Gold Resource (GORO) 10-Q27 Jul 222022 Q2 Quarterly reportFinancial data

Company Profile

Document And Entity Information

Document And Entity Information - shares	6 Months Ended
Document And Entity Information - shares	Jun. 30, 2022	Jul. 26, 2022
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2022
Document Transition Report	false
Entity File Number	001-34857
Entity Registrant Name	Gold Resource Corporation
Entity Incorporation, State or Country Code	CO
Entity Tax Identification Number	84-1473173
Entity Address, Address Line One	7900 E. Union Ave
Entity Address, Address Line Two	Suite 320
Entity Address, City or Town	Denver,
Entity Address, State or Province	CO
Entity Address, Postal Zip Code	80237
City Area Code	303
Local Phone Number	320-7708
Title of 12(b) Security	Common Stock
Trading Symbol	GORO
Security Exchange Name	NYSEAMER
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		88,372,692
Amendment Flag	false
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q2
Entity Central Index Key	0001160791
Current Fiscal Year End Date	--12-31

CONDENSED CONSOLIDATED INTERIM

CONDENSED CONSOLIDATED INTERIM BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 33,335	$ 33,712
Accounts receivable, net	6,277	8,672
Inventories, net	12,506	10,361
Promissory Note	4,041	3,885
Prepaid expenses and other current assets	3,992	2,285
Zinc zero cost collar	275
Total current assets	60,426	58,915
Property, plant and mine development, net	152,777	156,771
Other non-current assets	403	76
Total assets	213,606	215,762
Current liabilities:
Accounts payable	11,742	13,308
Income taxes payable, net	3,021	6,801
Mining royalty taxes payable, net	3,021	2,975
Zinc zero cost collar		1,844
Accrued expenses and other current liabilities	5,589	4,731
Total current liabilities	23,373	29,659
Reclamation and remediation liabilities	3,258	3,112
Gold and silver stream agreements	42,987	42,560
Deferred tax liabilities, net	11,757	13,126
Contingent consideration	4,293	4,603
Other non-current liabilities	1,936	1,952
Total liabilities	87,604	95,012
Shareholders' equity:
Common stock - $0.001 par value, 200,000,000 shares authorized: 88,372,692 and 88,338,774 shares outstanding at June 30, 2022 and December 31, 2021, respectively	89	89
Additional paid-in capital	110,480	110,153
Retained earnings	22,488	17,563
Treasury stock at cost, 336,398 shares	(5,884)	(5,884)
Accumulated other comprehensive loss	(1,171)	(1,171)
Total shareholders' equity	126,002	120,750
Total liabilities and shareholders' equity	$ 213,606	$ 215,762

CONDENSED CONSOLIDATED INTERI_2

CONDENSED CONSOLIDATED INTERIM BALANCE SHEETS (Parenthetical) - $ / shares	Jun. 30, 2022	Dec. 31, 2021
CONDENSED CONSOLIDATED INTERIM BALANCE SHEETS
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	200,000,000	200,000,000
Common stock, shares outstanding	88,372,692	88,338,774
Treasury stock, shares	336,398	336,398

CONDENSED CONSOLIDATED INTERI_3

CONDENSED CONSOLIDATED INTERIM STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
CONDENSED CONSOLIDATED INTERIM STATEMENTS OF OPERATIONS
Sales, net	$ 37,064	$ 30,836	$ 82,481	$ 58,104
Cost of sales:
Production costs	21,722	19,523	41,796	34,766
Depreciation and amortization	7,262	4,379	13,220	7,778
Reclamation and remediation	61	54	123	105
Total cost of sales	29,045	23,956	55,139	42,649
Mine gross profit	8,019	6,880	27,342	15,455
Costs and expenses:
General and administrative expenses	1,920	2,134	3,819	3,715
Exploration expenses	2,837	648	5,142	1,855
Restructuring expenses				496
Stock-based compensation	393	197	1,167	681
Realized and unrealized (gain) loss on zinc zero cost collar	(3,799)		338
Other expense, net	214	867	1,052	553
Total costs and expenses	1,565	3,846	11,518	7,300
Income before income taxes	6,454	3,034	15,824	8,155
Provision for income taxes	3,781	1,751	9,132	4,345
Net income	$ 2,673	$ 1,283	$ 6,692	$ 3,810
Net income per common share:
Basic net income per common share	$ 0.03	$ 0.02	$ 0.08	$ 0.05
Diluted net income per common share	$ 0.03	$ 0.02	$ 0.08	$ 0.05
Weighted average shares outstanding:
Basic	88,343,992	74,485,672	88,341,398	74,445,058
Diluted	88,791,552	74,987,559	88,646,849	74,868,187

CONDENSED CONSOLIDATED INTERI_4

CONDENSED CONSOLIDATED INTERIM STATEMENTS OF CHANGES IN SHAREHOLDERS EQUITY - USD ($) $ in Thousands	Common Shares	Additional Paid-in Capital	Retained Earnings	Treasury Stock	Accumulated Other Comprehensive Loss	Total
Balance at Dec. 31, 2020		$ 84,865	$ 12,653	$ (5,884)	$ (1,171)	$ 90,538
Balance (in shares) at Dec. 31, 2020	74,713,356
Balance at Dec. 31, 2020	$ 75
Stock-based compensation		346				346
Stock options exercised - settled in cash		263				$ 263
Stock options exercised - settled in cash (in shares)	217,718					217,719
Common stock issued for vested restricted stock units (in shares)	2,614
Dividends declared			(1,489)			$ (1,489)
Surrender of stock for taxes due on vesting		(205)				(205)
Surrender of stock for taxes due on vesting (in shares)	(65,366)
Net income loss			3,810			3,810
Balance at Jun. 30, 2021		85,269	14,974	(5,884)	(1,171)	93,263
Balance (in shares) at Jun. 30, 2021	74,868,322
Balance at Jun. 30, 2021	$ 75
Balance at Mar. 31, 2021		84,966	14,436	(5,884)	(1,171)	92,422
Balance (in shares) at Mar. 31, 2021	74,775,604
Balance at Mar. 31, 2021	$ 75
Stock-based compensation		205				$ 205
Stock options exercised - settled in cash (in shares)						92,719
Dividends declared			(745)			$ (745)
Net income loss			1,283			1,283
Balance at Jun. 30, 2021		85,269	14,974	(5,884)	(1,171)	93,263
Balance (in shares) at Jun. 30, 2021	74,868,322
Balance at Jun. 30, 2021	$ 75
Balance at Dec. 31, 2021		110,153	17,563	(5,884)	(1,171)	120,750
Balance (in shares) at Dec. 31, 2021	88,675,172
Balance at Dec. 31, 2021	$ 89					89
Stock-based compensation		667				667
Stock options exercised - settled in cash		(331)				$ (331)
Stock options exercised - settled in cash (in shares)						355,000
Common stock issued for vested restricted stock units (in shares)	38,503
Dividends declared			(1,767)			$ (1,767)
Surrender of stock for taxes due on vesting		(9)				(9)
Surrender of stock for taxes due on vesting (in shares)	(4,585)
Net income loss			6,692			6,692
Balance at Jun. 30, 2022		110,480	22,488	(5,884)	(1,171)	126,002
Balance (in shares) at Jun. 30, 2022	88,709,090
Balance at Jun. 30, 2022	$ 89					89
Balance at Mar. 31, 2022		109,982	20,699	(5,884)	(1,171)	123,715
Balance (in shares) at Mar. 31, 2022	88,675,172
Balance at Mar. 31, 2022	$ 89
Stock-based compensation		507				$ 507
Stock options exercised - settled in cash (in shares)						0
Common stock issued for vested restricted stock units (in shares)	38,503
Dividends declared			(884)			$ (884)
Surrender of stock for taxes due on vesting		(9)				(9)
Surrender of stock for taxes due on vesting (in shares)	(4,585)
Net income loss			2,673			2,673
Balance at Jun. 30, 2022		$ 110,480	$ 22,488	$ (5,884)	$ (1,171)	126,002
Balance (in shares) at Jun. 30, 2022	88,709,090
Balance at Jun. 30, 2022	$ 89					$ 89

CONDENSED CONSOLIDATED INTERI_5

CONDENSED CONSOLIDATED INTERIM STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Cash flows from operating activities:
Net income	$ 6,692	$ 3,810
Adjustments to reconcile net income to net cash from operating activities:
Deferred income tax benefit	(1,198)	(699)
Depreciation and amortization, including amortization in reclamation	13,294	7,855
Stock-based compensation	1,167	681
Other operating adjustments	(1,827)	441
Changes in operating assets and liabilities:
Accounts receivable	2,395	(916)
Inventories	(1,688)	(391)
Prepaid expenses and other current assets	(1,829)	(1,015)
Accounts payable and other accrued liabilities	(943)	3,254
Mining royalty and income taxes payable, net	(3,857)	3,109
Net cash provided by operating activities	12,206	16,129
Cash flows from investing activities:
Capital expenditures	(10,518)	(9,333)
Proceeds from the sale of gold and silver rounds	533
Net cash used in investing activities	(9,985)	(9,333)
Cash flows from financing activities:
Proceeds (for) from the exercise of stock options	(376)	263
Dividends paid	(1,767)	(1,737)
Other financing activities		3
Net cash used in financing activities	(2,143)	(1,471)
Effect of exchange rate changes on cash and cash equivalents	(455)	(195)
Net (decrease) increase in cash and cash equivalents	(377)	5,130
Cash and cash equivalents at beginning of period	33,712	25,405
Cash and cash equivalents at end of period	$ 33,335	$ 30,535

CONDENSED CONSOLIDATED INTERI_6

CONDENSED CONSOLIDATED INTERIM STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Supplemental Cash Flow Information Continuing Operations
Income and mining taxes paid	$ 15,972	$ 2,233
Non-cash investing activities:
Change in capital expenditures in accounts payable	$ (1,094)	502
Change in estimate for asset retirement costs		$ 7

Basis of Preparation of Financi

Basis of Preparation of Financial Statements	6 Months Ended
Basis of Preparation of Financial Statements	Jun. 30, 2022
Basis of Preparation of Financial Statements
Basis of Preparation of Financial Statements	1. Basis of Preparation of Financial Statements The Condensed Consolidated Interim Financial Statements (“interim financial 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 (“SEC”) for interim statements. Certain information and footnote disclosures required by United States Generally Accepted Accounting Principles (“U.S. GAAP”) have been condensed or omitted as permitted by such rules, 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 financial statements have been included. The results reported in these interim financial statements are not necessarily indicative of the results that may be reported for the entire year. These interim financial statements should be read in conjunction with the audited consolidated financial statements for the year ended December 31, 2021 included in the Company’s annual report on Form 10-K. 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. Certain items in the prior period’s consolidated financial statements and notes have been reclassified to conform to the current presentation. These reclassifications had no effect on the reported results of operations.

Recently Adopted Accounting Sta

Recently Adopted Accounting Standards	6 Months Ended
Recently Adopted Accounting Standards	Jun. 30, 2022
Recently Adopted Accounting Standards
Recently Adopted Accounting Standards	2. Recently Adopted Accounting Standards Recent accounting pronouncements issued have been evaluated and do not presently impact our financial statements and supplemental data.

