Core Viewpoint - Golden Minerals completed the sale of its wholly owned Mexican subsidiaries for approximately $65,000, which included various liabilities and a mining concession [1] Group 1: Transaction Details - The sale involved the subsidiaries Servicios Velardena and GMC Equipos, finalized on December 30 [1] - The total consideration for the transaction was approximately $65,000 [1] Group 2: Financial Implications - Upon completion, the subsidiaries held net operating losses and inflation-adjusted capital contributions [1] - Liabilities included approximately $60,000 in past-due accounts payable and a labor claim in Mexico of about $56,000 [1] - The Rodeo mining concession, a mined-out project, had an associated asset retirement obligation with a book liability value of approximately $450,000 [1] Group 3: Legal and Regulatory Aspects - Under Mexican law, the balance of the subsidiaries' capital contribution accounts can be bought and sold [1] - All funds related to the sale have been received [1]

金罗斯黄金公司股价下跌4.6%，阿尼科鹰矿业公司股价下跌4.4%，巴里克黄金公司股价下跌3.6%。 本文源自：金融界AI电报 ...

每经AI快讯，12月22日，在美上市的黄金矿业公司股价上涨，Kinross Gold上涨3.3%，Gold Fields上涨 3.5%，Agnico Eagle上涨2.5%，Barrick Mining上涨1.9%。 ...

Core Insights - Golden Minerals Company reported its financial results for the quarter ending September 30, 2025, highlighting key performance metrics and business developments [1] Financial Performance - The company provided a summary of its financial results, with all figures presented in approximate U.S. dollars [1] Business Summary - The report includes a business summary that outlines the company's operational activities and strategic initiatives during the quarter [1]

Core Viewpoint - The stock prices of several gold mining companies have experienced significant declines, indicating a bearish trend in the gold sector [1] Group 1: Company Stock Performance - Kinross Gold Corporation's stock price fell by 4.6% [1] - K92 Mining Inc.'s stock price decreased by 3.8% [1] - AngloGold Ashanti's stock price dropped by 4.6% [1] - Sibanye Stillwater's stock price declined by 2.3% [1] - Harmony Gold Mining's stock price decreased by 4.3% [1] - Barrick Gold Corporation's stock price fell by 4.5% [1]

Financial Performance - Revenue from the sale of metals decreased from $1.4 million for the nine months ended September 30, 2024, to zero for the same period in 2025 due to the cessation of mining operations [107]. - Administrative expenses decreased from approximately $3.0 million for the nine months ended September 30, 2024, to $1.9 million for the same period in 2025, reflecting cost reduction efforts [98]. - Exploration expenses totaled $0.3 million for the nine months ended September 30, 2025, down from $0.5 million for the same period in 2024 [97]. - The company recorded a loss from discontinued operations of $0.5 million for the nine months ended September 30, 2025, compared to a loss of $3.3 million for the same period in 2024 [102]. - As of September 30, 2025, the company's cash and cash equivalents totaled $1.7 million, a decrease from $3.2 million at December 31, 2024, reflecting significant expenditures [110]. - The company incurred $2.9 million in general and administrative and exploration expenditures during the nine months ended September 30, 2025 [114]. Asset Sales and Transactions - The company processed all mineralized material from the Velardeña Properties and subsequently shut down the sulfide processing plant, holding the properties for short-term sale, with a total sale price of $5.5 million in cash plus VAT [82]. - The company completed the sale of Silex Argentina for $3.5 million and the Yoquivo exploration property for $570,000 plus VAT in 2024, continuing to hold interests in several exploration properties [83]. - The company recorded a gain of $0.6 million from the sale of Minera de Cordilleras for the nine months ended September 30, 2025 [107]. - Cash inflows included $1.8 million from asset sales, with $1.2 million from the sale of Velardeña Plant 2 and water wells, and $0.6 million from the sale of Minera de Cordilleras [114]. Financial Position and Liquidity - As of September 30, 2025, the company had current assets of approximately $2.0 million, including cash and cash equivalents of approximately $1.7 million, against current liabilities of approximately $4.3 million [105]. - The company anticipates cash resources will be exhausted in the second quarter of 2026 without additional cash inflows or asset sales [106]. - The company faces material uncertainties regarding its ability to continue as a going concern, dependent on generating sufficient cash flow and securing funding [109]. Exploration and Development Plans - The company controls 67% of the Desierto Project and plans to initiate a Phase I drill program to test extensions of gold mineralization observed at the adjacent Sarita Este property [86]. - Forward-looking statements indicate anticipated near-term capital needs and plans for exploration activities at the Sarita Este/Desierto project and Sand Canyon project [115]. Risks and Accounting Standards - The company is evaluating the impact of new accounting standards issued by the FASB, including ASU 2025-02, ASU 2025-03, and ASU 2025-04, which may affect its financial statements [111][112][113]. - The company is at risk from fluctuations in commodity prices, particularly for gold, silver, copper, zinc, and lead, which could impact its ability to establish reserves [120]. - The company acknowledges various risks, including exploration costs, political instability, and potential litigation, which could adversely affect its operations and financial outlook [117]. - The company maintains minimum cash balances in foreign currencies to mitigate foreign currency exchange risk, primarily related to expenditures in Mexico and Argentina [119]. - A 1% decrease in interest rates would have resulted in only a nominal reduction in interest income based on average cash and investment balances during the first nine months of 2025 [118].

