Gold Resource (GORO) 10-Q25 Apr 232023 Q1 Quarterly reportFinancial data

Company Profile

Document And Entity Information

Document And Entity Information - shares	3 Months Ended
Document And Entity Information - shares	Mar. 31, 2023	Apr. 23, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2023
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	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		88,468,542
Amendment Flag	false
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q1
Entity Central Index Key	0001160791
Current Fiscal Year End Date	--12-31

CONDENSED CONSOLIDATED INTERIM

CONDENSED CONSOLIDATED INTERIM BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 21,420	$ 23,675
Accounts receivable, net	5,134	5,085
Inventories, net	11,179	13,500
Prepaid expenses and other current assets	2,983	3,839
Total current assets	40,716	46,099
Property, plant and mine development, net	148,997	152,563
Other non-current assets	5,488	5,509
Total assets	195,201	204,171
Current liabilities:
Accounts payable	8,616	13,329
Mining royalty taxes payable, net	744	3,945
Contingent consideration	2,215	2,211
Accrued expenses and other current liabilities	5,058	5,197
Total current liabilities	16,633	24,682
Reclamation and remediation liabilities	11,669	10,366
Gold and silver stream agreements liability	43,740	43,466
Deferred tax liabilities, net	7,719	9,224
Contingent consideration	2,144	2,179
Other non-current liabilities	2,305	2,490
Total liabilities	84,210	92,407
Shareholders' equity:
Common stock - $0.001 par value, 200,000,000 shares authorized: 88,468,542 and 88,398,109 shares outstanding at March 31, 2023 and December 31, 2022, respectively	89	89
Additional paid-in capital	111,286	111,024
Retained earnings	6,671	7,706
Treasury stock at cost, 336,398 shares	(5,884)	(5,884)
Accumulated other comprehensive loss	(1,171)	(1,171)
Total shareholders' equity	110,991	111,764
Total liabilities and shareholders' equity	$ 195,201	$ 204,171

CONDENSED CONSOLIDATED INTERI_2

CONDENSED CONSOLIDATED INTERIM BALANCE SHEETS (Parenthetical) - $ / shares	Mar. 31, 2023	Dec. 31, 2022
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	88,468,542	88,398,109
Treasury stock, shares	336,398	336,398

CONDENSED CONSOLIDATED INTERI_3

CONDENSED CONSOLIDATED INTERIM STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Sales, net	$ 31,228	$ 45,417
Cost of sales:
Production costs	19,850	20,074
Depreciation and amortization	7,254	5,958
Reclamation and remediation	195	62
Total cost of sales	27,299	26,094
Mine gross profit	3,929	19,323
Costs and expenses:
General and administrative expenses	1,193	1,899
Exploration expenses	1,839	2,305
Stock-based compensation	597	774
Realized and unrealized loss on zinc zero cost collar		4,137
Other expense, net	1,469	838
Total costs and expenses	5,098	9,953
(Loss) income before income taxes	(1,169)	9,370
Provision for income taxes	(134)	5,351
Net (loss) income	$ (1,035)	$ 4,019
Net (loss) income per common share:
Basic net (loss) income per common share	$ (0.01)	$ 0.05
Diluted net (loss) income per common share	$ (0.01)	$ 0.05
Weighted average shares outstanding:
Basic	88,405,935	88,338,774
Diluted	88,405,935	88,616,868
Oaxaca, Mexico
Costs and expenses:
Exploration expenses	$ 1,389	$ 1,237
Michigan, USA
Costs and expenses:
Exploration expenses	$ 450	$ 1,068

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, 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
Stock-based compensation		160				160
Net stock options exercised		(331)				$ (331)
Net stock options exercised (in shares)						355,000
Dividends declared			(883)			$ (883)
Net (loss) income			4,019			4,019
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
Balance at Dec. 31, 2022		111,024	7,706	(5,884)	(1,171)	111,764
Balance (in shares) at Dec. 31, 2022	88,734,507
Balance at Dec. 31, 2022	$ 89					89
Stock-based compensation		273				$ 273
Net stock options exercised (in shares)						0
Common stock issued for vested restricted stock units (in shares)	88,570
Surrender of stock for taxes due on vesting		(11)				$ (11)
Surrender of stock for taxes due on vesting (in shares)	(18,137)
Net (loss) income			(1,035)			(1,035)
Balance at Mar. 31, 2023		$ 111,286	$ 6,671	$ (5,884)	$ (1,171)	110,991
Balance (in shares) at Mar. 31, 2023	88,804,940
Balance at Mar. 31, 2023	$ 89					$ 89

CONDENSED CONSOLIDATED INTERI_5

CONDENSED CONSOLIDATED INTERIM STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (Parenthetical)	3 Months Ended
	Mar. 31, 2022 $ / shares
CONDENSED CONSOLIDATED INTERIM STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY
Cash dividends declared per share	$ 0.01

CONDENSED CONSOLIDATED INTERI_6

CONDENSED CONSOLIDATED INTERIM STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Cash flows from operating activities:
Net (loss) income	$ (1,035)	$ 4,019
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Deferred income tax benefit	(715)	(827)
Depreciation and amortization, including amortization in reclamation	7,276	6,003
Stock-based compensation	597	774
Other operating adjustments	631	2,551
Changes in operating assets and liabilities:
Accounts receivable	(49)	(2,975)
Inventories	1,741	(2,013)
Prepaid expenses and other current assets	1,390	1,179
Other noncurrent assets	(42)	340
Accounts payable and other accrued liabilities	(4,514)	(920)
Mining royalty and income taxes payable, net	(4,256)	(3,901)
Net cash provided by operating activities	1,024	4,230
Cash flows from investing activities:
Capital expenditures	(3,136)	(5,949)
Proceeds from the sale of gold and silver rounds		533
Net cash used in investing activities	(3,136)	(5,416)
Cash flows from financing activities:
(Cash settlement of) proceeds from stock options exercise		(246)
Dividends paid		(883)
Other financing activities	(16)
Net cash used in financing activities	(16)	(1,129)
Effect of exchange rate changes on cash and cash equivalents	(127)	(222)
Net (decrease) increase in cash and cash equivalents	(2,255)	(2,537)
Cash and cash equivalents at beginning of period	23,675	33,712
Cash and cash equivalents at end of period	$ 21,420	$ 31,175

CONDENSED CONSOLIDATED INTERI_7

CONDENSED CONSOLIDATED INTERIM STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Supplemental Cash Flow Information
Income and mining taxes paid	$ 4,501	$ 13,857
Non-cash investing activities and financing:
Change in capital expenditures in accounts payable	$ (983)	$ (927)

Basis of Preparation of Financi

Basis of Preparation of Financial Statements	3 Months Ended
Basis of Preparation of Financial Statements	Mar. 31, 2023
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, 2022 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. In the first quarter of 2022, exploration expenses included both the Don David Gold Mine (“DDGM”) exploration expenses and the Back Forty Project expenses. In 2023, these are presented on separate lines in the Consolidated Statements of Operations to align with the current presentation. These reclassifications had no effect on the reported results of operations.

Recently Adopted Accounting Sta

Recently Adopted Accounting Standards	3 Months Ended
Recently Adopted Accounting Standards	Mar. 31, 2023
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	3 Months Ended
Revenue	Mar. 31, 2023
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 March 31, 2023 2022 (in thousands) Doré sales, net Gold $ 1,725 $ 1,244 Silver 69 20 Less: Refining charges (25) (7) Total doré sales, net 1,769 1,257 Concentrate sales Gold 10,622 14,541 Silver 6,573 6,085 Copper 2,994 4,097 Lead 2,965 3,827 Zinc 9,551 16,317 Less: Treatment and refining charges (3,159) (2,741) Total concentrate sales, net 29,546 42,126 Realized gain - embedded derivative, net (1) 634 866 Unrealized (loss) gain - embedded derivative, net (721) 1,168 Total sales, net $ 31,228 $ 45,417 (1) Copper, lead, and zinc are co-products. In the Realized gain - embedded derivative, net, there is $0.4 million gain related to these co-products for the three months ended March 31, 2023. There is $0.5 million gain in the Realized gain - embedded derivative, net, related to the co-products for the three months ended March 31, 2022.

Inventories, net

Inventories, net	3 Months Ended
Inventories, net	Mar. 31, 2023
Inventories, net
Inventories, net	4. Inventories, net At March 31, 2023 and December 31, 2022, inventories, net, consisted of the following: As of As of March 31, December 31, 2023 2022 (in thousands) Stockpiles - underground mine $ 171 $ 597 Concentrates 2,035 3,271 Doré, net 382 653 Subtotal - product inventories 2,588 4,521 Materials and supplies (1) 8,591 8,979 Total $ 11,179 $ 13,500 (1) Net of reserve for obsolescence of $0.1 million as of March 31, 2023 and December 31, 2022.