Revenue

Revenue	6 Months Ended
Revenue	Jun. 30, 2022
Revenue
Revenue	3. Revenue The Company derives its revenue from the sale of doré and concentrates. The following table presents the Company’s net sales for each period presented, disaggregated by source: For the three months ended June 30, For the six months ended June 30, 2022 2021 2022 2021 (in thousands) (in thousands) Doré sales, net Gold $ 2,484 $ 2,695 $ 3,728 $ 5,182 Silver 57 228 77 605 Less: Refining charges (10) (20) (17) (91) Total doré sales, net 2,531 2,903 3,788 5,696 Concentrate sales Gold 13,850 7,671 28,391 14,195 Silver 5,146 6,951 11,231 13,264 Copper 2,708 3,714 6,805 7,100 Lead 3,768 2,595 7,595 5,000 Zinc 14,352 9,240 30,669 18,006 Less: Treatment and refining charges (3,127) (2,907) (5,868) (5,791) Total concentrate sales, net 36,697 27,264 78,823 51,774 Realized gain - embedded derivative, net (1) 1,160 359 2,026 450 Unrealized gain (loss) - embedded derivative, net (3,324) 310 (2,156) 184 Total sales, net $ 37,064 $ 30,836 $ 82,481 $ 58,104 (1) Copper, lead, and zinc are co-products. In the Realized gain - embedded derivative, net, there are $1.2 million and $1.7 million gain, respectively, related to these co-products for the three and six months ended June 30, 2022. There is $0.3 million in the Realized gain - embedded derivative, net, related to the co-products for both the three and six months ended June 30, 2021.

Inventories, net

Inventories, net	6 Months Ended
Inventories, net	Jun. 30, 2022
Inventories, net
Inventories, net	4. Inventories, net At June 30, 2022 and December 31, 2021, inventories, net, consisted of the following: As of As of June 30, December 31, 2022 2021 (in thousands) Stockpiles - underground mine $ 61 $ - Concentrates 2,986 2,048 Doré, net 800 452 Subtotal - product inventories 3,847 2,500 Materials and supplies (1) 8,659 7,861 Total $ 12,506 $ 10,361 (1) Net of reserve for obsolescence of $384 as of June 30, 2022 and December 31, 2021.

Income Taxes

Income Taxes	6 Months Ended
Income Taxes	Jun. 30, 2022
Income Taxes
Income Taxes	5. Income Taxes The Company recorded an income tax expense of $3.8 million and $9.1 million, respectively, for the three and six months ended June 30, 2022. For the three and six months ended June 30, 2021, the Company recorded an income tax expense of $1.8 million and $4.3 million, respectively. In accordance with applicable accounting rules, the interim provision for taxes is calculated using the estimated consolidated annual effective tax rate. The consolidated effective tax rate is a function of the combined effective tax rates for the jurisdictions in which the Company operates. Variations in the relative proportions of jurisdictional income could result in fluctuations to the Company’s consolidated effective tax rate. At the federal level, the Company’s income in the U.S. is taxed at 21%, and a 5% withholding tax applies to dividends received from Mexico. The Mexico income is taxed at 37.5% (30% income tax and 7.5% mining tax), and Canada income is taxed at 26.5%, which results in a consolidated effective tax rate above statutory U.S. Federal rates. The U.S. jurisdiction does not currently generate taxable income. Mexico Mining Taxation Mining entities in Mexico are subject to two mining duties in addition to the 30% Mexico corporate income tax. The first is a “special” mining duty of 7.5% of taxable income as defined under Mexican tax law (also referred to as “mining royalty tax”) on extraction activities performed by concession holders. The mining royalty tax is generally applicable to earnings before income tax, depreciation, depletion, amortization, and interest, and it is considered an income tax for purposes of financial reporting. The second is a 0.5% mining duty over sales of gold and silver, but this duty is not considered an income tax for financial reporting purposes and reported as production cost. Both duties are tax deductible for Mexico income tax purposes. On January 1, 2022, the 2022 Tax Reform became effective in Mexico, which included several amendments to the Income Tax Law relevant to tax deductions. For 2022, a depreciation rate of 5% per year was established for construction of facilities, additions, repairs, improvements, adaptations, as well as any other construction performed in a mining lot, in accordance with Article 12 of the Mining Law. The Company periodically transfers funds from its Mexican wholly-owned subsidiary to the U.S. in the form of dividends, which are subject to a 10% Mexico withholding tax, unless otherwise provided per a tax treaty. The current U.S.-Mexico tax treaty limits the dividend withholding tax between these countries to 5%, as long as certain requirements are met. Based on the Company’s understanding that it meets these requirements, the Company pays a 5% withholding tax on dividends paid from Mexico. The impact of the planned annual dividends for 2022 is reflected in the estimated annual effective tax rate. As of June 30, 2022, the Company believes that it has no liability for uncertain tax positions.

Promissory Note

Promissory Note	6 Months Ended
Promissory Note	Jun. 30, 2022
Promissory Note.
Promissory Note	6. Promissory Note A promissory note was acquired in the Aquila Resources, Inc. (“Aquila”) acquisition. In October 2021, Aquila sold its Wisconsin assets to Green Light Metals in return for a Canadian dollar (“C$”) 4.9 million ($3.9 million) promissory note. In June, an amended agreement was executed. Under the amended promissory note, Green Light Metals is to deliver C$4.9 million in Green Light Metal common shares once Green Light Metals goes public, or private shares of Green Light Metals at the maturity date of December 31, 2022, whichever occurs first. The shares are expected to represent approximately 20% to 28% of the total outstanding shares of Green Light Metals. Due to the short maturity of the promissory note, the carrying amount approximates the fair value, and likewise, no interest and collateral is required. Until maturity, the Company will record unrealized foreign currency gain or loss on the promissory note.

Prepaid Expenses and Other Curr

Prepaid Expenses and Other Current Assets	6 Months Ended
Prepaid Expenses and Other Current Assets	Jun. 30, 2022
Prepaid Expenses And Other Current Assets
Prepaid Expenses and Other Current Assets	7. Prepaid Expenses and Other Current Assets At June 30, 2022 and December 31, 2021, prepaid expenses and other current assets consisted of the following: As of As of June 30, December 31, 2022 2021 (in thousands) Advances to suppliers $ 1,149 $ 188 Prepaid insurance 2,414 1,222 Other current assets 429 875 Total $ 3,992 $ 2,285 In Mexico value added (“IVA”) tax assessed on the sales of products and purchases of materials and services. Businesses owe IVA taxes as the business sells a product and collects IVA taxes from its customers. Likewise, businesses are generally entitled to recover the taxes they have paid related to purchases of materials and services, either as a refund or credit to IVA tax payable. Amounts recorded as IVA taxes in the consolidated financial statements represent the net estimated IVA tax payable or receivable, since there is a legal right of offset of IVA taxes. As of June 30, 2022, this resulted in a small asset balance ($0.03 million), which is included in Other current assets above.

Property, Plant and Mine Develo

Property, Plant and Mine Development, net	6 Months Ended
Property, Plant and Mine Development, net	Jun. 30, 2022
Property, Plant and Mine Development, net
Property, Plant and Mine Development, net	8. Property, Plant and Mine Development, net At June 30, 2022 and December 31, 2021, property, plant and mine development, net consisted of the following: As of As of June 30, December 31, 2022 2021 (in thousands) Asset retirement costs $ 1,065 $ 1,065 Construction-in-progress (1) 2,729 15,854 Furniture and office equipment 1,703 1,685 Land 9,230 9,230 Mineral interest 79,543 79,964 Light vehicles and other mobile equipment 2,376 2,224 Machinery and equipment 39,288 33,213 Mill facilities and infrastructure 35,200 24,973 Mine Development 98,900 92,138 Software and licenses 1,631 1,592 Subtotal 271,665 261,938 Accumulated depreciation and amortization (118,888) (105,167) Total $ 152,777 $ 156,771 (1) Includes accrued capital expenditures of $0.1 million and $1.7 million at June 30, 2022 and December 31, 2021, respectively. The Company recorded depreciation and amortization expense of $7.3 million and $13.2 million, respectively, for the three and six months ended June 30, 2022 as compared to $4.4 million and $7.8 million, respectively, for the same periods ended June 30, 2021.

Accrued Expenses and Other Liab

Accrued Expenses and Other Liabilities	6 Months Ended
Accrued Expenses and Other Liabilities	Jun. 30, 2022
Accrued Expenses and Other Liabilities
Accrued Expenses and Other Liabilities	9. Accrued Expenses and Other Liabilities At June 30, 2022 and December 31, 2021, accrued expenses and other liabilities consisted of the following: As of As of June 30, December 31, 2022 2021 (in thousands) Accrued royalty payments $ 2,145 $ 1,743 Employee profit sharing obligation 2,113 1,888 Other payables 1,331 1,100 Total accrued expenses and other current liabilities $ 5,589 $ 4,731 Accrued non-current labor obligation $ 1,105 $ 920 Deferred stock unit ("DSU") compensation liability 671 206 Other long-term liabilities 160 826 Total other non-current liabilities $ 1,936 $ 1,952 On April 23, 2021, a decree that reforms labor outsourcing in Mexico was published in the Federation’s Official Gazette. This decree amended the outsourcing provisions, whereby operating companies are no longer able to source their labor resources used to carry out the core business functions from service entities or third-party providers. Under Mexican law, employees are entitled to receive statutory profit sharing (Participacion a los Trabajadores de las Utilidades or “PTU”) payments. The required cash payment to employees in the aggregate is equal to 10% of their employer’s profit subject to PTU, which differs from profit determined under U.S. GAAP. Prior to 2021, the Company was not subject to PTU payments, as it had been sourcing its labor resources through a third-party service provider. As a result of the legislation, as of June 30, 2022, $2.1 million was recorded for PTU current liabilities. Additionally, $1.1 million is recorded for statutory employee severance benefits in other long-term liabilities.

