Gold Resource (GORO) 10-Q 2 May 17 2017 Q1 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	3 Months Ended
	Mar. 31, 2017	May 01, 2017
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2017
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q1
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		56,839,823
Entity Current Reporting Status	Yes

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Current assets:
Cash and cash equivalents	$ 16,639	$ 14,166
Gold and silver rounds/bullion	3,687	3,307
Accounts receivable	1,759	630
Inventories	8,607	8,946
Income tax receivable		626
Prepaid expenses and other current assets	1,682	1,587
Total current assets	32,374	29,262
Property, plant and mine development, net	75,158	70,059
Deferred tax assets	16,230	17,580
Other non-current assets	970	1,542
Total assets	124,732	118,443
Current liabilities:
Accounts payable	6,920	5,383
Mining royalty taxes payable	496	2,033
Income taxes payable	696
Accrued expenses and other current liabilities	1,816	1,526
Total current liabilities	9,928	8,942
Reclamation and remediation liabilities	2,669	2,425
Total liabilities	12,597	11,367
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: 57,176,221 and 56,839,823 shares issued and outstanding, respectively, at March 31,2017 and 56,903,272 and 56,566,874 shares issued and outstanding, respectively, at December 31, 2016	57	57
Additional paid-in capital	113,534	112,034
Retained earnings	5,599	2,040
Treasury stock at cost, 336,398 shares	(5,884)	(5,884)
Accumulated other comprehensive loss	(1,171)	(1,171)
Total shareholders' equity	112,135	107,076
Total liabilities and shareholders' equity	$ 124,732	$ 118,443

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2017	Dec. 31, 2016
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	57,176,221	56,903,272
Common stock, shares outstanding	56,839,823	56,566,874
Treasury stock, shares	336,398	336,398

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Consolidated Statements of Operations
Sales, net	$ 24,336	$ 17,403
Mine cost of sales:
Production costs	11,335	11,096
Depreciation and amortization	2,556	2,806
Reclamation and remediation	29	47
Total mine cost of sales	13,920	13,949
Mine gross profit	10,416	3,454
Costs and expenses:
General and administrative expenses	1,812	2,178
Exploration expenses	822	504
Total costs and expenses	2,634	2,682
Operating income	7,782	772
Other (expense) income, net	(464)	706
Income before income taxes	7,318	1,478
Provision for income taxes	2,942	681
Net income	$ 4,376	$ 797
Net income per common share:
Basic and diluted	$ 0.08	$ 0.01
Weighted average shares outstanding:
Basic weighted average shares of common stock outstanding	56,796,751	54,266,706
Diluted weighted average common shares outstanding	57,991,633	54,266,706

Consolidated Statements of Chan

Consolidated Statements of Changes In Shareholders' Equity - USD ($) $ in Thousands	Common Shares [Member]	Additional Paid-in Capital	Accumulated (Deficit)/ Retained Earnings	Treasury Stock [Member]	Accumulated Other Comprehensive Income (Loss) [Member]	Total
Balance at Dec. 31, 2015		$ 96,766	$ (948)	$ (5,884)	$ (1,171)	$ 88,818
Balance (in shares) at Dec. 31, 2015	54,603,104
Balance at Dec. 31, 2015	$ 55
Stock options exercised		391				391
Stock options exercised (in shares)	169,999
Stock-based compensation		1,240				1,240
Dividends declared		(271)	(1,399)			(1,670)
Acquisitions	$ 2	13,908				13,910
Acquisitions (in shares)	2,130,169
Net income			4,387			4,387
Balance at Dec. 31, 2016		112,034	2,040	(5,884)	(1,171)	107,076
Balance (in shares) at Dec. 31, 2016	56,903,272
Balance at Dec. 31, 2016	$ 57					57
Adjustment to retained earnings as a result of adoption of ASU 2016-16			(533)			(533)
Stock-based compensation		200				200
Common stock issued for vested restricted stock units (in shares)	26,739
Dividends declared			(284)			(284)
Acquisitions		1,300				1,300
Acquisitions (in shares)	246,210
Net income			4,376			4,376
Balance at Mar. 31, 2017		$ 113,534	$ 5,599	$ (5,884)	$ (1,171)	112,135
Balance (in shares) at Mar. 31, 2017	57,176,221
Balance at Mar. 31, 2017	$ 57					$ 57

Condensed Consolidated Statemen

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Cash flows from operating activities:
Net income	$ 4,376	$ 797
Adjustments to reconcile net income to net cash from operating activities:
Deferred income taxes	1,296	515
Depreciation, depletion and amortization	2,663	2,856
Stock-based compensation	200	418
Other operating adjustments	407	(608)
Changes in operating assets and liabilities:
Accounts receivable	(1,129)	(586)
Inventories	339	(566)
Prepaid expenses and other current assets	(151)	394
Accounts payable and other accrued liabilities	1,578	815
Mining and income taxes payable/receivable	(578)	(331)
Other noncurrent assets	1	26
Net cash provided by operating activities	9,002	3,730
Cash flows from investing activities:
Capital expenditures	(6,062)	(5,687)
Proceeds from the sale of equity investments		163
Other investing activities	(78)	2
Net cash used in investing activities	(6,140)	(5,522)
Cash flows from financing activities:
Dividends paid	(284)	(271)
Repayments of capital leases		(424)
Net cash used in financing activities	(284)	(695)
Effect of exchange rate changes on cash and cash equivalents	(105)	(10)
Net (decrease) increase in cash and equivalents	2,473	(2,497)
Cash and equivalents at beginning of period	14,166	12,822
Cash and equivalents at end of period	16,639	10,325
Supplemental Cash Flow Information
Interest expense paid	13	8
Income and mining taxes paid	1,348	256
Non-cash investing activities:
Increase (decrease) in accrued capital expenditures	495	(1,614)
Equipment purchased under capital lease		$ 300
Common stock issued for the acquisition	$ 1,300