Income Taxes

Income Taxes	3 Months Ended
Income Taxes	Mar. 31, 2023
Income Taxes
Income Taxes	5. Income Taxes The Company recorded an income tax benefit of $0.1 million for the three months ended March 31, 2023. For the three months ended March 31, 2022, the Company recorded an income tax expense of $5.4 million. 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. and Canadian jurisdictions do 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: (i) 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, and (ii) the “extraordinary” mining duty of 0.5% on gross revenue from the sale of gold, silver, and platinum. The mining royalty tax is generally applicable to earnings before income tax, depreciation, depletion, amortization, and interest. In calculating the mining royalty tax, there are no Gold Resource Corporation deductions related to depreciable costs from operational fixed assets, but prospecting and exploration expenses are amortized using a 10% rate in a 10 year straight line. Both duties are tax deductible for income tax purposes. As a result, our effective tax rate applicable to the Company’s Mexican operations is higher than Mexico’s statutory rate. 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 2023 is reflected in the estimated annual effective tax rate. As of March 31, 2023, the Company recorded $0.6 million deferred tax liability related to the 5% withholding tax on funds available for transfer to the U.S. as dividends in the future are no longer deemed to be permanently reinvested in Mexico. If these funds are distributed to the U.S. from Mexico in the future, at that time, they will be subject to the 5% dividend withholding tax payment upon distribution. As of March 31, 2023, the Company believes that it has no liability for uncertain tax positions.

Prepaid Expenses and Other Curr

Prepaid Expenses and Other Current Assets	3 Months Ended
Prepaid Expenses and Other Current Assets	Mar. 31, 2023
Prepaid Expenses And Other Current Assets
Prepaid Expenses and Other Current Assets	6. Prepaid Expenses and Other Current Assets At March 31, 2023 and December 31, 2022, prepaid expenses and other current assets consisted of the following: As of As of March 31, December 31, 2023 2022 (in thousands) Advances to suppliers $ 711 $ 867 Prepaid insurance 538 1,298 Prepaid income tax 1,256 432 Other current assets 478 1,242 Total $ 2,983 $ 3,839

Property, Plant and Mine Develo

Property, Plant and Mine Development, net	3 Months Ended
Property, Plant and Mine Development, net	Mar. 31, 2023
Property, Plant and Mine Development, net
Property, Plant and Mine Development, net	7. Property, Plant and Mine Development, net At March 31, 2023 and December 31, 2022, property, plant and mine development, net consisted of the following: As of As of March 31, December 31, 2023 2022 (in thousands) Asset retirement costs $ 7,449 $ 7,449 Construction-in-progress 250 351 Furniture and office equipment 1,776 1,732 Land 9,033 9,033 Mineral interest 79,543 79,543 Light vehicles and other mobile equipment 2,144 2,327 Machinery and equipment 41,729 41,343 Mill facilities and infrastructure 35,924 35,917 Mine Development 107,916 105,263 Software and licenses 1,554 1,552 Subtotal (1) 287,318 284,510 Accumulated depreciation and amortization (138,321) (131,947) Total $ 148,997 $ 152,563 (1) Includes accrued capital expenditures of $0.3 million and $1.3 million at March 31, 2023 and December 31, 2022, respectively. The Company recorded depreciation and amortization expense of $7.3 million for the three months ended March 31, 2023 as compared to $6.0 million for the same period ended March 31, 2022.

Other Non-current Assets

Other Non-current Assets	3 Months Ended
Other Non-current Assets	Mar. 31, 2023
Other Non-current Assets
Other Non-current Assets	8. Other Non-current Assets At March 31, 2023 and December 31, 2022, other non-current assets consisted of the following: As of As of March 31, December 31, 2023 2022 (in thousands) Investment in Maritime $ 1,561 $ 1,559 Investment in Green Light Metals 3,617 3,611 Other non-current assets 310 339 Total $ 5,488 $ 5,509 Investment in Maritime On September 22, 2022, the Company invested C$2.4 million (or $1.7 million) in the common shares of Maritime Resources Corp. The 47 million shares purchased represent 9.9% of the issued and outstanding shares of Maritime. Both as of March 31, 2023 and as of December 31, 2022, the value of the investment was $1.6 million. Investment in Green Light Metals 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 C$4.9 million ($3.9 million) promissory note. In December 2022, an amended agreement was executed (1) amending the maturity date to December 28, 2022, (2) clarifying the definition of “qualified financing” which set the value to C$0.40 per share for the common shares that were to be issued at maturity; and (3) adding a top-up provision that would result in additional common shares being issued to the Company if any Green Light Metals financing was raised at less than C$0.40 per share before March 31, 2023, essentially preventing dilution and ensuring that the total value of the Green Light Metals shares held by the Company at March 31, 2023 remains at C$4.9 million.

Accrued Expenses

Accrued Expenses	3 Months Ended
Accrued Expenses	Mar. 31, 2023
Accrued Expenses
Accrued Expenses and Other Liabilities	9. Accrued Expenses and Other Liabilities At March 31, 2023 and December 31, 2022, accrued expenses and other liabilities consisted of the following: As of As of March 31, December 31, 2023 2022 (in thousands) Accrued royalty payments $ 1,402 $ 1,787 IVA taxes payable, net 274 - Share-based compensation liability 168 - Liability for Aquila drillhole capping (1) 110 - Employee profit sharing obligation 2,350 2,206 Other payables 754 1,204 Total accrued expenses and other current liabilities $ 5,058 $ 5,197 Accrued non-current labor obligation $ 1,145 $ 1,050 Share-based compensation liability 1,040 884 Other long-term liabilities 120 556 Total other non-current liabilities $ 2,305 $ 2,490 (1) This is the current portion of the Company’s reclamation and remediation liabilities. Please see Note 11— Reclamation and Remediation in this Condensed Consolidated Interim Financial Statements and Notes for additional information. A value added (“IVA”) tax in Mexico is 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 March 31, 2023, this resulted in a liability balance.

Gold and Silver Stream Agreemen

Gold and Silver Stream Agreements	3 Months Ended
Gold and Silver Stream Agreements	Mar. 31, 2023
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 March 31, 2023 and December 31, 2022: As of As of March 31, December 31, 2023 2022 (in thousands) Liability related to the Gold Stream Agreement $ 20,938 $ 20,881 Liability related to the Silver Stream Agreement 22,802 22,585 Total liability $ 43,740 $ 43,466 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 March 31, 2023. The $20 million received from OBL through March 31, 2023 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 December 31, 2022 closing gold and silver metal price 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. (See Note 12—Commitments and Contingencies Item 8—Financial Statements and Supplementary Data Silver Stream Agreement Through a series of contracts, Aquila executed a silver stream agreement with OBL to purchase 85% of the silver produced and sold at the Back Forty Project. A total of $17.2 million has been advanced under the agreement of March 31, 2023. 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 March 31, 2023. 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 March 31, 2023 is shown as a long-term liability on the Consolidated Balance Sheet along with an implied interest. (See Note 12—Commitments and Contingencies Item 8—Financial Statements and Supplementary Data