Gold and Silver Stream Agreemen

Gold and Silver Stream Agreements	6 Months Ended
Gold and Silver Stream Agreements	Jun. 30, 2022
Gold and Silver Stream Agreements
Gold and Silver Stream Agreements	10. Gold and Silver Stream Agreements The following table presents the Company’s liabilities related to the Gold and Silver Stream Agreements as of June 30, 2022 and December 31, 2021: As of As of June 30, December 31, 2022 2021 (in thousands) Liability related to the Gold Stream Agreement $ 20,459 $ 20,364 Liability related to the Silver Stream Agreement 22,528 22,196 Total liability $ 42,987 $ 42,560 Periodic interest expense will be incurred based on an implied interest rate. The implied interest rate is determined based on the timing and probability of future production and an 8% discount rate. Interest expense is recorded to the Consolidated Statements of Operations and the gold and silver stream agreement liability on the Consolidated Balance Sheet. Gold Streaming Agreement In November 2017, Aquila entered into a stream agreement with Osisko Bermuda Limited (“OBL”), a wholly-owned subsidiary of Osisko Gold Royalties Ltd (TSX & NYSE: OR), pursuant to which OBL agreed to commit approximately $55 million to Aquila through a gold stream purchase agreement. In June 2020, Aquila amended its agreement with Osisko, reducing the total committed amount to $50 million, as well as adjusting certain milestone dates under the gold stream to align with the current project development timeline. Aquila had received a total of $20 million of the committed funds at the time of the Gold Resource Corporation acquisition. Remaining deposits from OBL are $5 million upon receipt of permits required for the development and operation of the Back Forty Project and $25 million upon the first drawdown of an appropriate project debt finance facility. OBL has been provided a general security agreement over the Back Forty Project which consists of the subsidiaries of Gold Resource Acquisition Sub, Inc., a 100% owned subsidiary of Gold Resource Corporation. The initial term of the agreement is for 40 years, automatically renewable for successive ten-year periods. The agreement is subject to certain operating and financial covenants, which are in good standing as of June 30, 2022. The $20 million received from OBL through June 30, 2022 is shown as a long-term liability on the Consolidated Balance Sheet along with an implied interest. The implied interest rate is applied on OBL advance payments and calculated on the total expected life-of-mine production to be deliverable (as supported in the Back Forty Project Preliminary Economic Assessment) at the five-year average street consensus metal prices (based on the median) evaluated as of December 31, 2021 and is discounted at 8.0%. As the remaining $30 million deposit is subject to the completion of certain milestones and the satisfaction of certain other conditions, this amount is not reflected on the Consolidated Balance Sheet. Per the terms of the gold stream agreement, OBL will purchase 18.5% of the refined gold from Back Forty (the “Threshold Stream Percentage”) until the Company has delivered 105,000 ounces of gold (the “Production Threshold”). Upon satisfaction of the Production Threshold, the Threshold Stream Percentage will be reduced to 9.25% of the refined gold (the “Tail Stream”). In exchange for the refined gold delivered under the Stream Agreement, OBL will pay the Company ongoing payments equal to 30% of the spot price of gold on the day of delivery, subject to a maximum payment of $600 per ounce. Where the market price of gold is greater than the price paid, the difference realized from the sale of the gold will be applied against the deposit received from Osisko. Silver Stream Agreement Through a series of contracts, Aquila executed a silver stream agreement with OBL to purchase silver produced at the Back Forty Project. A total of $17.2 million has been advanced under the agreement as of June 30, 2022. There are no future deposits remaining under the agreement. The initial term of the agreement is for 40 years, automatically renewable for successive ten-year periods. The agreement is subject to certain operating and financial covenants, which are in good standing as of June 30, 2022. Per the terms of the silver stream agreement, OBL will purchase 85% of the silver produced from the Back Forty Project at a fixed price of $4 per ounce of silver. Where the market price of silver is greater than $4 per ounce, the difference realized from the sale of the silver will be applied against the deposit received from Osisko. The $17.2 million received from OBL through June 30, 2022 is shown as a long-term liability on the Consolidated Balance Sheet along with an implied interest.

Reclamation and Remediation

Reclamation and Remediation	6 Months Ended
Reclamation and Remediation	Jun. 30, 2022
Reclamation and Remediation
Reclamation and Remediation	11. Reclamation and Remediation The following table presents the changes in reclamation and remediation obligations for the six months ended June 30, 2022 and the year ended December 31, 2021: 2022 2021 (in thousands) Reclamation liabilities – balance at beginning of period $ 1,833 $ 1,890 Foreign currency exchange loss (gain) 55 (57) Reclamation liabilities – balance at end of period 1,888 1,833 Asset retirement obligation – balance at beginning of period 1,279 1,208 Accretion 51 109 Foreign currency exchange loss (gain) 40 (38) Asset retirement obligation – balance at end of period 1,370 1,279 Total period end balance $ 3,258 $ 3,112 The Company’s undiscounted reclamation liabilities of $1.9 million and $1.8 million as of June 30, 2022 and December 31, 2021, respectively, are related to the Don David Gold Mine in Mexico. These represent reclamation liabilities that were expensed through 2013 before proven and probable reserves were established and the Company was considered to be a development stage entity; therefore, most of the costs, including asset retirement costs, were not allowed to be capitalized as part of our Property, Plant & Mine Development. The Company’s asset retirement obligations reflect the additions to the asset for reclamation and remediation costs in Property, Plant & Mine Development, post 2013 development stage status, which are discounted using a credit adjusted risk-free rate of 8%. As of June 30, 2022 and December 31, 2021, the Company’s asset retirement obligation related to the Don David Gold Mine in Mexico was $1.4 million and $1.3 million, respectively.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
Commitments and Contingencies	Jun. 30, 2022
Commitments and Contingencies
Commitments and Contingencies	12. Commitments and Contingencies Commitments As of June 30, 2022 and December 31, 2021, the Company has equipment purchase commitments of approximately $0.8 million and $0.4 million, respectively. Contingent Consideration With the Aquila acquisition, the Company assumed a contingent consideration related to the December 30, 2013, Aquila acquisition of 100% of the shares of HudBay Michigan Inc. (“HMI”), a subsidiary of HudBay Minerals Inc. (“HudBay”), effectively giving Aquila 100% ownership in the Back Forty Project (the “HMI Acquisition”). Pursuant to the HMI Acquisition, HudBay’s 51% interest in the Back Forty Project was acquired in consideration for the issuance of common shares of Aquila, future milestone payments tied to the development of the Back Forty Project, and a 1% net smelter return royalty on production from certain land parcels in the project. The issuance of shares and 1% net smelter obligations were settled before the Company acquired Aquila. The contingent consideration is composed of the following in Canadian dollars: The value of future installments is based on C$9 million tied to development of the Back Forty project as follows: a. C $3 million payable on completion of any form of financing for purposes including the commencement of construction of Back Forty. Up to 50% of the C $3 million can be paid, at the Company’s option, in Gold Resource Corporation shares with the balance payable in cash (if as of November 2023 this milestone has not been achieved or payment made, HMI has the right to repurchase a 51% ownership in the Back Forty Project); b. C $2 million payable in cash 90 days after the commencement of commercial production; c. C $2 million payable in cash 270 days after the commencement of commercial production, and; d. C $2 million payable in cash 450 days after the commencement of commercial production. The value of the contingent consideration as of June 30, 2022 was $4.3 million. The contingent consideration will be adjusted for the foreign currency translation, time value of money, and the likelihood of the milestone payments. Any future changes in the value of the contingent consideration will be recognized in the Consolidated Statements of Operations. Other Contingencies The Company has certain other contingencies resulting from litigation, claims, and other commitments that are subject to a variety of environmental and safety laws and regulations incidents related to the ordinary course of business. The Company currently has no basis to conclude that any or all such contingencies will materially affect its financial position, results of operations, or cash flows. However, in the future, there may be changes to these contingencies, or additional contingencies may occur, any of which might result in an accrual or a change in current accruals recorded by the Company, and there can be no assurance that their ultimate disposition will not have a material adverse effect on the Company’s financial position, results of operations, or cash flows. With the successful acquisition of Aquila Resources Inc. on December 10, 2021, the Company assumed substantial liabilities that relate to the gold and silver stream agreements with Osisko Bermuda Limited (see Note 10 - Gold and Silver Stream Agreements

Shareholders' Equity

Shareholders' Equity	6 Months Ended
Shareholders' Equity	Jun. 30, 2022
Shareholders' Equity
Shareholders' Equity	13. Shareholders’ Equity During the three and six months ended June 30, 2022, the Company declared and paid dividends of $0.01 per common share and $0.02 per common share for an aggregate total of $0.9 million and $1.8 million, respectively. During the three and six months ended June 30, 2021, the Company declared dividends of $0.01 per common share and $0.02 per common share, respectively, and paid an aggregate total of $1.0 million and $1.7 million, respectively. As of June 30, 2022, there are 88,372,692 issued

Derivatives

Derivatives	6 Months Ended
Derivatives	Jun. 30, 2022
Derivatives
Derivatives	14. Derivatives Embedded Derivatives Concentrate sales contracts contain embedded derivatives due to the provisional pricing terms for unsettled shipments. At the end of each reporting period, the Company records an adjustment to accounts receivable and revenue to reflect the mark-to-market adjustments for outstanding provisional invoices based on forward metal prices. Please see Note - 20 Fair Value Measurement The following table summarizes the Company’s unsettled sales contracts at June 30, 2022 with the quantities of metals under contract subject to final pricing occurring through May 2022: Gold Silver Copper Lead Zinc Total (ounces) (ounces) (tonnes) (tonnes) (tonnes) Under contract 5,029 158,039 163 1,711 3,553 Average forward price (per ounce or tonne) $ 1,845 $ 21.87 $ 9,092 $ 2,157 $ 3,984 Unsettled sales contracts value (in thousands) $ 9,279 $ 3,456 $ 1,482 $ 3,691 $ 14,155 $ 32,063 Other Derivatives Derivative instruments that are not designated as hedging instruments are required to be recorded on the balance sheet at fair value. Changes in fair value will impact the Company’s earnings through mark-to-market adjustments until the physical commodity is delivered or the financial instrument is settled. The fair value does not reflect the realized or cash value of the instrument. As of June 30, 2022, the Company’s derivatives not designated as hedges consist of zinc zero cost collars used to manage its near-term exposure to cash flow variability from zinc price risks. A zero cost collar is a combination of two options: a sold call option and a purchased put option. The Company sold call options to establish the ceiling price of $3,500 per tonne of zinc that the Company will receive for the contracted zinc volume of 3,900 tonnes for July through December 2022. The purchased put establishes the floor price of $3,200 per tonne of zinc that the Company will receive for the same contracted tonnes and period of time. Derivatives are carried at fair value and on a net basis when a legal right of offset exists with the same counterparty. Otherwise, any fair value gains or losses are recognized in earnings in the current period. The London Metal Exchange (“LME”) average zinc price during the first half of 2022 exceeded the call option ceiling of $3,318, resulting in a realized loss of $2.5 million for the six months ended June 30, 2022. The zinc price forward curve as of June 30, 2022 is below the call option ceiling, resulting in a $0.3 million asset on the remaining 3,900 tonnes. The asset recognized resulted in an unrealized gain of $2.1 million for the six months ended June 30, 2022 due to the reversal of the prior period liability. The Company manages credit risk by selecting counterparties that it believes to be financially strong, by entering into netting arrangements with counterparties and by requiring other credit risk mitigants, as appropriate. The Company actively evaluates the creditworthiness of its counterparties, assigns appropriate credit limits, and monitors credit exposures against those assigned limits.

