GOLDEN MINERALS COMPANY
CONSOLIDATED BALANCE SHEETS
(Expressed in United States dollars)
(Unaudited)
March 31, December 31,
2010 2009
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(in thousands, except share
data)
Assets
Current assets
Cash and cash equivalents $ 40,618 $ 8,570
Investments 5,270 444
Trade receivables 90 1,460
Prepaid expenses and other assets 1,448 2,087
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Total current assets 47,426 12,561
Property, plant and equipment, net 7,904 7,774
Assets held for sale 700 813
Prepaid expenses and other assets 502 552
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Total assets $ 56,532 $ 21,700
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Liabilities and Equity
Current liabilities
Accounts payable and other accrued
liabilities $ 3,469 $ 2,428
Other current liabilities 63 63
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Total current liabilities 3,532 2,491
Other long term liabilities 640 651
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Total liabilities 4,172 3,142
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Equity
Common stock, $.01 par value,
50,000,000 shares authorized; 9,040,608
and 3,238,615 shares issued and
outstanding 90 32
Additional paid in capital 79,719 37,854
Accumulated deficit (27,315) (20,276)
Accumulated other comprehensive income
(loss) (134) 154
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Parent company's shareholder's equity 52,360 17,764
Noncontrolling interest in subsidiaries - 794
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Total equity 52,360 18,558
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Total liabilities and equity $ 56,532 $ 21,700
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GOLDEN MINERALS COMPANY
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)
(Expressed in United States dollars)
(Unaudited)
For The Period For The Period
Three Months March 25, 2009 January 1, 2009
Ended Through Through
March 31, 2010 March 31, 2009 March 24, 2009
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(Successor) (Predecessor)
(in thousands, except share data)
Revenue:
Management service fees $ 3,173 $ 211 $ 1,350
Costs and expenses:
Costs of services (1,617) (80) -
Exploration expense (3,226) (448) (3,482)
El Quevar feasibility (2,469) - -
Administrative expense (2,296) (352) (4,779)
Stock based compensation (522) - (2,717)
Depreciation, depletion
and amortization (109) (9) (102)
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Total costs and
expenses (10,239) (889) (11,080)
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Loss from operations (7,066) (678) (9,730)
Other income and expenses:
Interest and other income 683 124 1,010
Royalty income - - 88
Interest and other
expense (126) - (345)
Gain (loss) on foreign
currency 13 - (13)
Gain on extingushment of
debt - - 248,165
Loss on auction rate
securities - - (828)
Reorganization costs, net - (103) (3,683)
Fresh start accounting
adjustments - - 9,122
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Total other income and
expenses 570 21 253,516
-------------- -------------- --------------
Income (loss) from
continuing operations
before income taxes (6,496) (657) 243,786
Income taxes (543) (26) (165)
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Net income (loss) from
continuing operations (7,039) (683) 243,621
Loss from discontinued
operations - - (4,153)
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Net income (loss) $ (7,039) $ (683) $ 239,468
Income attributable to
noncontrolling
interest - - (7,869)
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Net income (loss)
attributable to the
Successor/Predecessor
shareholders $ (7,039) $ (683) $ 231,599
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Other comprehensive income
(loss):
Unrealized gain (loss) on
securities $ (288) $ - $ 940
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Comprehensive income
(loss) attributable to
Successor/Predecessor
shareholders $ (7,327) $ (683) $ 232,539
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Net income (loss) per
Common/Ordinary Share -
Basic
Income (loss) from
continuing operations
attributable to the
Successor/Predecessor
shareholders $ (1.57) $ (0.23) $ 4.13
Loss from discontinued
operations attributable
to the
Successor/Predecessor
shareholders - - (0.20)
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Income (loss)
attributable to the
Successor/Predecessor
shareholders $ (1.57) $ (0.23) $ 3.93
============== ============== ==============
Net income (loss) per
Common/Ordinary Share -
Diluted
Loss from continuing
operations attributable
to the
Successor/Predecessor
shareholders $ (1.57) $ (0.23) $ (0.06)
Loss from discontinued
operations attributable
to the
Successor/Predecessor
shareholders - - (0.17)
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Loss attributable to the
Successor/Predecessor
shareholders $ (1.57) $ (0.23) $ (0.23)
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Weighted average Common
Stock/Ordinary Shares
outstanding - basic 4,497,126 2,987,735 59,000,832
============== ============== ==============
Weighted average Common
Stock/Ordinary Shares
outstanding - diluted 4,497,126 2,987,735 69,171,400
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For additional information please visit http://www.goldenminerals.com/ or
contact:
Contact Information: Golden Minerals Company Jerry W. Danni (303) 839-5060 Sr. Vice President, Corporate Affairs