Reclamation and Remediation

Reclamation and Remediation	3 Months Ended
Reclamation and Remediation	Mar. 31, 2023
Reclamation and Remediation
Reclamation and Remediation	11. Reclamation and Remediation The following table presents the reclamation and remediation obligations as of March 31, 2023 and December 31, 2022: As of As of March 31, December 31, 2023 2022 (in thousands) Current reclamation and remediation liabilities (1) $ 110 $ - Non-current reclamation and remediation liabilities 11,669 10,366 Total $ 11,779 $ 10,366 (1) The current portion of reclamation and remediation liabilities are included in Accrued expenses and other current liabilities. Please see Note 9— Accrued Expenses and Other Liabilities in this Condensed Consolidated Interim Financial Statements and Notes for additional information. The following table presents the changes in reclamation and remediation obligations for the three months ended March 31, 2023 and the year ended December 31, 2022: 2023 2022 (in thousands) Reclamation liabilities – balance at beginning of period $ 1,949 $ 1,833 Foreign currency exchange loss 135 116 Reclamation liabilities – balance at end of period 2,084 1,949 Asset retirement obligation – balance at beginning of period (1) 8,417 1,279 Changes in estimate (1) - 6,384 Liability for Aquila drillhole capping (2) 514 - Accretion 173 668 Foreign currency exchange loss 591 86 Asset retirement obligation – balance at end of period 9,695 8,417 Total period end balance $ 11,779 $ 10,366 (1) In 2022, the Company updated its closure plan study, which resulted in a $6.4 million increase in the estimated liability and asset retirement costs. This increase is a result of formalizing a tailings storage facility closure plan, the addition of the dry stack facility and the filtration plant, and the increase of inflation in Mexico. (2) As of December 31, 2022, the Company reported the liability to remediate exploration drill holes at the Back Forty Project in Michigan, USA in other non-current liabilities. As of March 31, 2023, this liability was reclassified to non-current reclamation and remediation liabilities. Upon completion of the optimized feasibility study and the related mine closure plan, an asset for asset retirement obligation and corresponding liability for reclamation and remediation will be recorded. The Company’s undiscounted reclamation liabilities of $2.1 million and $1.9 million as of March 31, 2023 and December 31, 2022, 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 March 31, 2023 and December 31, 2022, the Company’s asset retirement obligation related to was $9.7 million and $8.4 million, respectively, and was mostly related to the Don David Gold Mine in Mexico.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
Commitments and Contingencies	Mar. 31, 2023
Commitments and Contingencies
Commitments and Contingencies	12. Commitments and Contingencies Commitments As of March 31, 2023 and December 31, 2022, the Company has equipment purchase commitments of approximately $1.0 million and $1.2 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 March 31, 2023 was $4.4 million, including $2.2 million in current liabilities and $2.2 million in non-current liabilities. It is more likely than not that management will pay C$3 million ($2.2 million) of the liability in 2023 in order to prevent the repurchase of 51% ownership by HMI. Therefore, this portion is presented as current liability, with $2.2 million remaining in long-term liability. The contingent consideration is adjusted for the 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 and is subject to a variety of environmental and safety laws and regulations incident to the ordinary course of business. The Company currently has no basis to conclude that any or all of 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 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. Under the agreements, Osisko deposited a total of $37.2 million upfront in exchange for a portion of the future gold and silver production from the Back Forty Project. The stream agreements contain customary provisions regarding default and security. In the event that our subsidiary defaults under the stream agreements, including failing to achieve commercial production at a future date, it may be required to repay the deposit plus accumulated interest at a rate agreed with Osisko. If it fails to do so, Osisko may be entitled to enforce its remedies as a secured party and take possession of the assets that comprise the Back Forty Project.

Shareholders' Equity

Shareholders' Equity	3 Months Ended
Shareholders' Equity	Mar. 31, 2023
Shareholders' Equity
Shareholders' Equity	13. Shareholders’ Equity No dividends were declared and paid in 2023. During the three months ended March 31, 2022, the Company declared and paid dividends of $0.01 per common share, paying an aggregate total of $0.9 million.

Derivatives

Derivatives	3 Months Ended
Derivatives	Mar. 31, 2023
Derivatives
Derivatives	14. Derivatives Embedded Derivatives Concentrate Sales 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 Condensed Consolidated Interim Financial Statements and Notes The following table summarizes the Company’s unsettled sales contracts at March 31, 2023 with the quantities of metals under contract subject to final pricing expected to occur through May 2023: Gold Silver Copper Lead Zinc Total (ounces) (ounces) (tonnes) (tonnes) (tonnes) Under contract 4,390 256,430 207 1,720 2,183 Average forward price (per ounce or tonne) $ 1,885 $ 22.08 $ 8,880 $ 2,092 $ 3,078 Unsettled sales contracts value (in thousands) $ 8,275 $ 5,662 $ 1,838 $ 3,598 $ 6,719 $ 26,092 Other Derivatives Zinc zero cost collar 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 December 31, 2022, the Company’s hedge program concluded, but the Company may utilize similar programs in the future to manage near-term exposure to cash flow variability from metal prices. The Company manages credit risk by selecting counterparties believed 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	3 Months Ended
Employee Benefits	Mar. 31, 2023
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”) payment. 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 Condensed Consolidated Interim Financial Statements and Notes

Stock-Based Compensation

Stock-Based Compensation	3 Months Ended
Stock-Based Compensation	Mar. 31, 2023
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 deferred stock units (“DSUs”), restricted stock units (“RSUs”), stock options, and performance share units (“PSUs”). 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, PSUs, 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. DSUs of 278,663 and 214,357 were granted to the Board of Directors during the three months ended March 31, 2023 and 2022, respectively. DSUs are vested immediately and 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 market each reporting period. The Company may also issue DSUs for directors in lieu of board fees at their request. During the three months ended March 31, 2023 and 2022, respectively, there were 13,649 and 3,356 DSUs granted in lieu of board fees that are also subject to mark-to-market adjustment. Additionally, during the three months ended March 31, 2023, executives were granted 212,407 DSUs in lieu of half of their STIP cash bonus for 2022. As of March 31, 2023 and 2022, the non-current liability balances related to DSUs were $0.9 million and $0.8 million, respectively. For the three months ended March 31, 2023 and 2022, respectively, the changes in liabilities related to DSUs resulted in $0.4 million and $0.6 million stock-based compensation expense. RSUs of 612,059 and 234,605 were granted during the three months ended March 31, 2023 and 2022, respectively. During the three months ended March 31, 2023 and 2022, respectively, a total of 195,525 and nil RSUs vested. For the RSUs vesting in 2023, 70,433 common shares were issued with an intrinsic value and a fair value of $61,981, RSUs of 18,137 were withheld for taxes due to net settlement, and 106,955 RSUs were deferred. Stock options of nil and 320,816 were granted during the three months ended March 31, 2023 and 2022, respectively. Stock options of nil and 355,000, respectively, were exercised during the three months ended March 31, 2023 and 2022. The exercises in 2022 were settled in cash. PSUs of 534,890 and 294,147 were granted during the three months ended March 31, 2023 and 2022, respectively. PSUs cliff vest usually in three years based on the relative and absolute total shareholder return of a predetermined peer group and are expected to be settled in cash. As of March 31, 2023 and 2022, the current liability balances related to PSUs were $0.2 million and nil, respectively, and the non-current liability balances related to PSUs were $0.1 million and nil, respectively. Stock-based compensation expense for the periods presented is as follows: For the three months ended March 31, 2023 2022 (in thousands) Deferred stock units 357 577 Restricted stock units 153 48 Stock options $ 120 $ 149 Performance stock units (33) - Total $ 597 $ 774 The Co .

Zinc Zero Cost Collar

Zinc Zero Cost Collar	3 Months Ended
Zinc Zero Cost Collar	Mar. 31, 2023
Zinc Zero Cost Collar
Zinc Zero Cost Collar	17. Zinc Zero Cost Collar During the three months ended March 31, 2023 and 2022, the realized and unrealized (gains) losses related to the Company’s Zinc Zero Cost Collar are the following: For the three months ended March 31, 2023 2022 (in thousands) Realized loss on zinc zero cost collar $ - $ 1,628 Unrealized loss on zinc zero cost collar (1) - 2,509 Total $ - $ 4,137 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. Gains and losses due to changes in fair value are non-cash in nature until such time that they are realized through cash transactions. Please see Note 14—Derivatives Condensed Consolidated Interim Financial Statements and Notes

Other Expense, net

Other Expense, net	3 Months Ended
Other Expense, net	Mar. 31, 2023
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 March 31, 2023 2022 (in thousands) Unrealized currency exchange loss (1) $ 453 $ 445 Realized currency exchange loss 176 129 Realized and unrealized gain from gold and silver rounds, net (9) (36) Interest on streaming liabilities 274 176 Severance (2) 610 - Other (income) expense (35) 124 Total $ 1,469 $ 838 (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 in this Condensed Consolidated Interim Financial Statements and Notes for additional information . (2) This is due to an organized reduction of workforce and leadership change at DDGM in Mexico .

