Gold Resource Corporation Approves Spin-Off of Fortitude Gold Corporation and Announces Record and Distribution Dates

COLORADO SPRINGS, Dec. 17, 2020 (GLOBE NEWSWIRE) -- via NewMediaWire -- Gold Resource Corporation (NYSE American: GORO) (the “Company” and “Gold Resource”) announced today that its Board of Directors has approved the spin-off of Fortitude Gold Corporation (“Fortitude Gold”) and declared a pro rata distribution of 100% of the outstanding common stock of Fortitude Gold to shareholders of Gold Resource Corporation.  The Board of Directors has established the record date as the close of business on December 28, 2020 (the “Record Date”), and the distribution date as the close of business December 31, 2020 (the “Distribution Date”).  As a result of the distribution, Gold Resource shareholders of record will receive one (1) share of Fortitude Gold for every 3.5 shares of Gold Resource Corporation common stock they hold.  The ex-date is expected to be December 24, 2020, one business day prior to the record date.  Fractional shares of common stock will be distributed in connection with the Spin-Off except for shareholders who hold stock in "street name" at Depository Trust Company who will receive cash-in-lieu, as Depository Trust Company does not accept fractional shares.  Gold Resource shareholders will continue to own their shares of Gold Resource’s common stock. 

No action is required by Company shareholders to receive the distributed shares of Fortitude Gold common stock.  Gold Resource Corporation shareholders of record will receive a book-entry account statement reflecting their new ownership of Fortitude Gold stock or their brokerage account will be credited with Fortitude Gold shares.  The Fortitude Gold shares are expected to be credited to “street name” shareholders through Depository Trust Corporation (DTC) on the Distribution Date. 

A registration statement relating to the shares subject to the distribution has been filed with the Securities and Exchange Commission but has not yet become effective.  The shares of Fortitude Gold may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective.  The record date and the distribution date for the spin-off of Fortitude Gold may change depending on the effective date of Fortitude Gold's registration statement.  This announcement shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.