Financial Needs and Performance - Golden Minerals reported a significant increase in cash needs for the upcoming year, highlighting the necessity to raise capital to support operations[5] - The company anticipates higher than expected care and maintenance costs at the Velardeña Properties, which may impact financial performance[5] - There are concerns regarding potential decreases in silver and gold prices, which could adversely affect revenue[5] - The company recorded a net VAT receivable in Mexico of $3.1 million related to the Velardeña Properties and Rodeo operations as of December 31, 2023[95] - The company expects to recover the remaining VAT receivable within a one-year period[95] - The Rodeo Property generated revenue and free cash flow in 2021 and 2022, but operations concluded in 2023, leading to reliance on future external financing for corporate expenses and exploration activities[160] - The company reported a stockholders' equity of $4.1 million as of March 31, 2023, below the required $6.0 million for compliance with NYSE American listing standards[165] - A one-for-25 reverse stock split was executed on June 9, 2023, to address compliance issues with NYSE American due to low stock price[167] - As of February 29, 2024, the company's cash and cash equivalents totaled approximately $2.4 million, with expectations of depletion during Q2 2024 without external funding[159] Exploration and Development - Future plans include advancing the El Quevar project, with expectations of reimbursements from Barrick under the Earn-in Agreement to fund further development[5] - The company is focused on exploration activities in North America, particularly for properties near its processing plants[28] - The company is reviewing strategic opportunities primarily in North America, including Mexico[28] - The company is currently evaluating results from initial drill programs and considering future activities at Sand Canyon[42] - The company plans to focus exploration efforts primarily on North America in 2024, targeting properties with high precious metal grades and low development costs[139] - The company has spent $2.4 million toward the $2.5 million earn-in requirement for the Sand Canyon project, fulfilling all but the final minimum expenditures[134] - The initial drill program at Sand Canyon did not encounter any potentially economic concentrations of precious metals[135] - The company drilled a total of 78 core holes, totaling 19,039 meters, with the most recent drilling campaign conducted from 2020 to 2022[107] Properties and Resources - The company holds a 100% interest in the Velardeña and Chicago gold-silver mining properties in Durango, Mexico, and the El Quevar advanced exploration silver property in Argentina[26] - The Velardeña Properties and the El Quevar Property are currently the only material properties under consideration[32] - The company has approximately 11 mining properties covering about 76,100 hectares, with no mineral reserves as defined under S-K 1300[32] - Company has 100% ownership of 31 mining concessions at El Quevar, covering 56,719 hectares, with permitting in place for exploration activities[41] - The updated mineral resource estimate as of December 31, 2023, includes 665,900 tonnes of sulfide resources classified as Measured + Indicated, with an average silver grade of 402 g/t and gold grade of 5.54 g/t[71] - The inferred mineral resources total 1,329,300 tonnes with an average silver grade of 430 g/t and gold grade of 5.19 g/t[71] - The company’s mineral resource estimates are based on a $195/t NSR cutoff, with price assumptions of $22.71 per ounce for silver and $1,826 per ounce for gold[72] - The Velardeña Properties include two underground mines and two processing plants located in Durango, Mexico[48] - The Yoquivo property has a total mineral resource estimate of 937,000 tonnes, with an average silver grade of 410 g/t and gold grade of 2.1 g/t, translating to 12,310 koz of silver and 64 koz of gold[112] Operational Challenges - Mining operations at the Velardeña Properties commenced in December 2023 but were shut down in February 2024 due to underperformance of the mine and processing plant[27] - The company is holding the Velardeña Properties for short-term sale following the operational shutdown[76] - Increased operating and capital costs due to commodity price volatility could adversely affect the company's results of operations[170] - The company is dependent on sufficient water supplies for mining activities, with potential legal and environmental challenges affecting water rights and availability[175] - If processing material through both sulfide and oxide plants, the company may face water supply shortages, necessitating higher-cost external water sources[177] - Recent amendments to Mexican mining law reduced the maximum length of new mining concessions from 50 to 30 years and constrained the ability to obtain water extraction permits[189] - The company’s exploration activities are subject to ongoing permitting requirements, which could delay or terminate operations[185] - The company has not established that its properties contain any mineral reserves, and the probability of discovering economically viable reserves is extremely remote[181] Management and Governance - The company is committed to retaining key management and mining personnel to ensure operational success[6] - The management team consists of experienced mining professionals with expertise in mineral exploration and mine operations[29] - The company is led by a management team with approximately 60 years of combined experience in exploration and project development in the mining industry[140] Market and Economic Conditions - Political and economic instability in Argentina and Mexico poses risks to the company's operations and market conditions[6] - The market prices of gold and silver, which are highly volatile, significantly impact the company's results of operations and cash flows[161] - The company faces intense competition in the mining industry, with larger competitors having greater financial and technical resources[155] - The transition to meet regulatory and societal expectations may result in lower economic returns for new exploration projects[200] - Companies may encounter challenges regarding the title to properties, which could affect their operational rights[202] Environmental and Regulatory Risks - Environmental legislation in Mexico is evolving, likely requiring stricter standards and increased compliance costs[196] - The company may encounter legacy environmental damage from prior mining activities on its properties, which could adversely affect financial condition and operations[197] - Climate change poses physical risks that could harm operations and increase costs, including severe weather conditions affecting infrastructure and productivity[198] - Stricter environmental regulations are expected to result in larger fines, increased capital expenditures, and higher operating costs for mining companies[200] - Mining companies face pressure to demonstrate benefits to local communities and stakeholders, which may lead to reputational damage and increased costs[201]

