Golden Minerals(AUMN) - 2025 Q2 - Quarterly Report

PART I Item 1. Financial Statements Presents unaudited condensed consolidated financial statements, including balance sheets, operations, cash flows, equity, and detailed notes Condensed Consolidated Balance Sheets 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] Condensed Consolidated Statements of Operations 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] Condensed Consolidated Statements of Cash Flows 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] Condensed Consolidated Statements of Changes in Equity (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] Notes to the Condensed Consolidated Financial Statements Provides detailed explanations and disclosures supporting the condensed consolidated financial statements 1. Basis of Preparation of Financial Statements and Nature of Operations 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] - The Company manages its operations as one reportable segment: exploration activities, with performance assessed at a consolidated level by the CEO[22] 2. Liquidity, Capital Resources and Going Concern 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][24] 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] 3. Assets Held for Sale and Discontinued Operations 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][31](index=