GOLDEN, CO / ACCESS Newswire / November 14, 2025 / Golden Minerals Company ("Golden Minerals", "Golden" or the "Company") (OTCQB:AUMN)(TSX:AUMN) has reported financial results and a business summary for the quarter ending September 30, 2025. (All figures are in approximate U.S. dollars. ...

来源：滚动播报 金罗斯黄金公司股价下跌4.6%，金田公司股价下跌3.8%，安格鲁阿善提公司股价下跌4.6%。西巴尼·斯 蒂尔沃特公司股价下跌2.3%，哈莫尼黄金公司股价下跌4.3%，巴里克黄金公司股价下跌4.5%。 ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10-Q (MARK ONE) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED SEPTEMBER 30, 2025. OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM TO COMMISSION FILE NUMBER 1-13627 GOLDEN MINERALS COMPANY (EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER) DELAWARE 26-4413382 (STATE OR OTHER JURISD ...

（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=

Group 1 - Spot gold prices increased by approximately 1% [1] - Orezone Gold's stock price rose by 10%, marking the largest single-day gain in five weeks [1] - Coeur Mining saw its stock price increase by over 5% during the trading session [1]

Financial Performance - The company incurred net operating losses for the three months ended March 31, 2025, and 2024, with exploration expenses remaining unchanged at $0.1 million [84]. - Administrative expenses decreased from $1.0 million in Q1 2024 to $0.7 million in Q1 2025, primarily due to cost reduction efforts [85]. - Loss from discontinued operations, net of taxes, was $0.4 million for Q1 2025, a significant decrease from $3.3 million in Q1 2024 [89]. - Revenue from the sale of metals dropped to zero in Q1 2025 from $1.2 million in Q1 2024 due to the cessation of mining operations [94]. - The company anticipates cash resources will be exhausted in the first quarter of 2026 without additional cash inflows or asset sales [92]. - Higher than anticipated exploration, maintenance, general and administrative costs are a concern [101]. - Decreases in silver and gold prices may impact financial performance [102]. Assets and Liabilities - The company had current assets of approximately $4.0 million and current liabilities of approximately $4.9 million as of March 31, 2025 [91]. - The company completed the sale of Silex Argentina for $3.5 million and other properties for a total of $1.2 million in 2024 and 2025 [77]. Exploration and Projects - The company plans to formalize a joint venture agreement with Cascadero Copper Corporation to advance exploration activities on the Desierto I concession in 2025 [81]. - The company exercised its option to earn a 60% interest in the Sand Canyon project in January 2025, with no drilling planned for the year [82]. - The Company is advancing the Sarita Este/Desierto project and completing joint venture documents with Cascadero [101]. - The Sand Canyon project is also progressing with a joint venture with Golden Gryphon Explorations, Inc. [102]. Costs and Investments - The company recorded $0.2 million in care and maintenance costs for the Velardeña Properties in Q1 2025, following the suspension of mining activities [94]. - The Company plans to raise additional cash in the near-term to meet expected cash needs [101]. - The Company invests excess cash in U.S. government and investment-grade debt securities, with a nominal reduction in interest income expected from a 1% decrease in interest rates [104]. - Currency exchange fluctuations may affect costs due to expenditures in foreign currencies, primarily in Mexico and Argentina [105]. - The Company is primarily engaged in the exploration of gold, silver, zinc, lead, and other minerals, with commodity price decreases potentially impacting reserve establishment and mining capabilities [106].

Joint Ventures and Projects - The company holds majority joint venture interests in the Desierto and Sarita Este concessions, which are gold-silver-copper exploration projects located in northwest Salta Province, Argentina[41]. - The company has a 60% joint venture interest in the Sand Canyon project, an exploration stage gold-silver project in northwestern Nevada[41]. - The primary focus is on advancing exploration activities at the Sarita Este/Desierto project[42]. - Golden Minerals holds a one-third interest in the Desierto I and II concessions, totaling 2505 hectares, and has an option agreement with Pacha Minerals to acquire an additional 28.33% for $1.5 million over 6 years[74]. - The joint venture with Cascadero is structured with Golden Minerals controlling 51% and Cascadero 49%, with payments for the option split according to these interests[75]. - The Sand Canyon project consists of 354 unpatented mining claims totaling approximately 7,223 acres, with a 60% interest earned by spending $2.5 million in exploration expenses[97]. Sales and Financials - The Velardeña and Chicago mines were sold to a Mexican company for an aggregate purchase price of $5.5 million in cash, plus VAT, with $3.0 million due on July 1, 2024[43]. - The sale of the wholly owned subsidiary Silex Argentina was completed for $3.5 million, along with the sale of the Yoquivo Project for $570,000 plus VAT[44]. - The company anticipates cash resources will be exhausted in the first quarter of 2026 without additional cash inflows or asset sales[45]. - The Velardeña Buyer has made payments totaling approximately $2.8 million through April 4, 2025, but remains in default[43]. - The company is evaluating the potential sale of additional Mexican subsidiaries holding tax losses, but the timing and price of any sale are uncertain[44]. - The company has no significant assets for sale and is exploring alternatives to obtain funds, including potential equity financing[45]. - The company sold the Santa Maria gold-silver exploration property for $1.5 million in cash plus VAT, and a 1.5% NSR royalty capped at $1.0 million[100]. - The Yoquivo Project was sold for $570,000 in cash plus VAT[100]. Exploration Activities - Exploration drilling is expected to commence in 2025 to test for gold mineralization extensions and other geochemical anomalies on the Desierto property[81]. - The Sarita Este property has seen historical prospecting since 1996, with high-grade gold results exceeding one ounce per ton from grab samples[85]. - Golden Minerals completed a drill program at Sarita Este in 2021, drilling 10 holes totaling 2,518 meters, indicating potential for a significant gold system[87]. - The company has spent approximately $3.0 million on exploration at Sarita Este, exceeding the required expenditures outlined in the option agreement[89]. - Drill results from 2020 to 2022 indicate a contiguous area of gold mineralization over approximately 40,000 square meters, with the best hole yielding 52.5m of 1.49 g/t Au[93]. - Initial drilling at Sand Canyon did not encounter significant economic concentrations of precious metals, prompting plans for further testing[98]. Asset Status and Company Structure - The Velardeña Properties have been classified as discontinued operations held for short-term sale[43]. - The company does not have mineral reserves and is considered an exploration stage company under S-K 1300[66]. - The company has approximately eight mining properties covering a total of 17,200 hectares, all in the exploration stage[50]. - The company has not completed a preliminary feasibility study for any of its properties to date[67]. - The Rodeo gold mine is considered depleted with no reasonable prospects for economic extraction, and the company has accrued approximately $450,000 for asset retirement obligations[99]. Market Conditions and Company Operations - The company focuses on properties in North and South America, with ongoing exploration efforts at the Sarita Este/Desierto and Sand Canyon projects[101]. - As of April 4, 2025, the closing price of silver was $29.59 per troy ounce, with a high of $34.57 projected for 2025[108][107]. - The closing price of gold on April 4, 2025, was $3,037 per troy ounce, with a projected high of $3,167 for 2025[111][110]. - The mining industry is characterized by aggressive competition for mineral resource opportunities, with competitors having greater financial and technical resources[113]. - The company provides free access to its annual and quarterly reports on its website, complying with SEC and Canadian regulatory requirements[114][115]. Employment - The company has four full-time employees in the United States as of April 4, 2025[112].