Basis of Preparation of Financi

Basis of Preparation of Financial Statements	3 Months Ended
	Mar. 31, 2017
Basis of Preparation of Financial Statements
Basis of Preparation of Financial Statements	1. Basis of Preparation of Financial Statements The interim Condensed Consolidated Financial Statements (“interim statements”) of Gold Resource Corporation and its subsidiaries (collectively, the “Company”) are unaudited and have been prepared in accordance with the rules of the Securities and Exchange Commission for interim statements. Certain information and footnote disclosures required by United States Generally Accepted Accounting Principles (“U.S. GAAP”) have been condensed or omitted although the Company believes that the disclosures included are adequate to make the information presented not misleading. In the opinion of management, all adjustments (including normal recurring adjustments) and disclosures necessary for a fair presentation of these interim statements have been included. The results reported in these interim statements are not necessarily indicative of the results that may be reported for the entire year. These interim statements should be read in conjunction with the Company’s audited consolidated financial statements for the year ended December 31, 2016. The year-end balance sheet data was derived from the audited financial statements. Unless otherwise noted, there have been no material changes to the footnotes from those accompanying the audited consolidated financial statements contained in the Company’s annual report on Form 10-K.

Recent Accounting Pronouncement

Recent Accounting Pronouncements	3 Months Ended
	Mar. 31, 2017
Recent Accounting Pronouncements
Recent Accounting Pronouncements	2. Recent Accounting Pronouncements Recently Adopted 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. Because of the Company’s current valuation allowance position, the adoption of this guidance, effective January 1, 2017, did not result in an adjustment to retained earnings as of December 31, 2016. Nor did it result in current tax expense or benefit related to vested stock-based awards for the three months ended March 31, 2017. As a result, the Company did not exclude any excess tax benefits from the calculation of diluted earnings per share during the three months ended March 31, 2017, and there was no method change to the cash flow presentation as required by the guidance. Please see Note 5 for more information. Accounting Standards Update 2016-16 – Income Taxes, Intra-Entity Transfers of Assets Other Than Inventory (Topic 740). In October 2016, the FASB issued guidance intended to improve the accounting for the income tax consequences of intra-entity transfers of assets other than inventory by requiring an entity to recognize the income tax consequences when a transfer occurs, instead of when an asset is sold to an outside party. The amendments in this guidance should be applied on a modified retrospective basis through a cumulative-effect adjustment directly to retained earnings as of the beginning of the period of adoption. The Company is required to adopt this new standard on January 1, 2018, for its fiscal year 2018 and for interim periods within that fiscal year. Early adoption is permitted as of the beginning of an annual reporting period for which interim or annual financial statements have not been issued. The Company elected to early adopt this guidance as of January 1, 2017 which resulted in the Company adjusting its deferred tax charge, previously reported in other long-term assets, to nil with the related offset to beginning retained earnings. The net effect was a decrease of $0.5 million to other long-term assets and a corresponding decrease to beginning retained earnings. Recently Issued Accounting Pronouncements Accounting Standards Update No. 2014-09—Revenue from Contracts with Customers (Topic 606). On May 28, 2014, the 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. The guidance will replace most existing revenue recognition guidance when it becomes effective. The new standard is effective for the Company in the first quarter of 2018 and early application is not permitted. The standard permits the use of either the retrospective or the cumulative effect transition method. The Company is currently in the process of evaluating the impact to its consolidated financial statements but 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. Accounting Standards Update No. 2016-02 Leases (Topic 842). I n February 2016, the FASB issued a new standard regarding leases. Lessees will be required to recognize virtually all of their leases on the balance sheet, by recording a right-of-use asset and a lease liability. Public business entities are required to adopt the new leasing standard for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. For calendar year-end public companies, this means an adoption date of January 1, 2019. Early adoption is permitted. The Company is currently in the process of evaluating the impact on its consolidated financial statements and disclosures.

Gold and Silver Bullion

Gold and Silver Bullion	3 Months Ended
	Mar. 31, 2017
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 for investment purposes and to use in its dividend exchange program under which shareholders may exchange their cash dividends for minted gold and silver rounds. During the three months ended March 31, 2017 and 2016, the Company purchased 64.3 ounces and nil ounces, respectively, of gold bullion. At March 31, 2017 and December 31, 2016, the Company’s holdings of rounds/bullion, using quoted market prices, consisted of the following: 2017 2016 Gold Silver Gold Silver (in thousands, except ounces and per ounce) Ounces 1,643 90,898 1,579 90,971 Per ounce $ 1,245 $ 18.06 $ 1,159 $ 16.24 Total $ 2,045 $ 1,642 $ 1,830 $ 1,477

Inventories

Inventories	3 Months Ended
	Mar. 31, 2017
Inventories
Inventories	4. Inventories At March 31, 2017 and December 31, 2016, inventories consisted of the following: 2017 2016 (in thousands) Stockpiles - underground mine $ 82 $ 84 Stockpiles - open pit mine 18 288 Concentrates and doré 1,318 1,881 Materials and supplies (1) 7,189 6,693 Total $ 8,607 $ 8,946 (1)

