STOCK TITAN

Golden Minerals Company - AUMN STOCK NEWS

Welcome to our dedicated page for Golden Minerals Company news (Ticker: AUMN), a resource for investors and traders seeking the latest updates and insights on Golden Minerals Company stock.

Golden Minerals Company (Symbol: AUMN) is a precious metals mining company headquartered in Golden, Colorado. With mining operations primarily in Mexico and a portfolio of approximately 30 exploration projects spread across Mexico's silver belt and Argentina, the company is committed to becoming a mid-tier precious metals producer.

The core business strategy of Golden Minerals includes focusing on mining operations in Mexico, setting up a second set of mining assets, securing oxide feed for its oxide plant, and exploring select properties. They are also on the lookout for strategic business opportunities to expand their reach and capabilities.

Golden Minerals owns the Velardeña Properties, which are high-grade silver and gold underground mining operations located in Durango State, Mexico. As of February 2015, Velardeña's NI 43-101 resources include approximately 27 million silver equivalent ounces (AgEq oz) in measured and indicated categories, plus an additional 33 million AgEq oz inferred. The resource grades average over 300 grams per tonne of silver and around 4.5 grams per tonne of gold. Velardeña's resources also contain lead and zinc base metals.

In addition to Velardeña, the company owns the El Quevar exploration property in the province of Salta, Argentina, and a diversified portfolio of precious metals and other mineral exploration properties located in or near historically significant precious metals producing regions in Mexico.

Golden Minerals' business is structured into two main divisions: Mexico Operations and Corporate Exploration and Other. These divisions allow the company to manage its mining activities efficiently while also focusing on exploratory ventures to discover new opportunities.

Rhea-AI Summary

Golden Minerals Company (NYSE-A: AUMN, TSX: AUMN) has received notice from NYSE American to commence delisting proceedings due to non-compliance with stockholders' equity requirements. The company failed to maintain the required $6.0 million in stockholders' equity while reporting losses from continuing operations and/or net losses in its five most recent fiscal years.

Trading of Golden Minerals' common stock will transition to the OTC Pink Market under the symbol 'AUMN' starting December 16, 2024. The company is applying for quotation on the OTCQB® Venture Market. This transition will not affect its Toronto Stock Exchange listing or business operations, and shareholders can continue trading through existing brokerage accounts.

Rhea-AI Impact
Rhea-AI Sentiment
End-of-Day
-14.52%
Tags
none
-
Rhea-AI Summary

Golden Minerals (NYSE-A: AUMN, TSX: AUMN) has completed the sale of its Yoquivo gold-silver project in Chihuahua State, Mexico to Advance Metals (ASX: AVM). The total transaction value is US$570,000 plus VAT, paid in cash through three installments: an initial US$20,000 for due diligence, followed by two payments of US$275,000 each. The transfer of the Yoquivo concessions will be finalized once AVM establishes its Mexican subsidiary.

Rhea-AI Impact
Rhea-AI Sentiment
End-of-Day
2.53%
Tags
none
-
Rhea-AI Summary

Golden Minerals (NYSE-A: AUMN) reported Q3 2024 financial results with minimal revenue of $0.1M from metal sales at Velardeña Properties, compared to $2.5M in Q3 2023. The company recorded a net gain of $0.2M ($0.01/share) versus a net loss of $3.2M in Q3 2023. Cash position decreased to $1.8M from $3.8M at year-end 2023. The company faces significant liquidity challenges, needing $1.5-3.5M in capital through September 2025. Golden Minerals must regain NYSE American compliance by December 6, 2024, or face potential delisting. The company is pursuing asset sales and financing options to address financial stability.

Rhea-AI Impact
Rhea-AI Sentiment
End-of-Day
-1.18%
Tags
Rhea-AI Summary

Golden Minerals Company (NYSE-A: AUMN) has signed a binding agreement to sell its Yoquivo gold-silver project in Chihuahua State, Mexico to Advance Metals (ASX: AVM) for US$570,000 plus VAT. The transaction includes three payments: an initial non-refundable US$20,000 for a seven-day due diligence period starting October 24, 2024, followed by two US$275,000 payments on November 1 and November 21, 2024. The deal is subject to regulatory approvals and due diligence completion. If AVM withdraws, they'll pay a 20% breakup fee of the purchase price.

Rhea-AI Impact
Rhea-AI Sentiment
End-of-Day
0.24%
Tags
none
-
Rhea-AI Summary

Golden Minerals (NYSE-A: AUMN) has completed the sale of its El Quevar Project in Argentina to Butte Energy (now Argenta Silver Corp) for US$3.5 million. The company currently holds $3.6 million in cash and faces $1.6 million in accounts payable. After ceasing mining operations at Velardeña in Mexico, Golden Minerals is still owed $1.8 million plus VAT from its sale. The company retains interests in exploration properties including Sarita Este/Desierto and Sand Canyon but requires additional capital for further development. Management is exploring strategic alternatives, including potential company sale, asset disposals, or external financing to maintain operations.

Rhea-AI Impact
Rhea-AI Sentiment
End-of-Day
0.24%
Tags
none
-
Rhea-AI Summary

Golden Minerals Company (NYSE-A: AUMN and TSX: AUMN) has entered into a definitive agreement to sell its wholly-owned subsidiary, Silex Argentina S.A., to Butte Energy Inc. This sale includes the El Quevar silver project in Salta Province, Argentina. The purchase price is set at US$3,500,000, payable in cash through three installments:

  • US$500,000 non-refundable deposit (paid on September 3, 2024)
  • US$500,000 due by September 27, 2024
  • US$2,500,000 upon closing

The transaction is expected to close by October 31, 2024, subject to regulatory approvals and other conditions. INFOR Financial Inc. is acting as financial advisor, while Fasken Martineau DuMoulin LLP serves as Canadian counsel for Golden Minerals in this transaction.

