VanEck Vectors Global Alternative Energy ETF

Published : February 27th, 2015

Golden Minerals Reports 2014 Year-End Results

( 0 vote, 0/5 ) Print article
  Article Comments Comment this article Rating Follow Company  
0
Send
0
comment

Golden Minerals Reports 2014 Year-End Results

GOLDEN, Colo., Feb. 27, 2015 /PRNewswire/ -- Golden Minerals Company (NYSE MKT: AUMN; TSX: AUM) ("Golden Minerals" or "the Company") today announced financial results for the full year ending December 31, 2014.

For the year ending December 31, 2014 Golden Minerals recorded revenue of $0.2 million and costs of metals sold of $1.7 million at the Velardena Properties in Mexico for a negative gross margin of $1.5 million.  Included in the cost of metals sold is a $1.2 million write down of finished goods inventory to estimated net realizable value.  Revenue and cost of sales figures reflect approximately two months of testing the refurbished plant and processing of low grade material primarily mined for development.  Mining recommenced in July 2014 and processing in November 2014 after mining activity was suspended in June 2013.  The Company recorded a 2014 net loss of $18.8 million. 

In addition to the negative gross margin noted above, the net loss includes the following expenditures:  $5.5 million on exploration expenses; $4.6 million on administrative expenses; $3.1 million on project expenses at Velardena incurred during start-up of mining and processing activities; $3.1 million on non-cash depreciation and amortization-related expense; $2.5 million related to Velardena shutdown, care and maintenance activities prior to the resumption of mining activities in June 2014; and $1.6 million of expense associated with the El Quevar project.  These expenses were partially offset by other operating income of $0.7 million related primarily to the sale of certain exploration properties in the third quarter 2014, $1.6 million related to the reduction of a tax liability contingency, and $1.7 million related to the reduction of a warrant derivative liability.

The Company's cash and cash equivalents balance totaled $8.6 million at December 31, 2014 compared to $19.1 million at December 31, 2013.  The Company expects to end 2015 with a cash balance of approximately $2.0 million, which takes into account the December 31, 2014 cash balance and positive gross margin during 2015 from the Velardena Properties of approximately $2.5 million, reduced by expenditures during 2015 of approximately $3.0 million for exploration activities, $1.0 million for El Quevar, $4.5 for general and administrative costs, and $0.6 million for sustaining capital and increased working capital related to the Velardena Properties.  In arriving at the forecast of positive gross margin for Velardena, the Company assumed a price for silver and gold of $17.00 and $1,250 per ounce, respectively.

About Golden Minerals

Golden Minerals is a Delaware corporation based in Golden, Colorado.  The Company is primarily focused on operations at its Velardena Properties and the exploration of properties in Argentina and Mexico.

Forward-Looking Statements This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act and applicable Canadian securities legislation, including statements regarding including the Company's anticipated cash and cash equivalents balance at year-end 2015, anticipated positive gross margins from the Velardena Properties in 2015, anticipated expenditures during 2015, assumed silver and gold prices for the forecast of positive gross margins.  These statements are subject to risks and uncertainties,

These statements are subject to risks and uncertainties, including: lower than assumed silver and gold prices, higher than anticipated costs of mining and processing; delays or problems in mining or processing or the anticipated ramp-up in making saleable concentrates at the Velardena Properties; variations in material grade and metallurgical characteristics of processed material; delays or failures in receiving government approvals or permits or suspensions of existing approvals and permits; failure to achieve anticipated metal recoveries or anticipated mining or processing results including expected quantities of anticipated saleable products; failures of new mine plan, stope development and slusher techniques to meet expectations; changes in interpretations of geological, geostatistical, metallurgical, mining or processing information and interpretations of the information resulting from future mining and processing experience; new information from drilling programs; reliability of metallurgical testing results and changes in interpretation based on processing results; technical, permitting, mining, metallurgical, recovery or processing issues; problems that delay or reduce underground mine and stope construction; operational changes or problems; failure of mined material to meet expectations; failure of veins mined to meet expectations; increases in costs and declines in general economic conditions; and changes in political conditions, in tax, royalty, environmental and other laws in Mexico, and financial market conditions.  Golden Minerals assumes no obligation to update this information.  Additional risks relating to Golden Minerals may be found in the periodic and current reports filed with the Securities Exchange Commission by Golden Minerals, including the Company's Annual Report on Form 10-K for the year ended December 31, 2014.

