Golden Minerals Company (NYSEAMERICAN:AUMN) (TSE:AUMN) (FRA:7GB) reported a 25% year-over-year increase in its first-quarter 2021 revenue to US$1.8 million, as gold and silver mining operations began at its Rodeo property in Mexico in January.
The company ended the quarter with cash and equivalents of US$8 million as of March 31.
“The first quarter of 2021 has been transformational for Golden Minerals, as we report results as a gold-silver producer for the first time since 2015. At the end of April, we surpassed our daily throughput goal at our oxide plant of 450 tpd with the successful commissioning of the second ball mill installed at the plant,” Golden Minerals CEO Warren Rehn said in a statement.
READ: Golden Minerals is well on its way to profitable mining production in 2021
“We remain on track to achieve 2021 production guidance of 12,000-14,000 ounces gold and 25,000-30,000 ounces silver,” Rehn added.
“We anticipate announcing further success as we anticipate reporting net income at the corporate level during the second quarter of 2021.”
Golden Minerals noted it produced 1,559 gold equivalent ounces during the quarter, 1,054 ounces of which were sold with the remainder to be recognized as sales in 2Q 2021.
It added that its 1Q net loss narrowed to $0.02 per share from a $0.03 deficit during the same period last year.
As well, the company said it anticipates receiving about $13 million to $15 million in net operating margin (revenue from the sale of metals less costs of metals sold) from the Rodeo operation during the next 12 months ending on March 31, 2022.
Golden Minerals is an emerging gold‐silver producer that holds or controls about a dozen precious metals projects in Mexico, Argentina and Nevada.
Contact Sean at sean@proactiveinvestors.com