Golden Minerals Reports 2012 Year-End Results

GOLDEN MINERALS COMPANY

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)

(Expressed in United States dollars)

The Years Ended December 31,

2012

2011

2010

(in thousands except per share data)

Revenue:

Sale of metals

$ 26,086

$ 1,836

$ -

Management service fees

-

-

11,216

Costs and expenses:

Cost of metals sold (exclusive of depreciation shown

below)

(33,369)

(6,086)

-

Costs of services

-

-

(2,566)

Exploration expense

(7,009)

(17,774)

(13,353)

El Quevar project expense

(5,115)

(27,342)

(15,755)

Velardena project and development expense

(7,912)

(587)

-

Administrative expense

(7,063)

(8,729)

(8,600)

Severance and acquisition related costs

-

(7,171)

-

Stock based compensation

(2,588)

(5,541)

(3,281)

Reclamation expense

(226)

(231)

-

Reversal of impairment of long live assets

-

-

873

(Impairment) of goodwill

(58,484)

-

-

Other operating income, net

2,482

660

311

Depreciation, depletion and amortization

(10,012)

(2,792)

(1,095)

Total costs and expenses

(129,296)

(75,593)

(43,466)

Loss from operations

(103,210)

(73,757)

(32,250)

Other income and expenses:

Interest and other income

2,543

11,615

178

Royalty income

373

396

314

Interest and other expense

(257)

(1,254)

-

Gain (loss) on foreign currency

512

(1,326)

(89)

Loss on extinguishment of debt

-

(474)

-

Other total income and expenses

3,171

8,957

403

Loss from operations before income taxes

(100,039)

(64,800)

(31,847)

Income taxes benefit (expense)

8,014

2,129

(1,427)

Net loss

$ (92,025)

$ (62,671)

$ (33,274)

Other comprehensive gain (loss):

Unrealized gain (loss) on securities, net of tax

$ 32

$ (287)

$ 11

Comprehensive loss

$ (91,993)

$ (62,958)

$ (33,263)

Net loss per common share – basic and diluted

Loss

$ (2.45)

$ (2.94)

$ (3.72)

Weighted average Common Stock outstanding - basic and diluted

37,522,871

21,280,916

8,947,739