（文章来源：每日经济新闻） 每经AI快讯，11月10日，金价触及两周高位后，在美上市的黄金矿业公司股价上涨，金罗斯黄金公司 股价上涨2.8%，哈莫尼黄金公司股价上涨5.6%，金田公司股价上涨5.4%。 ...

Core Viewpoint - Gold prices have surpassed $4,000 for the first time, leading to a pre-market increase in the stock prices of gold mining companies listed in the U.S. [1] Company Performance - Kinross Gold's stock price increased by 1.6% [1] - Harmony Gold's stock price rose by 2% [1] - Gold Fields' stock price saw a rise of 2.7% [1] - SPDR Gold Trust ETF experienced a 1.4% increase [1]

Group 1 - Recent global financial market trends show a significant increase in risk aversion, coupled with heightened expectations for potential interest rate cuts by the Federal Reserve, driving international gold prices to record highs. On September 3, COMEX gold futures surpassed $3616 per ounce, while London gold spot prices reached $3546 per ounce, marking a year-to-date increase of over 30% [1] - In the context of rising international gold prices, the A-share market's precious and non-ferrous metal sectors have shown strong performance, with companies like Western Gold (601069.SH) and Zhaojin Mining (000506.SZ) experiencing notable stock price increases [1] Group 2 - The overall performance of gold mining listed companies in the first half of the year has been impressive, with several companies, including Shandong Gold and Western Gold, reporting net profit growth of over 100%. Zijin Mining (601899.SH) achieved a revenue of 167.71 billion yuan, a year-on-year increase of 11.50%, and a net profit of 23.29 billion yuan, up 54.41% [2][3] - Shandong Gold reported a revenue of 56.77 billion yuan, a year-on-year increase of 24.01%, with a net profit of 2.81 billion yuan, reflecting a remarkable growth of 102.98%. Other companies like Zhongjin Gold (600489.SH) and Hunan Gold (002155.SZ) also demonstrated strong revenue and profit growth [3] Group 3 - Market institutions are increasingly optimistic about gold price forecasts, with Goldman Sachs predicting that gold prices will rise to $3700 per ounce by the end of 2025 and potentially reach $4000 per ounce by mid-2026. Similarly, JPMorgan Chase anticipates that gold prices will exceed $4000 per ounce by 2026, providing strong support for the future performance of gold mining companies [4]