Net Income per Common Share

Net Income per Common Share	3 Months Ended
Net Income per Common Share	Mar. 31, 2023
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 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 1.5 million shares of common stock at weighted average exercise prices of $2.90 were outstanding as of March 31, 2023 but had no dilutive effect due to the net loss. Options to purchase 2.7 million shares of common stock at a weighted average exercise prices of $4.08 were outstanding as of March 31, 2022 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 March 31, 2023 2022 Numerator: Net (loss) income (in thousands) $ (1,035) $ 4,019 Denominator: Basic weighted average shares of common stock outstanding 88,405,935 88,338,774 Dilutive effect of share-based awards - 278,094 Diluted weighted average common shares outstanding 88,405,935 88,616,868 Basic and diluted net (loss) income per common share $ (0.01) $ 0.05

Fair Value Measurement

Fair Value Measurement	3 Months Ended
Fair Value Measurement	Mar. 31, 2023
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 and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. These assets and liabilities are remeasured for each reporting period. The following tables set forth certain of the Company’s assets and liabilities measured at fair value by level within the fair value hierarchy as of March 31, 2023 and December 31, 2022: As of As of March 31, December 31, Input Hierarchy Level 2023 2022 (in thousands) Cash and cash equivalents $ 21,420 $ 23,675 Level 1 Accounts receivable, net $ 5,134 $ 5,085 Level 2 Investment in equity securities-Maritime $ 1,561 $ 1,559 Level 1 Investment in equity securities-Green Light Metals $ 3,617 $ 3,611 Level 3 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: At March 31, 2023 and December 31, 2022, the Company had an unrealized loss of $0.1 million and an unrealized gain of $0.6 million, respectively, included in its accounts receivable on the accompanying Consolidated Balance Sheets related to mark-to-market adjustments. Please see Note 14—Derivatives Condensed Consolidated Interim Financial Statements and Notes Investment in equity securities—Maritime Investment in equity securities—Green Light Metals 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 March 31, Statements of Operations Classification 2023 2022 Note Realized and unrealized derivative (loss) gain, net 14 $ (87) $ 2,034 Sales, net Realized loss on zinc zero cost collar 17 $ - $ (1,628) Realized and unrealized loss on zinc zero cost collar Unrealized loss on zinc zero cost collar 17 $ - $ (2,509) 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 March 31, 2023 Realized gain $ 114 $ 149 $ 54 $ 94 $ 223 $ 634 Unrealized loss (37) (271) (10) (103) (300) (721) Total realized/unrealized derivatives, net $ 77 $ (122) $ 44 $ (9) $ (77) $ (87) Gold Silver Copper Lead Zinc Total For the three months ended March 31, 2022 Realized gain $ 126 $ 249 $ 43 $ 19 $ 429 $ 866 Unrealized gain 242 275 16 47 588 1,168 Total realized/unrealized derivatives, net $ 368 $ 524 $ 59 $ 66 $ 1,017 $ 2,034

Supplementary Cash Flow Informa

Supplementary Cash Flow Information	3 Months Ended
Supplementary Cash Flow Information	Mar. 31, 2023
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 months ended March 31, 2023 and 2022 consisted of the following: For the three months ended March 31, 2023 2022 (in thousands) Unrealized (gain) loss on gold and silver rounds $ (9) $ (70) Unrealized foreign currency exchange loss 453 445 Unrealized (gain) loss on zinc zero cost collar - 2,509 Other 187 (333) Total other operating adjustments $ 631 $ 2,551

Segment Reporting

Segment Reporting	3 Months Ended
Segment Reporting	Mar. 31, 2023
Segment Reporting
Segment Reporting	22. Segment Reporting As of March 31, 2023, 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 March 31, 2023 Total current assets $ 35,626 $ 144 $ 4,946 $ 40,716 Total non-current assets 59,759 92,908 1,818 154,485 Total assets $ 95,385 $ 93,052 $ 6,764 $ 195,201 Total current liabilities $ 12,904 2,649 1,080 $ 16,633 Total non-current liabilities 5,142 60,717 1,718 67,577 Total shareholders' equity 77,339 29,686 3,966 110,991 Total liabilities and shareholders' equity $ 95,385 $ 93,052 $ 6,764 $ 195,201 As of December 31, 2022 Total current assets $ 38,032 $ 272 $ 7,795 $ 46,099 Total non-current assets 63,342 92,927 1,803 158,072 Total assets $ 101,374 $ 93,199 $ 9,598 $ 204,171 Total current liabilities $ 20,035 $ 3,352 $ 1,295 $ 24,682 Total non-current liabilities 5,533 60,648 1,544 67,725 Total shareholders' equity 75,806 29,199 6,759 111,764 Total liabilities and shareholders' equity $ 101,374 $ 93,199 $ 9,598 $ 204,171 The following table shows selected information from the Consolidated Statements of Operations relating to the Company’s segments (in thousands): Oaxaca, Mexico Michigan, USA Corporate and Other Consolidated For the three months ended March 31, 2023 Sales, net $ 31,228 $ - $ - $ 31,228 Total mine cost of sales, including depreciation 26,660 14 625 27,299 Exploration expense 1,389 450 - 1,839 Total other costs and expenses, including G&A 631 244 2,384 3,259 Provision for income taxes 50 (222) 38 (134) Net income (loss) $ 2,498 $ (486) $ (3,047) $ (1,035) For the three months ended March 31, 2022 Sales, net $ 45,417 $ - $ - $ 45,417 Total mine cost of sales, including depreciation 26,094 - - 26,094 Exploration expense 1,237 1,068 - 2,305 Total other costs and expenses, including G&A 4,692 317 2,639 7,648 Provision for income taxes 5,351 - - 5,351 Net income (loss) $ 8,043 $ (1,385) $ (2,639) $ 4,019

Basis of Preparation of Finan_2

Basis of Preparation of Financial Statements (Policies)	3 Months Ended
Basis of Preparation of Financial Statements (Policies)	Mar. 31, 2023
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, 2022 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. In the first quarter of 2022, exploration expenses included both the Don David Gold Mine (“DDGM”) exploration expenses and the Back Forty Project expenses. In 2023, these are presented on separate lines in the Consolidated Statements of Operations to align with the current presentation. These reclassifications had no effect on the reported results of operations.

Recently Adopted Accounting S_2

Recently Adopted Accounting Standards (Policies)	3 Months Ended
Recently Adopted Accounting Standards (Policies)	Mar. 31, 2023
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)	3 Months Ended
Revenue (Tables)	Mar. 31, 2023
Revenue
Summary of revenue from the sale of dore and concentrate	For the three months ended March 31, 2023 2022 (in thousands) Doré sales, net Gold $ 1,725 $ 1,244 Silver 69 20 Less: Refining charges (25) (7) Total doré sales, net 1,769 1,257 Concentrate sales Gold 10,622 14,541 Silver 6,573 6,085 Copper 2,994 4,097 Lead 2,965 3,827 Zinc 9,551 16,317 Less: Treatment and refining charges (3,159) (2,741) Total concentrate sales, net 29,546 42,126 Realized gain - embedded derivative, net (1) 634 866 Unrealized (loss) gain - embedded derivative, net (721) 1,168 Total sales, net $ 31,228 $ 45,417 (1) Copper, lead, and zinc are co-products. In the Realized gain - embedded derivative, net, there is $0.4 million gain related to these co-products for the three months ended March 31, 2023. There is $0.5 million gain in the Realized gain - embedded derivative, net, related to the co-products for the three months ended March 31, 2022.

Inventories, net (Tables)

Inventories, net (Tables)	3 Months Ended
Inventories, net (Tables)	Mar. 31, 2023
Inventories, net
Summary of Inventories	As of As of March 31, December 31, 2023 2022 (in thousands) Stockpiles - underground mine $ 171 $ 597 Concentrates 2,035 3,271 Doré, net 382 653 Subtotal - product inventories 2,588 4,521 Materials and supplies (1) 8,591 8,979 Total $ 11,179 $ 13,500 (1) Net of reserve for obsolescence of $0.1 million as of March 31, 2023 and December 31, 2022.

Prepaid Expenses and Other Cu_2

Prepaid Expenses and Other Current Assets (Tables)	3 Months Ended
Prepaid Expenses and Other Current Assets (Tables)	Mar. 31, 2023
Prepaid Expenses And Other Current Assets
Schedule of prepaid and other assets	As of As of March 31, December 31, 2023 2022 (in thousands) Advances to suppliers $ 711 $ 867 Prepaid insurance 538 1,298 Prepaid income tax 1,256 432 Other current assets 478 1,242 Total $ 2,983 $ 3,839

Property, Plant and Mine Deve_2

Property, Plant and Mine Development, net (Tables)	3 Months Ended
Property, Plant and Mine Development, net (Tables)	Mar. 31, 2023
Property, Plant and Mine Development, net
Schedule of property, plant and mine development	As of As of March 31, December 31, 2023 2022 (in thousands) Asset retirement costs $ 7,449 $ 7,449 Construction-in-progress 250 351 Furniture and office equipment 1,776 1,732 Land 9,033 9,033 Mineral interest 79,543 79,543 Light vehicles and other mobile equipment 2,144 2,327 Machinery and equipment 41,729 41,343 Mill facilities and infrastructure 35,924 35,917 Mine Development 107,916 105,263 Software and licenses 1,554 1,552 Subtotal (1) 287,318 284,510 Accumulated depreciation and amortization (138,321) (131,947) Total $ 148,997 $ 152,563 (1) Includes accrued capital expenditures of $0.3 million and $1.3 million at March 31, 2023 and December 31, 2022, respectively.

