lane Minerals Corp (“Walker Lane”), 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 statement 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. The results of operations for the interim period ended September 30, 2016 may not be indicative of results of operations to be expected for the full fiscal year.

Recently Issued Accounting Pr22

Recently Issued Accounting Pronouncements (Policy)	9 Months Ended
	Sep. 30, 2016
Recently Issued Accounting Pronouncements
Recently Issued Accounting Pronouncements	Stock-based compensation 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. Revenue recognition Accounting Standards Update No. 2014-09—Revenue from Contracts with Customers (Topic 606). On May 28, 2014, FASB issued guidance that requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. This standard was further amended in August 2015, March 2016, April 2016 and May 2016 by Accounting Standards Updates No. 2015-14, No. 2016-08, No. 2016-10 and No. 2016-12, respectively. The guidance will replace most existing revenue recognition guidance when it becomes effective. The new standard is effective for the Company for periods beginning after December 15, 2017, and early application is not permitted. The standard permits the use of either the retrospective or the cumulative effect transition method. The Company does not anticipate any significant changes due to the implementation of this update, as there are no complex contractual arrangements with current customers, therefore our current revenue recognition model is not expected to change.

Acquisitions (Tables)

Acquisitions (Tables)	9 Months Ended
	Sep. 30, 2016
Acquisitions
Schedule Of Preliminary Allocation of Purchase Price	Purchase Price $ Preliminary allocation of purchase price: ASSETS Prepaid expenses and other current assets $ Mineral interests and mineral rights Other non-current assets Total assets LIABILITIES Deferred tax liability Reclamation and remediation liabilities Total liabilities Net fair value $

Gold And Silver Bullion (Tables

Gold And Silver Bullion (Tables)	9 Months Ended
	Sep. 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 $ $ $ $

Current Inventories (Tables)

Current Inventories (Tables)	9 Months Ended
	Sep. 30, 2016
Current Inventories
Summary Of Inventories	2016 2015 (in thousands) Stockpiles - underground mine $ $ Stockpiles - open pit mine Concentrates Materials and supplies (1) Total $ $ (1)

Property, Plant and Mine Deve26

Property, Plant and Mine Development – net (Tables)	9 Months Ended
	Sep. 30, 2016
Property, Plant and Mine Development – net
Schedule Of Property And Equipment	2016 2015 (in thousands) Asset retirement costs $ $ Construction-in-progress (1) Furniture and office equipment Land and mineral rights Light vehicles and other mobile equipment Machinery and equipment (2) Mill facilities and infrastructure Mineral interests and mineral rights (3) - Mine development Software and licenses Subtotal (4) Accumulated depletion, depreciation and amortization (5) Total $ $ (1) Includes $5.1 and $2.6 million for Switchback development at September 30, 2016 and December 31, 2015, respectively. (2) Includes nil and $3.1 million of assets recorded under capital leases at September 30, 2016 and December 31, 2015, respectively. (3) These assets relate to the recent Nevada Mining Unit property acquisitions, please see Note 3 for additional information. (4) Includes accrued capital expenditures of $0.1 and $2.9 million for the periods ended September 30, 2016 and December 31, 2015, respectively. (5) Includes nil and $0.5 million for the periods ended September 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.

Reclamation and Remediation (Ta

Reclamation and Remediation (Tables)	9 Months Ended
	Sep. 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 $ $

Equity Incentive Plans (Tables)

Equity Incentive Plans (Tables)	9 Months Ended
	Sep. 30, 2016
Equity Incentive Plans
Schedule Of Stock-Based Compensation Expense Allocated Between Production And General And Administrative Expense	Three months ended September 30, Nine months ended September 30, 2016 2015 2016 2015 (in thousands) Production costs $ $ $ $ General and administrative expenses Exploration expense - - Total $ $ $ $

Embedded Derivatives (Tables)

Embedded Derivatives (Tables)	9 Months Ended
	Sep. 30, 2016
Embedded Derivatives
Summary of unsettled sales contracts	Gold Silver Copper Lead Zinc (ounces) (ounces) (tonnes) (tonnes) (tonnes) Under contract Average forward price $ $ $ $ $

