Golden Minerals Reports First Quarter 2022 Results
First Quarter Financial Results – Highlights
(All currency expressed in approximate USD)
-
Revenue of
yielding a net operating margin of$7.5 million in the first quarter 2022, vs.$3.2 million revenue and a net operating margin of$1.8 million in the first quarter 2021, both from mining operations at the Company’s Rodeo gold-silver mine in$0.2 million Mexico . -
cash and cash equivalents balance as of$11.7 million March 31, 2022 , compared to as of$12.2 million December 31, 2021 . -
Net loss of
per share or$0.00 in the first quarter 2022, compared to a net loss of$0.3 million per share or$0.02 in the first quarter 2021.$3.2 million
First Quarter Business Summary
-
Produced 3,608 payable gold ounces and 13,944 payable silver ounces (3,787 gold equivalent (“AuEq”) ounces) with total cash costs, net of silver by-product credits, per payable ounce of gold of
.1$1,164 -
Sold 4,040 AuEq oz. in doré, at average prices (before selling and refining costs) of
/oz Au and$1,888 /oz Ag. Doré inventory at$24.24 March 31, 2022 consists of 375 payable oz. Au and 1,379 payable oz. Ag. - Reported grades processed of 3.1 grams per tonne (“g/t”) gold and 11.6 g/t silver during the quarter.
- Processed at an average rate of 527 tonnes per day (“tpd”) during the quarter.
- Continued limited scale test mining activities at Velardeña for use in final optimization of a bio-oxidation plant design and for use in additional flotation separation studies; also testing mining methods to determine whether the Company is able to control mining dilution. Results are expected in the next few months, after which time the Company anticipates making a decision on constructing the BIOX plant and restarting the operation.
1 Gold equivalents are based on actual gold and silver prices realized during the first quarter 2022:
Quarterly Conference Call and Webcast
Management will be hosting a conference call and webcast on
The webcast will also be available for replay on the
First Quarter 2022 Financial Results
The Company reported revenue of
Twelve Month Financial Outlook
The Company ended the first quarter 2022 with a cash balance of
The Company’s currently forecasted expenditures during the 12 months ending
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on exploration activities and property holding costs associated with the Company’s portfolio of exploration properties located in$4.3 million Mexico ,Argentina andNevada , including project assessment and evaluation costs relating to additional exploration at Rodeo,Yoquivo and other properties; -
at the Velardeña Properties for care and maintenance;$1.1 million -
at the El Quevar project to fund care and maintenance and property holding costs, net of reimbursement from Barrick;$0.4 million -
in general and administrative costs; and$3.7 million -
due to an increase in working capital.$0.5 million
Additional information regarding first quarter 2022 financial results can be found in the Company’s 10-Q Quarterly Report which is available on the
About
Financial Statements
CONDENSED CONSOLIDATED BALANCE SHEETS (US Dollars, unaudited) |
|||||||
2021 |
|||||||
2022 |
(Restated) | ||||||
(in thousands, except share data) | |||||||
Assets | |||||||
Current assets | |||||||
Cash and cash equivalents | $ | 11,730 |
|
$ | 12,229 |
|
|
Short-term investments | 91 |
|
67 |
|
|||
Inventories, net | 1,963 |
|
1,608 |
|
|||
Value added tax receivable, net | 1,475 |
|
1,290 |
|
|||
Prepaid expenses and other assets | 1,122 |
|
1,145 |
|
|||
Total current assets | 16,381 |
|
16,339 |
|
|||
Property, plant and equipment, net | 6,563 |
|
6,627 |
|
|||
Other long-term assets | 693 |
|
747 |
|
|||
Total assets | $ | 23,637 |
|
$ | 23,713 |
|
|
Liabilities and Equity | |||||||
Current liabilities | |||||||
Accounts payable and other accrued liabilities | $ | 4,337 |
|
$ | 3,509 |
|
|
Deferred revenue | 1,094 |
|
1,469 |
|
|||
Other current liabilities | 625 |
|
721 |
|
|||
Total current liabilities | 6,056 |
|
5,699 |
|
|||
Asset retirement and reclamation liabilities | 3,639 |
|
3,569 |
|
|||
Other long-term liabilities | 246 |
|
353 |
|
|||
Total liabilities | 9,941 |
|
9,621 |
|
|||
Commitments and contingencies | |||||||
Equity | |||||||
Common stock, |
1,639 |
|
1,628 |
|
|||
Additional paid in capital | 540,427 |
|
540,518 |
|
|||
Accumulated deficit | (528,370 |
) |
(528,054 |
) |
|||
Shareholders' equity | 13,696 |
|
14,092 |
|
|||
Total liabilities and equity | $ | 23,637 |
|
$ | 23,713 |
|
|
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (US dollars, unaudited) |
|||||||
Quarter Ended |
|||||||
2022 |
2021 |
||||||
(in thousands, except per share data) | |||||||
Revenue: | |||||||
Sale of metals | $ | 7,506 |
|
$ | 1,778 |
|
|
Total revenue | 7,506 |
|
1,778 |
|
|||
Costs and expenses: | |||||||
Cost of metals sold (exclusive of depreciation shown below) | (4,322 |
) |
(1,536 |
) |
|||
Exploration expense | (1,666 |
) |
(781 |
) |
|||
El Quevar project expense | (117 |
) |
(106 |
) |
|||
Velardeña care and maintenance costs | (536 |
) |
(199 |
) |
|||
Administrative expense | (1,272 |
) |
(1,548 |
) |
|||
Stock based compensation | (150 |
) |
(429 |
) |
|||
Reclamation expense | (69 |
) |
(66 |
) |
|||
Other operating income (expense), net | 388 |
|
199 |
|
|||
Depreciation and amortization | (65 |
) |
(155 |
) |
|||
Total costs and expenses | (7,809 |
) |
(4,621 |
) |
|||
Loss from operations | (303 |
) |
(2,843 |
) |
|||
Other income (expense): | |||||||
Interest and other expense, net | (3 |
) |
(360 |
) |
|||
Other income | 25 |
|
52 |
|
|||
Gain (loss) on foreign currency transactions | 50 |
|
(79 |
) |
|||
Total other income (loss) | 72 |
|
(387 |
) |
|||
Loss from operations before income taxes | (231 |
) |
(3,230 |
) |
|||
Income taxes | (85 |
) |
52 |
|
|||
Net Loss | $ | (316 |
) |
$ | (3,178 |
) |
|
Net income (loss) per common share — basic | |||||||
Loss | $ | (0.00 |
) |
$ | (0.02 |
) |
|
Weighted average Common Stock outstanding — basic (1) | 162,511,278 |
|
160,442,137 |
|
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended, and applicable Canadian securities legislation, including statements regarding the results of limited scale test mining activities at Velardeña; the decision to construct the BIOX plant and restart the Velardeña operation; anticipated net operating margin from the Rodeo operation during the 12 months ending
For additional information please visit http://www.goldenminerals.com/.
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