Investors

Overview

Golden Minerals Company offers investors leverage to gold and silver prices. We successfully transitioned from exploration company to gold-silver producer when we commenced production at our Rodeo gold-silver project (Durango State, Mexico) in January 2021.

We hold independently-prepared Preliminary Economic Assessments (NI 43-101-compliant) on four of our precious metals projects that total $164M in net present value – with all PEA’s prepared based upon gold and silver prices well below current levels. The Rodeo gold project presents a low capital cost/high profit margin opportunity to realize significant cashflow that can be used in part to self-fund production start-up at the larger silver/gold Velardeña Properties. Repeated testing of sulfide concentrates using bio-oxidation processing technology demonstrates improved gold recovery from pyrite concentrates and potential for Velardeña to become a highly profitable operation over at least a 10-year mine life. Both Velardeña and our district-scale El Quevar silver project in Salta, Argentina present additional upside in the form of significant resource expansion and thus value appreciation.

Why Invest in Golden Minerals Company?

Cash Flow

  • 2021 projected after-tax cash flow from Rodeo gold-silver production - approx. $8-9 Million2 

Resources

  • M&I resources:  82M oz AgEq1  
  • Inferred resources:  49M oz AgEq

Value

  • $164M total PEA values -- with all PEAs assuming Au/Ag prices well below current levels
  • Velardeña PEA $85.9M NPV (2020)2
  • El Quevar PEA $44.9M NPV (2018)2 
  • Rodeo PEA $22.5M NPV (2020) 2
  • Santa Maria PEA  $10.6M NPV (2018)2
  • Velardeña mine & 300 tpd sulfide mill on stand-by

Cash

$6.9M (as of 6/30/2021) 

Debt

None

Project
Pipeline

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

Experience

Experienced management and directors; strong technical staff

1   Silver equivalents calculated using Ag:Au ratios of 74:1 (Santa Maria), 80.6:1 (Velardeña) and 113:1 (Rodeo).

 PEA and resource information is shown below. Rodeo 2021 anticipated after tax cash flow assumes prices of $1800/oz Au and $25/oz Ag.

Velardeña:

PEA and Resource: Tetra Tech, PEA NI 43-101 Technical Report, issue date May 8, 2020. PEA assumes metal prices of $1,324/oz Au and $16.23/oz Ag.
Metal prices for NSR cutoff & AgEq calcs are 3-year trailing average as of December 2019: (US) $16.30/troy oz Ag, $1,305/troy oz Au, $0.99/lb Pb and $1.27/lb Zn. AgEq = 80.6:1.

El Quevar:

PEA:  Wood Group. NI 43-101 Technical Report on PEA. Sept. 4, 2018.  NPV calculated using 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.

Rodeo:

PEA:  Mineral Resources Engineering, effective date April 1, 2020, assumes metal prices of $1,622/oz Au and $14.38/oz Ag. Resource:  Tetra Tech, NI 43-101 Technical Report – Mineral Resource Estimate, Jan. 26, 2017.

 

Capital Structure

Capital Structure as of August 5, 2021

Shares Issued & Outstanding  163M
    Warrant Shares  14M
    Restricted Stock Units  4M
    KELTIP Units 1 4M
Fully Diluted Shares  185M
Cash and Short-Term Investments 2  $6.9M

1 Key Employee Long Term Incentive Plan
2 As of June 30, 2021. 

All figures rounded to the nearest million except cash.

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