Golden Minerals Company (NYSE-A:AUMN, TSX:AUMN, ETR:7GB) has told investors that it beat annual production guidance at its Rodeo gold-silver mine in 2021, the year the operation in Durango, Mexico, came onstream.
The mine started output in mid-January 2021 and reached steady-state throughput in April, the gold and silver producer said as it reported fourth-quarter and full-year numbers.
"2021 was an exciting and successful year for Golden Minerals, as it marked our progression to junior gold-silver producer from exploration company based on our Rodeo Mine start-up and excellent production record," said Warren Rehn, the company's CEO in a statement.
"Exceeding our production guidance for the year is a testament to the success of our very capable mining team through the planning and execution stages of the mine start-up and into full production," he added.
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For the 12 months to end-December 2021, the mine generated 14,449 ounces of gold, beating annual production guidance of between 12,000 and 14,000 ounces (Q4: 4,831 ounces).
The miner also produced 51,058 ounces of silver in the full year, exceeding guidance of between 25,000 and 30,000 ounces (Q4: 15,250 ounces).
Gold equivalent ounces sold in the full year came in at 14,454 ounces, while 5,366 ounces were sold in the fourth quarter. The firm realized, before refining and selling costs, US$1,793 per ounce of gold and US$24.83 per ounce of silver.
Looking ahead, Rehn said the company is "well-positioned" to continue its growth strategy in 2022 based on its "forecasted continued production from Rodeo and from the possible re-start of our Velardeña mining operation".
Golden Minerals is focused on producing gold and silver from its Rodeo mine and advancing its Velardeña properties in Mexico and, through partner funded exploration, its El Quevar silver property in Argentina, and acquiring and advancing selected mining properties in Mexico, Nevada and Argentina.
Contact the author at giles@proactiveinvestors.com