Golden Minerals Company (NYSE-A:AUMN, TSX:AUMN, ETR:7GB) reported revenue of $5.3 million from doré sales and $0.9 million in net operating margin in its third quarter, all related to gold and silver production from its Rodeo mine in Colorado.
That compares to $8.5 million in revenue and a net operating margin of $4.2 million in the three months to September 30 last year.
It ended the quarter with $6.5 million in cash and looking ahead to the 12 month period to end September, 2023, said it expects to post between $5.5 and $6.5 million in net operating margin from the mine, assuming average gold and silver prices during that period of US$1,800 per once and US$25 per ounce respectively.
In its latest quarter, the miner sold 3,145 gold-equivalent ounces at average prices of US$1,703 per ounce gold and US$18.72 per ounce silver (before costs of selling and refining).
READ: Golden Minerals reveals 3Q gold and silver production from Rodeo mine in Mexico
Its Doré inventory on September 30, 2022, consisted of 277 payable gold ounces and 1,309 payable silver ounces.
The net loss for the three months came in at US$2.7 million, compared to a net gain of US$0.4 million in the third quarter of last year.
At its Velardeña properties in Mexico, the company continued its evaluation of modified mine plans and mining techniques to address dilution issues encountered during the first half of 2022 test-mining activities.
At its Yoquivo gold prospect in Mexico, it said it also completed a third drill program of 5,693 meters in 24 holes in July this year and is currently conducting a fourth drill program of around 3,000 meters.
The company plans to complete a maiden resource estimate for the property for release in the first quarter 2023.
Golden Minerals is a growing gold and silver producer based in Golden, Colorado. The company is focused primarily on producing gold and silver from its Rodeo mine and advancing its Velardena properties in Mexico and, through partner-funded exploration, its El Quevar silver property in Argentina, as well as acquiring and advancing selected mining properties in Mexico, Nevada and Argentina.
Contact the writer at giles@proactiveinvestors.com