Other Non-current Assets (Table

Other Non-current Assets (Tables)	3 Months Ended
Other Non-current Assets (Tables)	Mar. 31, 2023
Other Non-current Assets
Schedule of other non-current assets	As of As of March 31, December 31, 2023 2022 (in thousands) Investment in Maritime $ 1,561 $ 1,559 Investment in Green Light Metals 3,617 3,611 Other non-current assets 310 339 Total $ 5,488 $ 5,509

Accrued Expenses (Tables)

Accrued Expenses (Tables)	3 Months Ended
Accrued Expenses (Tables)	Mar. 31, 2023
Accrued Expenses
Schedule of accrued expenses and other current liabilities	As of As of March 31, December 31, 2023 2022 (in thousands) Accrued royalty payments $ 1,402 $ 1,787 IVA taxes payable, net 274 - Share-based compensation liability 168 - Liability for Aquila drillhole capping (1) 110 - Employee profit sharing obligation 2,350 2,206 Other payables 754 1,204 Total accrued expenses and other current liabilities $ 5,058 $ 5,197 Accrued non-current labor obligation $ 1,145 $ 1,050 Share-based compensation liability 1,040 884 Other long-term liabilities 120 556 Total other non-current liabilities $ 2,305 $ 2,490 (1) This is the current portion of the Company’s reclamation and remediation liabilities. Please see Note 11— Reclamation and Remediation in this Condensed Consolidated Interim Financial Statements and Notes for additional information.

Gold and Silver Stream Agreem_2

Gold and Silver Stream Agreements (Tables)	3 Months Ended
Gold and Silver Stream Agreements (Tables)	Mar. 31, 2023
Gold and Silver Stream Agreements
Schedule of liabilities related to the deferred revenues	As of As of March 31, December 31, 2023 2022 (in thousands) Liability related to the Gold Stream Agreement $ 20,938 $ 20,881 Liability related to the Silver Stream Agreement 22,802 22,585 Total liability $ 43,740 $ 43,466

Reclamation and Remediation (Ta

Reclamation and Remediation (Tables)	3 Months Ended
Reclamation and Remediation (Tables)	Mar. 31, 2023
Reclamation and Remediation
Summary of Reclamation and Remediation Obligation	As of As of March 31, December 31, 2023 2022 (in thousands) Current reclamation and remediation liabilities (1) $ 110 $ - Non-current reclamation and remediation liabilities 11,669 10,366 Total $ 11,779 $ 10,366 (1) The current portion of reclamation and remediation liabilities are included in Accrued expenses and other current liabilities. Please see Note 9— Accrued Expenses and Other Liabilities in this Condensed Consolidated Interim Financial Statements and Notes for additional information.
Summary of Changes in Reclamation and Remediation	2023 2022 (in thousands) Reclamation liabilities – balance at beginning of period $ 1,949 $ 1,833 Foreign currency exchange loss 135 116 Reclamation liabilities – balance at end of period 2,084 1,949 Asset retirement obligation – balance at beginning of period (1) 8,417 1,279 Changes in estimate (1) - 6,384 Liability for Aquila drillhole capping (2) 514 - Accretion 173 668 Foreign currency exchange loss 591 86 Asset retirement obligation – balance at end of period 9,695 8,417 Total period end balance $ 11,779 $ 10,366 (1) In 2022, the Company updated its closure plan study, which resulted in a $6.4 million increase in the estimated liability and asset retirement costs. This increase is a result of formalizing a tailings storage facility closure plan, the addition of the dry stack facility and the filtration plant, and the increase of inflation in Mexico. (2) As of December 31, 2022, the Company reported the liability to remediate exploration drill holes at the Back Forty Project in Michigan, USA in other non-current liabilities. As of March 31, 2023, this liability was reclassified to non-current reclamation and remediation liabilities. Upon completion of the optimized feasibility study and the related mine closure plan, an asset for asset retirement obligation and corresponding liability for reclamation and remediation will be recorded.

Derivatives (Tables)

Derivatives (Tables)	3 Months Ended
Derivatives (Tables)	Mar. 31, 2023
Derivatives
Summary of unsettled sales contracts	Gold Silver Copper Lead Zinc Total (ounces) (ounces) (tonnes) (tonnes) (tonnes) Under contract 4,390 256,430 207 1,720 2,183 Average forward price (per ounce or tonne) $ 1,885 $ 22.08 $ 8,880 $ 2,092 $ 3,078 Unsettled sales contracts value (in thousands) $ 8,275 $ 5,662 $ 1,838 $ 3,598 $ 6,719 $ 26,092

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	3 Months Ended
Stock-Based Compensation (Tables)	Mar. 31, 2023
Stock-Based Compensation
Stock-based compensation expense	For the three months ended March 31, 2023 2022 (in thousands) Deferred stock units 357 577 Restricted stock units 153 48 Stock options $ 120 $ 149 Performance stock units (33) - Total $ 597 $ 774

Zinc Zero Cost Collar (Tables)

Zinc Zero Cost Collar (Tables)	3 Months Ended
Zinc Zero Cost Collar (Tables)	Mar. 31, 2023
Zinc Zero Cost Collar
Schedule of realized and unrealized losses related to Zinc Zero Cost Collar	For the three months ended March 31, 2023 2022 (in thousands) Realized loss on zinc zero cost collar $ - $ 1,628 Unrealized loss on zinc zero cost collar (1) - 2,509 Total $ - $ 4,137

Other Expense, net (Tables)

Other Expense, net (Tables)	3 Months Ended
Other Expense, net (Tables)	Mar. 31, 2023
Other (Income) Expense, Net
Schedule of Other (Income) Expense, net	For the three months ended March 31, 2023 2022 (in thousands) Unrealized currency exchange loss (1) $ 453 $ 445 Realized currency exchange loss 176 129 Realized and unrealized gain from gold and silver rounds, net (9) (36) Interest on streaming liabilities 274 176 Severance (2) 610 - Other (income) expense (35) 124 Total $ 1,469 $ 838 (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 in this Condensed Consolidated Interim Financial Statements and Notes for additional information . (2) This is due to an organized reduction of workforce and leadership change at DDGM in Mexico .

Net Income per Common Share (Ta

Net Income per Common Share (Tables)	3 Months Ended
Net Income per Common Share (Tables)	Mar. 31, 2023
Net Income per Common Share
Schedule of net income per common share	For the three months ended March 31, 2023 2022 Numerator: Net (loss) income (in thousands) $ (1,035) $ 4,019 Denominator: Basic weighted average shares of common stock outstanding 88,405,935 88,338,774 Dilutive effect of share-based awards - 278,094 Diluted weighted average common shares outstanding 88,405,935 88,616,868 Basic and diluted net (loss) income per common share $ (0.01) $ 0.05

Fair Value Measurement (Tables)

Fair Value Measurement (Tables)	3 Months Ended
Fair Value Measurement (Tables)	Mar. 31, 2023
Fair Value Measurement
Assets measured at fair value by level within fair value hierarchy	As of As of March 31, December 31, Input Hierarchy Level 2023 2022 (in thousands) Cash and cash equivalents $ 21,420 $ 23,675 Level 1 Accounts receivable, net $ 5,134 $ 5,085 Level 2 Investment in equity securities-Maritime $ 1,561 $ 1,559 Level 1 Investment in equity securities-Green Light Metals $ 3,617 $ 3,611 Level 3
Gains and Losses Related to Changes in Fair Value	For the three months ended March 31, Statements of Operations Classification 2023 2022 Note Realized and unrealized derivative (loss) gain, net 14 $ (87) $ 2,034 Sales, net Realized loss on zinc zero cost collar 17 $ - $ (1,628) Realized and unrealized loss on zinc zero cost collar Unrealized loss on zinc zero cost collar 17 $ - $ (2,509) 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 March 31, 2023 Realized gain $ 114 $ 149 $ 54 $ 94 $ 223 $ 634 Unrealized loss (37) (271) (10) (103) (300) (721) Total realized/unrealized derivatives, net $ 77 $ (122) $ 44 $ (9) $ (77) $ (87) Gold Silver Copper Lead Zinc Total For the three months ended March 31, 2022 Realized gain $ 126 $ 249 $ 43 $ 19 $ 429 $ 866 Unrealized gain 242 275 16 47 588 1,168 Total realized/unrealized derivatives, net $ 368 $ 524 $ 59 $ 66 $ 1,017 $ 2,034