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2017
Income Taxes
Income Taxes	5 . Income Taxes The Company recorded income tax expense of $2.9 million and $0.7 million for the three months ended March 31, 2017 and 2016, 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 during the year. In the first three months of 2017, the Company recorded $0.7 million of fuel tax credits to offset production costs and were applied against the income tax payable. The Company has asserted permanent reinvestment of all Mexico undistributed earnings as of March 31, 2017. The impact of the planned annual dividends for 2017, 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 March 31, 2017, the Company believes it has sufficient positive evidence to conclude that its 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 a result of the adoption of ASU 2016-09 in the first quarter of 2017, excess tax benefits and tax deficiencies will be prospectively classified to the statement of operations instead of additional paid-in capital. Upon adoption, the Company recorded a $4.2 million deferred tax asset related to previously unrecognized foreign tax credits but placed a valuation allowance against the full amount of the deferred tax asset due to the Company’s assessment of the realizability of these foreign tax credits. Thus, no net impact to the financial statements was generated as a result of adoption of ASU 2016-09. The Company's effective tax rate for the three months ended March 31, 2017 was not materially impacted by the adoption of ASU 2016-09. As of March 31, 2017, the Company believes that it has no liability for uncertain tax positions.

Prepaid Expenses and Other Curr

Prepaid Expenses and Other Current Assets	3 Months Ended
	Mar. 31, 2017
Prepaid Expenses And Other Current Assets
Prepaid Expenses and Other Current Assets	6. Prepaid Expenses and Other Current Assets At March 31, 2017 and December 31, 2016, prepaid expenses and other current assets consisted of the following: 2017 2016 (in thousands) Advances to suppliers $ 125 $ 122 Prepaid insurance 453 531 Vendor deposits 237 218 IVA taxes receivable 556 489 Other current assets 311 227 Total $ 1,682 $ 1,587

Property, Plant and Mine Develo

Property, Plant and Mine Development, net	3 Months Ended
	Mar. 31, 2017
Property, Plant and Mine Development, net
Property, Plant and Mine Development – net	7. Property, Plant and Mine Development, net At March 31, 2017 and December 31, 2016, property, plant and mine development consisted of the following: 2017 2016 (in thousands) Asset retirement costs $ 637 $ 637 Construction-in-progress 811 586 Furniture and office equipment 1,604 1,580 Land 230 230 Light vehicles and other mobile equipment 1,938 1,914 Machinery and equipment 21,709 20,293 Mill facilities and infrastructure 9,643 9,643 Mineral interests and mineral rights 21,813 19,413 Mine development 46,543 42,951 Software and licenses 1,626 1,624 Subtotal (1) 106,554 98,871 Accumulated depletion, depreciation and amortization (31,396) (28,812) Total $ 75,158 $ 70,059 (1) Includes accrued capital expenditures of $0.5 million and nil at March 31, 2017 and December 31, 2016, respectively. The Company recorded depletion, depreciation and amortization expense of $2.7 million and $2.9 million for the three months ended March 31, 2017 and 2016, respectively.

Accrued Expenses and Other Curr

Accrued Expenses and Other Current Liabilities	3 Months Ended
	Mar. 31, 2017
Accrued Expenses and Other Current Liabilities
Accrued Expenses and Other Current Liabilities	8. Accrued Expenses and Other Current Liabilities At March 31, 2017 and December 31, 2016, accrued expenses and other current liabilities consisted of the following: 2017 2016 (in thousands) Accrued insurance $ 173 $ 381 Accrued royalty payments 1,539 1,043 Dividends payable 94 94 Other payables 10 8 Total $ 1,816 $ 1,526

Reclamation and Remediation

Reclamation and Remediation	3 Months Ended
	Mar. 31, 2017
Reclamation And Remediation
Reclamation and Remediation	9. Reclamation and Remediation The Company’s reclamation and remediation obligations primarily relate to the Aguila Project. 2017 2016 (in thousands) Reclamation liabilities – balance at beginning of period $ 1,907 $ 2,192 Changes in estimate - 82 Foreign currency exchange loss (gain) 181 (367) Reclamation liabilities – balance at end of period 2,088 1,907 Asset retirement obligation – balance at beginning of period 518 623 Changes in estimate - (21) Accretion expense 11 23 Foreign currency exchange loss (gain) 52 (107) Asset retirement obligation – balance at end of period 581 518 Total period end balance $ 2,669 $ 2,425

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2017
Commitments and Contingencies
Commitments and Contingencies	10. Commitments and Contingencies During the three months ended March 31, 2017, the Company entered into cancellable equipment purchase agreements totaling $3.9 million. The contracts require payments during the equipment construction period and the Company is required to reimburse the vendor for all costs up to the cancellation date, if cancelled. The Company expects to take possession of the equipment during 2017 and as of March 31, 2017, the Company had made advance payments of $0.4 million.

Shareholders' Equity

Shareholders' Equity	3 Months Ended
	Mar. 31, 2017
Shareholders' Equity
Shareholders' Equity	11. Shareholders’ Equity The Company declared and paid $0.3 million of dividends during the three months ended March 31, 2017 and 2016, respectively. On April 26, 2017, the Board of Directors declared a dividend on common stock totaling $0.1 million payable in May 2017. On January 6, 2017, the Company issued 59,642 shares of restricted common stock as partial consideration for additional mineral rights for its Isabella Pearl project. At the time of issuance, the shares were valued at $5.03 per share, for an aggregate value of $0.3 million. On January 17, 2017, the Company issued 186,568 shares of restricted common stock as partial consideration for mineral rights at the East Camp Douglas property. At the time of issuance, the shares were valued at $5.36 per share, for an aggregate value of $1.0 million.

