Golden Minerals Reports Quarterly Gold Production Increase of 38 Percent During Third Quarter 2021
Golden Minerals Reports Quarterly Gold Production Increase of 38 Percent
During Third Quarter 2021
GOLDEN, Colo.--(BUSINESS WIRE)--October 12, 2021--Golden Minerals Company (“Golden
Minerals”, “Golden” or the “Company”) (NYSE American: AUMN and TSX: AUMN) is
pleased to report payable production during the third quarter 2021 of 4,942 gold equivalent
ounces, consisting of 4,777 gold ounces and 12,196 silver ounces from its Rodeo gold-silver
open pit mine located in Durango State, Mexico. Gold production increased by 38% compared to
3,452 ounces produced in the second quarter 2021.
Average gold grade processed during the third quarter increased to 4.0 grams per tonne (“g/t”)
from 3.6 g/t in the second quarter 2021. Mill throughput during the third quarter averaged 532
tonnes per day (“tpd”) compared to 427 tpd during the second quarter 2021. Average plant
recovery for gold was 76.5% during the third quarter compared to 78.0% in the second quarter.
The Company continues to optimize the mill circuit for increased recovery with a focus on a
finer grind and additional aeration in the leach tank train.
The Company has today reaffirmed its 2021 annual production guidance of between 12,000-
14,000 oz gold and 25,000-30,000 oz silver.
Warren Rehn, President and Chief Executive Officer of the Company, commented on the third
quarter production figures. “Q3 was the first quarter of full production for Rodeo and the mine
has exceeded expectations in terms of gold ounces produced. Our operations team has
demonstrated exceptional ability to execute and follow through with our mining and processing
plan. Given the excellent results this quarter, I expect we will close the year at the high end of
our production guidance.”
Rodeo Operations Statistics
(in thousands except per unit amounts)
Three Months
Ended March 31,
2021
Three Months
Ended June 30,
2021
Three Months
Ended Sept. 30,
2021
Nine Months
Ended Sept. 30,
2021
Total tonnes mined (1) 171,905 164,954 179,038 515,897
Total tonnes in stockpiles awaiting
processing (2) 5,108 6,574 10,780 10,780
Total tonnes in low grade stockpiles (3) 26,410 49,552 49,558 49,558
Tonnes processed 18,791 38,814 48,979 106,584
Tonnes per day processed 209 427 532 390
Gold grade processed (grams per tonne) 3.0 3.6 4.0 3.7
Silver grade processed (grams per tonne) 14.3 10.0 9.0 10.3
Plant recovery - gold (%) 84.3 78.0 76.5 78.4
Plant recovery - silver (%) 86.6 83.9 84.2 84.5
Payable gold produced in dore (ounces) 1,390 3,452 4,777 9,618
Payable silver produced in dore (ounces) 11,289 12,323 12,196 35,808
Payable gold equivalent produced in dore
(ounces) (4) 1,559 3,634 4,942 10,129
Gold sold in dore (ounces) 909 3,064 4,635 8,608
Silver sold in dore (ounces) 9,698 11,225 12,495 33,418
Gold equivalent sold in dore (ounces) (4) 1,054 3,230 4,804 9,088
Realized price, before refining and selling
costs
Gold (dollar per ounce) 1,721 1,843 1,783 1,797
Silver (dollar per ounce) 25.76 27.20 24.15 25.64
(1) Includes all mined material transported to the plant, stockpiled or designated as waste
(2) Includes mined material stockpiled at the mine or transported to the plant awaiting processing in the plant
(3) Material grading between 2 g/t (current cut-off grade) and 1 g/t Au held for possible future processing
(4) Gold equivalents based on realized $ Au and $ Ag price
About Golden Minerals
Golden Minerals is a growing gold and silver producer based in Golden, Colorado. The
Company is primarily 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, as well as acquiring and advancing selected mining properties in Mexico,
Nevada and Argentina.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the
Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as
amended, and applicable Canadian securities legislation, including statements regarding
projections related to production at the Rodeo operation for the full year 2021 and expectations
regarding future improvements in gold recoveries. These statements are subject to risks and
uncertainties, including the overall impact of the COVID-19 pandemic, including the potential
future re-suspension of non-essential activities in Mexico, including mining; higher than
anticipated costs at the Rodeo mine; declines in general economic conditions; changes in
political conditions, in tax, royalty, environmental and other laws in the United States, Mexico or
Argentina and other market conditions; and fluctuations in silver and gold prices. 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 SEC by Golden
Minerals, including the Company’s Annual Report on Form 10-K for the year ended December
31, 2020.
For additional information please visit http://www.goldenminerals.com/
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Contacts
Golden Minerals Company
Karen Winkler, Director of Investor Relations
(303) 839-5060