Rhea-AI Impact
Rhea-AI Sentiment
End-of-Day
4.44%
Tags
none
Rhea-AI Summary

Golden Minerals Company (NYSE-A: AUMN, TSX: AUMN) has announced plans to sell its El Quevar Silver Project in Argentina for US$3.5 million to address near-term liquidity needs. The company has signed a binding Letter Agreement with Butte Energy Inc., with the transaction expected to close by October 31, 2024. Additionally, Golden Minerals has sold its Mexican subsidiary, Minera Labri, for US$445,500 and regained control of the Desierto I mining concession in Argentina following a successful appeal.

The company is facing financial challenges, with only US$0.9 million in cash as of August 30, 2024, and is exploring various options to raise funds, including potential asset sales and external financing. If unable to secure additional resources, Golden Minerals may be forced to cease operations and liquidate.

Rhea-AI Impact
Rhea-AI Sentiment
End-of-Day
-3.32%
Tags
none
-
Rhea-AI Summary

Golden Minerals Company (NYSE-A: AUMN, TSX: AUMN) has released its Q2 2024 financial results, revealing a challenging financial position. The company reported a cash balance of $1.4 million as of June 30, 2024, down from $3.8 million at the end of 2023. Golden Minerals posted a net loss of $2.7 million ($0.19 per share) in Q2 2024, compared to a $1.5 million loss in Q2 2023. The company faces significant liquidity issues, with current assets of $2.5 million against current liabilities of $4.8 million. Golden Minerals is actively seeking additional funding through asset sales or external financing, as it projects needing $6-8 million to cover expenses through June 2025. Without new cash inflows, the company anticipates exhausting its resources by September 2024 and may consider bankruptcy filings for some Mexican subsidiaries.

Rhea-AI Impact
Rhea-AI Sentiment
End-of-Day
-- %
Tags
-
Rhea-AI Summary

Golden Minerals Company (NYSE-A: AUMN and TSX: AUMN) has announced the retirement of Julie Weedman, Senior Vice President and Chief Financial Officer, effective August 15, 2024. Weedman, who joined the company in January 2022, will remain available as a consultant after her retirement. The company has appointed Joe Dwyer, currently serving as Corporate Controller, as the new Chief Financial Officer.

Dwyer, who joined Golden Minerals in September 2022, brings extensive experience from his previous roles at Kärcher North America, Westmoreland Coal Company, and Cloud Peak Energy. He also has experience with publicly held companies and worked as a manager in Deloitte's assurance practice.

Rhea-AI Impact
Rhea-AI Sentiment
End-of-Day
-2.5%
Tags
management
Rhea-AI Summary

Golden Minerals Company (NYSE-A: AUMN, TSX: AUMN) has provided a corporate update, revealing significant financial challenges. As of June 30, 2024, the company had cash and cash equivalents of $1.4 million, with accounts payable and other current liabilities of $4.8 million. With mining operations ceased at Velardeña, Golden Minerals is exploring options to generate cash flow, including asset sales and seeking new capital.

The company anticipates its cash resources will be exhausted by September 2024 without additional inflows. Golden Minerals is considering selling assets, including the El Quevar project in Argentina and Yoquivo project in Mexico. A previously announced sale of Velardeña assets for $5.5 million plus VAT has partially closed, with $2.5 million received to date. However, there's uncertainty regarding the remaining $2.627 million payment for the oxide processing plant and water wells.

Rhea-AI Impact
Rhea-AI Sentiment
End-of-Day
-2.33%
Tags
none

FAQ

What is the current stock price of Golden Minerals Company (AUMN)?

The current stock price of Golden Minerals Company (AUMN) is $0.098 as of December 23, 2024.

What is the market cap of Golden Minerals Company (AUMN)?

The market cap of Golden Minerals Company (AUMN) is approximately 1.5M.

What is Golden Minerals Company?

Golden Minerals Company is a precious metals mining company with headquarters in Golden, Colorado. It operates primarily in Mexico and Argentina.

Where are Golden Minerals Company's mining operations located?

The company has mining operations in Mexico and exploration projects in Mexico's silver belt and in Argentina.

What is the core business strategy of Golden Minerals?

The core strategy includes focusing on mining in Mexico, establishing additional mining assets, securing oxide feed for its plant, and exploring select properties.

What are the Velardeña Properties?

The Velardeña Properties are high-grade silver and gold underground mining operations in Durango State, Mexico, with significant resources of silver, gold, lead, and zinc.

How are Golden Minerals' business operations structured?

The company's operations are divided into two main divisions: Mexico Operations and Corporate Exploration and Other.

What is the significance of the El Quevar property?

El Quevar is an exploration property located in Salta, Argentina, adding valuable exploration potential to the company's portfolio.

What are NI 43-101 resources?

NI 43-101 resources are estimates of mineral resources that comply with standards set by Canadian regulations, ensuring accurate and reliable reporting.

What metals are produced at Velardeña?

Velardeña primarily produces silver and gold, with additional production of lead and zinc.

What are Golden Minerals' exploration projects focused on?

The exploration projects are focused on precious metals like silver and gold, particularly in historically significant mining regions.

How does Golden Minerals aim to grow its business?

The company aims to grow by expanding its mining operations, exploring new properties, and seeking out strategic business opportunities.

Golden Minerals Company

NYSE:AUMN

AUMN Rankings

AUMN Stock Data

1.46M
12.40M
3.38%
8.79%
1.9%
Other Precious Metals & Mining
Gold and Silver Ores
Link
United States of America
GOLDEN