Golden Minerals Company

Business model and focus

• Exploration-stage company with no operating mines producing revenue at year-end 2025.
• Primary focus on exploration and potential development of two North American projects:
  • Sarita Este and Desierto concessions in Salta Province, Argentina (gold-silver-copper exploration; joint venture structure with Cascadero on both projects).
  • Sand Canyon project, Humboldt County, Nevada, USA — Golden Minerals earned a 60% interest in 2024–2025; joint venture documentation is in progress.
• Historically held Mexican assets (Velardeña, Rodeo, El Quevar, Yoquivo and others) were divested or classified as held-for-sale during 2024–2025.
• The company funds activities through asset sales, equity financing, or strategic transactions.

Current properties and ownership

• Sarita Este (Argentina)

  • Concession area: 830 hectares.
  • Ownership: Golden Minerals 51% (Arisaru Resources S.A. JV); Cascadero 49%.
  • Status: Joint venture in place; 2025 activities focused on finalizing JV documents and advancing drilling/testing of extensions into Desierto once JV matters are resolved.
  • Royalty: 1% NSR to Northwestern Enterprises Ltd.
  • Geology: Epithermal gold-silver with potential proximal porphyry copper system; surface alteration and historic drilling indicate a potential shallow oxidized gold system.

• Desierto (Argentina)

  • Concessions: Desierto I and Desierto II, together approximately 2,505 hectares, south of Sarita Este.
  • Ownership: Golden Minerals 67%; Cascadero 33% (restructured March 2025; Cascadero remains involved in JV discussions).
  • Royalty: Pacha Minerals retains a 0.5% NSR on the Desierto interest; option structure exists for Pacha to acquire portions of Cascadero’s interest (subject to payment schedule).
  • Status: JV formation discussions and option/purchase arrangements underway; drilling and permit planning anticipated once JV documents are finalized to test extensions of Sarita Este mineralization.

• Sand Canyon (Nevada, USA)

  • Property: 354 unpatented mining claims (~2,923 hectares).
  • Ownership: Golden Minerals 60% (earn-in completed); Golden Gryphon Explorations, Inc. 40%.
  • Status: JV documentation in progress; ongoing data review and evaluation of exploration or monetization options; drill permits are in place.
  • Geology: Epithermal vein system with gold-silver potential; initial drilling in 2020 intersected narrow vein structures with low anomalous values; further targeted exploration is planned subject to funding and JV terms.

Recent corporate and asset monetization (2024–2025)

• Velardeña properties (Mexico): Sold in 2024–2025, including Velardeña and Chicago mines, sulfide plant, oxide processing plant, water wells and related equipment. Final closing and transfer completed October 2025; proceeds recognized as gain on sale of assets held for sale.
• El Quevar (Argentina) and Yoquivo (Mexico): Sold in 2024; proceeds received in 2024.
• Minera de Cordilleras (Mexico): Sold April 2025.
• Rodeo mine and related Mexican subsidiaries: Sold December 2025; transaction substantially eliminated related liabilities and reclamation obligations; VAT settlement funds were included in the closing mechanics.
• By the end of 2025 the company had divested most non-core assets and was concentrating on Sarita Este/Desierto and Sand Canyon.

Financial performance and liquidity (highlights)

• 2025 results (figures in thousands USD unless noted)

  • Revenue: No revenue from continuing operations; discontinued operations revenue in 2025 was $0 (2024 discontinued operations revenue was $1,440).
  • Expenses: Exploration expense $932; administrative expense $2,300; stock-based compensation $313.
  • Loss from continuing operations: $3,491.
  • Income from discontinued operations, net of taxes: $6,144 (primarily from sale-related activity).
  • Net income: $2,653 (positive due to gains from discontinued operations).

• 2024 for context

  • Net loss: $ (7,600).
  • Loss from continuing operations: $ (4,561).
  • Loss from discontinued operations: $ (3,039).

• Balance sheet (as of December 31)

  • Total assets: $2,228,000 (2025) vs $4,816,000 (2024).
  • Current assets: $1,941,000 (2025) vs $3,853,000 (2024).
  • Property, plant and equipment, net: $22,000 (both years).
  • Total liabilities: $1,364,000 (2025) vs $6,918,000 (2024).
  • Total equity: $(552,000) (2025) vs $(2,102,000) (2024).

• Cash and liquidity

  • Cash and cash equivalents: $1,339,000 at 12/31/2025; restricted cash $495,000; total cash, cash equivalents and restricted cash $1,834,000 (compared with $3,175,000 total at 12/31/2024).
  • 2025 cash usage: approximately $1.0 million on discontinued operations, $2.7 million on G&A and exploration; offset by $1.8 million from asset sales (Velardeña plant/water wells and Mexican subsidiary sales).
  • Going concern: The company states substantial doubt about its ability to continue as a going concern and expects cash could be exhausted in approximately Q2 2026 without additional funding or asset sales. Management is pursuing potential sale of the company or major assets and other external financing.

Employees and governance

• Three full-time employees in the United States as of March 31, 2026.
• Additional services provided by consultants and external firms.
• CFO: Anil S. Jiwani assumed the CFO role effective June 2025 via engagement with Avisar Everyday Solutions Ltd.
• Corporate form and headquarters: Delaware corporation headquartered in Denver, Colorado, operating through multiple wholly owned subsidiaries in the U.S., Mexico, Canada, Argentina and Europe.
• Public trading: Listed on the Toronto Stock Exchange (symbol AUMN); delisted from NYSE American on December 16, 2024; also trading on the OTCQB Venture Market.

Market context

• Primary metals focus: silver and gold, with ancillary copper.
• The company identifies price volatility, exploration risk, and regulatory and environmental risk as factors that affect project economics and funding needs.

Operational highlights (Sarita Este / Desierto / Sand Canyon)

• Sarita Este: 4,923 meters drilled in 2020–2022 across 51 drill holes. Notable interval: 52.5 m at 1.49 g/t Au and 5.2 g/t Ag, including higher-grade subintervals. Mineralization remains open to the south, north and east.
• Desierto: JV discussions in 2025; planned drilling to test extensions of Sarita Este mineralization once JV agreements are finalized.
• Sand Canyon: First-phase drilling in 2020 produced limited high-grade intercepts; project under evaluation with a 60% Golden Minerals interest and pending JV framework.

Summary takeaway

Golden Minerals is an exploration-stage company that has shifted away from non-core Mexican assets toward its Argentine projects (Sarita Este and Desierto) and the Sand Canyon project in Nevada. The company is focused on advancing those projects through joint ventures and external financing while monetizing or exiting remaining non-core assets. As of December 31, 2025, the company reported positive net income driven by gains from discontinued operations but recorded a loss from continuing operations and faces liquidity and going-concern risk without additional funding or asset sales.