For additional information please visit http://www.goldenminerals.com/ or contact:

Golden Minerals Company
Karen Winkler
(303) 839-5060
Director of Investor Relations

GOLDEN MINERALS COMPANY

CONSOLIDATED BALANCE SHEETS

(Expressed in United States dollars)






December 31,


December 31,





2014


2013





 (in thousands, except share data)

Assets





Current assets






Cash and cash equivalents 


$           8,579


$         19,146


Trade receivables


-


25


Inventories 


1,497


449


Value added tax receivable 


1,316


1,765


Prepaid expenses and other assets 


835


1,091



Total current assets


12,227


22,476

Property, plant and equipment, net 


29,031


32,375

Prepaid expenses and other assets 


-


30



Total assets


$         41,258


$         54,881

Liabilities and Equity





Current liabilities






Accounts payable and other accrued liabilities 


$           1,639


$           1,365


Other current liabilities 


2,551


4,405



Total current liabilities


4,190


5,770

Asset retirement and reclamation liabilities 


2,685


2,602

Warrant liability 


1,554


-

Other long term liabilities 


95


53



Total liabilities


8,524


8,425








Commitments and contingencies 





Equity 






Common stock, $.01 par value, 100,000,000 shares authorized; 53,162,833 and 43,530,833 shares issued and outstanding, respectively 


532


435


Additional paid in capital


484,197


494,647


Accumulated deficit 


(451,995)


(448,626)



Shareholders' equity 


32,734


46,456



Total liabilities and equity 


$         41,258


$         54,881

GOLDEN MINERALS COMPANY

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)

(Expressed in United States dollars)






The Years Ended December 31,





2014


2013





(in thousands except per share data)

Revenue:






Sale of metals 


$            235


$       10,680

Costs and expenses:






Cost of metals sold (exclusive of depreciation shown below) 


(1,655)


(17,534)


Exploration expense


(5,528)


(4,575)


El Quevar project expense


(1,597)


(2,628)


Velardena project expense


(3,126)


(3,052)


Velardena shutdown and care & maintenance costs


(2,457)


(6,374)


Administrative expense


(4,642)


(5,610)


Stock based compensation


(926)


(1,555)


Reclamation expense


(199)


(184)


Impairment of long lived assets 


-


(243,985)


Impairment of goodwill 


-


(11,666)


Other operating income, net


691


3,526


Depreciation, depletion and amortization


(3,128)


(6,927)



Total costs and expenses


(22,567)


(300,564)


Loss from operations


(22,332)


(289,884)

Other income and (expenses):






Interest and other income 


1,708


444


Warrant derivative income 


1,693


-


Gain (loss) on foreign currency


108


(626)



Other total income and (expenses)


3,509


(182)


Loss before income taxes


(18,823)


(290,066)


Income taxes benefit 


-


49,686


Net loss


$      (18,823)


$   (240,380)

Other comprehensive gain:






Unrealized gain on securities, net of tax


$                  -


$              90


Comprehensive loss


$      (18,823)


$   (240,290)

Net loss per common share – basic and diluted






Loss


$           (0.41)


$          (5.61)

Weighted average Common Stock outstanding - basic and diluted


45,862,419


42,838,735

Logo - http://photos.prnewswire.com/prnh/20120803/LA52082LOGO

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/golden-minerals-reports-2014-year-end-results-300042966.html

Read the rest of the article at finance.yahoo.com
Data and Statistics for these countries : Argentina | Mexico | All
Gold and Silver Prices for these countries : Argentina | Mexico | All

VanEck Vectors Global Alternative Energy ETF

PRODUCER
CODE : AUM.TO
ISIN : US3811191069
Follow and Invest
Add to watch list Add to your portfolio Add or edit a note
Add Alert Add to Watchlists Add to Portfolio Add Note
ProfileMarket
Indicators
VALUE :
Projects & res.
Press
releases
Annual
report
RISK :
Asset profile
Contact Cpy

Golden Minerals is a gold and silver development stage company based in United states of america.

Golden Minerals produces gold, silver, copper, lead and zinc in Mexico, develops silver in Argentina, and holds various exploration projects in Mexico.

Its main assets in production are SAN JUANES, SAN MATEO, SANTA JUANA and VELARDENA DISTRICT in Mexico, its main asset in development is EL QUEVAR in Argentina and its main exploration properties are SAN MIGUEL, SAN PEDRO, ZACATECAS, MATEHUAPIL, LA PINTA, SAN DIEGO, NAZAS and TERNERAS in Mexico, ELISA DE BORDOS in Chile and COCHABAMBA, JEHUAMARCA, CHAVIN and PALCA in Peru.

Golden Minerals is listed in Canada, in Germany and in United States of America. Its market capitalisation is 42.7 millions as of today (US$ 32.8 millions, € 30.4 millions).

Its stock quote reached its highest recent level on March 05, 2010 at 9.99, and its lowest recent point on January 22, 2016 at 0.19.

