Golden Minerals is a precious metals exploration mining company that offers investors leverage to gold and silver prices. The company holds independently-prepared Technical Report Summaries (SEC S-K 1300-compliant) and Preliminary Economic Assessments (NI 43-101-compliant) on three of its precious metals projects. 

Golden holds a number of exploration projects in our pipeline, including several which have shown potential through drill results to date, including the Sarita Este gold prospect in Argentina and the El Quevar silver project in Argentina (currently farmed out to Barrick; Barrick has reported interesting initial drill results in its search for gold on the property). With an effective date of February 24, 2023, an initial mineral resource estimate was completed for the Yoquivo silver-gold project that estimates an inferred mineral resource of 937,000 tonnes at 570 g/t Ag eq (equivalent ounces are calculated using prices of $1,840/oz Au and $24.00/oz Ag) on five veins that had enough drill density to support mineral resources.


Capital Resources and 2024 Financial Outlook

Forecasted expenditures during the 12 months ending December 31, 2024, excluding Velardeña’s cost of metals sold that is included in the forecast of net operating margin discussed below, total approximately $9.0 million. These forecasted expenditures include: (i) exploration expenses of $1.3 million, (ii) El Quevar spending (net of Barrick reimbursements) of $0.4 million, (iii) administrative expense of $3.3 million and (iv) $4.0 million for administrative and shutdown costs in Mexico. The actual amount of cash expenditures incurred during the twelve-month period ending December 31, 2024 may vary significantly from the amounts specified above and will depend on a number of factors including variations in the anticipated administrative expenses and costs at El Quevar, and costs for continued exploration, project assessment and advancement of the Company’s other exploration properties.

The Company does not currently have sufficient resources to meet its expected cash needs during the year ended December 31, 2024. At December 31, 2023, the Company had current assets of approximately $8.7 million including cash and cash equivalents of approximately $3.8 million. On the same date, it had current liabilities of approximately $5.7 million. On February 29, 2024, the Company announced that it was stopping production at the Velardeña Properties after the initial performance of the mine and processing plant did not achieve expected results. The forecasted net operating margin from the Velardeña Properties during 2024 is expected to be between a loss of $2.0 million and a loss of $2.5 million. Net operating margin is defined as revenue from the sale of metals less the cost of metals sold. This estimate assumes average gold and silver prices per ounce during the period of $1,948 and $24.34, respectively. The actual amount that the Company receives in net operating margin from the Velardeña Properties during the year may vary significantly from the amounts specified above. The Company does not anticipate receiving additional funds from the sale of concentrates produced at the Velardeña Properties after March 31, 2024.

To meet its liquidity needs during the year, the Company plans to sell assets, collect VAT receivables, seek equity financing and reduce costs. The amount of cash that it needs to raise from these sources combined in order to cover forecasted expenditures during the twelve months ended December 31, 2024 is between $7.6 million and $8.6 million.

There is no assurance that the Company will be successful in raising sufficient capital. At March 11, 2024, it had approximately 1.9 million shares authorized but not yet outstanding out of 28 million shares authorized, which could be offered to raise equity. In the absence of sufficient asset sales, equity financing or other external funding, the Company’s cash balance is expected to be depleted in the second quarter of 2024.


Why Invest in Golden Minerals Company?


  • M&I resources as defined under S-K 1300 guidelines:  11.6M oz Ag + 176k oz Au1  
  • Inferred resources as defined under S-K 1300 guildelines:  30.7M oz Ag + 286koz Au


  • Technical report-estimated values 2
    • El Quevar - $44.9M NPV (2018 PEA)
    • Velardeña -$87.6M NPV (2023 TRS, MII Plan) or $52.3M (2023 TRS, MI Plan)


$3.8M (as of Dec. 31, 2023) 




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


Experienced management and directors; strong technical staff

1 Resources prepared under SK-1300 guidelines include only Velardeña and Yoquivo, as reported in the company's 2023 Form 10-K. The data exclude El Quevar.

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, August 2023. “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 $1,826/oz gold, $22.71/oz silver, $1.02/pound (“lb”) lead (“Pb”) and $1.31/lb zinc (“Zn”). Mineral resources were calculated having an effective date of June 1, 2023, as diluted to a minimum of 0.7 meters and are reported at a $195 NSR cutoff. NPV calculated using an 8% discount rate.


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.


Capital Structure

Capital Structure (as of March 1, 2024)

Shares Issued & Outstanding  14.1M
    Warrant Shares  11.3M
    Restricted Stock Units  0.3M
    KELTIP Units 1 0.2M
Fully Diluted Shares  25.8M
Cash and Short-Term Investments 2  $3.8M

1 Key Employee Long Term Incentive Plan
2 As of December 31, 2023. 

Numbers may not sum due to rounding.

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