Employee Benefits

Employee Benefits	6 Months Ended
Employee Benefits	Jun. 30, 2022
Employee Benefits
Employee Benefits	15. Employee Benefits Effective October 2012, the Company adopted a profit sharing plan (the “Plan”) which covers all U.S. employees. The Plan meets the requirements of a qualified retirement plan pursuant to the provisions of Section 401(k) of the Internal Revenue Code. The Plan also provides eligible employees the opportunity to make tax deferred contributions to a retirement trust account up to 50% of their qualified wages, subject to the IRS annual maximums. Under Mexican law, employees are entitled to receive statutory profit sharing (Participacion a los Trabajadores de las Utilidades or “PTU”) payments. The required cash payment to employees in the aggregate is equal to 10% of their employer’s profit subject to PTU, which differs from profit determined under U.S. GAAP. Please see Note 9 - Accrued Expenses and Other Liabilities

Stock-Based Compensation

Stock-Based Compensation	6 Months Ended
Stock-Based Compensation	Jun. 30, 2022
Stock-Based Compensation
Stock-Based Compensation	16. Stock-Based Compensation The Company’s compensation program comprises three main elements: base salary, an annual short-term incentive plan (“STIP”) cash award, and long-term equity-based incentive compensation (“LTIP”) in the form of performance share units (“PSUs”), restricted stock units (“RSUs”), stock options, and deferred stock units (“DSUs”). The Gold Resource Corporation 2016 Equity Incentive Plan (the “Incentive Plan”) allows 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, RSUs, stock grants, stock units, performance shares, performance share units, and performance cash. Additionally, pursuant to the terms of the Incentive Plan, any award outstanding under the prior plan that is terminated, expired, forfeited, or canceled for any reason, will be available for grant under the Incentive Plan. Effective January 1, 2021, the Company’s Board of Directors, on the recommendation of the Compensation Committee, implemented a program to issue DSUs. DSUs are qualifying instruments under the terms of the Company’s Incentive Plan and therefore do not require additional shareholder approval. The vesting and settlement terms of the DSUs are determined by the Compensation Committee at the time the DSUs are awarded. DSUs of nil and 214,357 were granted to the Board of Directors during the three and six months ended June 30, 2022, respectively. DSUs of nil and 130,000 were granted to the Board of Directors during the three and six months ended June 30, 2021, respectively. DSUs are redeemable in cash or shares at the earlier of 10 years or upon the eligible directors’ termination. Termination is deemed to occur on the earliest of (1) the date of voluntary resignation or retirement of the director from the Board; (2) the date of death of the director; or (3) the date of removal of the director from the Board whether by shareholder resolution, failure to achieve re-election, or otherwise; and on which date the director is not a director or employee of the Company or any of its affiliates. These awards contain a cash settlement feature and are therefore classified as a liability and are marked to fair value each reporting period. The Company may also issue DSUs for directors in lieu of board fees at their request. During the three and six months ended June 30, 2022, respectively, there were 3,352 and 6,708 DSUs granted in lieu of board fees that are also subject to mark-to-market adjustment. Both during the three and six months ended June 30, 2021, respectively, there were 1,960 DSUs granted in lieu of board fees that are also subject to mark-to-market adjustment. As of June 30, 2022 and 2021, the liability balance related to DSUs was $0.6 million and $0.3 million, respectively. RSUs of 377,076 and 611,681 were granted during the three and six months ended June 30, 2022, respectively. No RSUs were granted during the three and six months ended June 30, 2021. Both during the three and six months ended June 30, 2022, a total of 77,801 RSUs vested, and 33,918 common shares were issued with an intrinsic value and a fair value of $63,935. Both during the three and six months ended June 30, 2021, a total of 2,614 RSUs vested, and 2,614 common shares were issued with an intrinsic value and a fair value of $6,692. Stock options of nil and 320,816 were granted during the three and six months ended June 30, 2022, respectively. Stock options of nil and 600,000 were granted during the three and six months ended June 30, 2021, respectively. Stock options of nil and 355,000, respectively, were exercised during the three and six months ended June 30, 2022. These exercises were settled in cash. During the three and six months ended June 30, 2021, respectively, stock options to purchase an aggregate of 92,719 and 217,719 shares of the Company’s common stock were exercised at a weighted average exercise price of $1.30 and $1.31 per share. PSUs of 400,894 and 695,041 were granted during the three and six months ended June 30, 2022, respectively. No PSUs were granted during the three and six months ended June 30, 2021. PSUs cliff vest usually in three years based on the relative total shareholder return of a predetermined peer group and are expected to be settled in cash. Stock-based compensation expense for the periods presented is as follows: For the three months ended June 30, For the six months ended June 30, 2022 2021 2022 2021 (in thousands) (in thousands) Stock options $ 250 $ 135 $ 399 $ 362 Restricted stock units 256 70 304 (16) Performance stock units 94 - 94 - Deferred stock units (207) (8) 370 335 Total $ 393 $ 197 $ 1,167 $ 681 The Co .

Zinc Zero Cost Collar

Zinc Zero Cost Collar	6 Months Ended
Zinc Zero Cost Collar	Jun. 30, 2022
Zinc Zero Cost Collar
Zinc Zero Cost Collar	17. Zinc Zero Cost Collar During the three and six months ended June 30, 2022 and 2021, the realized and unrealized losses related to the Company’s Zinc Zero Cost Collar are the following: For the three months ended June 30, For the six months ended June 30, 2022 2021 2022 2021 (in thousands) (in thousands) Realized loss on zinc zero cost collar $ 829 $ - $ 2,457 $ - Unrealized gain on zinc zero cost collar (1) (4,628) - (2,119) - Total $ (3,799) $ - $ 338 $ - (1) Gains and losses due to changes in fair value are non-cash in nature until such time that they are realized through cash transactions. On May 18, 2021, the Company entered into a Trading Agreement with Auramet International LLC that governs nonexchange traded, over-the-counter, spot, forward and option transactions on both a deliverable and non-deliverable basis involving various metals and currencies. Please see Note 14 - Derivatives Note 17 - Zinc Zero Cost Collar

Other (Income) Expense, Net

Other (Income) Expense, Net	6 Months Ended
Other (Income) Expense, Net	Jun. 30, 2022
Other (Income) Expense, Net
Other (Income) Expense, Net	18. Other Expense, net Other expense, net, for the periods presented consisted of the following: For the three months ended June 30, For the six months ended June 30, 2022 2021 2022 2021 (in thousands) (in thousands) Unrealized currency exchange loss (1) $ 77 $ 75 $ 522 $ 316 Realized currency exchange loss (gain) 30 114 159 (59) Realized and unrealized loss (gain) from gold and silver rounds, net 8 (34) (28) 32 Employee benefit obligation (2) - 700 - 700 Interest on streaming liabilities 134 - 310 - Other (income) expense (35) 12 89 (436) Total $ 214 $ 867 $ 1,052 $ 553 (1) Gains and losses due to changes in fair value are non-cash in nature until such time that they are realized through cash transactions. For additional information regarding the Company’s fair value measurements and investments, please see Note 20 - Fair Value Measurement . (2) In year-to-date 2022, Employee benefit obligation of $0.1 million is recorded in production cost rather than in other expense, net. In 2021, the initial Employee benefit obligation due to the Mexico Labor Reform was recorded as other expense.

Net Income per Common Share

Net Income per Common Share	6 Months Ended
Net Income per Common Share	Jun. 30, 2022
Net Income per Common Share
Net Income per Common Share	19. Net Income per Common Share Basic net income per common share is calculated based on the weighted average number of common shares outstanding for the period. Diluted earnings per common share are calculated based on the assumption that stock options and other dilutive securities 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 RSUs and DSUs are considered to be dilutive in periods with net income. 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 net income per common share are included in the calculation. Options to purchase 2.3 million and 2.6 million shares of common stock at weighted average exercise prices of $4.49 and $6.92 were outstanding as of June 30, 2022 and 2021, 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 the reporting period, and therefore are anti-dilutive. Basic and diluted net income per common share is calculated as follows: For the three months ended For the six months ended June 30, June 30, 2022 2021 2022 2021 Numerator: Net income (in thousands) $ 2,673 $ 1,283 $ 6,692 $ 3,810 Denominator: Basic weighted average shares of common stock outstanding 88,343,992 74,485,672 88,341,398 74,445,058 Dilutive effect of share-based awards 447,560 501,887 305,451 423,129 Diluted weighted average common shares outstanding 88,791,552 74,987,559 88,646,849 74,868,187 Basic and diluted net income per common share $ 0.03 $ 0.02 $ 0.08 $ 0.05

Fair Value Measurement

Fair Value Measurement	6 Months Ended
Fair Value Measurement	Jun. 30, 2022
Fair Value Measurement
Fair Value Measurement	20. Fair Value Measurement Fair value accounting establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy are described below: Level 1 Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities; Level 2 Quoted prices in markets that are not active, or inputs that are observable, either directly or indirectly, for substantially the full term of the asset or liability; and Level 3 Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (supported by little or no market activity). 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 June 30, 2022 and December 31, 2021: As of As of June 30, December 31, Input Hierarchy Level 2022 2021 (in thousands) Cash and cash equivalents $ 33,335 $ 33,712 Level 1 Accounts receivable, net $ 6,277 $ 8,672 Level 2 Derivative asset - zinc zero cost collar $ 275 $ - Level 2 Derivative liability - zinc zero cost collar $ - $ (1,844) Level 2 The following methods and assumptions were used to estimate the fair value of each class of financial instrument: Cash and cash equivalents Accounts receivable, net: Note 14 - Derivatives Derivative liability - zinc zero cost collar For the zinc zero cost collar, when the prior month LME average zinc price is greater than the call price, positions settling in the period are recorded as a realized gain or loss, and unsettled positions are recorded as an unrealized gain or loss. Gains and losses related to changes in the fair value of these financial instruments were included in the Company’s Condensed Consolidated Interim Statements of Operations as shown in the following table: For the three months ended June 30, For the six months ended June 30, Statements of Operations Classification 2022 2021 2022 2021 Note (in thousands) Realized and unrealized derivative gain (loss), net 14 $ (2,164) $ 669 $ (130) $ 634 Sales, net Realized loss on zinc zero cost collar 17 $ (829) $ - $ (2,457) $ - Realized and unrealized loss on zinc zero cost collar Unrealized loss on zinc zero cost collar 17 $ 4,628 $ - $ 2,119 $ - Realized and unrealized loss on zinc zero cost collar Realized/Unrealized Derivatives The following tables summarize the Company’s realized/unrealized derivatives for the periods presented (in thousands) Gold Silver Copper Lead Zinc Total For the three months ended June 30, 2022 Realized gain (loss) $ 56 $ (95) $ (58) $ 37 $ 1,220 $ 1,160 Unrealized loss (243) (164) (121) (246) (2,550) (3,324) Total realized/unrealized derivatives, net $ (187) $ (259) $ (179) $ (209) $ (1,330) $ (2,164) Gold Silver Copper Lead Zinc Total For the three months ended June 30, 2021 Realized gain $ 21 $ 87 $ 62 $ 30 $ 159 $ 359 Unrealized gain (loss) 130 103 (47) 87 37 310 Total realized/unrealized derivatives, net $ 151 $ 190 $ 15 $ 117 $ 196 $ 669 Gold Silver Copper Lead Zinc Total For the six months ended June 30, 2022 Realized gain $ 182 $ 154 $ (15) $ 56 $ 1,649 $ 2,026 Unrealized gain (1) 111 (105) (199) (1,962) (2,156) Total realized/unrealized derivatives, net $ 181 $ 265 $ (120) $ (143) $ (313) $ (130) Gold Silver Copper Lead Zinc Total For the six months ended June 30, 2021 Realized (loss) gain $ (23) $ 172 $ 67 $ 74 $ 160 $ 450 Unrealized gain (loss) 30 21 (8) 21 120 184 Total realized/unrealized derivatives, net $ 7 $ 193 $ 59 $ 95 $ 280 $ 634

Supplementary Cash Flow Informa

Supplementary Cash Flow Information	6 Months Ended
Supplementary Cash Flow Information	Jun. 30, 2022
Supplementary Cash Flow Information
Supplementary Cash Flow Information	21. Supplementary Cash Flow Information Other operating adjustments and write-downs within the net cash provided by operations on the Condensed Consolidated Statements of Cash Flows for the three and six months ended June 30, 2022 and 2021 consisted of the following: For the three months ended June 30, For the six months ended June 30, 2022 2021 2022 2021 (in thousands) (in thousands) Unrealized (gain) loss on gold and silver rounds $ 8 $ (35) $ (62) $ 31 Realized loss on gold and silver rounds - 1 34 1 Unrealized foreign currency exchange loss 77 75 522 316 Unrealized loss on zinc zero cost collar (4,628) - (2,119) - Other 165 60 (202) 93 Total other operating adjustments $ (4,378) $ 101 $ (1,827) $ 441

