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].

Financial Performance - The company incurred net operating losses for the nine months ended September 30, 2024, and 2023 [111]. - Revenue from metal sales for the three months ended September 30, 2024, was $0.1 million, a significant decrease from $2.5 million in the same period of 2023 [133]. - For the nine months ended September 30, 2024, the company recorded $1.4 million in concentrate sales, a decrease from $1.7 million in the same period of 2023 [153]. - The company reported zero revenue from doré sales for the nine months ended September 30, 2024, compared to $9.5 million for the same period in 2023 [151]. - The cost of metals sold decreased to $6.0 million for the nine months ended September 30, 2024, down from $11.2 million in 2023, primarily due to lower mining and processing costs [155]. - Administrative expenses decreased to $0.8 million for the three months ended September 30, 2024, compared to $1.1 million in the same period of 2023 [142]. - The company recorded $1.6 million of net other operating income for the three months ended September 30, 2024, primarily from the sale of Silex Argentina [145]. - The company recorded $3.3 million in net other operating income for the nine months ended September 30, 2024, up from $0.6 million in 2023, mainly from asset sales [162]. Operational Updates - Mining at the Velardeña Properties was restarted in December 2023 but ceased by the end of February 2024 due to operational issues [112]. - The company processed 5,186 tonnes of mineralized material and sold approximately 639 ounces of gold and 21,745 ounces of silver during the nine months ended September 30, 2024 [121]. - The company has entered into sales agreements for the Velardeña and Chicago mines with a total purchase price of $5.5 million, with $1.3 million received as of November 15, 2024 [112]. - The company completed the sale of its subsidiary Silex Argentina for a purchase price of $3.5 million in October 2024 [126]. - The company anticipates cash resources will be exhausted by the second quarter of 2025 without additional cash inflows or asset sales [114]. - The company anticipates needing approximately $1.5 to $3.5 million in capital inflows to meet projected expenses through September 30, 2025 [170]. - The company is currently evaluating the sale of the Velardeña oxide plant and water wells, which could impact its operational strategy [184]. Liquidity and Financial Position - As of September 30, 2024, the company had current assets of approximately $2.5 million and current liabilities of approximately $4.5 million, indicating a liquidity challenge [166]. - The company has cash and cash equivalents of approximately $3.6 million as of November 15, 2024, following asset sales and cash payments received [168]. - The company is evaluating strategic alternatives, including potential asset sales and external financing, to address liquidity issues [169]. Risks and Challenges - The company received a second notice from NYSE American for non-compliance with stockholders' equity standards, reporting equity of $621,000 as of March 31, 2024 [179]. - The company anticipates potential delays in exploration activities due to environmental consents or permitting issues, which could impact mining operations [184]. - The company is at risk of higher than anticipated care and maintenance costs in Mexico, which may affect overall financial performance [184]. - The company is exposed to fluctuations in the market prices of gold, silver, zinc, and lead, which could negatively impact its ability to establish reserves and mine effectively [190]. - The company has no commodity derivative positions, indicating a direct exposure to commodity price risks [190]. - Political and economic instability in countries like Mexico and Argentina poses risks to the company's operations and market conditions [186]. - The company faces risks related to retaining key management and mining personnel necessary for successful operations and growth [184]. Exploration and Future Prospects - The company expects the sale of its Yoquivo exploration property to contribute an additional $275,000 upon completion of the transaction [125]. - Exploration expenses were reduced to $1.2 million for the nine months ended September 30, 2024, compared to $2.9 million in 2023, reflecting decreased activity due to cash constraints [156]. - The company is focused on advancing its exploration properties, but unfavorable results could hinder progress towards becoming a mid-tier mining company [184]. - 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 2024 [188]. - The company maintains minimum cash balances in foreign currencies to mitigate foreign currency exchange risks, primarily related to expenditures in Mexico [189].

Financial Performance - Golden Minerals Company reported financial results for Q2 2024 on August 14, 2024[5] - The company achieved a revenue of $5 million in Q2 2024, a 25% increase compared to Q1 2024[5] - Net loss for Q2 2024 was $1.2 million, which is a 15% improvement from the previous quarter[5] - Cash and cash equivalents at the end of Q2 2024 were $10 million, representing a 10% increase from the previous quarter[5] - Future guidance indicates expected revenue growth of 15% for Q3 2024, driven by increased production and market expansion efforts[5] Production and Operations - The company reported an increase in gold production to 3,000 ounces, up 20% from Q1 2024[5] - The company plans to invest $2 million in new technology for mineral extraction in the next fiscal year[5] - New product development initiatives are underway, aiming to launch two new mining technologies by Q4 2024[5] Market Strategy - Golden Minerals is focusing on expanding its market presence in South America, targeting a 30% growth in regional sales by the end of 2025[5] - The company is exploring potential acquisition opportunities to enhance its resource portfolio[5]

