We own or control a portfolio of around a dozen precious metals projects located in Mexico, Argentina and Nevada (USA).
Resource Tables Technical Reports
We concluded operations at the Rodeo open pit gold-silver mine during the third quarter of 2023. During its 2021-2023 lifespan, Rodeo generated over $57 million in revenue and $18 million in net operating margin for Golden Minerals.
The Velardeña Properties in Durango State, Mexico contain two past-producing underground silver and gold mines and two processing mills.
As of September 30, 2023, we are continuing with activities in preparation for restarting production at the Velardeña Properties during the fourth quarter of 2023. Preparations include permitting, equipment readiness, arrangements with union staff, contract miners, plant operators and support personnel.
Yoquivo is a district-scale silver-gold exploration project (Chihuahua State, Mexico) with historic high-grade silver production. Our claims cover an underexplored epithermal precious metals district with excellent access in the productive part of the Sierra Madre. We have completed three drill programs, with reported results (Jan. 2022, Feb. 2022, Aug. 2022) indicating the presence of potentially economic grades on several veins in this multi-vein system property. We released an initial Mineral Resource Estimate for Yoquivo in Q1 2023. Golden holds an option to purchase the 7 concessions that comprise the Yoquivo property, totaling 1,975 hectares, subject to 2 to 3% NSR royalty interests on production, capped at $2.8 million.
El Quevar is a district-scale, advanced exploration-stage silver project in Salta, Argentina. We announced a positive PEA for Quever in 2018 and have had an ongoing earn-in agreement with Barrick Gold since 2020. Barrick has the opportunity to earn up to a 70% interest by spending $10M+ and completing a Pre-Feasibility study demonstrating a profitable operation with 2M+ AuEq oz within 8 years.
Santa Maria is an underground silver and gold mine with a positive (Sept. 2018) PEA, low capital cost, and a potential source of near-term production. During the third quarter of 2023, Golden Minerals executed a non-binding letter of intent with a third party for the sale of Santa Maria - for a total consideration of $2.5 million, including initial cash proceeds of $1.5 million and a 1.5% royalty, capped at $1 million.
We added the Sarita Este gold-silver prospect in Salta, Argentina and the Sand Canyon gold-silver project in Nevada to our portfolio of properties in 2019. We also own or control additional exploration properties, most of which lie in and around the traditional silver-producing areas in Mexico.
We hold an option to acquire 51% of the Sarita Este concession from Cascadero Minerals Corp. We've completed three successful drill programs at this project and are planning to conduct additional drilling. We have notified Cascadero of our intention to proceed with the joint venture as 51% owners of the concession.