GOLDEN MINERALS COMPANY
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME
(LOSS)
(Expressed in United States dollars)
The Period The Period
March 25, January 1,
The Year 2009 2009 The Year
Ended Through Through Ended
December 31, December 31, March 24, December 31,
2010 2009 2009 2008
---------- ---------- ---------- ----------
(Successor) (Predecessor)
(in thousands except per share data)
Revenue:
Management service fees $ 11,216 $ 11,067 $ 1,350 $ 5,400
Costs and expenses:
Costs of services (2,566) (3,751) - -
Exploration expense (13,353) (12,617) (3,482) (25,397)
El Quevar project expense (15,755) - - -
Administrative expense (8,600) (8,430) (4,779) (17,348)
Stock based compensation (3,281) (1,666) (2,717) (2,852)
(Impairment) reversal of
impairment of long live
assets 873 (1,687) - -
Other operating income,
net 311 1,043 - -
Depreciation, depletion
and amortization (1,095) (626) (102) (527)
---------- ---------- ---------- ----------
Total costs and
expenses (43,466) (27,734) (11,080) (46,124)
---------- ---------- ---------- ----------
Loss from operations (32,250) (16,667) (9,730) (40,724)
Other income and expenses:
Interest and other income 178 260 1,010 5,553
Royalty income 314 399 88 351
Interest and other
expense - - (345) (15,848)
Loss on foreign currency (89) (69) (13) (32)
Gain on extingushment of
debt - - 248,165 -
Loss on auction rate
securities - (2,199) (828) (16,263)
Reorganization costs, net - (1,032) (3,683) (2,153)
Fresh start accounting
adjustments - - 9,122 -
---------- ---------- ---------- ----------
Other total income and
expenses 403 (2,641) 253,516 (28,392)
---------- ---------- ---------- ----------
Income (loss) from
continuing operations
before income taxes (31,847) (19,308) 243,786 (69,116)
Income taxes (1,427) (968) (165) (618)
---------- ---------- ---------- ----------
Net income (loss) from
continuing operations (33,274) (20,276) 243,621 (69,734)
Loss from discontinued
operations - - (4,153) (166,625)
---------- ---------- ---------- ----------
Net income (loss) $ (33,274) $ (20,276) $ 239,468 $ (236,359)
Net (income) loss
attributable to
noncontrolling
interest $ - $ - $ (7,869) $ 118,122
---------- ---------- ---------- ----------
Net income (loss)
attributable to the
Successor/Predecessor
stockholder's $ (33,274) $ (20,276) $ 231,599 $ (118,237)
---------- ---------- ---------- ----------
Other comprehensive gain
(loss):
Unrealized gain (loss) on
securities $ 11 $ 154 $ 940 $ (441)
---------- ---------- ---------- ----------
Comprehensive income
(loss) attributable to
Successor/Predecessor
stockholder's $ (33,263) $ (20,122) $ 232,539 $ (118,678)
========== ========== ========== ==========
Net income (loss) per
Common/Ordinary Share -
basic
Income (loss) from
continuing operations
attributable to the
Successor/Predecessor
stockholders $ (3.72) $ (6.78) $ 4.13 $ (1.18)
Income (loss) from
discontinued operations
attributable to the
Successor/Predecessor
stockholders - - (0.20) (0.82)
---------- ---------- ---------- ----------
Income (loss)
attributable to the
Successor/Predecessor
stockholders $ (3.72) $ (6.78) $ 3.93 $ (2.01)
========== ========== ========== ==========
Net income (loss) per
Common/Ordinary Share -
diluted
Loss from continuing
operations attributable
to the
Successor/Predecessor
stockholders $ (3.72) $ (6.78) $ (0.06) $ (1.18)
Loss from discontinued
operations attributable
to the
Successor/Predecessor
stockholders - - (0.17) (0.82)
---------- ---------- ---------- ----------
Loss attributable to the
Successor/Predecessor
stockholders $ (3.72) $ (6.78) $ (0.23) $ (2.01)
========== ========== ========== ==========
Weighted average Common
Stock/Ordinary Shares
outstanding - basic 8,947,739 2,989,562 59,000,832 58,947,025
========== ========== ========== ==========
Weighted average Common
Stock/Ordinary Shares
outstanding - diluted 8,947,739 2,989,562 69,171,400 58,947,025
========== ========== ========== ==========
GOLDEN MINERALS COMPANY
CONSOLIDATED BALANCE SHEETS
(Expressed in United States dollars)
December 31, December 31,
2010 2009
------------ ------------
(in thousands, except
share data)
Assets
Current assets
Cash and cash equivalents $ 120,990 $ 8,570
Investments 601 444
Trade receivables - 1,460
Prepaid expenses and other assets 1,695 2,087
------------ ------------
Total current assets 123,286 12,561
Property, plant and equipment, net 10,139 7,774
Assets held for sale 1,795 813
Prepaid expenses and other assets 398 552
------------ ------------
Total assets $ 135,618 $ 21,700
============ ============
Liabilities and Equity (Deficit)
Current liabilities
Accounts payable and other accrued
liabilities $ 2,931 $ 2,428
Other current liabilities 67 63
------------ ------------
Total current liabilities 2,998 2,491
Other long term liabilities 802 651
------------ ------------
Total liabilities 3,800 3,142
------------ ------------
Commitments and contingencies
Equity
Common stock; 50,000,000 shares authorized;
15,124,567 and 3,238,615 shares, net of
3,885 treasury shares, issued and
outstanding, respectivly 152 32
Additional paid in capital 185,051 37,854
Accumulated deficit (53,550) (20,276)
Accumulated other comprehensive income 165 154
------------ ------------
Parent company's shareholder's equity 131,818 17,764
Noncontrolling interest in subsidiaries - 794
------------ ------------
Total equity 131,818 18,558
------------ ------------
Total liabilities and equity $ 135,618 $ 21,700
============ ============
Contact Information: For additional information please visit http://www.goldenminerals.com/ or contact: Golden Minerals Company Jerry W. Danni Executive Vice President (303) 839-5060