GOLDEN MINERALS COMPANY
CONSOLIDATED BALANCE SHEETS
(Expressed in United States dollars)
(Unaudited)
Pro-Forma
September 30, September 30, December 31,
2010 (1) 2010 2009
------------- ------------- ------------
(in thousands, except share data)
Assets
Current assets
Cash and cash equivalents $ 133,270 $ 30,268 $ 8,570
Investments 335 335 444
Trade receivables - - 1,460
Prepaid expenses and other
assets 1,518 1,568 2,087
------------- ------------- ------------
Total current assets 135,123 32,171 12,561
Property, plant and equipment,
net 9,084 9,084 7,774
Assets held for sale 1,316 1,316 813
Prepaid expenses and other
assets 447 447 552
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Total assets $ 145,970 $ 43,018 $ 21,700
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Liabilities and Equity
Current liabilities
Accounts payable and other
accrued liabilities $ 2,624 $ 2,674 $ 2,428
Other current liabilities 67 67 63
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Total current liabilities 2,691 2,741 2,491
Other long term liabilities 584 584 651
------------- ------------- ------------
Total liabilities 3,275 3,325 3,142
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Commitments and contingencies
Equity
Common stock, $.01 par value,
50,000,000 shares authorized;
(15,124,567 pro-forma),
9,271,286 and 3,238,615 shares
issued and outstanding 151 93 32
Additional paid in capital 183,728 80,784 37,854
Accumulated deficit (41,197) (41,197) (20,276)
Accumulated other
comprehensive income (loss) 13 13 154
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Parent company's
Shareholders' equity 142,695 39,693 17,764
Noncontrolling interest in
subsidiaries - - 794
------------- ------------- ------------
Total equity 142,695 39,693 18,558
------------- ------------- ------------
Total liabilities and
equity $ 145,970 $ 43,018 $ 21,700
============= ============= ============
(1) The pro-forma presentation reflects the results of a public offering
and private placement of common stock which the Company closed on
October 22, 2010.
GOLDEN MINERALS COMPANY
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)
(Expressed in United States dollars)
(Unaudited)
For The For The
Period Period
Nine March 25, January 1,
Three Months Ended Months 2009 2009
September 30, Ended Through Through
-------------------- September September March 24,
2010 2009 30, 2010 30, 2009 2009
--------- --------- --------- --------- -----------
(Successor) (Predecessor)
(in thousands, except share data)
Revenue:
Management
service fees $ 98 $ 2,652 $ 11,216 $ 6,010 $ 1,350
Costs and expenses:
Costs of services (31) (1,179) (2,566) (2,263) -
Exploration
expense (3,755) (3,598) (9,893) (7,067) (3,482)
El Quevar
feasibility (4,031) - (10,004) - -
Administrative
expense (1,868) (2,521) (6,295) (5,857) (4,779)
Stock based
compensation (559) (609) (1,859) (1,218) (2,717)
Other operating
income &
(expenses), net 76 293 186 305 -
Depreciation,
depletion and
amortization (307) (232) (751) (384) (102)
--------- --------- --------- --------- -----------
Total costs
and expenses (10,475) (7,846) (31,182) (16,484) (11,080)
--------- --------- --------- --------- -----------
Loss from
operations (10,377) (5,194) (19,966) (10,474) (9,730)
Other income and
expenses:
Interest and
other income 90 106 376 204 1,010
Royalty income 80 272 239 399 88
Interest and
other expense - - - - (345)
Gain (loss) on
foreign currency (65) 76 (53) 170 (13)
Gain on
extingushment
of debt - - - - 248,165
Loss on auction
rate securities - (867) - (2,199) (828)
Reorganization
costs, net - (249) - (917) (3,683)
Fresh start
accounting
adjustments - - - - 9,122
--------- --------- --------- --------- -----------
Total other
income and
expenses 105 (662) 562 (2,343) 253,516
--------- --------- --------- --------- -----------
Income (loss)
from continuing
operations
before income
(taxes) benefit (10,272) (5,856) (19,404) (12,817) 243,786
Income taxes 20 (284) (1,517) (497) (165)
--------- --------- --------- --------- -----------
Net income (loss)
from continuing
operations (10,252) (6,140) (20,921) (13,314) 243,621
Income (loss) from
discontinued
operations - - - - (4,153)
--------- --------- --------- --------- -----------
Net income
(loss) $ (10,252) $ (6,140) $ (20,921) $ (13,314) $ 239,468
Net (income)
loss
attributable to
noncontrolling
interest $ - $ - $ - $ - $ (7,869)
--------- --------- --------- --------- -----------
Net income (loss)
attributable to
the Successor/
Predecessor
shareholders $ (10,252) $ (6,140) $ (20,921) $ (13,314) $ 231,599
--------- --------- --------- --------- -----------
Other comprehensive
loss:
Unrealized gain
(loss) on
securities $ (74) $ (666) $ (141) $ 160 $ 940
--------- --------- --------- --------- -----------
Comprehensive
income (loss)
attributable to
Successor/
Predecessor
shareholders $ (10,326) $ (6,806) $ (21,062) $ (13,154) $ 232,539
========= ========= ========= ========= ===========
Net income (loss)
per Common/
Ordinary Share -
basic
Income (loss)
from continuing
operations
attributable to
the Successor/
Predecessor
shareholders $ (1.15) $ (2.06) $ (2.81) $ (4.46) $ 4.13
Discontinued
operations
attributable to
the Successor/
Predecessor
shareholders - - - - (0.20)
--------- --------- --------- --------- -----------
Income (loss)
attributable to
the Successor/
Predecessor
shareholders $ (1.15) $ (2.06) $ (2.81) $ (4.46) $ 3.93
========= ========= ========= ========= ===========
Net income (loss)
per Common/
Ordinary Share -
diluted
Income (loss)
from continuing
operations
attributable to
the Successor/
Predecessor
shareholders $ (1.15) $ (2.06) $ (2.81) $ (4.46) $ (0.06)
Discontinued
operations
attributable to
the Successor/
Predecessor
shareholders - - - - (0.17)
--------- --------- --------- --------- -----------
Income (loss)
attributable to
the Successor/
Predecessor
shareholders $ (1.15) $ (2.06) $ (2.81) $ (4.46) $ (0.23)
========= ========= ========= ========= ===========
Weighted average
Common Stock/
Ordinary Shares
outstanding -
basic 8,919,536 2,987,735 7,455,303 2,987,735 59,000,832
========= ========= ========= ========= ===========
Weighted average
Common Stock/
Ordinary Shares
outstanding -
diluted 8,919,536 2,987,735 7,455,303 2,987,735 69,171,400
========= ========= ========= ========= ===========
Contact Information: For additional information please visit http://www.goldenminerals.com/ or contact: Golden Minerals Company Jerry W. Danni (303) 764-9160 Executive Vice President