Golden Minerals Company (TSX and NYSE American: AUMN) is a Colorado-based precious metals junior gold-silver producer with a pipeline of exploration projects that offers investors leverage to silver and gold prices.
We seek to establish Golden Minerals Company as a premier mid-tier precious metals mining company, with efforts focused on properties in Mexico, Argentina and Nevada (USA). We own or control a portfolio of precious metals projects -- including the Velardeña Properties and Rodeo gold open pit mine in Durango State, Mexico; El Quevar, an advanced exploration silver project with district potential located in the Salta province of Argentina; the Yoquivo gold-silver district-scale project in Chihuahua, Mexico; the Sarita Este gold-copper prospect in Salta, Argentina; and additional projects located within the traditional silver-producing areas of Mexico.
In January 2021, we transitioned from exploration company to gold-silver producer with the commencement of production at our Rodeo project in Durango State, Mexico. Rodeo is a profitable open pit project that generated over $12.3 million in 2021 net operating margin ($2.8 million in 2022 through June 30) that can be used in part to self-finance mine study work related to a startup of production at the larger silver/gold Velardeña Properties (also in Durango State, Mexico). In June 2021 we began limited scale mining activities at the Velardeña underground mine to obtain further bulk samples for use in final optimization of the bio-oxidation (BIOX™) plant design and for use in additional flotation separation studies that will indicate how we can effectively separate the gold-bearing minerals into the pyrite-arsenopyrite concentrate that is proposed for processing in the bio-oxidation circuit. (BIOX is a trademark of Metso-Outotec for its proprietary bio-oxidation process.) Test results using the BIOX pre-treatment oxidation process continue to support the use of the technology in future processing at Velardeña. In May 2022 we began additional test-mining activities with a new mining contractor to evaluate productivity and dilution of resue mining on the principal veins accessible from the San Mateo decline. Results of the test mining met expected productivity metrics but did not meet anticipated dilution metrics on some of the veins mined. We are therefore continuing to evaluate modified mine plans and mining techniques to address dilution issues, and are exploring additional veins in the district, prior to a potential production restart decision. We currently anticipate this work will not be completed until Q1 2023, so any decision on a potential restart of mining operations at Velardeña will be deferred until at least the end of the first quarter of 2023, and potentially later.
We are led by a team of accomplished and driven management and directors whose decades of multi-faceted experience -- encompassing areas including mining exploration, development, operations and accounting -- combine to provide strong strategic direction for the company. Our team is united in working toward realizing Golden’s vision.
We seek to execute our vision through our plans for:
SAFETY – We value the safety of all our team members, and we provide them with training and support to mitigate risks that are inherent to the industry.
TRANSPARENCY – We seek to be open and accountable to all our stakeholders, and to provide clear communications about our operations, policies and programs.
INTEGRITY – We behave ethically and honestly, and we respect the laws and customs of the areas in which we operate.
ENVIRONMENTAL STEWARDSHIP – We develop strong and mutually beneficial relationships with the communities in which we conduct business, and we take steps to both minimize our impact on the environment and maximize restoration of local ecosystems.
INCLUSION – We foster an environment of inclusion where all are welcome and encouraged to collaborate in order to achieve company goals.