Why Golden Minerals Company (AUMN) stock popup in the after-hours on Friday?

Golden Minerals Company (AUMN) shares jumped 9.03% in after-hours on Friday, December 17, 2021, and closed the daily trading at $0.36. However, in the regular trading session of Friday, AUMN’s stock lost 0.99%. AUMN shares have fallen 45.36% over the last 12 months, and they have moved down 9.04% in the past week. Over the past three months, the stock has lost 25.00%, while over the past six months, it has shed 49.60%.

Let’s have a brief look at its recent news.

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AUMN corporate updates

On December 13, 2021, Golden Minerals Company appointed Deborah Friedman to serve on the Company’s board of directors. She will serve as a member of the Audit Committee and the Corporate Governance and Nominating Committee of the board of directors. After this appointment, the board now has a total of eight members.

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Earlier on November 23, 2021, AUMN appointed Julie Weedman as Chief Financial Officer of the Company, succeeding Robert Vogels following his retirement. Ms. Weedman is expected to join Golden on January 16, 2022, as Vice President of Finance and will become Vice President and Chief Financial Officer following Mr. Vogels’ retirement, which is expected to occur around the end of February 2022.

AUMN update about 2021 drill programs

On November 10, 2021, Golden Minerals Company (AUMN) announced final assay results from its reverse circulation and diamond drill programs that it recently completed at its Rodeo gold-silver mine located in Durango State, Mexico.

In 2021, the company drilled 47 RC holes totaling 3,187 meters, plus 35 diamond holes totaling 2461 meters at Rodeo.

AUMN latest financial results

On November 04, 2021, Golden Minerals Company (AUMN) announced financial results for the quarter ending September 30, 2021.

Q3 2021 financial highlights

  • AUMN reported total revenue of $8.5 million in Q3 2021 compared to $1 million in Q3 2020.
  • Total cost and expenses were $8.0 million in Q3 2021 compared to $3.4 million in Q3 2020.
  • It earned a net income of $0.4 million in the third quarter of 2021, compared to a net loss of $1.3 million in the third quarter of 2020.
  • The company ended the quarter with a cash and cash equivalents balance of $8.8 million compared to $6.9 million on June 30, 2021.

AUMN quarterly gold production

On October 12, 2021, Golden Minerals Company (AUMN) reported payable production during the third quarter of 2021 of 4,942 gold equivalent ounces, consisting of 4,777 gold ounces and 12,196 silver ounces from its Rodeo gold-silver open pit mine located in Durango State, Mexico. Gold production increased by 38% compared to 3,452 ounces produced in the second quarter of 2021.

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Conclusion

Well, there is no recent development behind its recent gains in the after-hours on Friday. Gold price is again going up due to the new covid variant so that might be the reason behind its recent gains on Friday.

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