Golden Minerals has 47 442 200 shares outstanding.

Your feedback is appreciated, please leave a comment or rate this article.
Rate : Average note :0 (0 vote) View Top rated
 
Financings of VanEck Vectors Global Alternative Energy ETF
9/10/2014Announces Closing Of Equity Financing
9/19/2012Announces Closing Of Equity Financing
9/14/2012Announces Equity Financing
10/3/2011Announces Private Placement and Filing of Shelf Registration
Nominations of VanEck Vectors Global Alternative Energy ETF
3/14/2012Appoints Construction Manager for Velardena
Financials of VanEck Vectors Global Alternative Energy ETF
7/15/2015Reports Second Quarter 2015 Velardena Performance
11/6/2014Reports Third Quarter Financial Results And Provides Busines...
8/6/2014Announces Second Quarter 2014 Results
5/1/2014Announces First Quarter 2014 Results
11/6/2013Announces Third Quarter 2013 Results
8/8/2013Announces Second Quarter 2013 Results
5/8/2013Announces First Quarter 2013 Results
5/9/2012Reports First Quarter 2012 Results
3/8/2012Reports 2011 Year-End Results
8/8/2011Reports Second Quarter 2011 Results
5/4/2011Reports First Quarter 2011
2/17/2011Reports 2010 Year-End Results
Project news of VanEck Vectors Global Alternative Energy ETF
6/21/2013Announces Suspension Of Production
1/25/2013(El Quevar)Reports Possible Extensions Of Mineralized Zones At El Queva...
10/11/2012Reports Production Increases of 28% for Silver and 27% for ...
8/24/2011(El Quevar)Provides an Update on the Drilling and Underground Drifting ...
4/8/2011(El Quevar)Provides an Update on the Development Drift at El Quevar and...
1/22/2008(San Cristobal)Provides Operations Update
12/31/2006(El Quevar)Drill hole intercepts
Corporate news of VanEck Vectors Global Alternative Energy ETF
6/30/2016Why Investors Have This Industrial Metals & Minerals' Stocks...
6/13/2016Sentient Group Converts Remaining Debt To Golden Minerals Sh...
5/3/2016Golden Minerals Announces $4 Million Registered Direct Offer...
4/29/2016Golden Minerals Reports First Quarter 2016 Results
4/11/2016Golden Minerals Issues No Corporate Development Statement
12/18/2015Golden Minerals Provides Financial And Meeting Updates
8/9/201510-Q for Golden Minerals Co.
8/6/2015Golden Minerals Reports Second Quarter 2015 Financial Result...
7/31/2015Golden Minerals Announces CEO Retirement
7/15/2015Golden Minerals Reports Second Quarter 2015 Velardena Perfor...
7/15/2015Golden Minerals Leases Oxide Plant To Hecla
7/7/2015Golden Minerals Discovers New Silver And Gold Mineralization...
4/20/2015Golden Minerals Announces Mineral Resource Estimates For San...
4/20/2015Announces Mineral Resource Estimates For Santa Maria And Los...
4/17/2015Golden Minerals Provides Information Regarding Its Upcoming ...
4/14/2015Golden Minerals Reports Velardena Performance In Line With G...
4/14/2015Reports Velardena Performance In Line With Guidance
2/28/2015Golden Minerals Reports 2014 Year-End Results
2/27/2015Golden Minerals Reports 2014 Year-End Results
12/23/2014Provides Update For Velardena Mine Restart
7/14/2014' Mining Underway; Additional Vein Added To Plan
2/27/2014Reports High-Grade Gold Drill Intersections
11/1/2013Initiates Succession Planning
4/11/2013Announces Record First Quarter 2013 Production Of Silver
2/13/2013Announces 2013 Operating Plan
11/8/2012Announces Third Quarter Results and $2.0 Million in Expl...
9/27/2012To Present At The John Tumazos Very Independent Research, LL...
5/31/2012Announces Sale of Platosa Royalty for $2.4 Million and Engag...
5/18/2012Announces High Grade Resource Estimate for Velardena Propert...
5/4/2012Provides Update of First Quarter Production and Full Year Gu...
4/10/2012(El Quevar)Announces Significant Increase to Indicated Silver Resources...
3/28/2012Tag and Golden Minerals Amend San Diego Joint Venture Terms
2/7/2012Appoints Vice President of Exploration
1/11/2012Reports Significant Operational Improvements at Velardena an...
12/8/2011Continues to Drill High Grade Silver With Wide Intercepts at...
8/30/2011and ECU Silver Mining Inc. Announce Results of Special Meeti...
6/24/2011Company and ECU Silver Mining Inc. Announce Merger of Equals...
6/2/2008the Sale of the Rights to Deferred Payments to Sumitomo for ...
2/29/2008Reports 2007 Year-End Results
2/25/2008Provides Operations Update
10/4/2005Follow up N° 16
Comments closed
 