Equity Incentive Plans

Equity Incentive Plans	3 Months Ended
	Mar. 31, 2017
Equity Incentive Plans
Equity Incentive Plans	12. Equity Incentive Plans The Company maintains an Equity Incentive Plan (“Incentive Plan”) that provides for the issuance of up to 5 million shares of common stock (plus additional shares that are terminated or forfeited under the previous equity plan) in the form of stock-based awards. The Incentive Plan was adopted in April 2016 and became effective in June 2016 and replaced the Amended and Restated Stock Option and Stock Grant Plan. During the quarter ended March 31, 2017, a total of 26,739 restricted stock units (“RSUs”) vested and were issued with an intrinsic value and a fair value of $0.1 million. No RSUs vested during the three months ended March 31, 2016. Stock-based compensation expense for stock options and restricted stock units is as follows: Three months ended March 31, 2017 2016 (in thousands) Stock options $ 53 $ 418 Restricted stock units 147 - Total $ 200 $ 418 Total stock-based compensation related to stock options and RSUs has been allocated between production costs, general and administrative expenses, and exploration expense as follows: Three months ended March 31, 2017 2016 (in thousands) Production costs $ 14 $ 102 General and administrative expenses 179 316 Exploration expense 7 - Total $ 200 $ 418

Embedded Derivatives

Embedded Derivatives	3 Months Ended
	Mar. 31, 2017
Embedded Derivatives
Embedded Derivatives	13. Embedded Derivatives 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 been settled as of the reporting date, the mark-to-market adjustment related to these invoices is included in accounts receivable with a corresponding offset in net sales as of each reporting date. Please see Note 16 for additional information. The following table summarizes the Company’s unsettled sales contracts at March 31, 2017 with the quantities of metals under contract subject to final pricing occurring through May 2017: Gold Silver Copper Lead Zinc (ounces) (ounces) (tonnes) (tonnes) (tonnes) Under contract 6,917 330 900 3,281 Average forward price $ 1,208 $ 17.19 $ 5,748 $ $ 2,749

Other (Expense) Income, Net

Other (Expense) Income, Net	3 Months Ended
	Mar. 31, 2017
Other (Expense) Income, Net
Other (Expense) Income, Net	14. Other (Expense) Income, Net Other (expense) income, net, consisted of the following: Three months ended March 31, 2017 2016 (in thousands) Unrealized currency exchange loss $ (598) $ (88) Realized currency exchange (loss) gain (64) 142 Gain from gold and silver rounds/bullion, net (1) 302 426 Unrealized gain from investments, net (1) - 364 Loss on disposal of fixed assets (93) (60) Other expense (11) (78) Total $ (464) $ 706 (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 16 .

Net Income per Common Share

Net Income per Common Share	3 Months Ended
	Mar. 31, 2017
Net Income per Common Share
Net Income per Common Share	15. Net Income per Common Share Basic earnings per common share is calculated based on the weighted average number of common shares outstanding for the period. Diluted earnings per common 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 is calculated using the treasury stock method and only those instruments that result in a reduction in income per common share are included in the calculation. Options to purchase 2.8 million and 5.8 million shares of common stock at weighted average exercise prices of $9.77 and $7.82 were outstanding at March 31, 2017 and 2016, respectively, but were not included in the computation of diluted weighted average common shares outstanding, as the exercise price of the options exceeded the average price of the Company’s common stock during those periods, and therefore are anti-dilutive. Net income per common share is as follows: Three months ended March 31, 2017 2016 Net income ( in thousands ) $ 4,376 $ 797 Basic weighted average shares of common stock outstanding 56,796,751 54,266,706 Dilutive effect of stock-based awards 1,194,882 - Diluted weighted average common shares outstanding 57,991,633 54,266,706 Net income per common share: Basic and Diluted $ 0.08 $ 0.01

Fair Value Measurement

Fair Value Measurement	3 Months Ended
	Mar. 31, 2017
Fair Value Measurement
Fair Value Measurement	16. 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 table sets forth certain of the Company’s assets measured at fair value by level within the fair value hierarchy as of March 31, 2017 and December 31, 2016: 2017 2016 Input Hierarchy Level (in thousands) Cash and cash equivalents: Bank deposits $ 16,639 $ 14,166 Level 1 Gold and silver rounds/bullion 3,687 3,307 Level 1 Accounts receivable: Receivables from provisional concentrate sales 1,759 630 Level 2 $ 22,085 $ 18,103 Cash and cash equivalents consist primarily of cash deposits and are valued at cost, which approximates fair value. Gold and silver rounds/bullion consist of precious metals used for investment purposes and in the dividend program which are valued using quoted market prices. Please see Note 3 for additional information. 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 been 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 13 for additional information.

Supplementary Cash-Flow Informa

Supplementary Cash-Flow Information	3 Months Ended
	Mar. 31, 2017
Supplementary Cash-Flow Information
Supplementary Cash-Flow Information	17. 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 three months ended March 31, 2017 and 2016 consisted of the following: 2017 2016 (in thousands) Unrealized gain on gold and silver rounds/bullion $ (304) $ (426) Unrealized foreign currency exchange loss 598 88 Unrealized gain on investments - (364) Loss on disposition of fixed assets 93 79 Other 20 Total other operating adjustments $ 407 $ (608)