Segment Reporting

Segment Reporting	6 Months Ended
Segment Reporting	Jun. 30, 2022
Segment Reporting
Segment Reporting	22. Segment Reporting As of June 30, 2022, the Company has organized its operations into three geographic regions: Oaxaca, Mexico, Michigan, U.S.A., and Corporate and Other. Oaxaca, Mexico represents the Company’s only production stage property. Michigan, U.S.A. is an advanced exploration stage property. Intercompany revenue and expense amounts have been eliminated within each segment in order to report on the basis that management uses internally for evaluating segment performance. The Company’s business activities that are not considered production stage or advanced exploration stage properties are included in Corporate and Other. The following table shows selected information from the Consolidated Balance Sheets relating to the Company’s segments (in thousands): Oaxaca, Mexico Michigan, USA Corporate and Other Consolidated As of June 30, 2022 Total current assets $ 50,771 $ 4,586 $ 5,069 $ 60,426 Total non-current assets 63,224 89,578 378 153,180 Total assets $ 113,995 $ 94,164 $ 5,447 $ 213,606 Total current liabilities 20,289 1,738 1,346 23,373 Total non-current liabilities 655 62,758 818 64,231 Total shareholders' equity 93,051 29,668 3,283 126,002 Total liabilities and shareholders' equity $ 113,995 $ 94,164 $ 5,447 $ 213,606 As of December 31, 2021 Total current assets $ 50,057 $ 5,528 $ 3,330 $ 58,915 Total non-current assets 66,756 90,018 73 156,847 Total assets $ 116,813 $ 95,546 $ 3,403 $ 215,762 Total current liabilities 25,833 2,459 1,367 29,659 Total non-current liabilities 1,436 63,438 479 65,353 Total shareholders' equity 89,544 29,649 1,557 120,750 Total liabilities and shareholders' equity $ 116,813 $ 95,546 $ 3,403 $ 215,762 The following table shows selected information from the Consolidated Statements of Operations relating to the Company’s segments (in thousands): Oaxaca, Mexico Michigan, USA (1) Corporate and Other Consolidated For the three months ended 2022 Sales, net $ 37,064 $ - $ - $ 37,064 Total mine cost of sales, including depreciation 28,995 33 17 29,045 Exploration expense 810 2,027 - 2,837 Total other costs and expenses, including G&A (3,568) 121 2,175 (1,272) Provision for income taxes (benefit) 3,518 - 263 3,781 Net income (loss) $ 7,309 $ (2,181) $ (2,455) $ 2,673 For the three months ended 2021 Sales, net $ 30,836 $ - $ - $ 30,836 Total mine cost of sales, including depreciation 23,956 - - 23,956 Exploration expense 643 - 5 648 Total other costs and expenses, including G&A 911 - 2,287 3,198 Provision for income taxes (benefit) 1,751 - - 1,751 Net income (loss) $ 3,575 $ - $ (2,292) $ 1,283 (1) Michigan, USA was acquired on December 10, 2021, and therefore, there is no information for the three months ended June 30, 2021. Oaxaca, Mexico Michigan, USA (1) Corporate and Other Consolidated For the six months ended June 30, 2022 Sales, net $ 82,481 $ - $ - $ 82,481 Total mine cost of sales, including depreciation 55,089 33 17 55,139 Exploration expense 2,047 3,095 - 5,142 Total other costs and expenses, including G&A 1,124 438 4,814 6,376 Provision for income taxes (benefit) 8,869 - 263 9,132 Net income (loss) $ 15,352 $ (3,566) $ (5,094) $ 6,692 For the six months ended June 30, 2021 Sales, net $ 58,104 $ - $ - $ 58,104 Total mine cost of sales, including depreciation 42,649 - - 42,649 Exploration expense 1,840 - 15 1,855 Total other costs and expenses, including G&A 533 - 4,912 5,445 Provision for income taxes (benefit) 4,345 - - 4,345 Net income (loss) $ 8,737 $ - $ (4,927) $ 3,810 (1) Michigan, USA was acquired on December 10, 2021, and therefore, there is no information for the six months ended June 30, 2021.

Basis of Preparation of Finan_2

Basis of Preparation of Financial Statements (Policy)	6 Months Ended
Basis of Preparation of Financial Statements (Policy)	Jun. 30, 2022
Basis of Preparation of Financial Statements
Basis of Presentation	The Condensed Consolidated Interim Financial Statements (“interim financial 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 (“SEC”) for interim statements. Certain information and footnote disclosures required by United States Generally Accepted Accounting Principles (“U.S. GAAP”) have been condensed or omitted as permitted by such rules, 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 financial statements have been included. The results reported in these interim financial statements are not necessarily indicative of the results that may be reported for the entire year. These interim financial statements should be read in conjunction with the audited consolidated financial statements for the year ended December 31, 2021 included in the Company’s annual report on Form 10-K. 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. Certain items in the prior period’s consolidated financial statements and notes have been reclassified to conform to the current presentation. These reclassifications had no effect on the reported results of operations.

Recently Adopted Accounting S_2

Recently Adopted Accounting Standards (Policy)	6 Months Ended
Recently Adopted Accounting Standards (Policy)	Jun. 30, 2022
Recently Adopted Accounting Standards
Recently Adopted Accounting Standards	Recent accounting pronouncements issued have been evaluated and do not presently impact our financial statements and supplemental data.

Revenue (Tables)

Revenue (Tables)	6 Months Ended
Revenue (Tables)	Jun. 30, 2022
Revenue
Revenue from the sale of dore and concentrate	For the three months ended June 30, For the six months ended June 30, 2022 2021 2022 2021 (in thousands) (in thousands) Doré sales, net Gold $ 2,484 $ 2,695 $ 3,728 $ 5,182 Silver 57 228 77 605 Less: Refining charges (10) (20) (17) (91) Total doré sales, net 2,531 2,903 3,788 5,696 Concentrate sales Gold 13,850 7,671 28,391 14,195 Silver 5,146 6,951 11,231 13,264 Copper 2,708 3,714 6,805 7,100 Lead 3,768 2,595 7,595 5,000 Zinc 14,352 9,240 30,669 18,006 Less: Treatment and refining charges (3,127) (2,907) (5,868) (5,791) Total concentrate sales, net 36,697 27,264 78,823 51,774 Realized gain - embedded derivative, net (1) 1,160 359 2,026 450 Unrealized gain (loss) - embedded derivative, net (3,324) 310 (2,156) 184 Total sales, net $ 37,064 $ 30,836 $ 82,481 $ 58,104

Inventories, net (Tables)

Inventories, net (Tables)	6 Months Ended
Inventories, net (Tables)	Jun. 30, 2022
Inventories, net
Summary of Inventories, net	As of As of June 30, December 31, 2022 2021 (in thousands) Stockpiles - underground mine $ 61 $ - Concentrates 2,986 2,048 Doré, net 800 452 Subtotal - product inventories 3,847 2,500 Materials and supplies (1) 8,659 7,861 Total $ 12,506 $ 10,361 (1) Net of reserve for obsolescence of $384 as of June 30, 2022 and December 31, 2021.

Prepaid Expenses and Other Cu_2

Prepaid Expenses and Other Current Assets (Tables)	6 Months Ended
Prepaid Expenses and Other Current Assets (Tables)	Jun. 30, 2022
Prepaid Expenses And Other Current Assets
Schedule of prepaid and other assets	As of As of June 30, December 31, 2022 2021 (in thousands) Advances to suppliers $ 1,149 $ 188 Prepaid insurance 2,414 1,222 Other current assets 429 875 Total $ 3,992 $ 2,285

Property, Plant and Mine Deve_2

Property, Plant and Mine Development, net (Tables)	6 Months Ended
Property, Plant and Mine Development, net (Tables)	Jun. 30, 2022
Property, Plant and Mine Development, net
Schedule of property, plant and mine development	As of As of June 30, December 31, 2022 2021 (in thousands) Asset retirement costs $ 1,065 $ 1,065 Construction-in-progress (1) 2,729 15,854 Furniture and office equipment 1,703 1,685 Land 9,230 9,230 Mineral interest 79,543 79,964 Light vehicles and other mobile equipment 2,376 2,224 Machinery and equipment 39,288 33,213 Mill facilities and infrastructure 35,200 24,973 Mine Development 98,900 92,138 Software and licenses 1,631 1,592 Subtotal 271,665 261,938 Accumulated depreciation and amortization (118,888) (105,167) Total $ 152,777 $ 156,771 (1) Includes accrued capital expenditures of $0.1 million and $1.7 million at June 30, 2022 and December 31, 2021, respectively.

Accrued Expenses and Other Li_2

Accrued Expenses and Other Liabilities (Tables)	6 Months Ended
Accrued Expenses and Other Liabilities (Tables)	Jun. 30, 2022
Accrued Expenses and Other Liabilities
Schedule of Accrued Expenses and Other Current Liabilities	As of As of June 30, December 31, 2022 2021 (in thousands) Accrued royalty payments $ 2,145 $ 1,743 Employee profit sharing obligation 2,113 1,888 Other payables 1,331 1,100 Total accrued expenses and other current liabilities $ 5,589 $ 4,731 Accrued non-current labor obligation $ 1,105 $ 920 Deferred stock unit ("DSU") compensation liability 671 206 Other long-term liabilities 160 826 Total other non-current liabilities $ 1,936 $ 1,952

Gold and Silver Stream Agreem_2

Gold and Silver Stream Agreements (Tables)	6 Months Ended
Gold and Silver Stream Agreements (Tables)	Jun. 30, 2022
Gold and Silver Stream Agreements
Schedule of liabilities related to the deferred revenues	As of As of June 30, December 31, 2022 2021 (in thousands) Liability related to the Gold Stream Agreement $ 20,459 $ 20,364 Liability related to the Silver Stream Agreement 22,528 22,196 Total liability $ 42,987 $ 42,560

Reclamation and Remediation (Ta

Reclamation and Remediation (Tables)	6 Months Ended
Reclamation and Remediation (Tables)	Jun. 30, 2022
Reclamation and Remediation
Changes in Reclamation and Remediation	2022 2021 (in thousands) Reclamation liabilities – balance at beginning of period $ 1,833 $ 1,890 Foreign currency exchange loss (gain) 55 (57) Reclamation liabilities – balance at end of period 1,888 1,833 Asset retirement obligation – balance at beginning of period 1,279 1,208 Accretion 51 109 Foreign currency exchange loss (gain) 40 (38) Asset retirement obligation – balance at end of period 1,370 1,279 Total period end balance $ 3,258 $ 3,112

Derivatives (Tables)

Derivatives (Tables)	6 Months Ended
Derivatives (Tables)	Jun. 30, 2022
Derivatives
Summary of unsettled sales contracts	Gold Silver Copper Lead Zinc Total (ounces) (ounces) (tonnes) (tonnes) (tonnes) Under contract 5,029 158,039 163 1,711 3,553 Average forward price (per ounce or tonne) $ 1,845 $ 21.87 $ 9,092 $ 2,157 $ 3,984 Unsettled sales contracts value (in thousands) $ 9,279 $ 3,456 $ 1,482 $ 3,691 $ 14,155 $ 32,063

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	6 Months Ended
Stock-Based Compensation (Tables)	Jun. 30, 2022
Stock-Based Compensation
Stock-based compensation expense	For the three months ended June 30, For the six months ended June 30, 2022 2021 2022 2021 (in thousands) (in thousands) Stock options $ 250 $ 135 $ 399 $ 362 Restricted stock units 256 70 304 (16) Performance stock units 94 - 94 - Deferred stock units (207) (8) 370 335 Total $ 393 $ 197 $ 1,167 $ 681

Zinc Zero Cost Collar (Tables)

Zinc Zero Cost Collar (Tables)	6 Months Ended
Zinc Zero Cost Collar (Tables)	Jun. 30, 2022
Zinc Zero Cost Collar
Schedule of realized and unrealized losses related to Zinc Zero Cost Collar	For the three months ended June 30, For the six months ended June 30, 2022 2021 2022 2021 (in thousands) (in thousands) Realized loss on zinc zero cost collar $ 829 $ - $ 2,457 $ - Unrealized gain on zinc zero cost collar (1) (4,628) - (2,119) - Total $ (3,799) $ - $ 338 $ - (1) Gains and losses due to changes in fair value are non-cash in nature until such time that they are realized through cash transactions.

