I see tremendous potential in the Company's large, unexplored land position and am looking forward to leading the Company through this period of operational improvement and a new focus on exploration." The mission statement for GORO was laid out by Palmiere in the press release: Since then, new management, under the leadership of Allen Palmiere ("Palmiere"), CEO of GORO, was brought in on January 1st as the old guard transitioned out to form the leadership of FRTT. This reflects a combined value of $4.18 (i.e., representing a return of >50% from the post-announcement share price accounting for a 3.5:1 spinoff ratio). Those who ignored those ramblings and held onto their GORO shares (prior to the ex date for the spinoff) received 0.28 shares of FRTT (worth $4.65 as of 3/11/21 and steadily climbing) and one GORO share worth $2.85.
Investors dismissed GORO the day after that fateful spinoff announcement in October 2020 and the share price plummeted from $3.6/share to $2.72/share over the next two days.Ĭonspiracy theories surfaced in comments and articles claiming GORO was on the verge of insolvency, or that the spin-off was a secret attempt to position Fortitude Gold for an acquisition by another mining Major. The survey ranks Mexico as 42nd out of 77 territories in terms of "Investment Attractiveness" relative to Nevada which is ranked 1st in the survey (when examining factors such as regulatory, policy and tax risks). The latest Fraser Institute Annual Survey of Mining Companies 2020 provides some insight into this comparison of jurisdictions. The premise of this "breakup" was to enable each operation to trade in-line with its peer group's trading multiples associated with their respective mining jurisdictions (i.e., Mexico vs Nevada).
On October 5th, 2020, Gold Resource (Ticker: NYSE: GORO) announced the spin-off of its Nevada Mining Unit, aka Fortitude Gold (Ticker: FRTT), to unlock shareholder value by segregating the two mining jurisdictions. Those who purchased shares of Gold Resource Corporation (NYSEMKT:GORO) have certain options and should contact the Shareholders Foundation.This article was amended on to reflect minor clarifications by the author.
On March 27, 2015, NYSEMKT:GORO shares closed at $3.32 per share. Shares of Gold Resource Corporation (NYSEMKT:GORO) declined to as low as $2.62 per share on March 18, 2015. On March 17, 2014, Gold Resource Corporation announced that it will delay the filing of its Securities and Exchange Commission (“SEC”) Form 10-K for 2014, citing the need for more time to review and finalize income tax information related to its Mexico operations. Shares of Gold Resource Corporation (NYSEMKT:GORO) declined from $27.46 per shares in February 2012 to as low as $2.82 per share in late 2014. Gold Resource Corporation reported that its annual Total Revenue declined from $131.79 million in 2012 to $125.78 million in 2013 and that its respective Net Income decreased from $33.67 million to $0.09 million.
#Nysemkt goro series#
The investigation by a law firm focuses on possible claims on behalf of purchasers of the securities of Gold Resource Corporation (NYSEMKT:GORO) concerning whether a series of statements by Gold Resource regarding its business, its prospects and its operations were materially false and misleading at the time they were made. Invesotrs who purchased shares of Gold Resource Corporation (NYSEMKT:GORO) have certain options and should contact the Shareholders Foundation at or call +1(858) 779 – 1554. The Shareholders Foundation announces that an investigation on behalf of investors of Gold Resource Corporation (NYSEMKT:GORO) shares was launched over potential securities laws violations by Gold Resource and certain of its directors and officers in connection certain financial statements.