Segment Reporting

Segment Reporting	3 Months Ended
	Mar. 31, 2017
Segment Reporting
Segment Reporting	18. Segment Reporting The Company has organized its operations into two geographic regions. The geographic regions include Oaxaca, Mexico and Nevada, U.S.A. and represent the Company’s operating segments. During the quarter ended March 31, 2017, the Company began to make decisions about resources to be allocated to the operating segments. As a result, these operating segments represent the Company’s reportable segments. The prior periods have been conformed to reflect the change in presentation. The Company’s business activities that are not considered operating segments are included in Corporate and Other. The financial information relating to the Company’s segments is as follows ( in thousands ): Mexico Nevada Corporate and Other Consolidated Three months ended March 31, 2017 Revenue $ 24,336 $ - $ - $ 24,336 Exploration expense 378 404 40 822 Capital expenditures (1) 5,057 2,794 6 7,857 (1) Includes an increase in accrued capital expenditures of $495 and non-cash additions of $1,300; consolidated capital expenditures on a cash basis were $6,062. Mexico Nevada Corporate and Other Consolidated Three months ended March 31, 2016 Revenue $ 17,403 $ $ $ 17,403 Exploration expense 397 83 24 504 Capital expenditures (2) 4,260 - 113 4,373 (2) Includes a decrease in accrued capital expenditures of $1,614 and non-cash addition of $300; consolidated capital expenditures on a cash basis were $5,687 . Asset balances, excluding intercompany balances at March 31, 2017 and December 31, 2016 are as follows: 2017 2016 (in thousands) Mexico $ 85,059 $ 79,677 Nevada 18,008 15,122 Corporate and Other 21,665 23,644 Consolidated $ 124,732 $ 118,443

Basis of Preparation of Finan25

Basis of Preparation of Financial Statements (Policy)	3 Months Ended
	Mar. 31, 2017
Basis of Preparation of Financial Statements
Basis of Presentation	The interim Condensed Consolidated Financial Statements (“interim statements”) of Gold Resource Corporation and its subsidiaries (collectively, the “Company”) are unaudited and have been prepared in accordance with the rules of the Securities and Exchange Commission for interim statements. Certain information and footnote disclosures required by United States Generally Accepted Accounting Principles (“U.S. GAAP”) have been condensed or omitted although the Company believes that the disclosures included are adequate to make the information presented not misleading. In the opinion of management, all adjustments (including normal recurring adjustments) and disclosures necessary for a fair presentation of these interim statements have been included. The results reported in these interim statements are not necessarily indicative of the results that may be reported for the entire year. These interim statements should be read in conjunction with the Company’s audited consolidated financial statements for the year ended December 31, 2016. The year-end balance sheet data was derived from the audited financial statements. Unless otherwise noted, there have been no material changes to the footnotes from those accompanying the audited consolidated financial statements contained in the Company’s annual report on Form 10-K.

Recently Issued Accounting Pron

Recently Issued Accounting Pronouncements (Policy)	3 Months Ended
	Mar. 31, 2017
Recent Accounting Pronouncements
Recently Issued Accounting Pronouncements	Recently Adopted 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. Because of the Company’s current valuation allowance position, the adoption of this guidance, effective January 1, 2017, did not result in an adjustment to retained earnings as of December 31, 2016. Nor did it result in current tax expense or benefit related to vested stock-based awards for the three months ended March 31, 2017. As a result, the Company did not exclude any excess tax benefits from the calculation of diluted earnings per share during the three months ended March 31, 2017, and there was no method change to the cash flow presentation as required by the guidance. Please see Note 5 for more information. Accounting Standards Update 2016-16 – Income Taxes, Intra-Entity Transfers of Assets Other Than Inventory (Topic 740). In October 2016, the FASB issued guidance intended to improve the accounting for the income tax consequences of intra-entity transfers of assets other than inventory by requiring an entity to recognize the income tax consequences when a transfer occurs, instead of when an asset is sold to an outside party. The amendments in this guidance should be applied on a modified retrospective basis through a cumulative-effect adjustment directly to retained earnings as of the beginning of the period of adoption. The Company is required to adopt this new standard on January 1, 2018, for its fiscal year 2018 and for interim periods within that fiscal year. Early adoption is permitted as of the beginning of an annual reporting period for which interim or annual financial statements have not been issued. The Company elected to early adopt this guidance as of January 1, 2017 which resulted in the Company adjusting its deferred tax charge, previously reported in other long-term assets, to nil with the related offset to beginning retained earnings. The net effect was a decrease of $0.5 million to other long-term assets and a corresponding decrease to beginning retained earnings. Recently Issued Accounting Pronouncements Accounting Standards Update No. 2014-09—Revenue from Contracts with Customers (Topic 606). On May 28, 2014, the 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. The guidance will replace most existing revenue recognition guidance when it becomes effective. The new standard is effective for the Company in the first quarter of 2018 and early application is not permitted. The standard permits the use of either the retrospective or the cumulative effect transition method. The Company is currently in the process of evaluating the impact to its consolidated financial statements but 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. Accounting Standards Update No. 2016-02 Leases (Topic 842). I n February 2016, the FASB issued a new standard regarding leases. Lessees will be required to recognize virtually all of their leases on the balance sheet, by recording a right-of-use asset and a lease liability. Public business entities are required to adopt the new leasing standard for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. For calendar year-end public companies, this means an adoption date of January 1, 2019. Early adoption is permitted. The Company is currently in the process of evaluating the impact on its consolidated financial statements and disclosures.

