Company Summary - Golden Minerals Company

Business Overview

• Type: Exploration company with some operational assets and recent asset sales
• Focus:
  • Primarily on exploration activities at:
    • Sarita Este/Desierto Project in northwest Salta Province, Argentina
    • Sand Canyon Project in northwestern Nevada
  • Other mineral exploration properties in Argentina and Mexico
• Operations:
  • Restarted mining at Velardeña Properties (Durango, Mexico) in December 2023, but halted operations in February 2024 due to underperformance
  • Previously operated mines and processing plants at Velardeña, which are now classified as assets held for sale
  • Selling off assets:
    • Sold Velardeña mines, sulfide plant, and related equipment for $5.5 million (completed June 2024)
    • Sold subsidiary Silex Argentina for $3.5 million in October 2024
    • Sold Yoquivo Project in Mexico for $570,000 in November 2024
    • Sold Mexican subsidiary holding tax losses for $445,000
    • Additional Mexican subsidiaries for $600,000 in April 2025

Employees

• As of April 2025: 4 full-time employees in the United States

Financials

• Revenue:
  • Primarily from sale of gold and silver in concentrates from Velardeña (2024 revenue from metals approximately $1.4 million)
• Net Operating Losses:
  • Total losses for 2024 were approximately $7.6 million
  • Losses include discontinued operations related to assets sold or held for sale
• Assets:
  • Cash and cash equivalents at December 31, 2024: approximately $3.2 million
• Liabilities:
  • Total liabilities at December 31, 2024: $6.9 million
• Stockholders’ Equity:
  • Negative equity of approximately -$2.1 million as of December 31, 2024

Strategic and Financial Status

• No current mineral reserves; all properties are in exploration stage
• Ceased mining at Velardeña in early 2024; assets are mainly in sale proceedings
• Explored projects with no proven or probable reserves
• Substantial doubt about continuing as a going concern; expects cash resources to be exhausted in Q1 2026 unless additional funding or asset sales occur
• Transitioned trading to OTCQB after delisting from NYSE American in December 2024

Market & Operations

• Focus on precious metals: gold and silver
• Mining and exploration are high-risk activities with no guarantee of profitable reserves
• Competes in a highly competitive industry for properties, capital, and skilled personnel
• Followed strategic asset sales to optimize financial condition in light of ongoing operational challenges

This summary strictly reflects provided data on the company's activities, financial status, and operational focus, with no hypothetical or forward-looking statements included.