Other (Income) Expense, Net (Ta

Other (Income) Expense, Net (Tables)	6 Months Ended
Other (Income) Expense, Net (Tables)	Jun. 30, 2022
Other (Income) Expense, Net
Schedule of Other (Income) Expense, net	For the three months ended June 30, For the six months ended June 30, 2022 2021 2022 2021 (in thousands) (in thousands) Unrealized currency exchange loss (1) $ 77 $ 75 $ 522 $ 316 Realized currency exchange loss (gain) 30 114 159 (59) Realized and unrealized loss (gain) from gold and silver rounds, net 8 (34) (28) 32 Employee benefit obligation (2) - 700 - 700 Interest on streaming liabilities 134 - 310 - Other (income) expense (35) 12 89 (436) Total $ 214 $ 867 $ 1,052 $ 553 (1) Gains and losses due to changes in fair value are non-cash in nature until such time that they are realized through cash transactions. For additional information regarding the Company’s fair value measurements and investments, please see Note 20 - Fair Value Measurement . (2) In year-to-date 2022, Employee benefit obligation of $0.1 million is recorded in production cost rather than in other expense, net. In 2021, the initial Employee benefit obligation due to the Mexico Labor Reform was recorded as other expense.

Net Income per Common Share (Ta

Net Income per Common Share (Tables)	6 Months Ended
Net Income per Common Share (Tables)	Jun. 30, 2022
Net Income per Common Share
Schedule of net income per common share	For the three months ended For the six months ended June 30, June 30, 2022 2021 2022 2021 Numerator: Net income (in thousands) $ 2,673 $ 1,283 $ 6,692 $ 3,810 Denominator: Basic weighted average shares of common stock outstanding 88,343,992 74,485,672 88,341,398 74,445,058 Dilutive effect of share-based awards 447,560 501,887 305,451 423,129 Diluted weighted average common shares outstanding 88,791,552 74,987,559 88,646,849 74,868,187 Basic and diluted net income per common share $ 0.03 $ 0.02 $ 0.08 $ 0.05

Fair Value Measurement (Tables)

Fair Value Measurement (Tables)	6 Months Ended
Fair Value Measurement (Tables)	Jun. 30, 2022
Fair Value Measurement
Assets measured at fair value by level within fair value hierarchy	As of As of June 30, December 31, Input Hierarchy Level 2022 2021 (in thousands) Cash and cash equivalents $ 33,335 $ 33,712 Level 1 Accounts receivable, net $ 6,277 $ 8,672 Level 2 Derivative asset - zinc zero cost collar $ 275 $ - Level 2 Derivative liability - zinc zero cost collar $ - $ (1,844) Level 2
Gains and Losses Related to Changes in Fair Value	For the three months ended June 30, For the six months ended June 30, Statements of Operations Classification 2022 2021 2022 2021 Note (in thousands) Realized and unrealized derivative gain (loss), net 14 $ (2,164) $ 669 $ (130) $ 634 Sales, net Realized loss on zinc zero cost collar 17 $ (829) $ - $ (2,457) $ - Realized and unrealized loss on zinc zero cost collar Unrealized loss on zinc zero cost collar 17 $ 4,628 $ - $ 2,119 $ - Realized and unrealized loss on zinc zero cost collar
Realized and Unrealized Gain Losses on Derivatives	The following tables summarize the Company’s realized/unrealized derivatives for the periods presented (in thousands) Gold Silver Copper Lead Zinc Total For the three months ended June 30, 2022 Realized gain (loss) $ 56 $ (95) $ (58) $ 37 $ 1,220 $ 1,160 Unrealized loss (243) (164) (121) (246) (2,550) (3,324) Total realized/unrealized derivatives, net $ (187) $ (259) $ (179) $ (209) $ (1,330) $ (2,164) Gold Silver Copper Lead Zinc Total For the three months ended June 30, 2021 Realized gain $ 21 $ 87 $ 62 $ 30 $ 159 $ 359 Unrealized gain (loss) 130 103 (47) 87 37 310 Total realized/unrealized derivatives, net $ 151 $ 190 $ 15 $ 117 $ 196 $ 669 Gold Silver Copper Lead Zinc Total For the six months ended June 30, 2022 Realized gain $ 182 $ 154 $ (15) $ 56 $ 1,649 $ 2,026 Unrealized gain (1) 111 (105) (199) (1,962) (2,156) Total realized/unrealized derivatives, net $ 181 $ 265 $ (120) $ (143) $ (313) $ (130) Gold Silver Copper Lead Zinc Total For the six months ended June 30, 2021 Realized (loss) gain $ (23) $ 172 $ 67 $ 74 $ 160 $ 450 Unrealized gain (loss) 30 21 (8) 21 120 184 Total realized/unrealized derivatives, net $ 7 $ 193 $ 59 $ 95 $ 280 $ 634

Supplementary Cash Flow Infor_2

Supplementary Cash Flow Information (Tables)	6 Months Ended
Supplementary Cash Flow Information (Tables)	Jun. 30, 2022
Supplementary Cash Flow Information
Schedule of Supplementary Cash Flow Information	For the three months ended June 30, For the six months ended June 30, 2022 2021 2022 2021 (in thousands) (in thousands) Unrealized (gain) loss on gold and silver rounds $ 8 $ (35) $ (62) $ 31 Realized loss on gold and silver rounds - 1 34 1 Unrealized foreign currency exchange loss 77 75 522 316 Unrealized loss on zinc zero cost collar (4,628) - (2,119) - Other 165 60 (202) 93 Total other operating adjustments $ (4,378) $ 101 $ (1,827) $ 441

Segment Reporting (Tables)

Segment Reporting (Tables)	6 Months Ended
Segment Reporting (Tables)	Jun. 30, 2022
Segment Reporting
Schedule of financial information relating to the Company segments	The following table shows selected information from the Consolidated Balance Sheets relating to the Company’s segments (in thousands): Oaxaca, Mexico Michigan, USA Corporate and Other Consolidated As of June 30, 2022 Total current assets $ 50,771 $ 4,586 $ 5,069 $ 60,426 Total non-current assets 63,224 89,578 378 153,180 Total assets $ 113,995 $ 94,164 $ 5,447 $ 213,606 Total current liabilities 20,289 1,738 1,346 23,373 Total non-current liabilities 655 62,758 818 64,231 Total shareholders' equity 93,051 29,668 3,283 126,002 Total liabilities and shareholders' equity $ 113,995 $ 94,164 $ 5,447 $ 213,606 As of December 31, 2021 Total current assets $ 50,057 $ 5,528 $ 3,330 $ 58,915 Total non-current assets 66,756 90,018 73 156,847 Total assets $ 116,813 $ 95,546 $ 3,403 $ 215,762 Total current liabilities 25,833 2,459 1,367 29,659 Total non-current liabilities 1,436 63,438 479 65,353 Total shareholders' equity 89,544 29,649 1,557 120,750 Total liabilities and shareholders' equity $ 116,813 $ 95,546 $ 3,403 $ 215,762
Schedule of asset balances, excluding investments and intercompany	The following table shows selected information from the Consolidated Statements of Operations relating to the Company’s segments (in thousands): Oaxaca, Mexico Michigan, USA (1) Corporate and Other Consolidated For the three months ended 2022 Sales, net $ 37,064 $ - $ - $ 37,064 Total mine cost of sales, including depreciation 28,995 33 17 29,045 Exploration expense 810 2,027 - 2,837 Total other costs and expenses, including G&A (3,568) 121 2,175 (1,272) Provision for income taxes (benefit) 3,518 - 263 3,781 Net income (loss) $ 7,309 $ (2,181) $ (2,455) $ 2,673 For the three months ended 2021 Sales, net $ 30,836 $ - $ - $ 30,836 Total mine cost of sales, including depreciation 23,956 - - 23,956 Exploration expense 643 - 5 648 Total other costs and expenses, including G&A 911 - 2,287 3,198 Provision for income taxes (benefit) 1,751 - - 1,751 Net income (loss) $ 3,575 $ - $ (2,292) $ 1,283 (1) Michigan, USA was acquired on December 10, 2021, and therefore, there is no information for the three months ended June 30, 2021. Oaxaca, Mexico Michigan, USA (1) Corporate and Other Consolidated For the six months ended June 30, 2022 Sales, net $ 82,481 $ - $ - $ 82,481 Total mine cost of sales, including depreciation 55,089 33 17 55,139 Exploration expense 2,047 3,095 - 5,142 Total other costs and expenses, including G&A 1,124 438 4,814 6,376 Provision for income taxes (benefit) 8,869 - 263 9,132 Net income (loss) $ 15,352 $ (3,566) $ (5,094) $ 6,692 For the six months ended June 30, 2021 Sales, net $ 58,104 $ - $ - $ 58,104 Total mine cost of sales, including depreciation 42,649 - - 42,649 Exploration expense 1,840 - 15 1,855 Total other costs and expenses, including G&A 533 - 4,912 5,445 Provision for income taxes (benefit) 4,345 - - 4,345 Net income (loss) $ 8,737 $ - $ (4,927) $ 3,810 (1) Michigan, USA was acquired on December 10, 2021, and therefore, there is no information for the six months ended June 30, 2021.

