Golden Minerals Company (NYSE-A:AUMN, TSX:AUMN, ETR:7GB) has unveiled its production statistics for the first quarter from its Rodeo mine in Durango state, Mexico, which showed output of 3,787 gold-equivalent (AuEq) ounces.
In the three months to end-March, payable gold production was 3,608 ounces, while the miner generated 13,944 ounces of silver.
Processed was 527 tonnes per day (tpd), while the realized prices, before selling and refining costs, came in at US$1,888 per ounce of gold and US$24.24 per ounce of silver.
In March this year, the company reported increased revenue and a narrowed loss for fiscal 2021, a year which also saw the miner increase the life of its producing Rodeo gold-silver asset.
Production began at Rodeo in January 2021 and the mine generated 14,400 ounces of gold and 59,900 ounces of silver in the year. In October last year, the firm completed a 5,648 meter (m), 82-hole drill program, which extended the life of the mine by six months through to the third quarter of 2023.
For the 12 months to December 31, 2021, Golden Minerals saw revenue come in at US$25.6 million, boosted by the sale of precious metals from Rodeo, up from US$5.6 million in 2020 when revenue was only attributable from the lease of the company's oxide plant to Hecla Mining.
READ: Golden Minerals boosts revenue and reduces losses in fiscal 2021
The company's net operating margin - namely revenue minus the cost of metals sold - for the year was US$12.3 million versus US$3.6 million in 2020, while its net loss was US$2.1 million, down from a loss of US$9.1 million in 2020.
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