PART I [Item 1. Financial Statements](index=4&type=section&id=Item%201.%20Financial%20Statements) Presents unaudited condensed consolidated financial statements, including balance sheets, operations, cash flows, equity, and detailed notes [Condensed Consolidated Balance Sheets](index=4&type=section&id=CONDENSED%20CONSOLIDATED%20BALANCE%20SHEETS) Presents the company's financial position, including assets, liabilities, and equity, as of June 30, 2025, and December 31, 2024 Condensed Consolidated Balance Sheets (in thousands) | Metric | June 30, 2025 (in thousands, unaudited) | December 31, 2024 (in thousands, audited) | | :-------------------------------- | :-------------------------- | :-------------------------- | | Cash and cash equivalents | $2,501 | $3,175 | | Total current assets | $2,717 | $3,853 | | Total assets | $3,671 | $4,816 | | Total current liabilities | $4,275 | $3,637 | | Total liabilities | $7,679 | $6,918 | | Shareholders' equity (deficit) | $(4,008) | $(2,102) | - The company's total assets decreased from **$4,816 thousand** at December 31, 2024, to **$3,671 thousand** at June 30, 2025. Shareholders' equity (deficit) worsened from **$(2,102) thousand** to **$(4,008) thousand** over the same period[10](index=10&type=chunk) [Condensed Consolidated Statements of Operations](index=5&type=section&id=CONDENSED%20CONSOLIDATED%20STATEMENTS%20OF%20OPERATIONS) Details the company's revenues, expenses, and net loss for the three and six months ended June 30, 2025, and 2024 Condensed Consolidated Statements of Operations (in thousands) | Metric (in thousands) | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :-------------------------------- | :------------------------------- | :------------------------------- | :------------------------------- | :------------------------------- | | Total costs and expenses | $(933) | $(1,449) | $(1,793) | $(2,660) | | Loss from operations | $(933) | $(1,449) | $(1,793) | $(2,660) | | Total other income (expense) | $10 | $(63) | $36 | $(73) | | Loss from continuing operations | $(923) | $(1,512) | $(1,757) | $(2,733) | | Income (loss) from discontinued operations, net of taxes | $83 | $(1,235) | $(319) | $(4,579) | | Net loss | $(840) | $(2,747) | $(2,076) | $(7,312) | | Net loss per common share - basic (Continuing operations) | $(0.06) | $(0.10) | $(0.12) | $(0.19) | | Net loss per common share - basic (Discontinued operations) | $0.00 | $(0.09) | $(0.02) | $(0.32) | | Net loss per common share - basic | $(0.06) | $(0.19) | $(0.14) | $(0.51) | - **Net loss significantly decreased** for both the three and six months ended June 30, 2025, compared to the prior year, primarily due to a substantial reduction in loss from discontinued operations[13](index=13&type=chunk) [Condensed Consolidated Statements of Cash Flows](index=6&type=section&id=CONDENSED%20CONSOLIDATED%20STATEMENTS%20OF%20CASH%20FLOWS) Summarizes cash inflows and outflows from operating, investing, and financing activities for the six months ended June 30, 2025, and 2024 Condensed Consolidated Statements of Cash Flows (in thousands) | Metric (in thousands) | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :-------------------------------- | :------------------------------- | :------------------------------- | | Net cash used in operating activities - continuing operations | $(2,223) | $17 | | Net cash used in operating activities - discontinued operations | $(199) | $(4,838) | | Net cash used in operating activities | $(2,422) | $(4,821) | | Net cash provided by investing activities | $1,748 | $2,512 | | Net cash provided by (used in) financing activities | $0 | $(19) | | Net decrease in cash and cash equivalents | $(674) | $(2,328) | | Cash and cash equivalents, end of period | $2,501 | $1,438 | - **Net cash used in operating activities decreased significantly** from **$(4,821) thousand** in 2024 to **$(2,422) thousand** in 2025, largely due to reduced cash usage in discontinued operations. Cash and cash equivalents at the end of the period increased to **$2,501 thousand** in 2025 from **$1,438 thousand** in 2024[17](index=17&type=chunk) [Condensed Consolidated Statements of Changes in Equity (Deficit)](index=7&type=section&id=CONDENSED%20CONSOLIDATED%20STATEMENTS%20OF%20CHANGES%20IN%20EQUITY%20(DEFICIT)) Outlines changes in shareholders' equity, including common stock, additional paid-in capital, and accumulated deficit, for the period ended June 30, 2025 Condensed Consolidated Statements of Changes in Equity (Deficit) (in thousands except share data) | Metric (in thousands except share data) | Balance, December 31, 2024 | Stock compensation accrued | Net loss | Balance, June 30, 2025 | | :---------------------------------------- | :------------------------- | :------------------------- | :------- | :--------------------- | | Common Stock Shares | 15,053,048 | — | — | 15,053,048 | | Common Stock Amount | $150 | — | — | $150 | | Additional Paid-in Capital | $552,536 | $173 | — | $552,709 | | Accumulated Deficit | $(554,788) | — | $(2,079) | $(556,867) | | Total Equity (Deficit) | $(2,102) | $173 | $(2,079) | $(4,008) | - The total equity deficit increased from **$(2,102) thousand** at December 31, 2024, to **$(4,008) thousand** at June 30, 2025, primarily due to a net loss of **$(2,079) thousand**, partially offset by stock compensation accruals[18](index=18&type=chunk) [Notes to the Condensed Consolidated Financial Statements](index=8&type=section&id=NOTES%20TO%20THE%20CONDENSED%20CONSOLIDATED%20FINANCIAL%20STATEMENTS) Provides detailed explanations and disclosures supporting the condensed consolidated financial statements [1. Basis of Preparation of Financial Statements and Nature of Operations](index=8&type=section&id=1.%20Basis%20of%20Preparation%20of%20Financial%20Statements%20and%20Nature%20of%20Operations) Explains the accounting principles and operational context for the financial statements, noting the company's exploration stage status - Golden Minerals Company is an **exploration stage issuer**, expensing all exploration and evaluation expenditures as incurred, which makes its financial statements not comparable to mining companies with proven reserves[21](index=21&type=chunk) - The Company manages its operations as **one reportable segment: exploration activities**, with performance assessed at a consolidated level by the CEO[22](index=22&type=chunk) [2. Liquidity, Capital Resources and Going Concern](index=8&type=section&id=2.%20Liquidity,%20Capital%20Resources%20and%20Going%20Concern) Assesses the company's ability to meet short-term obligations and continue operations, highlighting significant liquidity challenges - The Company does not have sufficient resources to meet expected cash needs for 12 months beyond the filing date, with cash resources anticipated to be **exhausted by Q1 2026**[23](index=23&type=chunk)[24](index=24&type=chunk) Liquidity, Capital Resources and Going Concern (in thousands) | Metric (in thousands) | June 30, 2025 | | :-------------------- | :------------ | | Current assets | $2,700 | | Cash and cash equivalents | $2,500 | | Accounts payable and other current liabilities | $4,300 | - Material uncertainties cast significant doubt on the Company's ability to continue as a **going concern**, necessitating asset sales, expense reduction, or external financing[26](index=26&type=chunk) [3. Assets Held for Sale and Discontinued Operations](index=9&type=section&id=3.%20Assets%20Held%20for%20Sale%20and%20Discontinued%20Operations) Details the classification and financial impact of assets held for sale and discontinued operations, including the Velardeña Properties - The Company ceased operations at Velardeña Properties in February 2024 and classified them as held for sale, with the sale of mines and sulfide plant completed in June 2024 for **$2.5 million** plus VAT[29](index=29&type=chunk)[31](index=