Golden Minerals Company · TSX:AUMN
Golden Minerals — Investor Presentation (March 2023)
31 slides from Golden Minerals's investor presentation, Mar 23, 2023
Slide 1: Corporate Presentation – March 23, 2023
NYSE American & TSX: AUMN Corporate Presentation – March 23, 2023
Slide 2: Cautionary Statements
CAUTIONARY STATEMENTS Cautionary Note Regarding Forward Looking Statements: Statements made regarding matters which are not historical facts, are “forward looking statements” within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 and Canadian securities legislation. These in
Slide 3: Business Strategy
BUSINESS STRATEGY WE ARE A GOLD AND SILVER COMPANY HEADQUARTERED IN GOLDEN, COLORADO AND WE WILL INCREASE SHAREHOLDER VALUE THROUGH OUR PLANS FOR: ► SUSTAINED PROFITABLE PRODUCTION ► GROWTH: TWO MINES PRODUCING - 2023 ► CONTINUED EXPLORATION SUCCESS 2 NYSE American & TSX: AUMN
Slide 4: At a Glance
AT A GLANCE ► Gold and silver focused ► Premier mining jurisdictions on two continents ► Colorado (USA) headquarters ► Common stock trades on NYSE American and TSX 3 NYSE American & TSX: AUMN
Slide 5: Investment Highlights
INVESTMENT HIGHLIGHTS Cash Growth $12.3M net operating margin One mine producing gold- from Rodeo in 2021; $5.8M in silver since January 2021; 2022. targeting two mines producing in 2023. Value Strong Leadership - Technical report-estimated values1 -- Experienced management • Velardeña - updating ec
Slide 6: Strong Project Pipeline
STRONG PROJECT PIPELINE Production Rodeo Development Velardeña El Quevar1, Santa Maria, PEA/Resource Yoquivo Sarita Este/Desierto, Exploration - Drilling Sand Canyon 9 additional projects Greenfield (Mexico, Argentina) 1 El Quevar: currently under option to Barrick (see p. 19). 5 NYSE American & TSX
Slide 7: Principal Production Assets - Mexico
PRINCIPAL PRODUCTION ASSETS - MEXICO 1 2 3 4 Sulfide Mill – Oxide Mill – Rodeo Mine – Velardeña Mine - Processing Processing Rodeo Operating Development Velardeña Material Material 6 NYSE American & TSX: AUMN
Slide 8: Rodeo Gold Mine – In Production
RODEO GOLD MINE – IN PRODUCTION Rodeo is a cash-generating open pit mine. Production activities began in late December 2020, with full production achieved in April 2021. This volcanic-hosted epithermal gold-silver deposit is located 115km via road west of Velardeña, where material is trucked for pro
Slide 9: Rodeo's Production
RODEO’S PRODUCTION Tonnes processed Total Cash Costs per Au oz (net)* 60,000 $2,000 $1,876 $1,800 50,000 $1,545 $1,600 $1,426 $1,391 $1,400 40,000 $1,164 $1,200 30,000 $1,000 $915 $865 $754 $800 20,000 $600 10,000 $400 $200 - $- Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2021
Slide 10: Velardeña Properties - Overview
VELARDEÑA PROPERTIES - OVERVIEW Past-producing, 316-ha development property with two underground silver- gold mines (Pb/Zn byproducts) and two processing plants. ► Evaluating modified mining plans and techniques designed to achieve dilution targets, in advance of a potential production restart decis
Slide 11: Velardeña Properties – 2022 Activities
VELARDEÑA PROPERTIES – 2022 ACTIVITIES Continuing analysis of test mining methods and incorporating screening and ore sorting. • New terms for pyrite (gold) concentrate sales allow for possible reopening without building BIOX plant. • Testing to determine the possible upgrade to the mine head grade
Slide 12: Yoquivo - Overview
YOQUIVO - OVERVIEW High-quality silver-gold exploration-stage property near the Ocampo mining district in Chihuahua State, Northern Mexico ► 100% ownership of 1,975 hectares/7 claims* ► Past producing, silver-gold vein district located in the core of the Sierra Madre Au-Ag district ► Similar mineral
Slide 13: Yoquivo – Initial Mineral Resource Estimate
YOQUIVO – INITIAL MINERAL RESOURCE ESTIMATE In February 2023, an initial Mineral Resource Estimate and Technical Report was completed for Yoquivo. • High grade resource at 570 AgEq g/t. • Room to grow the resource: estimate covers only a small portion of the strike length of the veins included in th
Slide 14: Yoquivo – Current Resource Areas
YOQUIVO – CURRENT RESOURCE AREAS Esperanza Vein Resource Area Pertenencia Veins Resource Area 13 NYSE American & TSX: AUMN
Slide 15: Yoquivo – Resource Expansion Potential
YOQUIVO – RESOURCE EXPANSION POTENTIAL 1m @ 2.4 g/t Au, 503 g/t Ag 1.0m @ 9.2 g/t Au 4.0m @ 13.4 g/t Au 763 g/t Ag 181 g/t Ag 1.7m @ 2.7 g/t Au 646 g/t Ag 3.5m @ 0.2 g/t Au 448 g/t Ag 1.9m @ 1.4 g/t Au 185 g/t Ag 1.5m @ 1.7 g/t Au, 705 g/t Ag 2.2m @ 7.5 g/t Au, 1263 g/t Ag 2.1m @ 2.1 g/t Au, 0.4m @
Slide 16: Santa Maria
SANTA MARIA 15 NYSE American & TSX: AUMN
Slide 17: Santa Maria – Possible Production Plans
