Page 1

GOLD RESOURCE CORPORATION Exhibit 99.1 FOR IMMEDIATE RELEASE GOLD RESOURCE CORPORATION TO ACQUIRE AQUILA RESOURCES INC . TO FORM DIVERSIFIED NORTH AMERICAN PRECIOUS AND BASE METALS PRODUCER DENVER , COLORADO – September 7 , 2021 – Gold Resource Corporation ( “ GORO ” or the “ Company ” ) ) ( NYSE American : GORO ) is pleased to announce that it has entered into a binding letter agreement ( the “ Letter Agreement " ) with Aquila Resources Inc. ( " Aquila " ) ( TSX : AQA ; OTCQB : AQARF ) setting out certain key terms of a proposed acquisition by GORO of all the issued and outstanding common shares of Aquila by way of a plan of arrangement under the Business Corporations Act ( Ontario ) ( the " Transaction " ) . Pursuant to the Transaction , which is subject to the entering into of a definitive arrangement agreement ( the “ Arrangement Agreement ” ) , GORO will acquire all the issued and outstanding Aquila shares for 0.0399 of a GORO share per Aquila share ( the “ Exchange Ratio ” ) . Based upon the 20 - day volume - weighted average price ( " VWAP " ) of GORO's shares on the NYSE American stock exchange on September 3 , 2021 , being the last trading day prior to the date of the Letter Agreement , the Exchange Ratio represents a 29 % premium to the 20 - day VWAP of Aquila's shares on the Toronto Stock Exchange as of such date . The Exchange Ratio represents consideration of C $ 0.09 per Aquila share ( the " Per Share Price " ) , reflecting a premium of 12.5 % , based upon the closing prices of the Aquila shares and the GORO shares on September 3 , 2021. The Per Share Price implies an aggregate acquisition price for 100 % of the outstanding Aquila shares of approximately C $ 30.9 million . Upon closing of the Transaction , the existing GORO and Aquila shareholders will own approximately 85.1 % and 14.9 % , respectively , of the combined company on a fully diluted basis . Strategic Rationale for the Transaction Commenting on the entering into of the Letter Agreement , Allen Palmiere , President and Chief Executive Officer of GORO , said : " This proposed business combination offers an attractive opportunity to the shareholders of both GORO and Aquila . By combining our complementary assets , we will enhance our mineral inventory and add jurisdictional diversification to our project portfolio . The combined company will become a new intermediate gold producer following the commencement of production at Aquila's Back Forty Project , and its shareholders can look forward to the potential of a company that is expected to benefit from a peer leading growth profile , underpinned by a healthy balance sheet and strong cash flow capable of supporting the development of the Back Forty Project . We look forward to entering into the Arrangement Agreement with Aquila and successfully completing the Transaction . " Further details of the benefits of the Transaction to GORO and Aquila shareholders include the following : Immediate and Significant Premium to Aquila Shareholders . Based on the 20 - day VWAPS of the GORO shares and the Aquila shares , the Transaction offers an immediate and significant premium to Aquila's shareholders of 29 % . Given the current market environment and lack of liquidity for the shares of Aquila , GORO believes that this a compelling value proposition .