- Golden Minerals Company (“company”, “Golden”, “AUMN”) holds a portfolio of precious metals projects in the Americas; including the advanced stage El Quevar silver project in Argentina, the Velardeña properties in Mexico, and early stage projects in Mexico and Nevada.
- The company also generates revenues by leasing its oxide mill at Velardeña to Hecla Mining (NYSE: HL). In the first nine months of 2019, this lease generated an operating profit of $4 million to AUMN.
- A 2018 Preliminary Economic Assessment (“PEA”) on the El Quevar silver project, based on $16.7 per oz silver, returned an After Tax – Net Present Value (AT-NPV) at 5% of $45 million, and an After Tax – Internal Rate of Return (“AT-IRR”) of 17%.
- Excluding a project recently signed up for sale, the company has a total measured and indicated resource of 76 million ounce (“Moz”) silver equivalent, and an inferred resource of 37 Moz silver equivalent across three projects.
- Management and board members combined hold approximately 5% of the total outstanding shares. Sentient Equity Partners is the largest investor, and holds 39% of the outstanding shares.
- We are expecting multiple catalysts for the share price in 2020, including an updated PEA on its Velardeña properties, a potential joint venture partner for El Quevar, and drill results from a recently optioned gold-silver project in Nevada.
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