Other (Expense) Income, Net (Ta

Other (Expense) Income, Net (Tables)	9 Months Ended
	Sep. 30, 2016
Other (Expense) Income, Net
Schedule Of Other Income (Expense)	Three months ended September 30, Nine months ended September 30, 2016 2015 2016 2015 (in thousands) Unrealized currency exchange (loss) gain $ $ $ $ Realized currency exchange gain (loss) Gain (loss) from gold and silver rounds/bullion, net (1) (Loss) gain from investments, net (1) Loss on disposal of fixed assets - - Gain on insurance reimbursement - - - Other income (expense), net Total $ $ $ $ (1) Gains and losses due to changes in the fair value are non-cash in nature until such time that they are realized through cash transactions. For additional information regarding the fair value measurements and investments, please see Note 14 .

Net Income per Common Share (Ta

Net Income per Common Share (Tables)	9 Months Ended
	Sep. 30, 2016
Net Income per Common Share
Net Income Per Share	Three months ended September 30, Nine months ended September 30, 2016 2015 2016 2015 (in thousands, except shares and per share amounts) Net income (loss) $ $ $ $ Basic weighted average shares of common stock outstanding Dilutive effect of stock-based awards - Diluted weighted average common shares outstanding Net income (loss) per: Basic share $ $ $ $ Diluted share $ $ $ $

Fair Value Measurement (Tables)

Fair Value Measurement (Tables)	9 Months Ended
	Sep. 30, 2016
Fair Value Measurement
Assets measured at fair value by level within fair value hierarchy	2016 2015 Input Hierarchy Level (in thousands) Cash and cash equivalents Money market funds and other bank deposits $ $ Level 1 Gold and silver rounds/bullion Level 1 Accounts receivable: Receivables from provisional concentrate sales Level 2 Prepaid expenses and other current assets: Current investments - Level 1 $ $

Supplementary Cash-Flow Infor33

Supplementary Cash-Flow Information (Tables)	9 Months Ended
	Sep. 30, 2016
Supplementary Cash-Flow Information
Schedule Of Supplementary Cash Flow Information	2016 2015 (in thousands) Unrealized (gain) loss on gold and silver rounds/bullion $ $ Unrealized foreign currency exchange loss (gain) Unrealized (gain) loss on investments Loss on disposition of fixed assets - Other Total other operating adjustments $ $

Acquisitions (Details)

Acquisitions (Details) $ in Thousands	Aug. 12, 2016USD ($)itemshares	Sep. 30, 2016USD ($)shares	Dec. 31, 2015USD ($)shares
Business Acquisition [Line Items]
Purchase price		$ 14,280
Common Stock Shares Outstanding | shares		56,566,874	54,266,706
Common Stock Value		$ 57	$ 55
Acquisition costs		100
Number of unpatented mining claims in land position | item	341
Deferred tax liability		$ 5,615
Mina Gold Property [Member]
Business Acquisition [Line Items]
Purchase price	$ 1,000
Common Stock Shares Outstanding | shares	130,169
Common Stock Value	$ 900
Cash	$ 100
NSR on patented claims, percent	3.00%
NSR on unpatented claims, percent	2.00%
NSR right to buy patented claims, percent	1.00%
NSR right to buy patented claims, value	$ 1,000
NSR right to buy unpatented claims, percent	0.50%
NSR right to buy unpatented claims, value	$ 500
Isabella Pear Project [Member]
Business Acquisition [Line Items]
Common Stock Shares Outstanding | shares	2,000,000
Common Stock Value	$ 13,100
Cash	$ 200
Number of unpatented mining claims in land position | item	58
Number of mining claims with NSR | item	25
Number of land claims, percent of NSR	3.00%
Remaining number of land claims with NSR	1.00%

Acquisitions (Schedule of Preli

Acquisitions (Schedule of Preliminary Allocation of Purchase Price) (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2016USD ($)
Acquisitions
Purchase price	$ 14,280
Prepaid expenses and other current assets	60
Mineral interests and mineral rights	19,413
Other non-current assets	460
Total assets	19,933
Deferred tax liability	5,615
Reclamation and remediation liabilities	38
Total liabilities	5,653
Net fair value	$ 14,280