Latest comment posted for this article
Be the first to comment
Add your comment
TORONTO (AUM.TO)NYSE (AUMN)
0.900+3.45%0.230-0.43%
TORONTO
CA$ 0.900
01/31 14:16 0.030
3.45%
Prev close Open
0.870 0.870
Low High
0.870 0.910
Year l/h YTD var.
 -  -
52 week l/h 52 week var.
- -  0.900 -%
Volume 1 month var.
5,440 -%
24hGold TrendPower© : -21
Produces Copper - Gold - Lead - Silver - Zinc
Develops Silver
Explores for Copper - Gold - Lead - Silver - Zinc
 
 
 
Analyse
Interactive chart Add to compare
Interactive
chart
Print Compare Export
Last updated on : 4/20/2010
You must be logged in to use the porfolio and watchlists (free)
Top Newsreleases
MOST READ
Annual variation
DateVariationHighLow
 
5 years chart
 
3 months chart
 
3 months volume chart
 
 
Mining Company News
Plymouth Minerals LTDPLH.AX
Plymouth Minerals Intersects Further High Grade Potash in Drilling at Banio Potash Project - Plannin
AU$ 0.12-8.00%Trend Power :
Santos(Ngas-Oil)STO.AX
announces expected non-cash impairment
AU$ 7.07+0.28%Trend Power :
OceanaGold(Au)OGC.AX
RELEASES NEW TECHNICAL REPORT FOR THE HAILE GOLD MINE
AU$ 2.20+0.00%Trend Power :
Western Areas NL(Au-Ni-Pl)WSA.AX
Advance Notice - Full Year Results Conference Call
AU$ 3.86+0.00%Trend Power :
Canadian Zinc(Ag-Au-Cu)CZN.TO
Reports Financial Results for Q2 and Provides Project Updates
 0.12+4.55%Trend Power :
Stornoway Diamond(Gems-Au-Ur)SWY.TO
Second Quarter Results
CA$ 0.02+100.00%Trend Power :
McEwen Mining(Cu-Le-Zn)MUX
TO ACQUIRE BLACK FOX FROM PRIMERO=C2=A0
US$ 8.91-2.73%Trend Power :
Rentech(Coal-Ngas)RTK
Rentech Announces Results for Second Quarter 2017
US$ 0.20-12.28%Trend Power :
KEFIKEFI.L
Reduced Funding Requirement
GBX 0.59-3.26%Trend Power :
Lupaka Gold Corp.LPK.V
Lupaka Gold Receives First Tranche Under Amended Invicta Financing Agreement
CA$ 0.05+10.00%Trend Power :
Imperial(Ag-Au-Cu)III.TO
Closes Bridge Loan Financing
CA$ 2.06+0.00%Trend Power :
Guyana Goldfields(Cu-Zn-Pa)GUY.TO
Reports Second Quarter 2017 Results and Maintains Production Guidance
CA$ 1.84+0.00%Trend Power :
Lundin Mining(Ag-Au-Cu)LUN.TO
d Share Capital and Voting Rights for Lundin Mining
 12.67+0.88%Trend Power :
Canarc Res.(Au)CCM.TO
Canarc Reports High Grade Gold in Surface Rock Samples at Fondaway Canyon, Nevada
CA$ 0.34+6.25%Trend Power :
Havilah(Cu-Le-Zn)HAV.AX
Q A April 2017 Quarterly Report
AU$ 0.19+2.70%Trend Power :
Uranium Res.(Ur)URRE
Commences Lithium Exploration Drilling at the Columbus Basin Project
US$ 6.80-2.86%Trend Power :
Platinum Group Metals(Au-Cu-Gems)PTM.TO
Platinum Group Metals Ltd. Operational and Strategic Process ...
 1.77-2.21%Trend Power :
Devon Energy(Ngas-Oil)DVN
Announces $340 Million of Non-Core Asset Sales
US$ 40.37-0.22%Trend Power :
Precision Drilling(Oil)PD-UN.TO
Announces 2017Second Quarter Financial Results
CA$ 8.66-0.35%Trend Power :
Terramin(Ag-Au-Cu)TZN.AX
2nd Quarter Report
AU$ 0.04+0.00%Trend Power :
Take advantage of rising gold stocks
  • Subscribe to our weekly mining market briefing.
  • Receive our research reports on junior mining companies
    with the strongest potential
  • Free service, your email is safe
  • Limited offer, register now !
Go to website.