Golden Minerals(US:AUMN)2025-11-14 13:06Financial 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].