Gold And Silver Bullion (Detail

Gold And Silver Bullion (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015
Gold And Silver Bullion
Purchases of gold and silver bullion	$ 0	$ 0

Gold And Silver Bullion - Bulli

Gold And Silver Bullion - Bullion Holdings (Details)	Sep. 30, 2016USD ($)oz$ / oz	Dec. 31, 2015USD ($)	Sep. 30, 2015USD ($)oz$ / oz
Schedule of Investments [Line Items]
Total carrying value	$ 3,876,000	$ 2,988,000
Gold
Schedule of Investments [Line Items]
Ounces | oz	1,597		1,623
Carrying value per ounce | $ / oz	1,323		1,062
Total carrying value	$ 2,112		$ 1,723
Silver
Schedule of Investments [Line Items]
Ounces | oz	91,164		91,522
Carrying value per ounce | $ / oz	19.35		13.82
Total carrying value	$ 1,764		$ 1,265

Current Inventories (Details)

Current Inventories (Details) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Current Inventories
Stockpiles - underground mine	$ 554	$ 121
Stockpiles - open pit mine	323	729
Concentrates	1,778	1,432
Materials and supplies	6,754	6,471
Inventories - current	9,409	8,753
Inventory reserve	$ 194	$ 92

Income Taxes (Details)

Income Taxes (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Income Taxes
Income tax (benefit) expense	$ 787,000	$ (846,000)	$ 6,479,000	$ 3,465,000
Fuel tax credits			2,300,000
Fuel tax credits applied against taxes payable			1,700,000
Fuel tax credits applied against other taxes payable			600,000
Liability for uncertain tax positions	$ 0		$ 0

Property, Plant and Mine Deve40

Property, Plant and Mine Development – net - Summary of Property, Equipment and Mine Development (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2016	Dec. 31, 2015	Sep. 30, 2015
Property, equipment and mine development - net
Property and equipment, gross	$ 96,625	$ 69,306
Accumulated depreciation, depletion and amortization	(25,666)	(17,669)
Total property, equipment and mine development - net	70,959	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	6,181	3,916
Switchback Drilling Project [Member]
Property, equipment and mine development - net
Property and equipment, gross	5,100	2,600
Furniture and office equipment
Property, equipment and mine development - net
Property and equipment, gross	1,569	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	1,821	1,887
Machinery and equipment
Property, equipment and mine development - net
Property and equipment, gross	20,073	19,867
Capital lease	0	3,100
Mill facilities and infrastructure
Property, equipment and mine development - net
Property and equipment, gross	8,990	8,920
Mineral Interests And Mineral Rights
Property, equipment and mine development - net
Property and equipment, gross	19,413
Mine development
Property, equipment and mine development - net
Property and equipment, gross	36,072	31,079
Software and licenses [Member]
Property, equipment and mine development - net
Property and equipment, gross	$ 1,617	$ 1,193

Property, Plant and Mine Deve41

Property, Plant and Mine Development – net - Narrative (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Dec. 31, 2015
Property, Plant and Mine Development – net
Accumulated depreciation, depletion and amortization	$ 25,666		$ 17,669
Depletion, depreciation and amortization	$ 9,343	$ 6,331

Reclamation and Remediation (De

Reclamation and Remediation (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 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	37	17
Foreign currency exchange gain	(257)	(370)
Reclamation liabilities – balance at end of period	1,972	2,192
Asset retirement obligation – balance at beginning of period	623	448
Changes in estimate		187
Accretion expense	33	42
Foreign currency exchange gain	(74)	(54)
Asset retirement obligation – balance at end of period	582	623
Total reclamation liabilities	$ 2,554	$ 2,815

Shareholders' Equity (Details)

Shareholders' Equity (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Oct. 26, 2016	Dec. 31, 2015
Dividends declared	$ 800	$ 4,900
Dividends Payable, Date Declared	Oct. 26, 2016
Treasury stock, shares	336,398			336,398
Common stock repurchased, value	$ 5,884			$ 5,884
Subsequent Event [Member]
Dividends declared			$ 100

