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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 (NYSE-A: AUMN, TSX: AUMN) has released its Q2 2024 financial results, revealing a challenging financial position. The company reported a cash balance of $1.4 million as of June 30, 2024, down from $3.8 million at the end of 2023. Golden Minerals posted a net loss of $2.7 million ($0.19 per share) in Q2 2024, compared to a $1.5 million loss in Q2 2023. The company faces significant liquidity issues, with current assets of $2.5 million against current liabilities of $4.8 million. Golden Minerals is actively seeking additional funding through asset sales or external financing, as it projects needing $6-8 million to cover expenses through June 2025. Without new cash inflows, the company anticipates exhausting its resources by September 2024 and may consider bankruptcy filings for some Mexican subsidiaries.
Golden Minerals Company (NYSE-A: AUMN and TSX: AUMN) has announced the retirement of Julie Weedman, Senior Vice President and Chief Financial Officer, effective August 15, 2024. Weedman, who joined the company in January 2022, will remain available as a consultant after her retirement. The company has appointed Joe Dwyer, currently serving as Corporate Controller, as the new Chief Financial Officer.
Dwyer, who joined Golden Minerals in September 2022, brings extensive experience from his previous roles at Kärcher North America, Westmoreland Coal Company, and Cloud Peak Energy. He also has experience with publicly held companies and worked as a manager in Deloitte's assurance practice.
Golden Minerals Company (NYSE-A: AUMN, TSX: AUMN) has provided a corporate update, revealing significant financial challenges. As of June 30, 2024, the company had cash and cash equivalents of $1.4 million, with accounts payable and other current liabilities of $4.8 million. With mining operations ceased at Velardeña, Golden Minerals is exploring options to generate cash flow, including asset sales and seeking new capital.
The company anticipates its cash resources will be exhausted by September 2024 without additional inflows. Golden Minerals is considering selling assets, including the El Quevar project in Argentina and Yoquivo project in Mexico. A previously announced sale of Velardeña assets for $5.5 million plus VAT has partially closed, with $2.5 million received to date. However, there's uncertainty regarding the remaining $2.627 million payment for the oxide processing plant and water wells.
Golden Minerals Company (NYSE-A: AUMN, TSX: AUMN) has closed the sale of its Velardeña Mine and associated facilities to a private Mexican company for $2,500,000 cash plus VAT. The transaction was part of asset purchase and sale agreements dated April 29, 2024. However, there's a delay in closing the sale of the oxide processing plant and water wells in Durango State, Mexico. Golden Minerals has received partial payments of $373,000 for these assets, with the remaining $2,627,000 plus VAT due on July 1. The company plans to negotiate an extension with the buyer for the outstanding amount.
Golden Minerals has received a notice from NYSE American on July 2, 2024, indicating non-compliance with the exchange's continued listing standards. Specifically, the company is not meeting Sections 1003(a)(i), 1003(a)(ii), and 1003(a)(iii) due to its reported stockholders’ equity of $0.6 million as of March 31, 2024, and losses from continuing operations and/or net losses in the past five fiscal years. The company had previously been notified of non-compliance with Section 1003(a)(iii) on June 9, 2023. Golden Minerals submitted a compliance plan on July 6, 2023, which the NYSE accepted on August 22, 2023, granting the company time until December 6, 2024, to meet the standards. There is no immediate impact on the company's stock or operations.
Golden Minerals has announced the retirement of CEO and President Warren Rehn, effective immediately. Rehn, who joined the company in 2012 and became CEO in 2015, will continue as a consultant. Pablo Castaños, currently Executive Vice President, will succeed Rehn as CEO and President and has joined the Board of Directors. Castaños, who previously worked with Golden Minerals and Goldcorp, has been preparing for this transition since July 2023. The company aims to reduce overhead costs and generate value from its projects in Argentina, Mexico, and Nevada.
Golden Minerals (NYSE-A: AUMN, TSX: AUMN) reported its Q1 2024 financial results. The company restarted silver-gold production at Velardeña Properties in December 2023, but halted mining and processing by March 2024 due to operational issues. Barrick Gold withdrew from an Earn-In Agreement on the El Quevar silver project, which now reverts to Golden's full control. Golden plans to sell certain assets, including Velardeña and Chicago mines, for $5.5 million in cash.
Q1 2024 revenue from discontinued operations was $1.2 million, compared to $4.2 million in Q1 2023. Net operating margin from discontinued operations was negative $1.7 million, compared to positive $0.2 million in Q1 2023. Golden Minerals ended Q1 2024 with $2.4 million in cash, no debt, and a net loss of $4.6 million ($0.32 per share) compared to a net loss of $3.3 million ($0.47 per share) in Q1 2023. The company requires $6.0-8.0 million in capital inflows to meet its financial needs through March 2025.
Golden Minerals Company (AUMN) has released its first quarter 2024 financial results. The company reported a net loss of $4.6 million ($0.32 per share) compared to a $3.3 million loss in Q1 2023. Revenues from discontinued operations were $1.2 million versus $4.2 million in Q1 2023.
Operational challenges led to the halting of mining and processing activities at Velardeña properties by the end of March 2024. Barrick Gold withdrew from the El Quevar project, and Golden Minerals plans to focus on exploration at El Quevar as funding allows.
Golden Minerals entered into agreements to sell certain Mexican assets for $5.5 million, with initial payments received. The company had $2.4 million in cash as of March 31, 2024, but faces liquidity challenges and will require $6-8 million to cover expenses through March 2025.
Golden Minerals Company announces the sale of Velardeña Properties in Mexico for $5.5 million in cash. Additionally, a settlement agreement with Unifin Financiera S.A.B. de C.V. was granted final court approval.
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