SANTA MARIA – POSSIBLE PRODUCTION PLANS SANTA MARIA ► Property consists of 5 concessions (101 hectares) owned 100% by Golden Minerals. ► Outlying claims (not containing current resource) are subject to 2% NSR royalty. ► The Santa Maria Mine is developed via a ramp decline and shafts for ventilation
Slide 18: Santa Maria – Existing Resource
SANTA MARIA – EXISTING RESOURCE ► Existing resource completed by Tetra Tech in November 2018 ► Resource includes the Main and Dos veins only ► Metal prices have risen substantially ► Does not yet include results from recent 15,000 meters of drilling by Fabled 17 NYSE American & TSX: AUMN
Slide 19: El Quevar – Significant Expansion Potential
EL QUEVAR – SIGNIFICANT EXPANSION POTENTIAL • High-grade silver project in Salta Province; 57,000 ha. • NI 43-101 NPV5 $44.9M1 from 2018 PEA showing 4.8M oz per year Ag production at Yaxtché deposit. • Most of the area outside Yaxtché remains unexplored. Deposit open to the east & west. • Additional
Slide 20: El Quevar - Earn-in with Barrick Gold
EL QUEVAR - EARN-IN WITH BARRICK GOLD Partnering with a premier gold company that has demonstrated success in finding & developing major gold projects. Barrick carries costs while we maintain upside discovery potential. • Barrick carries Golden through pre-feasibility, covering all costs. Targeting
Slide 21: Sarita Este
SARITA ESTE Gold prospect located in NW Salta Province, Argentina near First Quantum’s Taca Taca project. • We hold an option to acquire 51% from Cascadero Minerals Corp. (Dec. 2019 agreement). • We have met the option requirements (spending $2.5M spend over 4 years, including 2000m of drilling). •
Slide 22: Upcoming Catalysts
UPCOMING CATALYSTS Velardeña ► New terms for concentrate sales allow for improved plan without BIOX. ► Currently processing material from summer 22 test mining. Yoquivo ► Plans to expand resource and convert to M&I. ► Plans to complete PEA. Santa Maria ► Project returned de-risked and with 16K meter
Slide 23: Rodeo, Velardeña & Yoquivo Resources: Prepared Under SEC S-K 1300
RODEO, VELARDEÑA & YOQUIVO RESOURCES: PREPARED UNDER SEC S-K 1300 Measured Mineral Measured + Indicated Mineral Inferred Mineral Resources Indicated Mineral Resources Resources Resources Amount Grade Amount Grade Amount Grade Amount Grade Quantity oz Quantity oz Quantity oz Quantity oz tonnes g/t to
Slide 24: El Quevar & Santa Maria Resources: Prepared Under NI 43-101
EL QUEVAR & SANTA MARIA RESOURCES: PREPARED UNDER CANADIAN NI-43-101 GUIDELINES Grade Tonnes Silver Gold Silver Gold (M) (Moz) (koz) g/t g/t EL QUEVAR Indicated 2.9 45.3 - 482 n/a Inferred 0.3 4.1 - 417 n/a SANTA MARIA Measured 0.0 0.4 1.1 271 0.8 Indicated 0.2 1.6 5.7 291 1.0 Inferred 0.3 2.3 7.6 2
Slide 25: Key Facts
KEY FACTS Stock Symbol NYSE American & TSX: AUMN Share Price, 52-Wk Hi/Lo (US) $0.26 ($0.59/$0.20) 3-Month Avg. Daily Volume1 0.4 M Shares Outstanding 172 M Warrant Shares 10 M Restricted Stock Units 6M KELTIP2 Units 5M Shares Outstanding - Fully Diluted 192 M Cash (12/31/22) $4.0 M Debt (12/31/22)
Slide 26: AUMN Share Price Performance
AUMN SHARE PRICE PERFORMANCE AUMN vs. Gold & Silver - % chg. 2019 - present 350% 300% 250% AUMN +11% 200% Silver +46% 150% Gold +54% 100% 50% 0% -50% Gold Silver AUMN As of March 20, 2023 Sources: Kitco, NYSE 25 NYSE American & TSX: AUMN
Slide 27: Strong Shareholder Base
STRONG SHAREHOLDER BASE Hecla Mining Company 1.1% Management & Directors Global X 0.7% 2.0% ETF Managers Group Geode Capital Mgmt 1.5% 0.5% Vanguard Group Sentient 3.5% 21.9% Remaining Float 68.9% • Figures per most recent public filings or other available records, as of March 20, 2023. • Management
Slide 28: Appendix
APPENDIX 27 NYSE American & TSX: AUMN
Slide 29: Resource & Technical Report Footnotes
RESOURCE & TECHNICAL REPORT FOOTNOTES VELARDEÑA: March 2022. “Velardeña Project Technical Report Summary” prepared by Tetra Tech. Initial Assessment for the property as defined under U.S. SEC Regulation S-K 1300. Two economic models were prepared for the Project: one includes Inferred Mineral Resour
Slide 30: Resource & Technical Report Footnotes (Continued)
RESOURCE & TECHNICAL REPORT FOOTNOTES (CONTINUED) YOQUIVO: The Mineral Resource estimate is reported in accordance with the Canadian Institute of Mining, Metallurgy and Petroleum (“CIM”) Definition Standards for Mineral Resources and Mineral Reserves using the 2019 edition of the CIM Estimation of M
Slide 31: Contact Information
CONTACT INFORMATION INVESTOR RELATIONS ONLINE Karen Winkler www.goldenminerals.com Director of Investor Relations Tele: 303.764.9170 www.linkedin.com/company/golden-minerals- [email protected] company/ https://twitter.com/Golden_Minerals CORPORATE HEADQUARTERS TRANSFER AGENT 350
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