Revenue (Details)

Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Revenue (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Disaggregation of Revenue [Line Items]
Realized gain embedded derivative, net	$ 1,160	$ 359	$ 2,026	$ 450
Unrealized gain (loss) - embedded derivative, net	(3,324)	310	(2,156)	184
Total sales, net	37,064	30,836	82,481	58,104
Dore
Disaggregation of Revenue [Line Items]
Less: Treatment and refining charges	(10)	(20)	(17)	(91)
Total concentrate sales, net	2,531	2,903	3,788	5,696
Gold Dore
Disaggregation of Revenue [Line Items]
Total concentrate sales, net	2,484	2,695	3,728	5,182
Silver Dore
Disaggregation of Revenue [Line Items]
Total concentrate sales, net	57	228	77	605
Concentrate
Disaggregation of Revenue [Line Items]
Less: Treatment and refining charges	(3,127)	(2,907)	(5,868)	(5,791)
Total concentrate sales, net	36,697	27,264	78,823	51,774
Gold Concentrate
Disaggregation of Revenue [Line Items]
Total concentrate sales, net	13,850	7,671	28,391	14,195
Silver Concentrate
Disaggregation of Revenue [Line Items]
Total concentrate sales, net	5,146	6,951	11,231	13,264
Copper Concentrate
Disaggregation of Revenue [Line Items]
Total concentrate sales, net	2,708	3,714	6,805	7,100
Lead Concentrate
Disaggregation of Revenue [Line Items]
Total concentrate sales, net	3,768	2,595	7,595	5,000
Zinc Concentrate
Disaggregation of Revenue [Line Items]
Total concentrate sales, net	14,352	$ 9,240	30,669	18,006
Co-products
Disaggregation of Revenue [Line Items]
Realized gain embedded derivative, net	$ 1,200		$ 1,700	$ 300

Inventories, net (Details)

Inventories, net (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Stockpiles - underground mine	$ 61
Concentrates	2,986	$ 2,048
Dore, net	800	452
Subtotal - product inventories	3,847	2,500
Materials and supplies	8,659	7,861
Total	12,506	10,361
Materials and supplies
Inventory reserve	$ 384	$ 384

Income Taxes (Details)

Income Taxes (Details) - USD ($)	3 Months Ended		6 Months Ended
Income Taxes (Details) - USD ($)	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Income tax expense	$ 3,781,000	$ 1,751,000	$ 9,132,000	$ 4,345,000
Effective tax rate			21%
Mining duty over sales of gold and silver			0.50%
Withholding tax on dividends			10%
Dividend withholding tax between countries			5%
Liability for uncertain tax positions	$ 0		$ 0
Mexico
MITL corporate income tax rate	37.50%		37.50%
MITL corporate income tax rate excluding mining tax			30%
Mining tax rate			7.50%
CANADA
Canada income tax rate	26.50%		26.50%

Promissory Note (Details)

Promissory Note (Details) - 1 months ended Oct. 31, 2021 - Aquila Resources Inc. - Green Light Metals $ in Millions, $ in Millions	CAD ($)	USD ($)
Accounts, Notes, Loans and Financing Receivable [Line Items]
Promissory notes receivable	$ 4.9	$ 3.9
Value of shares issuable as a part of consideration	$ 4.9
Maximum
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of equity interest	28%
Minimum
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of equity interest	20%

Prepaid Expenses and Other Cu_3

Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Prepaid Expenses And Other Current Assets
Advances to suppliers	$ 1,149	$ 188
Prepaid insurance	2,414	1,222
Other current assets	429	875
Total	3,992	$ 2,285
IVA taxes receivable, net	$ 30

Property, Plant and Mine Deve_3

Property, Plant and Mine Development, net - Summary of Property, Equipment and Mine Development (Details) - USD ($) $ in Thousands		Jun. 30, 2022	Dec. 31, 2021
Property, equipment and mine development - net
Property and equipment, gross	[1]	$ 271,665	$ 261,938
Accumulated depreciation and amortization		(118,888)	(105,167)
Total property, equipment and mine development - net		152,777	156,771
Accrued capital expenditures		100	1,700
Asset retirement costs
Property, equipment and mine development - net
Property and equipment, gross		1,065	1,065
Construction-In-Progress
Property, equipment and mine development - net
Property and equipment, gross		2,729	15,854
Furniture and office equipment
Property, equipment and mine development - net
Property and equipment, gross		1,703	1,685
Land
Property, equipment and mine development - net
Property and equipment, gross		9,230	9,230
Mineral interests
Property, equipment and mine development - net
Property and equipment, gross		79,543	79,964
Light Vehicles And Other Mobile Equipment
Property, equipment and mine development - net
Property and equipment, gross		2,376	2,224
Machinery And Equipment
Property, equipment and mine development - net
Property and equipment, gross		39,288	33,213
Mill facilities and infrastructure
Property, equipment and mine development - net
Property and equipment, gross		35,200	24,973
Mine Development
Property, equipment and mine development - net
Property and equipment, gross		98,900	92,138
Software and licenses
Property, equipment and mine development - net
Property and equipment, gross		$ 1,631	$ 1,592

[1] Includes accrued capital expenditures of $0.1 million and $1.7 million at June 30, 2022 and December 31, 2021, respectively.

Property, Plant and Mine Deve_4

Property, Plant and Mine Development, net - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Property, Plant and Mine Development, net
Depreciation and amortization expense	$ 7,262	$ 4,379	$ 13,220	$ 7,778

Accrued Expenses and Other Li_3

Accrued Expenses and Other Liabilities (Details) - USD ($) $ in Thousands		6 Months Ended
	Apr. 23, 2021	Jun. 30, 2022	Dec. 31, 2021
Accrued royalty payments		$ 2,145	$ 1,743
Employee profit sharing obligation		2,113	1,888
Total accrued expenses and other current liabilities		5,589	4,731
Other payables		1,331	1,100
Other Liabilities, Noncurrent [Abstract]
Accrued non-current labor obligation		1,105	920
Deferred stock unit ("DSU") compensation liability		671	206
Other long-term liabilities		160	826
Total other non-current liabilities		1,936	$ 1,952
Percentage of statutory profit sharing payable	10%
Other Long-term Liabilities And Other Expenses [member]
Other Liabilities, Noncurrent [Abstract]
Accrued non-current labor obligation		$ 1,100
Deferred Profit Sharing [Member]
Other Liabilities, Noncurrent [Abstract]
Percentage of statutory profit sharing payable		10%
Deferred Profit Sharing [Member] \| Current Liabilities And Production Cost [Member]
Employee profit sharing obligation		$ 2,100

Gold and Silver Stream Agreem_3

Gold and Silver Stream Agreements - Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Deferred revenue	$ 42,987	$ 42,560
Gold Streaming Agreement
Deferred revenue	20,459	20,364
Silver Streaming Agreement
Deferred revenue	$ 22,528	$ 22,196

Gold and Silver Stream Agreem_4

Gold and Silver Stream Agreements - Narrative (Details) - USD ($) $ in Thousands	1 Months Ended
	Jun. 30, 2020	Jun. 30, 2022	Dec. 31, 2021	Nov. 30, 2017
Discount rate (as a percent)			8%
Deferred revenue		$ 42,987	$ 42,560
Gold Streaming Agreement
Deferred revenue		20,459	20,364
Gold Streaming Agreement \| Aquila Resources Inc. \| Gold [Member]
Amount committed	$ 50,000			$ 55,000
Cash acquisition costs	20,000
Deposit amount	5,000
Project Debt Finance First Draw Down	$ 25,000
Initial Term of Agreement	40 years
Automatic Renewal Term of Agreement	10 years
Deferred revenue		20,000
Contingent Security Deposit Liability		30,000
Threshold Stream (as a percent)	18.50%
Trail Stream (as a percent)	9.25%
Spot price of gold (as a percent)	30%
Maximum Amount Receivable on Gold Per Ounce	$ 600,000
Threshold price of silver at which deposit received is adjusted	105
Gold Streaming Agreement \| Aquila Resources Inc. \| Silver
Deferred revenue		17,200
Threshold price of silver at which deposit received is adjusted	$ 4,000
Gold Streaming Agreement \| Gold Resources Acquisition Company \| Aquila Resources Inc. \| Gold [Member]
Ownership percentage	100%
Silver Streaming Agreement
Deferred revenue		$ 22,528	$ 22,196
Silver Streaming Agreement \| Aquila Resources Inc. \| Silver
Cash acquisition costs	$ 17,200
Deposit amount	$ 0
Initial Term of Agreement	40 years
Automatic Renewal Term of Agreement	10 years
Commodity produced (as a percent)	85%

Reclamation and Remediation (De

Reclamation and Remediation (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2022	Dec. 31, 2021
Asset Retirement Obligation, Roll Forward Analysis
Reclamation liabilities - balance at beginning of period	$ 1,833	$ 1,890
Foreign currency exchange loss (gain)	55	(57)
Reclamation liabilities - balance at end of period	1,888	1,833
Asset retirement obligation - balance at beginning of period	1,279	1,208
Accretion	51	109
Foreign currency exchange loss (gain)	40	(38)
Asset retirement obligation - balance at end of period	1,370	1,279
Total period end balance	$ 3,258	$ 3,112

Reclamation and Remediation - N

Reclamation and Remediation - Narrative (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021	Dec. 31, 2020
Undiscounted reclamation liabilities	$ 1,888	$ 1,833	$ 1,890
Reclamation and remediation discount rate	8%
Asset Retirement Obligation	$ 1,370	1,279	$ 1,208
Don David Gold Mine
Undiscounted reclamation liabilities	1,900	1,800
Asset Retirement Obligation	$ 1,400	$ 1,300

Commitments and Contingencies (

Commitments and Contingencies (Narrative) (Details) $ in Thousands, $ in Millions	Dec. 30, 2013 CAD ($)	Jun. 30, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 10, 2021 USD ($)	Dec. 31, 2013
Leases [Line Items]
Equipment purchase commitments		$ 800	$ 400
Contingent consideration		4,293	$ 4,603
HudBay Michigan Inc
Leases [Line Items]
Percentage of voting equity interests acquired					100%
Aquila Resources Inc. \| Gold and silver streaming agreement with Osisko Bermuda Limited \| Back Forty Project
Leases [Line Items]
Deposit amount				$ 37,200
Aquila Resources Inc. \| Back Forty Project
Leases [Line Items]
Percentage of ownership interest held	100%
Contingent consideration	$ 9
Contingent consideration due upon project financing	$ 3
Percentage of contingent consideration payable in shares	50%
Contingent consideration payable in shares	$ 3
Right to repurchase ownership interest	51%
Contingent consideration		$ 4,300
Aquila Resources Inc. \| Back Forty Project \| 90 days after the commencement of commercial production
Leases [Line Items]
Contingent consideration payable in cash	$ 2
Aquila Resources Inc. \| Back Forty Project \| 270 days after the commencement of commercial production
Leases [Line Items]
Contingent consideration payable in cash	2
Aquila Resources Inc. \| Back Forty Project \| 450 days after the commencement of commercial production
Leases [Line Items]
Contingent consideration payable in cash	$ 2
HudBay Michigan Inc \| HudBay Michigan Inc
Leases [Line Items]
Percentage of net smelter return royalty on production	1%
HudBay Michigan Inc \| Back Forty Project
Leases [Line Items]
Percentage of voting equity interests acquired at the asset acquisition date tied to the development of project	51%

Shareholders' Equity (Details)

Shareholders' Equity (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Shareholders' Equity
Dividend per share declared and paid	$ 0.01	$ 0.01	$ 0.02	$ 0.02
Dividends paid	$ 0.9	$ 1	$ 1.8	$ 1.7
Common stock, shares issued	88,372,692		88,372,692
Common stock, shares outstanding	88,372,692		88,372,692		88,338,774

Derivatives (Details)

Derivatives (Details) $ in Thousands	3 Months Ended		6 Months Ended
Derivatives (Details) $ in Thousands	Jun. 30, 2022 USD ($) $ / t	Jun. 30, 2021 USD ($)	Jun. 30, 2022 USD ($) $ / t $ / oz t oz	Jun. 30, 2021 USD ($)	Dec. 31, 2021 USD ($)
Embedded Derivative [Line Items]
Unsettled sales contracts value			$ 32,063
Realized loss on embedded derivative	$ (1,160)	$ (359)	(2,026)	$ (450)
Unrealized gain (loss) - embedded derivative, net	(3,324)	$ 310	(2,156)	$ 184
Derivative Asset, Current	275		$ 275
Gold
Embedded Derivative [Line Items]
Under contract \| oz			5,029
Average forward price \| $ / oz			1,845
Unsettled sales contracts value			$ 9,279
Silver.
Embedded Derivative [Line Items]
Under contract \| oz			158,039
Average forward price \| $ / oz			21.87
Unsettled sales contracts value			$ 3,456
Copper
Embedded Derivative [Line Items]
Under contract \| t			163
Average forward price \| $ / t			9,092
Unsettled sales contracts value			$ 1,482
Lead
Embedded Derivative [Line Items]
Under contract \| t			1,711
Average forward price \| $ / t			2,157
Unsettled sales contracts value			$ 3,691
Zinc
Embedded Derivative [Line Items]
Under contract \| t			3,553
Average forward price \| $ / t			3,984
Unsettled sales contracts value			$ 14,155
Realized loss on embedded derivative			(2,500)
Unrealized gain (loss) - embedded derivative, net			$ 2,100
Mark to market adjustment on number of tonnes \| t			3,900
Derivative Asset, Current	$ 300		$ 300
Call option sold price per tonne \| $ / t			3,500
Call option sold volume \| t			3,900
Derivative, Floor Price \| $ / t	3,200		3,200
Zinc \| Minimum
Embedded Derivative [Line Items]
Call option sold price per tonne \| $ / t			3,318