Supplementary Cash Flow Infor_2

Supplementary Cash Flow Information (Tables)	3 Months Ended
Supplementary Cash Flow Information (Tables)	Mar. 31, 2023
Supplementary Cash Flow Information
Schedule of Supplementary Cash Flow Information	For the three months ended March 31, 2023 2022 (in thousands) Unrealized (gain) loss on gold and silver rounds $ (9) $ (70) Unrealized foreign currency exchange loss 453 445 Unrealized (gain) loss on zinc zero cost collar - 2,509 Other 187 (333) Total other operating adjustments $ 631 $ 2,551

Segment Reporting (Tables)

Segment Reporting (Tables)	3 Months Ended
Segment Reporting (Tables)	Mar. 31, 2023
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 March 31, 2023 Total current assets $ 35,626 $ 144 $ 4,946 $ 40,716 Total non-current assets 59,759 92,908 1,818 154,485 Total assets $ 95,385 $ 93,052 $ 6,764 $ 195,201 Total current liabilities $ 12,904 2,649 1,080 $ 16,633 Total non-current liabilities 5,142 60,717 1,718 67,577 Total shareholders' equity 77,339 29,686 3,966 110,991 Total liabilities and shareholders' equity $ 95,385 $ 93,052 $ 6,764 $ 195,201 As of December 31, 2022 Total current assets $ 38,032 $ 272 $ 7,795 $ 46,099 Total non-current assets 63,342 92,927 1,803 158,072 Total assets $ 101,374 $ 93,199 $ 9,598 $ 204,171 Total current liabilities $ 20,035 $ 3,352 $ 1,295 $ 24,682 Total non-current liabilities 5,533 60,648 1,544 67,725 Total shareholders' equity 75,806 29,199 6,759 111,764 Total liabilities and shareholders' equity $ 101,374 $ 93,199 $ 9,598 $ 204,171
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 Corporate and Other Consolidated For the three months ended March 31, 2023 Sales, net $ 31,228 $ - $ - $ 31,228 Total mine cost of sales, including depreciation 26,660 14 625 27,299 Exploration expense 1,389 450 - 1,839 Total other costs and expenses, including G&A 631 244 2,384 3,259 Provision for income taxes 50 (222) 38 (134) Net income (loss) $ 2,498 $ (486) $ (3,047) $ (1,035) For the three months ended March 31, 2022 Sales, net $ 45,417 $ - $ - $ 45,417 Total mine cost of sales, including depreciation 26,094 - - 26,094 Exploration expense 1,237 1,068 - 2,305 Total other costs and expenses, including G&A 4,692 317 2,639 7,648 Provision for income taxes 5,351 - - 5,351 Net income (loss) $ 8,043 $ (1,385) $ (2,639) $ 4,019

Revenue (Details)

Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
Revenue (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Mar. 31, 2022
Disaggregation of Revenue [Line Items]
Realized gain - embedded derivative, net	$ 634	$ 866
Unrealized (loss) gain - embedded derivative, net	(721)	1,168
Total sales, net	31,228	45,417
Dore
Disaggregation of Revenue [Line Items]
Less: Treatment and refining charges	(25)	(7)
Total concentrate sales, net	1,769	1,257
Gold Dore
Disaggregation of Revenue [Line Items]
Total concentrate sales, net	1,725	1,244
Silver Dore
Disaggregation of Revenue [Line Items]
Total concentrate sales, net	69	20
Concentrate
Disaggregation of Revenue [Line Items]
Less: Treatment and refining charges	(3,159)	(2,741)
Total concentrate sales, net	29,546	42,126
Gold Concentrate
Disaggregation of Revenue [Line Items]
Total concentrate sales, net	10,622	14,541
Silver Concentrate
Disaggregation of Revenue [Line Items]
Total concentrate sales, net	6,573	6,085
Copper Concentrate
Disaggregation of Revenue [Line Items]
Total concentrate sales, net	2,994	4,097
Lead Concentrate
Disaggregation of Revenue [Line Items]
Total concentrate sales, net	2,965	3,827
Zinc Concentrate
Disaggregation of Revenue [Line Items]
Total concentrate sales, net	9,551	16,317
Co-products
Disaggregation of Revenue [Line Items]
Realized gain - embedded derivative, net	$ 400	$ 500

Inventories, net (Details)

Inventories, net (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Stockpiles - underground mine	$ 171	$ 597
Concentrates	2,035	3,271
Dore, net	382	653
Subtotal - product inventories	2,588	4,521
Materials and supplies	8,591	8,979
Total	11,179	13,500
Materials and supplies
Inventory reserve	$ 100	$ 100

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Details) - USD ($)	3 Months Ended
Income Taxes - Narrative (Details) - USD ($)	Mar. 31, 2023	Mar. 31, 2022
Income Taxes [Line Items]
Effective tax rate	21%
Withholding tax on dividends	10%
Dividend withholding tax between countries	5%
Income tax expense	$ (134,000)	$ 5,351,000
Liability for uncertain tax positions	$ 0
CANADA
Income Taxes [Line Items]
Canada income tax rate	26.50%
Mexico
Income Taxes [Line Items]
Withholding tax on dividends	5%
MITL corporate income tax rate	30%	37.50%
MITL royalty tax on mining concessions	7.50%
Royalty fee as percent of gross revenue	0.50%
Liability for uncertain tax positions	$ 600,000
Amortization period	10 years
Amortization rate	10%
MITL corporate income tax rate excluding mining tax	30%
Mining tax rate	7.50%

Prepaid Expenses and Other Cu_3

Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Prepaid Expenses And Other Current Assets
Advances to suppliers	$ 711	$ 867
Prepaid insurance	538	1,298
Prepaid income tax	1,256	432
Other current assets	478	1,242
Total	$ 2,983	$ 3,839

Property, Plant and Mine Deve_3

Property, Plant and Mine Development, net - Summary of Property, Equipment and Mine Development (Details) - USD ($) $ in Thousands		Mar. 31, 2023	Dec. 31, 2022
Property, equipment and mine development - net
Property and equipment, gross	[1]	$ 287,318	$ 284,510
Accumulated depreciation and amortization		(138,321)	(131,947)
Total property, equipment and mine development - net		148,997	152,563
Accrued capital expenditures		300	1,300
Asset retirement costs
Property, equipment and mine development - net
Property and equipment, gross		7,449	7,449
Construction-In-Progress
Property, equipment and mine development - net
Property and equipment, gross		250	351
Furniture and office equipment
Property, equipment and mine development - net
Property and equipment, gross		1,776	1,732
Land
Property, equipment and mine development - net
Property and equipment, gross		9,033	9,033
Mineral interests
Property, equipment and mine development - net
Property and equipment, gross		79,543	79,543
Light Vehicles And Other Mobile Equipment
Property, equipment and mine development - net
Property and equipment, gross		2,144	2,327
Machinery And Equipment
Property, equipment and mine development - net
Property and equipment, gross		41,729	41,343
Mill facilities and infrastructure
Property, equipment and mine development - net
Property and equipment, gross		35,924	35,917
Mine Development
Property, equipment and mine development - net
Property and equipment, gross		107,916	105,263
Software and licenses
Property, equipment and mine development - net
Property and equipment, gross		$ 1,554	$ 1,552

[1] Includes accrued capital expenditures of $0.3 million and $1.3 million at March 31, 2023 and December 31, 2022, respectively.

Property, Plant and Mine Deve_4

Property, Plant and Mine Development, net - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Property, Plant and Mine Development, net
Depreciation and amortization expense	$ 7,300	$ 6,000
Liability for Aquila drillhole capping	$ 514

Other Non-current Assets (Detai

Other Non-current Assets (Details) $ in Thousands, $ in Millions	Mar. 31, 2023 USD ($)	Mar. 31, 2023 CAD ($)	Dec. 31, 2022 USD ($)
Other Non-current Assets
Other non-current assets	$ 310		$ 339
Total	5,488		5,509
Maritime Resources Corp
Other Non-current Assets
Equity Investment	1,561		1,559
Green Light Metals
Other Non-current Assets
Equity Investment	$ 3,600	$ 4.9	$ 3,611

Other Non-current Assets - Narr

Other Non-current Assets - Narrative (Details) $ / shares in Units, $ in Thousands, $ in Millions			3 Months Ended
	Dec. 28, 2022 shares	Sep. 22, 2022 USD ($) shares	Mar. 31, 2023 USD ($) $ / shares	Mar. 31, 2023 CAD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2022 $ / shares	Sep. 22, 2022 CAD ($) shares	Oct. 31, 2021 USD ($)	Oct. 31, 2021 CAD ($)
Green Light Metals
Other Non-current Assets
Per share for the common shares that were to be issued at maturity \| $ / shares						$ 0.40
Number of shares received in conversion of promissory note \| shares	12,250,000
Green Light Metals \| Aquila Resources Inc.
Other Non-current Assets
Promissory notes receivable								$ 3,900	$ 4.9
Maritime Resources Corp
Other Non-current Assets
Investment amount		$ 1,700					$ 2.4
Number of shares purchased or received \| shares		47,000,000					47,000,000
Percentage of investment on issued and outstanding capital		9.90%
Equity Investment \| $			$ 1,561		$ 1,559
Green Light Metals
Other Non-current Assets
Equity Investment			$ 3,600	$ 4.9	$ 3,611
Ownership percentage	28.50%		28%	28%
Maximum per share amount for additional shares being issued. \| $ / shares			$ 0.40

