Golden Minerals Company offers investors leverage to gold and silver prices. We transitioned from exploration company to gold-silver producer when we began production at our Rodeo gold-silver open pit mine (Durango State, Mexico) in January 2021, and we currently estimate Rodeo will continue to operate through mid-2023. We will have a stockpile of lower-grade material on hand at that time, which could be processed in the future depending on market conditions.

We hold independently-prepared Technical Report Summaries (U.S. SEC S-K 1300-compliant) and Preliminary Economic Assessments (NI 43-101-compliant) on four of our precious metals projects. Rodeo's gold mining operations provides cashflow that is used to further our portfolio of exploration and development properties, including the nearby silver/gold Velardeña Properties and the district-scale Yoquivo silver-gold project in Mexico. In addition, our district-scale El Quevar silver project & the Sarita Este/Desierto gold-silver project (both in Salta Province, Argentina) present additional upside in the form of significant resource expansion and thus value appreciation.

Why Invest in Golden Minerals Company?

Cash Flow

  • 2021 net operating margin from Rodeo gold-silver operations:  $12.3 million
  • 2022 net operating margin from Rodeo:  $5.7 million
  • 2023 net operating margin from Rodeo through Q1:  $0.2 million


  • M&I resources as defined under S-K 1300 guidelines:  13.1M oz Ag + 220k oz Au1  
  • Inferred resources as defined under S-K 1300 guildelines:  32.2M oz Ag + 328koz Au


  • Technical report-estimated values 2
    • Velardeña -$119M NPV (2022 TRS, MII Plan) or $48M (2022 TRS, MI Plan)
    • El Quevar - $44.9M NPV (2018 PEA)
    • Rodeo - $23M NPV (2022 TRS; see footnote below)
    • Santa Maria - $10.6M NPV (2018 PEA)
  • Velardeña mine & 300 tpd sulfide mill on stand-by


$2.0M (as of 3/31/2023) 




Argentina:  El Quevar, Sarita Este, Desierto
Mexico:  Velardeña, Rodeo, Yoquivo, Santa Maria, Flechas
USA:  Sand Canyon (Nevada)


Experienced management and directors; strong technical staff

1 Resources prepared under SK-1300 guidelines include only Rodeo and Velardeña, as outlined in Mar. 2022 Technical Report Summaries ("TRS"), plus Yoquivo (Feb. 24, 2023 Mineral Resource Estimate; see footnote below). 

Technical Reports include reports prepared under both U.S. SEC S-K 1300 (TRS reports) and Canadian NI 43-101 (PEA reports) guidelines, as noted below:


Tetra Tech, March 2022. “Velardeña Project Technical Report Summary.” Initial Assessment for the property as defined under U.S. SEC Regulation S-K 1300. Two economic models were prepared for the Project:  one includes Inferred Mineral Resources (MII Plan) in the analysis, and the second excludes the Inferred material (MI Plan). The economic model results are based on Mineral Resources that, by definition, are not Mineral Reserves, and do not have demonstrated economic viability. The TRS assumes prices of $1,744/oz gold, $23.70/oz silver, $0.97/pound (“lb”) lead (“Pb”) and $1.15/lb zinc (“Zn”). Mineral resources were calculated having an effective date of February 28, 2022, as diluted to a minimum of 0.7 meters and are reported at a $175 NSR cutoff. NPV calculated using an 8% discount rate.


Tetra Tech, March 2022. “Rodeo Project Technical Report Summary.” Initial Assessment for the property as defined under U.S. SEC Regulation S-K 1300. The Rodeo mine is currently in operation and the Rodeo TRS assumes a life of mine (“LOM”) starting point of November 1, 2021. The TRS assumes prices of $1,800/oz Au and $25.00/oz Ag. Mineral resources were calculated by Tetra Tech with an effective date of October 31, 2021 as shown in the Technical Report Summary.  After adjusting for mineral extraction at Rodeo for November and December 2021, the estimate of mineral resources at the Rodeo Property at December 31, 2021 is shown in the table above.  Aaron Amoroso, an employee of the Company and “qualified person” pursuant to S-K 1300, prepared the estimate.  The resources are reported at a cutoff of 1 g/t for stockpiling and 1.6 g/t for processing.  Numbers reported as mineral resource are constrained to a mine design of 1 g/t.

Mine Technical Services, Ltd., February 24, 2023. “NI 43-101 Technical Report on Mineral Resource Estimate”. Mineral Resources have been classified using the 2014 CIM Definition Standards. Mineral Resources assume a traditional underground cut-and-fill mining method; a silver price of US $24/oz, a gold price of US $1,840/oz, a minimum mining width of 1 m; assumed silver and gold metallurgical recovery of 85%; an average mining cost of US $75/t mined; average processing and general and administrative cost of US $50/t processed; transportation and selling cost of US $0.95/oz Ag and US $15/oz Au; and a gold and silver royalty of 2%.

El Quevar:

• PEA:  Wood Group. NI 43-101 Technical Report on PEA. Sept. 4, 2018.  NPV calculated using a 5% discount rate.

• Resource:  Amec Foster Wheeler E&C Services Inc. a Wood Group PLC company. NI 43-101 Technical Report on Updated Mineral Resource Estimate. Feb. 26, 2018.

Santa Maria:

• PEA:  Tetra Tech. NI 43-101 Technical Report & Updated PEA. Sept. 14, 2018.  NPV calculated using 5% discount rate.


Capital Structure

Capital Structure as of March 20, 2023

Shares Issued & Outstanding  172M
    Warrant Shares  10M
    Restricted Stock Units  6M
    KELTIP Units 1 5M
Fully Diluted Shares  192M
Cash and Short-Term Investments 2  $4.0M

1 Key Employee Long Term Incentive Plan
2 As of December 31, 2022. 

All figures rounded to the nearest million except cash. Numbers may not sum due to rounding.

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