Gold and Silver Bullion (Tables

Gold and Silver Bullion (Tables)	3 Months Ended
	Mar. 31, 2017
Gold and Silver Bullion
Schedule of Company's Holdings	2017 2016 Gold Silver Gold Silver (in thousands, except ounces and per ounce) Ounces 1,643 90,898 1,579 90,971 Per ounce $ 1,245 $ 18.06 $ 1,159 $ 16.24 Total $ 2,045 $ 1,642 $ 1,830 $ 1,477

Inventories (Tables)

Inventories (Tables)	3 Months Ended
	Mar. 31, 2017
Inventories
Summary of Inventories	2017 2016 (in thousands) Stockpiles - underground mine $ 82 $ 84 Stockpiles - open pit mine 18 288 Concentrates and doré 1,318 1,881 Materials and supplies (1) 7,189 6,693 Total $ 8,607 $ 8,946 (1)

Prepaid Expenses and Other Cu29

Prepaid Expenses and Other Current Assets (Tables)	3 Months Ended
	Mar. 31, 2017
Prepaid Expenses And Other Current Assets
Schedule of prepaid and other assets	2017 2016 (in thousands) Advances to suppliers $ 125 $ 122 Prepaid insurance 453 531 Vendor deposits 237 218 IVA taxes receivable 556 489 Other current assets 311 227 Total $ 1,682 $ 1,587

Property, Plant and Mine Deve30

Property, Plant and Mine Development, net (Tables)	3 Months Ended
	Mar. 31, 2017
Property, Plant and Mine Development, net
Schedule of property, plant and mine development	2017 2016 (in thousands) Asset retirement costs $ 637 $ 637 Construction-in-progress 811 586 Furniture and office equipment 1,604 1,580 Land 230 230 Light vehicles and other mobile equipment 1,938 1,914 Machinery and equipment 21,709 20,293 Mill facilities and infrastructure 9,643 9,643 Mineral interests and mineral rights 21,813 19,413 Mine development 46,543 42,951 Software and licenses 1,626 1,624 Subtotal (1) 106,554 98,871 Accumulated depletion, depreciation and amortization (31,396) (28,812) Total $ 75,158 $ 70,059 (1) Includes accrued capital expenditures of $0.5 million and nil at March 31, 2017 and December 31, 2016, respectively.

Accrued Expenses and Other Cu31

Accrued Expenses and Other Current Liabilities (Tables)	3 Months Ended
	Mar. 31, 2017
Accrued Expenses and Other Current Liabilities
Schedule of Accrued Expenses and Other Current Liabilities	2017 2016 (in thousands) Accrued insurance $ 173 $ 381 Accrued royalty payments 1,539 1,043 Dividends payable 94 94 Other payables 10 8 Total $ 1,816 $ 1,526

Reclamation and Remediation (Ta

Reclamation and Remediation (Tables)	3 Months Ended
	Mar. 31, 2017
Reclamation And Remediation
Changes in Reclamation and Remediation	2017 2016 (in thousands) Reclamation liabilities – balance at beginning of period $ 1,907 $ 2,192 Changes in estimate - 82 Foreign currency exchange loss (gain) 181 (367) Reclamation liabilities – balance at end of period 2,088 1,907 Asset retirement obligation – balance at beginning of period 518 623 Changes in estimate - (21) Accretion expense 11 23 Foreign currency exchange loss (gain) 52 (107) Asset retirement obligation – balance at end of period 581 518 Total period end balance $ 2,669 $ 2,425

Equity Incentive Plans (Tables)

Equity Incentive Plans (Tables)	3 Months Ended
	Mar. 31, 2017
Equity Incentive Plans
Stock-based compensation expense	Three months ended March 31, 2017 2016 (in thousands) Stock options $ 53 $ 418 Restricted stock units 147 - Total $ 200 $ 418
Schedule Of Stock-Based Compensation Expense Allocated Between Production And General And Administrative Expense	Three months ended March 31, 2017 2016 (in thousands) Production costs $ 14 $ 102 General and administrative expenses 179 316 Exploration expense 7 - Total $ 200 $ 418

Embedded Derivatives (Tables)

Embedded Derivatives (Tables)	3 Months Ended
	Mar. 31, 2017
Embedded Derivatives
Summary of unsettled sales contracts	Gold Silver Copper Lead Zinc (ounces) (ounces) (tonnes) (tonnes) (tonnes) Under contract 6,917 330 900 3,281 Average forward price $ 1,208 $ 17.19 $ 5,748 $ $ 2,749

Other (Expense) Income, Net (Ta

Other (Expense) Income, Net (Tables)	3 Months Ended
	Mar. 31, 2017
Other (Expense) Income, Net
Schedule of Other (Expense) Income, Net	Three months ended March 31, 2017 2016 (in thousands) Unrealized currency exchange loss $ (598) $ (88) Realized currency exchange (loss) gain (64) 142 Gain from gold and silver rounds/bullion, net (1) 302 426 Unrealized gain from investments, net (1) - 364 Loss on disposal of fixed assets (93) (60) Other expense (11) (78) Total $ (464) $ 706 (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 16 .

Net Income per Common Share (Ta

Net Income per Common Share (Tables)	3 Months Ended
	Mar. 31, 2017
Net Income per Common Share
Net Income Per Share	Three months ended March 31, 2017 2016 Net income ( in thousands ) $ 4,376 $ 797 Basic weighted average shares of common stock outstanding 56,796,751 54,266,706 Dilutive effect of stock-based awards 1,194,882 - Diluted weighted average common shares outstanding 57,991,633 54,266,706 Net income per common share: Basic and Diluted $ 0.08 $ 0.01

Fair Value Measurement (Tables)

Fair Value Measurement (Tables)	3 Months Ended
	Mar. 31, 2017
Fair Value Measurement
Assets measured at fair value by level within fair value hierarchy	2017 2016 Input Hierarchy Level (in thousands) Cash and cash equivalents: Bank deposits $ 16,639 $ 14,166 Level 1 Gold and silver rounds/bullion 3,687 3,307 Level 1 Accounts receivable: Receivables from provisional concentrate sales 1,759 630 Level 2 $ 22,085 $ 18,103