Accrued Expenses (Details)

Accrued Expenses (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Accrued Expenses
Accrued royalty payments	$ 1,402	$ 1,787
IVA taxes payable, net	274
Share-based compensation liability	168
Liability for Aquila drillhole capping	110
Employee profit sharing obligation	2,350	2,206
Other payables	754	1,204
Total accrued expenses and other current liabilities	5,058	5,197
Other Liabilities, Noncurrent [Abstract]
Accrued non-current labor obligation	1,145	1,050
Share-based compensation liability	1,040	884
Other long-term liabilities	120	556
Total other non-current liabilities	$ 2,305	$ 2,490

Gold and Silver Stream Agreem_3

Gold and Silver Stream Agreements - Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Deferred revenue	$ 43,740	$ 43,466
Gold Streaming Agreement
Deferred revenue	20,938	20,881
Silver Streaming Agreement
Deferred revenue	$ 22,802	$ 22,585

Gold and Silver Stream Agreem_4

Gold and Silver Stream Agreements - Narrative (Details) - USD ($)	1 Months Ended	3 Months Ended
	Jun. 30, 2020	Mar. 31, 2023	Dec. 31, 2022	Nov. 30, 2017
Discount rate (as a percent)		8%	8%
Deferred revenue		$ 43,740,000	$ 43,466,000
Gold Streaming Agreement
Deferred revenue		20,938,000	20,881,000
Gold Streaming Agreement \| Aquila Resources Inc. \| Gold.
Amount committed	$ 50,000,000			$ 55,000,000
Cash acquisition costs	20,000,000
Deposit amount	5,000,000
Project debt finance first draw down	$ 25,000,000
Initial term of agreement	40 years
Automatic renewal term of agreement	10 years
Deferred revenue		20,000,000
Deposit liability			30,000,000
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
Threshold price of silver at which deposit received is adjusted	105,000
Gold Streaming Agreement \| Aquila Resources Inc. \| Silver
Deferred revenue		17,200,000
Threshold price of silver at which deposit received is adjusted	$ 4
Gold Streaming Agreement \| Gold Resources Acquisition Company \| Aquila Resources Inc. \| Gold.
Ownership percentage	100%
Silver Streaming Agreement
Deferred revenue		22,802,000	$ 22,585,000
Silver Streaming Agreement \| Aquila Resources Inc. \| Silver
Cash acquisition costs		17,200,000
Deposit amount		$ 0
Initial term of agreement		40 years
Automatic renewal term of agreement		10 years
Commodity produced (as a percent)	85%	85%

Reclamation and Remediation - O

Reclamation and Remediation - Obligations (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Reclamation and Remediation
Current reclamation and remediation liabilities	$ 110
Reclamation and remediation liabilities	11,669	$ 10,366
Total	$ 11,779	$ 10,366

Reclamation and Remediation - C

Reclamation and Remediation - Changes (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Asset Retirement Obligation, Roll Forward Analysis
Reclamation liabilities - balance at beginning of period	$ 1,949	$ 1,833
Foreign currency exchange loss (gain)	135	116
Reclamation liabilities - balance at end of period	2,084	1,949
Asset retirement obligation - balance at beginning of period	8,417	1,279
Changes in estimate		6,384
Liability for Aquila drillhole capping	514
Accretion	173	668
Foreign currency exchange loss (gain)	591	86
Asset retirement obligation - balance at end of period	9,695	8,417
Total	$ 11,779	$ 10,366

Reclamation and Remediation - N

Reclamation and Remediation - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Mar. 31, 2023	Dec. 31, 2021
Undiscounted reclamation liabilities	$ 1,949	$ 2,084	$ 1,833
Reclamation and remediation discount rate		8%
Asset Retirement Obligation	8,417	$ 9,695	$ 1,279
Increase in estimated liability	6,400
Don David Gold Mine
Undiscounted reclamation liabilities	1,900	2,100
Asset Retirement Obligation	$ 8,400	$ 9,700

Commitments and Contingencies (

Commitments and Contingencies (Narrative) (Details) $ in Thousands, $ in Millions		3 Months Ended
	Dec. 30, 2013 CAD ($)	Mar. 31, 2023 USD ($)	Mar. 31, 2023 CAD ($)	Dec. 31, 2022 USD ($)	Dec. 10, 2021 USD ($)
Leases [Line Items]
Equipment purchase commitments		$ 1,000		$ 1,200
Contingent consideration		2,144		2,179
Contingent consideration, current		2,215		$ 2,211
HudBay Michigan Inc
Leases [Line Items]
Percentage of voting equity interests acquired	100%
Management payment		$ 2,200	$ 3
Ownership interest purchase to be prevented		51%	51%
Contingent consideration, current		$ 2,200
HudBay Michigan 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	4,400
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		2,200
Contingent consideration, current		$ 2,200
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
	Mar. 31, 2022	Mar. 31, 2023	Dec. 31, 2022
Shareholders' Equity
Dividend per share declared and paid	$ 0.01
Dividends paid	$ 0.9
Common stock, shares outstanding		88,468,542	88,398,109

Derivatives (Details)

Derivatives (Details) $ in Thousands	3 Months Ended
Derivatives (Details) $ in Thousands	Mar. 31, 2023 USD ($) $ / t $ / oz oz t
Embedded Derivative [Line Items]
Unsettled sales contracts value	$ 26,092
Gold
Embedded Derivative [Line Items]
Under contract \| oz	4,390
Average forward price \| $ / oz	1,885
Unsettled sales contracts value	$ 8,275
Silver.
Embedded Derivative [Line Items]
Under contract \| oz	256,430
Average forward price \| $ / oz	22.08
Unsettled sales contracts value	$ 5,662
Copper
Embedded Derivative [Line Items]
Under contract \| t	207
Average forward price \| $ / t	8,880
Unsettled sales contracts value	$ 1,838
Lead
Embedded Derivative [Line Items]
Under contract \| t	1,720
Average forward price \| $ / t	2,092
Unsettled sales contracts value	$ 3,598
Zinc
Embedded Derivative [Line Items]
Under contract \| t	2,183
Average forward price \| $ / t	3,078
Unsettled sales contracts value	$ 6,719

Employee Benefits (Details)

Employee Benefits (Details)	3 Months Ended
Employee Benefits (Details)	Mar. 31, 2023
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 (Narra

Stock-Based Compensation (Narrative) (Details) - USD ($)	3 Months Ended
Stock-Based Compensation (Narrative) (Details) - USD ($)	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Additionally number of shares granted	5,000,000
Options granted	0	320,816
Number of stock options exercised	0	355,000
Accrued Liabilities Current	$ 5,058,000		$ 5,197,000
Stock-based compensation expense	597,000	$ 774,000
STIP
Accrued Liabilities Current	$ 400,000
Restricted stock units
Number of units Granted	612,059	234,605
Common shares issued	70,433
Vested and redeemed	195,525	0
Total intrinsic value	$ 61,981
Stock-based compensation expense	$ 153,000	$ 48,000
Deferred	106,955
Withheld taxes - Obligation	18,137
Performance stock units
Number of units Granted	534,890	294,147
Vesting period	3 years
Stock-based compensation expense	$ (33,000)
Current Liability related to PSU	200,000	$ 0
Non - Current liability related to PSU	$ 100,000	$ 0
Deferred stock units
Vesting period	10 years
Number of units Granted in lieu of board fees	13,649	3,356
Deferred stock units liability	$ 400,000	$ 600,000
Number of units Granted	278,663	214,357
Stock-based compensation expense	$ 357,000	$ 577,000
Other non-current liability	$ 900,000	$ 800,000
Deferred stock units \| Executive Officer
Number of units Granted	212,407

Stock-Based Compensation - Stoc

Stock-Based Compensation - Stock-based compensation expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Stock-based compensation expense	$ 597	$ 774
Deferred stock units
Stock-based compensation expense	357	577
Restricted stock units
Stock-based compensation expense	153	48
Stock options
Stock-based compensation expense	120	$ 149
Performance stock units
Stock-based compensation expense	$ (33)

