Wisconsin Resources Protection Council

May 22, 2024

Dear WRPC Member and Friends of the Menominee River,

The Gold Resource Corporation’s (GORO’s) Back Forty Project is on indefinite hold. After spending over $10 million on mine permitting for the Back Forty Project, GORO has suspended any further investment in the permitting process. GORO’s cash on hand dropped from $33.7 million at the end of 2021 to $6.3 million in May 2024. The longer the project remains on hold, the less likely GORO will be able to raise sufficient capital to revive the project. “In light of the continued challenges facing the Company,” GORO told its shareholders, “the Company’s Board of Directors has decided to initiate a formal review process…to evaluate strategic alternatives for the Company…including a potential sale of the Company.” (GORO 2023 Annual report, p. 5).