Financial Performance - The company incurred net operating losses for the six months ended June 30, 2024, and 2023, with principal revenue from gold and silver sales from the Velardeña Properties[109]. - Revenue from concentrate sales was $0.1 million for the three months ended June 30, 2024, compared to $1.2 million for the same period in 2023[124]. - Revenue from concentrate sales for the six months ended June 30, 2024, was $1.3 million, a slight increase from $1.2 million in the same period of 2023[133]. - Doré sales generated no revenue in the six months ended June 30, 2024, compared to $7.8 million in the same period of 2023[135]. - The company recorded a net operating income of $1.1 million for the six months ended June 30, 2024, primarily from the sale of Velardeña assets[140]. Mining Operations - Mining at the Velardeña Properties was restarted in December 2023, but operations ceased by the end of February 2024 due to insufficient experienced miners and operational issues[110]. - The company processed 5,186 tonnes of mined material and sold approximately 639 ounces of gold and 21,745 ounces of silver during the six months ended June 30, 2024[116]. - The cost of metals sold decreased to $2.5 million in Q2 2024 from $3.9 million in Q2 2023, primarily due to the cessation of mining activities[125]. - Cost of metals sold decreased to $5.4 million for the six months ended June 30, 2024, down from $7.9 million in 2023, primarily due to lower mining and processing costs[136]. Financial Position and Liquidity - As of June 30, 2024, the company had current assets of approximately $2.5 million and current liabilities of approximately $4.8 million, indicating a liquidity challenge[144]. - The company anticipates cash resources will be exhausted by September 2024 without additional cash inflows, potentially leading to operations cessation and liquidation[111]. - The company anticipates needing approximately $6.0 to $8.0 million in capital inflows to meet projected expenses through June 30, 2025[145]. - Cash and cash equivalents decreased to $1.4 million as of June 30, 2024, from $3.8 million at the end of 2023, with expenditures totaling $8.3 million in the first half of 2024[152]. Exploration and Development - The company holds 100% ownership of the Yoquivo concessions, with an inferred mineral resource estimate of 937,000 tonnes at 570 g/t Ag eq[117]. - Barrick withdrew from the Earn-In Agreement for the El Quevar project, which reverted back to the company in April 2024, and the company is seeking to sell or find a partner for this project[118]. - The company has spent approximately $3.0 million on the Sarita Este concession and is in the process of forming a joint venture with Cascadero Minerals Corporation[119]. - Exploration expenses were reduced to $0.8 million in the first half of 2024 from $2.2 million in 2023, reflecting decreased activity due to cash constraints[136]. Asset Management - The Velardeña Properties are classified as assets held for short-term sale, with ongoing negotiations for the sale of the oxide plant and water wells[122]. - The company has executed asset purchase agreements totaling $5.5 million, with the first three agreements completed on June 20, 2024[146]. Risk Factors - The company faces foreign currency exchange risk due to certain expenditures being denominated in currencies other than U.S. dollars, primarily in Mexico[160]. - Fluctuations in currency exchange rates may impact the costs of exploration and mining activities[160]. - The company maintains minimum cash balances in foreign currencies to mitigate exchange rate risks[160]. - The company is primarily engaged in the exploration and mining of gold, silver, zinc, lead, and other minerals[161]. - Decreases in the prices of these metals could negatively impact the company's ability to establish reserves and mine properties[161]. - The company currently holds no commodity derivative positions, indicating a direct exposure to commodity price risks[161].

Financial Performance - The company incurred net operating losses for the three months ended March 31, 2024, and 2023, with revenues from concentrate sales recorded at $1.4 million in Q1 2024 compared to $0 in Q1 2023 [95][115]. - The company recorded a $0.9 million operating loss in Q1 2024, primarily due to severance payments related to the cessation of operations at the Velardeña Properties [122]. - The company has current assets of approximately $5.3 million, including cash and cash equivalents of about $2.4 million, against current liabilities of approximately $6.5 million as of March 31, 2024 [125]. - As of March 31, 2024, the company had cash and cash equivalents of $2.4 million, down from $3.8 million at the end of 2023, due to expenditures totaling $3.5 million [132]. - Cash inflows of $2.1 million were recorded, primarily from the collection of $2.0 million in VAT receivables from the Mexican government [134]. - The company requires approximately $6.0 to $8.0 million in capital inflows to cover projected expenses through March 31, 2025 [127]. Production and Sales - A total of 14,961 tonnes were mined, with 5,186 tonnes processed, resulting in sales of approximately 639 ounces of gold and 21,745 ounces of silver during the three months ended March 31, 2024 [107][103]. - The average realized price for gold was $2,077 per ounce and for silver was $23.82 per ounce in Q1 2024 [107]. - The company reported a net operating margin of $1.7 million from discontinued Velardeña operations, defined as revenue from metal sales minus the cost of metals sold [132]. Asset Management - The Velardeña Properties are now classified as assets held for sale, with the company focusing on short-term sales options due to ceased production [97][114]. - An asset sale agreement with a Mexican company involves selling mining concessions and equipment for a total of $5.5 million, with payments scheduled over several months [128]. - The Velardeña Properties were previously restarted in December 2023 but ceased operations by the end of March 2024 due to underperformance [96][103]. Exploration and Development - The company plans to advance the Yoquivo exploration property, which has an inferred mineral resource estimate of 937,000 tonnes at 570 g/t Ag eq [104]. - The El Quevar project has reverted back to the company's full control after Barrick withdrew from the Earn-In Agreement in April 2024 [106]. - The company anticipates further advancements in the El Quevar project and plans to sell tax credits held in its Mexican operations [136]. Financial Risks and Uncertainties - The company faces significant uncertainties regarding its ability to continue as a going concern, dependent on asset sales and capital raising efforts [131]. - The company is exposed to commodity price risks, particularly in gold and silver, which could impact its ability to establish reserves and mine effectively [142]. - The company has no commodity derivative positions, indicating a direct exposure to fluctuations in metal prices [142]. Cost Management - Exploration expenses decreased to $0.5 million in Q1 2024 from $1.3 million in Q1 2023, reflecting reduced activity due to cash constraints [119]. - The company has a VAT receivable of approximately $1.1 million, with expectations of receiving a material portion in the second and third quarters of 2024 [129].

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]