Zinc Zero Cost Collar (Details)

Zinc Zero Cost Collar (Details) - USD ($) $ in Thousands	3 Months Ended
Zinc Zero Cost Collar (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Mar. 31, 2022
Derivative Instruments, Gain (Loss) [Line Items]
Realized (gain) loss on zinc zero cost collar	$ (634)	$ (866)
Unrealized (gain) loss on zinc zero cost collar	721	(1,168)
Total		4,137
Zinc
Derivative Instruments, Gain (Loss) [Line Items]
Realized (gain) loss on zinc zero cost collar	(223)	(429)
Unrealized (gain) loss on zinc zero cost collar	$ 300	(588)
Zero Cost Collar \| Zinc \| Not designated as hedge
Derivative Instruments, Gain (Loss) [Line Items]
Realized (gain) loss on zinc zero cost collar		(1,628)
Unrealized (gain) loss on zinc zero cost collar		(2,509)
Total		$ (4,137)

Other Expense, net (Details)

Other Expense, net (Details) - USD ($) $ in Thousands	3 Months Ended
Other Expense, net (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Mar. 31, 2022
Other (Income) Expense, Net
Unrealized currency exchange loss	$ 453	$ 445
Realized currency exchange loss	176	129
Realized and unrealized gain from gold and silver rounds, net	(9)	(36)
Interest on streaming liabilities	274	176
Severance	610
Other (income) expense	(35)	124
Total	$ 1,469	$ 838

Net Income per Common Share - N

Net Income per Common Share - Narrative (Details) - $ / shares shares in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Net Income per Common Share
Stock options excluded from computation of diluted weighted average share outstanding	1.5	2.7
Shares excluded from weighted average shares outstanding, exercise price	$ 2.90	$ 4.08

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
	Mar. 31, 2023	Mar. 31, 2022
Net Income per Common Share
Net (loss) income	$ (1,035)	$ 4,019
Basic weighted average shares of common stock outstanding	88,405,935	88,338,774
Dilutive effect of share-based awards		278,094
Diluted weighted average common shares outstanding	88,405,935	88,616,868
Basic net income (loss) per common share:
Basic net (loss) income per common share	$ (0.01)	$ 0.05
Diluted net income (loss) per common share:
Diluted net (loss) income per common share	$ (0.01)	$ 0.05

Fair Value Measurement (Details

Fair Value Measurement (Details) $ / shares in Units, $ in Thousands, $ in Millions				3 Months Ended	12 Months Ended
	Dec. 28, 2022 shares	Sep. 22, 2022 USD ($) shares	Sep. 22, 2022 CAD ($) shares	Mar. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Mar. 31, 2023 CAD ($) $ / shares	Dec. 31, 2022 $ / shares
Green Light Metals [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Share price \| $ / shares						$ 0.40
Green Light Metals [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Number of shares received in conversion of promissory note \| shares	12,250,000
Maritime Resources Corp
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment made		$ 1,700	$ 2.4
Number of equity securities purchased \| shares		47	47
Realized and unrealized derivative (loss) gain, net				$ 0
Equity Investment				$ 1,561	$ 1,559
Share price \| $ / shares						$ 0.045	$ 0.045
Green Light Metals [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Ownership percentage	28.50%			28%		28%
Equity Investment				$ 3,600	3,611	$ 4.9
Maximum \| Maritime Resources Corp
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Ownership percentage		10%	10%
Accounts Receivable
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Realized and unrealized derivative (loss) gain, net				(100)	600
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents				21,420	23,675
Investment in equity securities				1,561	1,559
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Accounts receivable, net				5,134	5,085
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment in equity securities				$ 3,617	$ 3,611

Fair Value Measurement - Statem

Fair Value Measurement - Statement Of Income Classification (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Fair Value Statement Of Income Classification [Line Items]
Unrealized gain (loss) on zinc zero cost collar		$ (2,509)
Sales, net
Fair Value Statement Of Income Classification [Line Items]
Realized and unrealized derivative (loss) gain, net	$ (87)	2,034
Other expenses, net
Fair Value Statement Of Income Classification [Line Items]
Realized gain (loss) on zinc zero cost collar		(1,628)
Unrealized gain (loss) on zinc zero cost collar		$ (2,509)

Fair Value Measurement - Realiz

Fair Value Measurement - Realized Unrealized Derivatives, net (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Derivatives, Fair Value [Line Items]
Realized gain	$ 634	$ 866
Unrealized gain (loss)	(721)	1,168
Total realized/ unrealized derivatives, net	(87)	2,034
Gold
Derivatives, Fair Value [Line Items]
Realized gain	114	126
Unrealized gain (loss)	(37)	242
Total realized/ unrealized derivatives, net	77	368
Silver.
Derivatives, Fair Value [Line Items]
Realized gain	149	249
Unrealized gain (loss)	(271)	275
Total realized/ unrealized derivatives, net	(122)	524
Copper
Derivatives, Fair Value [Line Items]
Realized gain	54	43
Unrealized gain (loss)	(10)	16
Total realized/ unrealized derivatives, net	44	59
Lead
Derivatives, Fair Value [Line Items]
Realized gain	94	19
Unrealized gain (loss)	(103)	47
Total realized/ unrealized derivatives, net	(9)	66
Zinc
Derivatives, Fair Value [Line Items]
Realized gain	223	429
Unrealized gain (loss)	(300)	588
Total realized/ unrealized derivatives, net	$ (77)	$ 1,017

Supplementary Cash Flow Infor_3

Supplementary Cash Flow Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Supplementary Cash Flow Information
Unrealized loss (gain) on gold and silver rounds	$ (9)	$ (70)
Unrealized foreign currency exchange loss	453	445
Unrealized (gain) loss on zinc zero cost collar		2,509
Other	187	(333)
Total other operating adjustments	$ 631	$ 2,551

Segment Reporting (Details)

Segment Reporting (Details) $ in Thousands	3 Months Ended
Segment Reporting (Details) $ in Thousands	Mar. 31, 2023 USD ($) segment	Mar. 31, 2022 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Number of geographic regions \| segment	3
Balance sheet information
Total current assets	$ 40,716		$ 46,099
Total non-current assets	154,485		158,072
Total assets	195,201		204,171
Total current liabilities	16,633		24,682
Total non-current liabilities	67,577		67,725
Total shareholders' equity	110,991	$ 123,715	111,764	$ 120,750
Total liabilities and shareholders' equity	195,201		204,171
Income statement information
Sales, net	31,228	45,417
Total mine cost of sales, including depreciation	27,299	26,094
Exploration expenses	1,839	2,305
Total other costs and expenses, including G&A	3,259	7,648
Provision for income taxes	(134)	5,351
Net income (loss)	(1,035)	4,019
Oaxaca, Mexico
Income statement information
Exploration expenses	1,389	1,237
Michigan, USA
Income statement information
Exploration expenses	450	1,068
Operating Segments \| Oaxaca, Mexico
Balance sheet information
Total current assets	35,626		38,032
Total non-current assets	59,759		63,342
Total assets	95,385		101,374
Total current liabilities	12,904		20,035
Total non-current liabilities	5,142		5,533
Total shareholders' equity	77,339		75,806
Total liabilities and shareholders' equity	95,385		101,374
Income statement information
Sales, net	31,228	45,417
Total mine cost of sales, including depreciation	26,660	26,094
Exploration expenses	1,389	1,237
Total other costs and expenses, including G&A	631	4,692
Provision for income taxes	50	5,351
Net income (loss)	2,498	8,043
Operating Segments \| Michigan, USA
Balance sheet information
Total current assets	144		272
Total non-current assets	92,908		92,927
Total assets	93,052		93,199
Total current liabilities	2,649		3,352
Total non-current liabilities	60,717		60,648
Total shareholders' equity	29,686		29,199
Total liabilities and shareholders' equity	93,052		93,199
Income statement information
Total mine cost of sales, including depreciation	14
Exploration expenses	450	1,068
Total other costs and expenses, including G&A	244	317
Provision for income taxes	(222)
Net income (loss)	(486)	(1,385)
Corporate and Other
Balance sheet information
Total current assets	4,946		7,795
Total non-current assets	1,818		1,803
Total assets	6,764		9,598
Total current liabilities	1,080		1,295
Total non-current liabilities	1,718		1,544
Total shareholders' equity	3,966		6,759
Total liabilities and shareholders' equity	6,764		$ 9,598
Income statement information
Total mine cost of sales, including depreciation	625
Total other costs and expenses, including G&A	2,384	2,639
Provision for income taxes	38
Net income (loss)	$ (3,047)	$ (2,639)