GORO - Gold Resource plunges after suspending dividend program

Gold Resource Corp. ( NYSE: GORO ) -10.4% pre-market Monday after saying it will suspend its quarterly dividend "until such time that it may become practicable to reinstate," after 2022 proved "a challenging year for the company on a number of fronts."

Gold Resource ( GORO ) said market volatility, challenging economic conditions and the lower grade profile of its current mineral reserves and mineral resources hurt cash flows and consolidated earnings in 2022.

The company said lower gold grades will result in less production this year than 2022 and further significantly contribute to higher cash costs and all-in sustaining costs.

For FY 2023, Gold Resources ( GORO ) guided for payable production of 17K-19K gold oz and 900K-1M silver oz for 30K-31K gold equivalent oz.

Gold Resources' ( GORO ) Q4 gold equivalent production "was not impressive," Fun Trading wrote in an analysis published on Seeking Alpha .

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