OTC Bulletin Board

S & P Company Insight for SANTA FE GOLD CORP

Business Summary: Santa Fe Gold Corporation acquires and develops gold, silver, copper and industrial mineral properties. It controls the Summit mine, Lordsburg mill and Ortiz gold property in New Mexico, as well as the Black Canyon mica mine and other properties in Arizona.
  1128 Pennsylvania NE, Suite 200
  Albuquerque , NM 87110-7437
  Phone: 505-255-4852
  Fax: 505-255-4851
  Website: http://www.santafegoldcorp.com
  Stark Winter Schenkein & Co.
  Denver , CO
Transfer Agent
  Colonial Stock Transfer Co.
Employees:  32
ShareHolders:  779
Founded:  1981
Domicile:  Delaware

Santa Fe Gold Corporation is a mining and exploration company focused on acquiring and developing gold, silver, copper and industrial mineral properties. The company controls the Summit mine and Lordsburg mill in southwestern New Mexico; the Ortiz gold property in north-central New Mexico, estimated to contain two million ounces of gold; the Black Canyon mica mine and processing facility near Phoenix, Arizona; and a large resource of micaceous iron oxide in western Arizona. Santa Fe Gold intends to build a portfolio of high-quality, diversified mineral assets with an emphasis on precious metals. The company's Summit silver-gold project in New Mexico was expected to begin initial production in 2010. The Summit mine is an underground silver-gold mine being developed on an epithermal vein deposit. In connection with mine development, Santa Fe Gold has been mining and stockpiling ore. Ore from the Summit mine is transported to the company's Lordsburg mill, where a marketable gold-silver concentrate will be produced. The mill is fully operational and will process increasing quantities of ore as mining ramps up to a planned production rate of 120,000 tons of ore per year. Santa Fe Gold began processing operations at its Lordsburg flotation mill in March 2010. As of mid-April 2010, the company was evaluating offers from smelters for the purchase of its concentrate. Sale of concentrate was expected to begin immediately upon finalizing a sales contract. In February 2010, Santa Fe Gold announced it had agreed with a refiner in Arizona to supply a trial shipment of 3,000 tons of high-silica flux material. The flux material will be processed for precious metals recovery. If the trial is successful and a suitable flux agreement can be arranged, sales of flux material would provide an additional outlet for Summit ore, in addition to sales of the Lordsburg mill concentrate. The company raised $10 million in a registered direct offering in January 2010, allowing Santa Fe Gold to pursue acquisition of additional feed sources for expansion of the Lordsburg mill, advance the Ortiz gold project and consider acquisition opportunities. The company is formulating an accelerated program to explore the high-grade precious metals mineralization on its Summit and Lordsburg land holdings. Santa Fe Gold Corporation is based in Albuquerque, New Mexico.
History:  INCORPORATED in Delaware Aug. 27, 1991, to succeed a Colorado concern of the same name (formed on July 13, 1988). July 31, 1992, merged Azco Mining, Inc. (predecessor) for 3,946,550 Common shares. Predecessor was incorporated in British Columbia Aug. 20, 1981 as 241145 British Columbia Corp. It changed its name to Canarex Resources Inc. June 22, 1983; to Barron Intl. Resources Ltd. Sept. 9, 1986; to International Baron Resources Ltd. Jan. 25, 1988; and to Azco Mining Inc. Dec. 17, 1991.
Azco Mica, Inc.
Minera Sandia, S.A. de C.V.
Santa Fe Gold Barbados Corporation
The Lordsburg Mining Company
Capital Expenditures, thousand. US Dollars
  Year  Amount
  2009  10,235
  2008  2,083
  2007  17
Research and Development Expenditures, thousand. Canadian Dollars
  Year  Amount
  2006  0
  2005  0


 Lawrence G. OlsonChairman
 W. Pierce CarsonPresident & Chief Executive Officer
 Michael  MartinezController
 W. Pierce CarsonInvestor Relations Contact

 W. Pierce Carson
 John E. Frost
 Lawrence G. Olson
 Annual Report

Annual Report
Income Statement
General and administrative2,8561,721
Other oper. expenses558251
Interest income8529
Other income6311
Foreign currency translation gain (loss)10(3)
Depr. & amort.2795
Accretion of discounts on notes payable(1,429)(1,092)
Interest exp.2171,016
Other expenses, net428376
Net income(5,536)(4,424)
Share earns. basic(0.07)(0.06)
Share earns. diluted(0.07)(0.06)
Balance Sheet
Cash & equiv.5113,256
Other curr. assets150102
Tot. curr assets6613,358
Net property3,8481,915
Construction in progress9,8001,222
Idle equipment, net1,2591,312
Restricted cash410183
Deferred financing costs 214275
Total assets16,7718,845
Notes pay.8461
Cap. lease obligs.131-
Line of credit -11
Accts. pay.1,245873
Accrued liabilities 408251
Derivative instrument liabilities 2,6442,885
Tot. curr. liabs.4,5124,081
Notes pay.9,6313,741
Capital leases, net 267-
Derivative instrument liabilities5,1622,174
Other liabs.8480
Com. stk. p.$0.002165151
Paid-in cap.49,92746,060
Retained earns.(52,977)(47,442)
Total liabs.16,7718,845
 Interim Report

