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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.
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Golden Minerals Company (NYSE American: AUMN) has announced production figures for its Rodeo gold-silver mine in Durango State, Mexico, for the first quarter of 2023. Key statistics include:
- Tonnes mined: 154,371
- Tonnes processed: 54,272
- Average tonnes per day processed: 603
- Gold produced: 2,081 ounces
- Silver produced: 11,535 ounces
- Average gold grade processed: 1.6 grams per tonne
- Average silver grade processed: 9.0 grams per tonne
- Average gold price realized: $1,891.24 per ounce
- Average silver price realized: $22.60 per ounce
This quarter's operations reflect the ongoing production and recovery capabilities of the Rodeo mine, positioning Golden Minerals favorably in the market.
Golden Minerals Company (AUMN) announced improved terms for selling gold-rich pyrite concentrates from its Velardeña Properties to a buyer in Manzanillo, Mexico. The new terms offer over a 100% increase in gold payables compared to previous terms, allowing the company to reconsider re-opening its Velardeña mines without needing to construct a costly BIOX facility, which had initial cost estimates of $6.5 million and later projections exceeding $20 million. Following the first shipment of 142 tonnes, Golden plans to process 3,000 tonnes of mineralized material for future shipments and aims to potentially restart production by mid-2023.
Golden Minerals Company (AMEX:AUMN) has filed a NI 43-101 Technical Report for the Yoquivo project, prepared by Mine Technical Services Ltd., with an effective date of February 24, 2023. The report presents an initial Mineral Resource estimate and is accessible on SEDAR and the company's website. The Qualified Persons involved in the report include Todd Wakefield, Edward J. C. Orbock III, and Brian Arthur, all affiliated with Mine Technical Services Ltd. The report has been approved by Warren Rehn, the CEO of Golden Minerals. The company remains focused on gold and silver production, primarily from its Rodeo Mine, and exploring properties in Mexico and Argentina.
Golden Minerals Company (AUMN) reported its financial results for the fiscal year ending December 31, 2022, highlighting a revenue of $23.3 million from the Rodeo mine, down from $25.6 million in 2021. The net loss increased to $9.9 million or $0.06 per share. Cash resources decreased to $4.0 million compared to $12.2 million the previous year. The company plans to manage its liquidity by selling non-core assets and seeking equity financing, as it anticipates needing between $4.5 million and $5.5 million to cover expenses in 2023.
Golden Minerals Company announced the first Mineral Resource estimate for its Yoquivo silver-gold project in Chihuahua, Mexico. The initial estimate shows a high-grade resource of 570 g/t silver equivalent. The total inferred resource is 937,000 tonnes, containing 12,300 koz Ag and 17,230 koz AgEq. The report was prepared by Mine Technical Services, effective February 24, 2023. CEO Warren M. Rehn expressed optimism regarding the potential for future resource upgrades and production development. The estimate represents only a small portion of the overall area, indicating significant exploration potential.