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Golden Minerals Company reports company developments tied to its repositioning as a mineral exploration issuer. Recent news centers on completed divestitures of Velardeña assets and Mexican subsidiaries, discontinued operations tied to former Mexico properties, and the reduction of liabilities and overhead after exiting those operations.
Golden Minerals also reports financial results, liquidity and cost-structure updates, annual meeting voting outcomes, and executive finance leadership changes. Its stated exploration priorities are the Sarita Este/Desierto project in Argentina and the Sand Canyon project in Nevada.
Golden Minerals Company (AUMN) announced an increase in its common stock offering due to high demand, now totaling 17,857,143 shares priced at $0.42 each. The expected closing date is around July 23, 2020, contingent upon customary conditions. H.C. Wainwright & Co. is the sole book-running manager, and gross proceeds could reach approximately $7.5 million. The funds will be used for working capital and corporate purposes. The offering is part of a shelf registration declared effective on September 28, 2017.
Golden Minerals Company (AUMN) announced an underwriting agreement with H.C. Wainwright & Co. for 15,476,191 shares at $0.42 each. The gross proceeds are anticipated to be approximately $6.5 million, aimed at working capital and corporate purposes. The offering is set to close around July 23, 2020, pending customary conditions. An additional option for 2,321,428 shares has been granted to the underwriter. This move is part of Golden's ongoing strategy to advance its mining properties in Mexico and Argentina.
Golden Minerals Company (AUMN) announced it has signed a letter of intent with Fabled Copper Corp for an option to acquire a 100% interest in the Santa Maria silver-gold project in Mexico. Under the agreement, Fabled will pay a total of US$4 million in cash and will grant a 1% net smelter return royalty. The transaction is subject to regulatory approval and requires Fabled to secure an equity private placement of at least CAD$4 million. This move follows a previous failed agreement with Magellan Gold regarding the same project.
Golden Minerals Company (AUMN) has initiated drilling at its Rodeo gold and silver property in Durango, Mexico, aiming to drill approximately 20 holes to define the high-grade core of the Rodeo deposit. The program builds on prior successful campaigns that identified valuable gold-quartz veins. Positive past results show thicknesses and grades, including notable intersections from several holes. The drilling will also deliver samples for metallurgical testing, an essential step towards development, with potential revenue generation from Rodeo starting as early as 2021.
Golden Minerals Company (AUMN) has filed a Preliminary Economic Assessment (PEA) and Technical Report for its Rodeo open pit gold project in Mexico. The report, prepared by Mineral Resources Engineering, is now available on SEDAR and the Company's website. Rodeo is located approximately 80 kilometers from the Velardeña Properties, highlighting the Company’s focus on advancing its mining assets. The report was dated May 27, 2020, and reviewed by President Warren Rehn. Golden Minerals is dedicated to its projects in Mexico and Argentina, aiming to enhance shareholder value.
Golden Minerals Company (AUMN) announced the filing of a Preliminary Economic Assessment (PEA) and Technical Report for its Velardeña Properties, a silver-gold project in Durango, Mexico. The report, prepared by Tetra Tech, is dated May 8, 2020, and complies with NI 43-101 standards. Investors can access the report via SEDAR or the company's website. The PEA and report are crucial for understanding the project's economic potential.
Golden Minerals Company (AUMN) reported a net loss of $3.3 million or $0.03 per share for Q1 2020, compared to a loss of $2.4 million in Q1 2019. Revenue from oxide plant lease was $1.2 million, down from $1.9 million a year prior, with a net operating margin of $0.6 million. Cash reserves dropped to $2.2 million from $4.6 million at the end of 2019. Positive developments include a successful Preliminary Economic Assessment for the Rodeo gold project, with an NPV of $24.4 million, and significant funding of $3.7 million post-Q1. However, exploration expenses rose to $1.6 million, reflecting increased activity.