GOLDEN MINERALS COMPANY CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) (Expressed in United States Dollars) For The For The Period Period March 25, January 1, 2009 2009 The Years Ended December Through Through 31, December 31, March 24, ------------------------ 2009 2009 2008 2007 ----------- ----------- ----------- ----------- (Successor)* (Predecessor)* (in thousands except per share data) Revenue: Management service fees $ 11,067 $ 1,350 $ 5,400 $ 5,400 Costs and expenses: Costs of services (3,751) - - - Exploration expense (12,617) (3,482) (25,397) (15,357) Administrative expense (8,430) (4,779) (17,348) (17,664) Stock based compensation (1,666) (2,717) (2,852) (2,609) Depreciation, depletion and amortization (626) (102) (527) (533) ----------- ----------- ----------- ----------- Total costs and expenses (27,090) (11,080) (46,124) (36,163) ----------- ----------- ----------- ----------- Loss from operations (16,023) (9,730) (40,724) (30,763) Other income and expenses: Interest and other income 1,042 1,010 5,553 19,432 Royalty income 399 88 351 1,319 Interest and other expense - (345) (15,848) (5,733) Gain on disposal of assets, net 261 - - - Impairment of long lived assets (1,687) - - - Loss on foreign currency (69) (13) (32) (48) Gain on extinguishment of debt - 248,165 - - Loss on auction rate securities (2,199) (828) (16,263) (34,537) Reorganization costs, net (1,032) (3,683) (2,153) - Fresh start accounting adjustments - 9,122 - - ----------- ----------- ----------- ----------- Other total income and expenses (3,285) 253,516 (28,392) (19,567) ----------- ----------- ----------- ----------- Income (loss) from continuing operations before income taxes (19,308) 243,786 (69,116) (50,330) Income taxes (968) (165) (618) (879) ----------- ----------- ----------- ----------- Net income (loss) from continuing operations (20,276) 243,621 (69,734) (51,209) Loss from discontinued operations - (4,153) (166,625) (24,634) ----------- ----------- ----------- ----------- Net income (loss) $ (20,276) $ 239,468 $ (236,359) $ (75,843) Net (income) loss attributable to noncontrolling interest $ - $ (7,869) $ 118,122 $ 87,399 ----------- ----------- ----------- ----------- Net income (loss) attributable to the Successor/Predecessor stockholder's $ (20,276) $ 231,599 $ (118,237) $ 11,556 ----------- ----------- ----------- ----------- Other comprehensive gain (loss): Unrealized gain (loss) securities $ 154 $ 940 $ (441) $ (86) ----------- ----------- ----------- ----------- Comprehensive income (loss) attributable to Successor/Predecessor stockholder's $ (20,122) $ 232,539 $ (118,678) $ 11,470 =========== =========== =========== =========== Net income (loss) per Common/Ordinary Share - basic Income (loss) from continuing operations attributable to the Successor/Predecessor stockholders $ (6.78) $ 4.13 $ (1.18) $ (0.87) Income (loss) from discontinued operations attributable to the Successor/Predecessor stockholders - (0.20) (0.82) 1.07 ----------- ----------- ----------- ----------- Income (loss) attributable to the Successor/Predecessor stockholders $ (6.78) $ 3.93 $ (2.01) $ 0.20 =========== =========== =========== =========== Net income (loss) per Common/Ordinary Share - diluted Loss from continuing operations attributable to the Successor/Predecessor stockholders $ (6.78) $ (0.06) $ (1.18) $ (0.87) Loss from discontinued operations attributable to the Successor/Predecessor stockholders - (0.17) (0.82) 1.07 ----------- ----------- ----------- ----------- Loss attributable to the Successor/Predecessor stockholders $ (6.78) $ (0.23) $ (2.01) $ 0.20 =========== =========== =========== =========== Weighted average Common Stock/Ordinary Shares outstanding - basic 2,989,562 59,000,832 58,947,025 58,714,935 =========== =========== =========== =========== Weighted average Common Stock/Ordinary Shares outstanding - diluted 2,989,562 69,171,400 58,947,025 58,714,935 =========== =========== =========== =========== * Note to the Financial Statements: Upon emergence from Chapter 11 bankruptcy on March 24, 2009, Golden Minerals Company became the successor to Apex Silver Mines Limited for purposes of reporting under the U.S. federal securities laws. References in the financial statements presented in this press release to "Successor" refer to Golden Minerals Company and its subsidiaries on or after March 25, 2009, the day following emergence from Chapter 11. References to "Predecessor" refer to Apex Silver Mines Limited and its subsidiaries prior to March 25, 2009. GOLDEN MINERALS COMPANY CONSOLIDATED BALANCE SHEETS (Expressed in United States Dollars) December 31, December 31, 2009 2008 --------------- --------------- (Successor)* (Predecessor)* (in thousands, except share data) Assets Current assets Cash and cash equivalents $ 8,570 $ 33,723 Restricted cash - 20,575 Investments 444 16,351 Trade receivables 1,460 7,315 Inventories - 75,008 Prepaid expenses and other assets 2,087 15,550 --------------- --------------- Total current assets 12,561 168,522 Property, plant and equipment, net 7,774 202,534 Assets held for sale 813 - Ore stockpile inventories - 72,628 Value added tax recoverable - 157,146 Investments - 5,487 Prepaid expenses and other assets 552 30 --------------- --------------- Total assets $ 21,700 $ 606,347 =============== =============== Liabilities and Equity (Deficit) Current liabilities Accounts payable and other accrued liabilities $ 2,428 $ 48,861 Accrued interest payable - 8,660 Other current liabilities 63 - Current portion of long term debt - 523,610 --------------- --------------- Total current liabilities 2,491 581,131 Long term debt - 59,951 Asset retirement obligation - 9,155 Other long term liabilities 651 4,398 --------------- --------------- Total liabilities 3,142 654,635 --------------- --------------- Commitments and contingencies Equity (deficit) Common stock, (Successor) $.01 par value, 50,000,000 shares authorized; 3,238,615 shares issued and outstanding, net of 3,885 treasury shares 32 - Ordinary Shares, (Predecessor) $.01 par value, 175,000,000 shares authorized; 59,000,832 shares issued and outstanding - 590 Additional paid in capital 37,854 680,901 Accumulated deficit (20,276) (880,020) Accumulated other comprehensive income (loss) 154 (551) --------------- --------------- Parent company's shareholder's equity (deficit) 17,764 (199,080) Noncontrolling interest in subsidiaries 794 150,792 --------------- --------------- Total equity (deficit) 18,558 (48,288) --------------- --------------- Total liabilities and equity (deficit) $ 21,700 $ 606,347 =============== =============== * Note to the Financial Statements: Upon emergence from Chapter 11 bankruptcy on March 24, 2009, Golden Minerals Company became the successor to Apex Silver Mines Limited for purposes of reporting under the U.S. federal securities laws. References in the financial statements presented in this press release to "Successor" refer to Golden Minerals Company and its subsidiaries on or after March 25, 2009, the day following emergence from Chapter 11. References to "Predecessor" refer to Apex Silver Mines Limited and its subsidiaries prior to March 25, 2009.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