Gold Resource Corporation Announces Ownership Interest in Green Light Metals Inc. On Conversion of Promissory Notes into Common Shares

DENVER, December 29, 2022–(BUSINESS WIRE)–Gold Resource Corporation (NYSE American GORO) (the Company) announces that Aquila Resources USA Inc. (the “Company”) has received 12,250,000 Common Shares of Green Light Metals Inc. These shares were converted at maturity of a Green Light non-interest bearing promissory loan in the principal amount C$4.9million (the “Green Light Note”), dated October 4, 2021. The shares, which represent 28.51% of all Green Light shares outstanding and issued, were issued at a conversion rate of C$0.40 each share on December 28, 2022.

The Green Light Note was issued to Aquila USA in partial consideration for the C$7.0 million sale by Aquila USA to Green Light of a 100% interest in Aquila USA’s Bend and Reef exploration assets located in the State of Wisconsin, which was completed on October 4, 2021. Aquila Resources Inc. (or Aquila) was Aquila USA’s parent company at the time. It was later acquired by the Company under a plan. Business Corporations Act (Ontario).

Before the conversion to the Green Light Note, Green Light shares were not owned or controlled by the Company. The Company will continue monitoring the prospects, financial condition, capital requirements, and business of Green Light. Based on these and other factors and any applicable provisions in an investor rights agreement dated Oct 4, 2021 between Aquila & Green Light, the Company could from time-to-time increase or decrease its indirect or direct ownership, control, direction of common shares of Green Light through private arrangements, subscriptions to treasury or market transactions. The Company may also engage in discussions or make proposals with Green Light and other third parties.

About Gold Resource Corporation

Gold Resource Corporation is an explorer, producer and developer of gold and silver. Its operations are centered around the Don David Gold Mine, Oaxaca (Mexico). Under the direction of an experienced board and senior leadership team, the Company’s focus is to unlock the significant upside potential of its existing infrastructure and large land position surrounding the mine in Oaxaca, Mexico and to develop the Back Forty Project in Michigan, USA. For more information, please visit the Company’s website, located at www.goldresourcecorp.com and read the Company’s Form 10-K for an understanding of the risk factors associated with its business.

Forward-Looking Information and Other Cautionary Statements

Forward-looking statements are subject to risks and uncertainties. These statements, which are not historical, are “forward-looking” statements within the meaning of Section 27A of Securities Act of 1933 and Section 21E of Securities Exchange Act of 1934. These forward-looking statements are identified by the use of words such as “will”, “may”, and “intend”, and similar expressions in this press release. Such forward-looking statements include statements regarding the Company’s plans or future intentions regarding its ownership, control or direction over shares of Green Light.

All forward-looking information in this press statement is based on information available to Company at the date of this release. The Company does not assume any obligation or responsibility to update any forward-looking statements except as required by applicable securities laws. Forward-looking statements are subject to a variety of risks and uncertainties. There can be no assurance they will be accurate. These risks and uncertainties, as well as other factors that could lead to future results or differences from those implied or expressed in forward-looking statements, include but are not limited: The business, prospects, financial situation, and capital requirements of Green Light. There are risks associated to the ownership of securities and any regulatory developments. Additional factors that could cause or contribute to such differences include, but are not limited to, those discussed in the periodic and current reports filed by the Company with the Securities and Exchange Commission, including the Company’s Annual Report on Form 10-K.

For further information, including to obtain a copy of the corresponding report filed by the Company with Canadian securities regulators (a copy of which can also be found under Green Light’s profile at www.sedar.comEmail us for more information [email protected] Call 303-320-708 for more information.

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Contacts

[email protected]
303-320-7708