Interim Report    07/01/2009  -  12/31/2009
Income Statement
General and administrative1,071
Other oper. expenses174
Interest income3
Other income3
Depr. & amort.214
Loss on disposal of assets4
Interest exp.57
Loss on derivative instrument liabilities2,963
Accretion of discounts on notes payable (514)
Net income(4,978)
Share earns. basic(0.06)
Share earns. diluted(0.06)
Balance Sheet
Cash & equiv.336
Accts. rec., net9
Other curr. assets278
Tot. curr assets623
Net property3,729
Construction in progress 12,817
Idle equipment, net1,234
Restricted cash 410
Deferred financing costs 462
Total assets19,854
Notes pay.254
Cap. lease obligs.134
Accts. pay.806
Derivative instrument liabilities6,825
Deferred revenue 243
Tot. curr. liabs.8,401
Notes pay.9,761
Cap. lease obligs.199
Derivative instrument liabilities6,842
Deferred revenue 3,757
Other liabs.83
Com. stk. p.$0.002169
Paid-in cap.49,540
Retained earns.(58,898)
Total liabs.19,854
 Pro Forma Report

Pro Forma Report   
Data Not Available
 Quarterly Report

Quarterly Report Information   
Quarterly Revenue, US$
  2010   210,000
  2010   3260,000
  2009   120,000
  2009   210,000
  2009   350,000
  2009   Full Year 70,000
  2008   1Nil
  2008   2Nil
  2008   3Nil
  2008   4Nil
  2008   Full Year Nil
  2007   1Nil
  2007   210,000
  2007   3Nil
  2007   Full Year 10,000
  2006   1Nil
  2006   210,000
  2006   3Nil
  2006   410,000
  2006   Full Year 20,000
  2005   130,000
  2005   330,000
  2005   Full Year 50,000
Quarterly Net Income, US$
  2010   1(3,020,000)
  2010   2(1,960,000)
  2010   32,560,000
  2009   1570,000
  2009   2280,000
  2009   3(7,580,000)
  2009   41,200,000
  2009   Full Year (5,540,000)
  2008   10
  2008   2(1,860,000)
  2008   3150,000
  2008   4(1,000,000)
  2008   Full Year (4,260,000)
  2007   1(2,020,000)
  2007   2790,000
  2007   3(740,000)
  2007   Full Year 350,000
  2006   1(1,610,000)
  2006   2(1,690,000)
  2006   3(490,000)
  2006   Full Year (5,380,000)
  2005   Full Year (1,596,300)
Quarterly EPS, US$
  2010   1(.04)
  2010   2(.02)
  2010   3.03
  2009   1.01
  2009   2Nil
  2009   3(.10)
  2009   4.02
  2009   Full Year (.07)
  2008   1(.02)
  2008   2(.02)
  2008   3Nil
  2008   4(.01)
  2008   Full Year (.06)
  2007   1(.03)
  2007   2Nil
  2007   3(.01)
  2007   4.03
  2007   Full Year .01
  2006   1(.03)
  2006   2(.03)
  2006   3(.01)
  2006   4(.02)
  2006   Full Year (.09)
  2005   1(.01)
  2005   2(.01)
  2005   3(.01)
  2005   4(.01)
  2005   Full Year (.03)
 Stock Data

Capitalization as of 12/31/2009:
 Authorized SharesOutstanding Shares
Common $0.002 par200,000,00084,526,406
LONG TERM DEBT: $9,959,416.
Common $0.002 par
Stockholders:  10/07/2009, 779.
PRINCIPAL STOCKHOLDERS: October 7, 2009, W. Pierce Carson owned or controlled 14.8% of the Common, Sulane Holdings, Inc. 10.6%, Lawrence G. Olson 8.3% and Christian Mustad 6.2%.
Transfer Agent:  Colonial Stock Transfer Co.   Salt Lake City , UT
OTC Bulletin Board( Primary): SFEG
OTC Bulletin Board20091.74000.5500
OTC Bulletin Board20081.00000.4000
OTC Bulletin Board20071.44500.2200
Over The Counter20062.08000.6500
Over The Counter20051.14000.0900
Over The Counter20040.22000.0136
OTC Bulletin Board20030.27000.1000
American Stock Exchange20021.25000.1200
American Stock Exchange20010.95000.3700
American Stock Exchange20001.56000.3100
RECENT DIVIDENDS: Common $0.002 par: None.