Equity Incentive Plans - Narrat

Equity Incentive Plans - Narrative (Details)	9 Months Ended
	Sep. 30, 2016shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity Incentive plan shares for issuance authorized	5,000,000
Options granted	717,000
Exercise period	10 years
Number of shares that vested	168,000
Vesting period	3 years
Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock units, granted	188,803
Restricted Stock Units (RSUs) [Member] | 6 Months Vested [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock units, vested	26,739
Vesting period	6 months
Restricted Stock Units (RSUs) [Member] | 3 Year Vested [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	3 years

Equity Incentive Plans - Alloca

Equity Incentive Plans - Allocation of Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Equity Incentive Plans
Production costs	$ 55	$ 412	$ 172	$ 1,019
General and administrative expenses	450	968	819	2,274
Exploration expense	6		6
Total stock-based compensation	$ 511	$ 1,380	$ 997	$ 3,293

Embedded Derivatives (Details)

Embedded Derivatives (Details)	9 Months Ended
	Sep. 30, 2016ozt$ / oz$ / t
Gold [Member]
Embedded Derivative [Line Items]
Under contract | oz	5,600
Average forward price | $ / oz	1,306
Silver [Member]
Embedded Derivative [Line Items]
Under contract | oz	410,594
Average forward price | $ / oz	19.47
Copper [Member]
Embedded Derivative [Line Items]
Under contract | t	208
Average forward price | $ / t	4,767
Lead [Member]
Embedded Derivative [Line Items]
Under contract | t	956
Average forward price | $ / t	1,889
Zinc [Member]
Embedded Derivative [Line Items]
Under contract | t	2,594
Average forward price | $ / t	2,268

Other Income (Expense), Net (De

Other Income (Expense), Net (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Other (Expense) Income, Net
Unrealized currency exchange gain	$ (259)	$ (497)	$ (57)	$ 326
Realized currency exchange (loss) gain	44	(105)	183	(369)
Gain (loss) from gold and silver rounds/bullion	93	(187)	925	(260)
Gain (Loss) on Investments	(49)	(227)	351	(1,726)
Loss on disposal of fixed assets	(9)		(523)
Gain on insurance reimbursement			620
Other expense	106	(17)	(329)	(51)
Total	$ (74)	$ (1,033)	$ 1,170	$ (2,080)

Net Income per Common Share - N

Net Income per Common Share - Narrative (Details) - $ / shares shares in Millions	9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015
Net Income per Common Share
Options to purchase shares of common stock	3.7	4.3
Average exercise prices	$ 10.32	$ 9.34

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		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Net Income per Common Share
Net income	$ 1,594	$ (469)	$ 7,999	$ 5,396
Basic weighted average shares of common stock	55,781,382	54,179,369	54,994,430	54,179,369
Dilutive effect of stock options	1,816,010		594,877	21,905
Diluted weighted average shares of common stock	57,597,392	54,179,369	55,589,307	54,201,274
Basic:
Net income (loss) per common share: Basic	$ 0.03	$ (0.01)	$ 0.15	$ 0.10
Diluted:
Net income (loss) per common share: Diluted	$ 0.03	$ (0.01)	$ 0.14	$ 0.10

Fair Value Measurement (Details

Fair Value Measurement (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2016	Dec. 31, 2015
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, Fair Value Disclosure, Total	$ 23,355	$ 16,531
Fair value of non-current investment in equity securities	200
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Money market funds and other bank deposits	17,065	12,822
Gold and silver rounds/bullion	3,876	2,988
Current investments		400
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Receivables from provisional concentrate sales	$ 2,414	$ 321

Supplementary Cash-Flow Infor51

Supplementary Cash-Flow Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Supplementary Cash-Flow Information
Unrealized (gain) loss on gold and silver rounds/bullion			$ (925)	$ 260
Unrealized foreign currency exchange gain	$ 259	$ 497	57	(326)
Unrealized (gain) loss on investments			(348)	1,726
Loss on disposition of fixed assets			523
Other			162	812
Total other operating adjustments			$ (531)	$ 2,472