Employee Benefits (Details)

Employee Benefits (Details)		6 Months Ended
Employee Benefits (Details)	Apr. 23, 2021	Jun. 30, 2022
Employee Benefits
Defined contribution plan maximum percentage amount of the employee's gross pay that the employee can contribute		50%
Percentage Of Statutory Profit Sharing Payable	10%

Stock-Based Compensation (Detai

Stock-Based Compensation (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity Incentive plan shares for issuance authorized	5,000,000		5,000,000
Options granted	0	0	320,816	600,000
Weighted average exercise price		$ 1.30		$ 1.31
Number of stock options exercised	0	92,719	355,000	217,719
Accrued expenses and other current liabilities	$ 5,589		$ 5,589		$ 4,731
STIP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Accrued expenses and other current liabilities	$ 400		$ 400
Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of units Granted	377,076	0	611,681	0
Total intrinsic value	$ 63,935	$ 6,692	$ 63,935	$ 6,692
Vested (in shares)	77,801	2,614	77,801	2,614
Common shares issued	33,918	2,614	33,918	2,614
Deferred stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of units Granted	0	0	214,357	130,000
Number of units Granted in lieu of board fees	3,352	1,960	6,708	1,960
Additional disclosures
Vesting period				10 years
Deferred stock units liability	$ 600	$ 300	$ 600	$ 300
Phantom Share Units (PSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of units Granted	400,894	0	695,041	0

Stock-Based Compensation - Stoc

Stock-Based Compensation - Stock-based compensation expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Stock-based compensation expense	$ 393	$ 197	$ 1,167	$ 681
Stock options
Stock-based compensation expense	250	135	399	362
Restricted stock units
Stock-based compensation expense	256	70	304	(16)
Performance stock units
Stock-based compensation expense	94		94
Deferred stock units
Stock-based compensation expense	$ (207)	$ (8)	$ 370	$ 335

Zinc Zero Cost Collar (Details)

Zinc Zero Cost Collar (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Zinc Zero Cost Collar (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Derivative Instruments, Gain (Loss) [Line Items]
Realized loss on zinc zero cost collar	$ 1,160	$ 359	$ 2,026	$ 450
Unrealized gain on zinc zero cost collar	(3,324)	310	(2,156)	184
Total	3,799		(338)
Zinc
Derivative Instruments, Gain (Loss) [Line Items]
Realized loss on zinc zero cost collar	1,220	159	1,649	160
Unrealized gain on zinc zero cost collar	(2,550)	$ 37	(1,962)	$ 120
Zero Cost Collar \| Zinc
Derivative Instruments, Gain (Loss) [Line Items]
Realized loss on zinc zero cost collar	300
Zero Cost Collar \| Zinc \| Not designated as hedge
Derivative Instruments, Gain (Loss) [Line Items]
Realized loss on zinc zero cost collar	829		2,457
Unrealized gain on zinc zero cost collar	(4,628)		(2,119)
Total	$ (3,799)		$ 338

Other (Income) Expense, Net (De

Other (Income) Expense, Net (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Unrealized currency exchange loss	$ 77	$ 75	$ 522	$ 316
Realized currency exchange loss (gain)	30	114	159	(59)
Realized and unrealized loss (gain) from gold and silver rounds, net	8	(34)	(28)	32
Employee benefit obligation		700		700
Interest on streaming liabilities	134		310
Other (income) expense	(35)	12	89	(436)
Total	$ 214	$ 867	1,052	$ 553
Other Expense [Member]
Employee benefit obligation			$ 100

Net Income per Common Share - N

Net Income per Common Share - Narrative (Details) - $ / shares shares in Millions	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Net Income per Common Share
Stock options excluded from computation of diluted weighted average share outstanding	2.3	2.6
Shares excluded from weighted average shares outstanding, exercise price	$ 4.49	$ 6.92

Net Income per Common Share - P

Net Income per Common Share - Potential Dilutive Stock Options On Weighted Average Shares Outstanding (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Net Income per Common Share
Net income	$ 2,673	$ 1,283	$ 6,692	$ 3,810
Basic weighted average shares of common stock outstanding	88,343,992	74,485,672	88,341,398	74,445,058
Dilutive effect of share-based awards	447,560	501,887	305,451	423,129
Diluted weighted average common shares outstanding	88,791,552	74,987,559	88,646,849	74,868,187
Basic net income (loss) per common share:
Basic net income per common share	$ 0.03	$ 0.02	$ 0.08	$ 0.05
Diluted net income (loss) per common share:
Diluted net income per common share	$ 0.03	$ 0.02	$ 0.08	$ 0.05

Fair Value Measurement (Details

Fair Value Measurement (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net allowance for doubtful accounts	$ 1,900	$ 0
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	33,335	33,712
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Accounts receivable, net	6,277	8,672
Derivative asset - zinc zero cost collar	$ 275
Derivative liability - zinc zero cost collar		$ (1,844)

Fair Value Measurement - Statem

Fair Value Measurement - Statement Of Income Classification (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Fair Value Statement Of Income Classification [Line Items]
Unrealized loss on zinc zero cost collar	$ 4,628		$ 2,119
Sales, net
Fair Value Statement Of Income Classification [Line Items]
Realized and unrealized derivative gain (loss), net	(2,164)	$ 669	(130)	$ 634
Other expenses, net
Fair Value Statement Of Income Classification [Line Items]
Realized loss on zinc zero cost collar	(829)		(2,457)
Unrealized loss on zinc zero cost collar	$ 4,628		$ 2,119

Fair Value Measurement - Realiz

Fair Value Measurement - Realized Unrealized Derivatives, net (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Derivatives, Fair Value [Line Items]
Realized (loss) gain	$ 1,160	$ 359	$ 2,026	$ 450
Unrealized gain (loss)	(3,324)	310	(2,156)	184
Total realized/ unrealized derivatives, net	(2,164)	669	(130)	634
Gold
Derivatives, Fair Value [Line Items]
Realized (loss) gain	56	21	182	(23)
Unrealized gain (loss)	(243)	130	(1)	30
Total realized/ unrealized derivatives, net	(187)	151	181	7
Silver.
Derivatives, Fair Value [Line Items]
Realized (loss) gain	(95)	87	154	172
Unrealized gain (loss)	(164)	103	111	21
Total realized/ unrealized derivatives, net	(259)	190	265	193
Copper
Derivatives, Fair Value [Line Items]
Realized (loss) gain	(58)	62	(15)	67
Unrealized gain (loss)	(121)	(47)	(105)	(8)
Total realized/ unrealized derivatives, net	(179)	15	(120)	59
Lead
Derivatives, Fair Value [Line Items]
Realized (loss) gain	37	30	56	74
Unrealized gain (loss)	(246)	87	(199)	21
Total realized/ unrealized derivatives, net	(209)	117	(143)	95
Zinc
Derivatives, Fair Value [Line Items]
Realized (loss) gain	1,220	159	1,649	160
Unrealized gain (loss)	(2,550)	37	(1,962)	120
Total realized/ unrealized derivatives, net	$ (1,330)	$ 196	$ (313)	$ 280

Supplementary Cash Flow Infor_3

Supplementary Cash Flow Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Supplementary Cash Flow Information
Unrealized (gain) loss on gold and silver rounds	$ 8	$ (35)	$ (62)	$ 31
Realized loss on gold and silver rounds		1	34	1
Unrealized foreign currency exchange loss	77	75	522	316
Unrealized loss on zinc zero cost collar	(4,628)		(2,119)
Other	165	60	(202)	93
Total other operating adjustments	$ (4,378)	$ 101	$ (1,827)	$ 441

Segment Reporting (Details)

Segment Reporting (Details) $ in Thousands	3 Months Ended		6 Months Ended
Segment Reporting (Details) $ in Thousands	Jun. 30, 2022 USD ($)	Jun. 30, 2021 USD ($)	Jun. 30, 2022 USD ($) segment	Jun. 30, 2021 USD ($)	Mar. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Mar. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Number of geographic regions \| segment			3
Balance sheet information
Total current assets	$ 60,426		$ 60,426			$ 58,915
Total non-current assets	153,180		153,180			156,847
Total assets	213,606		213,606			215,762
Total current liabilities	23,373		23,373			29,659
Total non-current liabilities	64,231		64,231			65,353
Total shareholders' equity	126,002	$ 93,263	126,002	$ 93,263	$ 123,715	120,750	$ 92,422	$ 90,538
Total liabilities and shareholders' equity	213,606		213,606			215,762
Income statement information
Sales, net	37,064	30,836	82,481	58,104
Total mine cost of sales	29,045	23,956	55,139	42,649
Exploration expenses	2,837	648	5,142	1,855
Total other costs and expenses	(1,272)	3,198
Provision for income taxes	3,781	1,751	9,132	4,345
Net income (loss)	2,673	1,283
Operating Segments \| Oaxaca, Mexico
Balance sheet information
Total current assets	50,771		50,771			50,057
Total non-current assets	63,224		63,224			66,756
Total assets	113,995		113,995			116,813
Total current liabilities	20,289		20,289			25,833
Total non-current liabilities	655		655			1,436
Total shareholders' equity	93,051		93,051			89,544
Total liabilities and shareholders' equity	113,995		113,995			116,813
Income statement information
Sales, net	37,064	30,836	82,481	58,104
Total mine cost of sales	28,995	23,956	55,089	42,649
Exploration expenses	810	643	2,047	1,840
Total other costs and expenses	(3,568)	911	1,124	533
Provision for income taxes	3,518	1,751	8,869	4,345
Net income (loss)	7,309	3,575	15,352	$ 8,737
Operating Segments \| Michigan, USA
Balance sheet information
Total current assets	4,586		4,586			5,528
Total non-current assets	89,578		89,578			90,018
Total assets	94,164		94,164			95,546
Total current liabilities	1,738		1,738			2,459
Total non-current liabilities	62,758		62,758			63,438
Total shareholders' equity	29,668		29,668			29,649
Total liabilities and shareholders' equity	94,164		94,164			95,546
Income statement information
Total mine cost of sales	33
Exploration expenses	2,027
Total other costs and expenses	121
Net income (loss)	(2,181)
Corporate and Other
Balance sheet information
Total current assets	5,069		5,069			3,330
Total non-current assets	378		378			73
Total assets	5,447		5,447			3,403
Total current liabilities	1,346		1,346			1,367
Total non-current liabilities	818		818			479
Total shareholders' equity	3,283		3,283			1,557
Total liabilities and shareholders' equity	5,447		$ 5,447			$ 3,403
Income statement information
Total mine cost of sales	17
Exploration expenses		5
Total other costs and expenses	2,175	2,287
Provision for income taxes	263
Net income (loss)	$ (2,455)	$ (2,292)