Supplementary Cash-Flow Infor38

Supplementary Cash-Flow Information (Tables)	3 Months Ended
	Mar. 31, 2017
Supplementary Cash-Flow Information
Schedule of Supplementary Cash Flow Information	2017 2016 (in thousands) Unrealized gain on gold and silver rounds/bullion $ (304) $ (426) Unrealized foreign currency exchange loss 598 88 Unrealized gain on investments - (364) Loss on disposition of fixed assets 93 79 Other 20 Total other operating adjustments $ 407 $ (608)

Segment Reporting (Tables)

Segment Reporting (Tables)	3 Months Ended
	Mar. 31, 2017
Segment Reporting
Schedule of financial information relating to the Company segments	Mexico Nevada Corporate and Other Consolidated Three months ended March 31, 2017 Revenue $ 24,336 $ - $ - $ 24,336 Exploration expense 378 404 40 822 Capital expenditures (1) 5,057 2,794 6 7,857 (1) Includes an increase in accrued capital expenditures of $495 and non-cash additions of $1,300; consolidated capital expenditures on a cash basis were $6,062. Mexico Nevada Corporate and Other Consolidated Three months ended March 31, 2016 Revenue $ 17,403 $ $ $ 17,403 Exploration expense 397 83 24 504 Capital expenditures (2) 4,260 - 113 4,373 (2) Includes a decrease in accrued capital expenditures of $1,614 and non-cash addition of $300; consolidated capital expenditures on a cash basis were $5,687 .
Schedule of asset balances, excluding investments and intercompany	2017 2016 (in thousands) Mexico $ 85,059 $ 79,677 Nevada 18,008 15,122 Corporate and Other 21,665 23,644 Consolidated $ 124,732 $ 118,443

Recent Accounting Pronounceme40

Recent Accounting Pronouncements (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Jan. 01, 2017	Dec. 31, 2016
Nature Of Operations [Line Items]
Retained earnings	$ 5,599		$ 2,040
Deferred Tax Assets, Net of Valuation Allowance	$ 16,230		$ 17,580
Other Assets [Member] | Accounting Standards Update 2016-16 [Member]
Nature Of Operations [Line Items]
Retained earnings		$ (500)
Deferred Tax Assets, Net of Valuation Allowance		$ 0

Gold and Silver Bullion - Bulli

Gold and Silver Bullion - Bullion Holdings (Details)	Mar. 31, 2017USD ($)oz$ / oz	Dec. 31, 2016USD ($)	Mar. 31, 2016USD ($)oz$ / oz
Schedule of Investments [Line Items]
Total carrying value	$ 3,687,000	$ 3,307,000
Gold
Schedule of Investments [Line Items]
Ounces | oz	1,643		1,579
Carrying value per ounce | $ / oz	1,245		1,159
Total carrying value	$ 2,045		$ 1,830
Silver
Schedule of Investments [Line Items]
Ounces | oz	90,898		90,971
Carrying value per ounce | $ / oz	18.06		16.24
Total carrying value	$ 1,642		$ 1,477

Inventories (Details)

Inventories (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Inventories
Stockpiles - underground mine	$ 82	$ 84
Stockpiles - open pit mine	18	288
Concentrates	1,318	1,881
Materials and supplies	7,189	6,693
Inventories - current	8,607	8,946
Inventory reserve	$ 637	$ 637

Income Taxes (Details)

Income Taxes (Details) - USD ($)	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Income tax (benefit) expense	$ 2,942,000	$ 681,000
Fuel tax credits	700,000
Liability for uncertain tax positions	0
Accounting Standards Update 2016-16 [Member]
Deferred tax assets	$ 4,200,000

Prepaid Expenses and Other Cu44

Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Prepaid Expenses And Other Current Assets
Advances to suppliers	$ 125	$ 122
Prepaid insurance	453	531
Vendor deposits	237	218
IVA taxes receivable	556	489
Other current assets	311	227
Total	$ 1,682	$ 1,587

Property, Plant and Mine Deve45

Property, Plant and Mine Development, net - Summary of Property, Equipment and Mine Development (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016
Property, equipment and mine development - net
Property and equipment, gross	$ 106,554		$ 98,871
Accumulated depreciation, depletion and amortization	(31,396)		(28,812)
Total property, equipment and mine development - net	75,158		70,059
Depletion, depreciation and amortization	2,663	$ 2,856
Accrued capital expenditures	500		0
Asset retirement costs
Property, equipment and mine development - net
Property and equipment, gross	637		637
Construction-in-progress
Property, equipment and mine development - net
Property and equipment, gross	811		586
Furniture and office equipment
Property, equipment and mine development - net
Property and equipment, gross	1,604		1,580
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	1,938		1,914
Machinery and equipment
Property, equipment and mine development - net
Property and equipment, gross	21,709		20,293
Mill facilities and infrastructure
Property, equipment and mine development - net
Property and equipment, gross	9,643		9,643
Mineral Interests And Mineral Rights
Property, equipment and mine development - net
Property and equipment, gross	21,813		19,413
Mine development
Property, equipment and mine development - net
Property and equipment, gross	46,543		42,951
Software and licenses [Member]
Property, equipment and mine development - net
Property and equipment, gross	$ 1,626		$ 1,624

Accrued Expenses and Other Cu46

Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Accrued Expenses and Other Current Liabilities
Accrued insurance	$ 173	$ 381
Accrued royalty payments	1,539	1,043
Dividends payable	94	94
Other payables	10	8
Accrued expenses and other current liabilities	$ 1,816	$ 1,526

