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DENVER, CO - Gold Resource (NYSE:GORO) Corporation (NYSE American: GORO), a mining company specializing in gold and silver ores, announced an amendment to its bylaws affecting shareholder meetings. The Board of Directors, on Monday, revised the quorum requirement for conducting business at shareholder gatherings.
Previously, the company's bylaws stipulated a specific quorum needed to hold a meeting, but the recent amendment now states that one-third of the voting power of the outstanding shares, present in person or by proxy, will constitute a quorum. This change allows for more flexibility in meeting operations and ensures that shareholder decisions can be made even if a smaller number of participants are present.
In other recent news, Gold Road Resources has seen a shift in its rating by JPMorgan from Neutral to Overweight, despite a decrease in its price target from AUD1.90 to AUD1.85. This change follows a period of underperformance in gold production and All-In Sustaining Costs (AISC) due to persistent rainfall, causing the recent quarterly results to fall short of JPMorgan's expectations.
However, JPMorgan revised its operational forecast for 2024, predicting gold production between 290,000 to 305,000 ounces at an AISC of $2,050 to $2,200 per ounce. The firm's life-of-mine (LOM) plan for the Gruyere project has also been updated, reflecting slight negative revisions to strip ratios and grades.
InvestingPro Insights
In light of Gold Resource Corporation's recent amendment to its bylaws, investors may find it pertinent to review some of the latest financial data and analyst insights provided by InvestingPro. According to real-time data, the company has experienced a significant revenue decline over the last twelve months as of Q2 2024, with revenue shrinking by 27.7% and quarterly revenue also decreasing by 16.23%. This contraction is reflected in a gross profit margin of 11.83%, which is considered weak by industry standards.
InvestingPro Tips suggest that analysts are not optimistic about the company's profitability in the current year, as Gold Resource Corporation has not been profitable over the last twelve months. This is further emphasized by an operating income margin of -27.25% and a basic and diluted EPS of -0.47 USD. Despite these challenges, the company's liquid assets do exceed its short-term obligations, which could provide some financial stability. However, it's worth noting that the stock has taken a big hit over the last week, with a one-week price total return of -12.95%.
For those interested in a deeper analysis, additional InvestingPro Tips are available, which could provide further insights into Gold Resource Corporation's valuation and market performance. Investors are encouraged to visit https://www.investing.com/pro/GORO for a comprehensive set of tips, where they will find a total of 9 different tips to help them make informed decisions.
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