Golden Minerals Provides Corporate Update
01 8월 2024 - 7:45PM
Business Wire
Golden Minerals Company (“Golden Minerals,” “Golden” or the
“Company”) (NYSE-A: AUMN and TSX: AUMN) today provided a corporate
update.
As previously disclosed, the Company does not have sufficient
resources to meet its expected cash needs over the next twelve
months. As of June 30, 2024, the Company had cash and cash
equivalents of approximately $1.4 million. On the same date, it had
accounts payable and other current liabilities of approximately
$4.8 million. Because the Company has ceased mining at the
Velardeña mine, its only near-term opportunity to generate cash
flow is from the sale of assets or from new sources of debt or
equity capital. The Company is evaluating alternatives to obtain
sufficient funds to continue as a going concern, including
finalizing the sale of its Velardeña assets, seeking buyers or
partners for the Company’s other assets (including El Quevar) or
obtaining equity or other financing. In the absence of additional
cash inflows, the Company anticipates that its cash resources will
be exhausted by September 2024. If the Company is unable to obtain
additional resources, it may be forced to cease operations and
liquidate.
The Company is taking actions to address its liquidity and
financial stability through the sale of assets or raising new
capital. As part of this effort, the Company is considering the
sale of the Company or its assets, including the El Quevar project
in Argentina and the Yoquivo project in Mexico. The proceeds from
these sales would be directed toward addressing the Company’s
ongoing operating expenses and satisfying its liabilities, while
seeking to maximize any remaining value for its shareholders.
The Company announced in May 2024 that it had entered into a
series of purchase and sale agreements whereby the Company would
sell certain assets at its Velardeña Properties (located in Durango
State, Mexico) to a privately held Mexican company (“the Buyer”)
for US$5.5 million plus Value Added Tax (“VAT”). To date, the
Company has received $2.5 million plus VAT in conjunction with the
sale of the Velardeña Mine, the sulfide processing plant, and
associated facilities, and title has been transferred to the buyer.
There continues to be a delay in closing the agreement related to
the sale of Velardeña’s oxide processing plant and water wells. The
Buyer has operational access to the plant. To date, the Company has
received partial payments in the amount of $373,000 for these
assets. The remaining $2,627,000, plus VAT, was due on July 1. The
Company is uncertain as to when or if the payment will be received.
The Company is working to sign an extension of the sale agreement
with the Buyer.
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 the Buyer’s scheduled payments to the Company
pursuant to the Agreements. These statements are subject to risks
and uncertainties including the Buyer’s ability to make the
payments under the sale agreements; the ability of the Company to
sell or realize value from its other assets, increases in costs and
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 Securities & Exchange Commission by Golden
Minerals, including the Company’s Annual Report on Form 10-K for
the year ended December 31, 2023.
For additional information, please visit
http://www.goldenminerals.com/ or contact:
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version on businesswire.com: https://www.businesswire.com/news/home/20240801103103/en/
Golden Minerals Company (303) 839-5060
Golden Minerals (AMEX:AUMN)
과거 데이터 주식 차트
부터 9월(9) 2024 으로 10월(10) 2024
Golden Minerals (AMEX:AUMN)
과거 데이터 주식 차트
부터 10월(10) 2023 으로 10월(10) 2024