Reclamation and Remediation (De

Reclamation and Remediation (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2017	Dec. 31, 2016
Asset Retirement Obligation, Roll Forward Analysis
Reclamation liabilities – balance at beginning of period	$ 1,907	$ 2,192
Changes in estimate		82
Foreign currency exchange gain	181	(367)
Reclamation liabilities – balance at end of period	2,088	1,907
Asset retirement obligation – balance at beginning of period	518	623
Changes in estimate		(21)
Accretion expense	11	23
Foreign currency exchange gain	52	(107)
Asset retirement obligation – balance at end of period	581	518
Total period end balance	$ 2,669	$ 2,425

Commitments and Contingencies (

Commitments and Contingencies (Details) $ in Millions	3 Months Ended
	Mar. 31, 2017USD ($)
Commitments and Contingencies
Cancellable equipment purchase agreement	$ 3.9
Payment of advances for equipment purchase	$ 0.4

Shareholders' Equity (Details)

Shareholders' Equity (Details) - USD ($) $ / shares in Units, $ in Thousands	Jan. 06, 2017	Apr. 30, 2017	Jan. 17, 2017	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016
Dividends declared				$ 300	$ 300
Value of shares issued				$ 1,300		$ 13,910
Subsequent Event [Member]
Dividends declared		$ 100
Isabella Pearl Project [Member]
Shares issued for acquisition	59,642
Share issue price ( in dollars per share)	$ 5.03
Value of shares issued	$ 300
East Camp Douglas Property [Member]
Shares issued for acquisition			186,568
Share issue price ( in dollars per share)			$ 5.36
Value of shares issued			$ 1,000

Equity Incentive Plans - Narrat

Equity Incentive Plans - Narrative (Details) - shares	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity Incentive plan shares for issuance authorized	5,000,000
Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vested (in shares)	26,739	0

Equity Incentive Plans - Stock-

Equity Incentive Plans - Stock-based compensation expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Equity Incentive Plans
Stock options	$ 53	$ 418
Restricted stock units	147
Total stock-based compensation	$ 200	$ 418

Equity Incentive Plans - Alloca

Equity Incentive Plans - Allocation of Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Equity Incentive Plans
Production costs	$ 14	$ 102
General and administrative expenses	179	316
Exploration expense	7
Total stock-based compensation	$ 200	$ 418

Embedded Derivatives (Details)

Embedded Derivatives (Details)	3 Months Ended
	Mar. 31, 2017ozt$ / oz$ / t
Gold [Member]
Embedded Derivative [Line Items]
Under contract | oz	6,917
Average forward price | $ / oz	1,208
Silver [Member]
Embedded Derivative [Line Items]
Under contract | oz	516,340
Average forward price | $ / oz	17.19
Copper [Member]
Embedded Derivative [Line Items]
Under contract | t	330
Average forward price | $ / t	5,748
Lead [Member]
Embedded Derivative [Line Items]
Under contract | t	900
Average forward price | $ / t	2,266
Zinc [Member]
Embedded Derivative [Line Items]
Under contract | t	3,281
Average forward price | $ / t	2,749

Other (Expense) Income, Net (De

Other (Expense) Income, Net (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Other (Expense) Income, Net
Unrealized currency exchange gain	$ (598)	$ (88)
Realized currency exchange (loss) gain	(64)	142
Gain from gold and silver rounds/bullion, net	302	426
Unrealized gain from investments, net		364
Loss on disposal of fixed assets	(93)	(60)
Other income (expense), net	(11)	(78)
Total	$ (464)	$ 706

Net Income per Common Share - N

Net Income per Common Share - Narrative (Details) - $ / shares shares in Millions	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Net Income per Common Share
Stock options excluded from computation of diluted weighted average share outstanding	2.8	5.8
Shares excluded from weighted average shares outstanding, exercise price	$ 9.77	$ 7.82

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		12 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016
Net Income per Common Share
Net income	$ 4,376	$ 797	$ 4,387
Basic weighted average shares of common stock outstanding	56,796,751	54,266,706
Dilutive effect of stock-based awards	1,194,882
Diluted weighted average common shares outstanding	57,991,633	54,266,706
Basic:
Net income per common share: Basic	$ 0.08	$ 0.01

Fair Value Measurement (Details

Fair Value Measurement (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Dec. 31, 2016
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, Fair Value Disclosure, Total	$ 22,085	$ 18,103
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]
Cash bank deposits	16,639	14,166
Gold and silver rounds/bullion	3,687	3,307
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Receivables from provisional concentrate sales	$ 1,759	$ 630

Supplementary Cash-Flow Infor58

Supplementary Cash-Flow Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Supplementary Cash-Flow Information
Unrealized (gain) loss on gold and silver rounds/bullion	$ (304)	$ (426)
Unrealized foreign currency exchange loss (gain)	598	88
Unrealized loss (gain) on equity investments		(364)
Loss (gain) on disposition of fixed assets	93	79
Other	20	15
Total other operating adjustments	$ 407	$ (608)

Segment Reporting (Details)

Segment Reporting (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2017USD ($)item	Mar. 31, 2016USD ($)	Dec. 31, 2016USD ($)
Number of reportable segments | item	2
Revenue	$ 24,336	$ 17,403
Exploration expenses	822	504
Capital expenditures	7,857	4,373
Accrued capital expenditures	495	(1,614)
Non - cash additions	1,300	300
Capital expenditures on a cash basis	6,062	5,687
Assets	124,732		$ 118,443
Mexico
Revenue	24,336	17,403
Exploration expenses	378	397
Capital expenditures	5,057	4,260
Assets	85,059		79,677
Nevada
Exploration expenses	404	83
Capital expenditures	2,794
Assets	18,008		15,122
Corporate and Other
Exploration expenses	40	24
Capital expenditures	6	$ 113
Assets	$ 21,665		$ 23,644