Group 1 - Golden Minerals Company announced the passing of W. Durand "Randy" Eppler, a Board member since 2009, who served on the Audit Committee and the Corporate Governance and Nominating Committee [1] - Mr. Eppler had over 40 years of experience in the natural resources industry, most recently as Managing Director of Capstone Headwaters MB, and previously worked for Newmont Mining, Newmont Capital, and Chemical Bank [1] - The Company's Chairman, Jeffrey Clevenger, expressed condolences, highlighting Mr. Eppler's contributions to the mining and investment community [1] Group 2 - Golden Minerals is a precious metals mining exploration company based in Golden, Colorado, focusing on advancing its Yoquivo property in Mexico and the El Quevar silver property in Argentina [2] - The Company is also engaged in acquiring and advancing selected mining properties in Mexico, Nevada, and Argentina [2]

Company Overview - Golden Minerals Company is a precious metals mining exploration company based in Golden, Colorado, primarily focused on advancing its Yoquivo property in Mexico and its El Quevar silver property in Argentina through partner-funded exploration [2] Operational Update - The company has decided to cease operations at its Velardeña Properties in Durango State, Mexico, after restarting mining operations in late December 2023 with the aim of increasing production during the first half of 2024 [1] - The initial performance of the Velardeña mine and processing plant has not met the company's projected results, leading to the decision to stop mining operations [1] - The company plans to evaluate potential alternatives for the Velardeña Properties, which may include selling the properties or winding up certain operations in Mexico [1]

Core Viewpoint - Golden Minerals Company has restarted silver-gold mining operations at its Velardeña Properties in Mexico, aiming to ramp up production significantly in the coming months [1][2]. Group 1: Mining Operations - The company began mining in six stopes on December 18, 2023, with a target to reach approximately 150 tonnes per day (tpd) by March and a full production rate of about 325 tpd in the second quarter of 2024 [1]. - The restart follows the production of gold-rich pyrite flotation concentrates from previously stockpiled material, which has been preserved since the mines were last operational in 2015 due to unprofitability [2]. Group 2: Production Strategy - The company plans to continue producing pyrite concentrates until mine production can support continuous operation of the flotation plant for lead-silver, zinc, and pyrite-gold concentrates from newly mined material [2]. - The decision to restart mining operations is the result of extensive evaluations of mining methods and processing alternatives aimed at achieving sustainable and profitable operations [2]. Group 3: Company Overview - Golden Minerals is based in Golden, Colorado, and focuses on ramping up production at Velardeña while also advancing its Yoquivo property in Mexico and El Quevar silver property in Argentina through partner-funded exploration [3]. - The company is actively seeking to acquire and advance selected mining properties in Mexico, Nevada, and Argentina [3].

Table of Contents 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, 2023. 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 | -- ...

Table of Contents 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 JUNE 30, 2023. 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 | --- | - ...

Table of Contents 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 MARCH 31, 2023. 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 | --- | ...

Table of Contents Common Stock, $0.01 par value AUMN NYSE American W1 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2022 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 Specif ...

Golden Minerals Company (NYSE:AUMN) Q3 2022 Earnings Conference Call November 10, 2022 11:00 AM ET Company Participants Karen Winkler - Director-Investor Relations Warren Rehn - President & Chief Executive Officer John Galassini - Chief Operating Officer Julie Weedman - Chief Financial Officer Conference Call Participants Jake Sekelsky - Alliance Global Partners Marcus Giannini - HC Wainwright Sid Rajeev - Fundamental Research Corp Operator Greetings, and welcome to the Golden Minerals Company Third Quarter ...