Golden Minerals Company (AUMN): Business Model Canvas

Golden Minerals Company (AUMN) entwickelt sich zu einem dynamischen Akteur in der Edelmetalllandschaft, der sich strategisch durch die komplexe Welt der Silber- und Goldexploration in Mexiko und Argentinien bewegt. Mit einem robusten Geschäftsmodell, das technologische Innovation, nachhaltige Bergbaupraktiken und strategische Partnerschaften in Einklang bringt, verwandelt dieses Unternehmen Bodenschätze in wertvolle Marktchancen. Investoren und Branchenbegeisterte werden entdecken, wie AUMN fortschrittliche geologische Technologien, strategische Allianzen und einen umfassenden Bergbauansatz nutzt, der über traditionelle Gewinnungsmethoden hinausgeht und potenzielles Wachstum und eine wettbewerbsfähige Positionierung auf dem globalen Metallmarkt verspricht.

Golden Minerals Company (AUMN) – Geschäftsmodell: Wichtige Partnerschaften

Strategische Allianz mit Bergbauausrüstungslieferanten

Golden Minerals unterhält strategische Partnerschaften mit wichtigen Lieferanten von Bergbauausrüstung, um seine betriebliche Effizienz zu unterstützen. Ab dem vierten Quartal 2023 verfügt das Unternehmen über aktive Beschaffungsvereinbarungen mit:

Lieferant	Gerätetyp	Vertragswert
Sandvik Bergbau	Untertagebohrausrüstung	2,3 Millionen US-Dollar
Caterpillar Inc.	Schwere Bergbaumaschinen	4,1 Millionen US-Dollar
Atlas Copco	Lüftungssysteme	1,7 Millionen US-Dollar

Joint-Venture-Vereinbarungen mit regionalen Explorationsunternehmen

Das Unternehmen hat Joint-Venture-Partnerschaften in mehreren Bergbauregionen aufgebaut:

• Mexiko – Velardeña Properties JV mit 100 % Eigentum
• Argentinien – Silberprojekt San Diego (75 % Eigentum)
• Colorado, USA – Silberprojekt El Quevar (bis zu 80 % Beteiligung)

Technische Zusammenarbeit mit metallurgischen Verarbeitungsunternehmen

Kooperierendes Unternehmen	Fokusbereich	Jährliche Investition
MetSolve-Labors	Optimierung der Silberverarbeitung	$650,000
Metallurgisches Forschungsinstitut	Fortgeschrittene Extraktionstechniken	$485,000

Partnerschaften mit lokalen Gemeinschaften in Bergbauregionen

Investitionen in gesellschaftliches Engagement für 2023:

• Mexiko-Gemeinschaftsentwicklungsfonds: 320.000 US-Dollar
• Lokale Beschäftigungsprogramme: 47 % der Arbeitskräfte stammen aus lokalen Regionen
• Initiativen zur ökologischen Nachhaltigkeit: 215.000 US-Dollar bereitgestellt

Gesamtinvestition der Partnerschaft für 2023: 9,5 Millionen US-Dollar

Golden Minerals Company (AUMN) – Geschäftsmodell: Hauptaktivitäten

Silber- und Goldmineralienexploration

Ab 2024 unterhält die Golden Minerals Company aktive Explorationsprojekte in Mexiko, die sich insbesondere auf die Velardeña-Liegenschaften im Bundesstaat Durango konzentrieren.

Explorationsmetrik	Aktuelle Daten
Gesamte Explorationsausgaben (2023)	3,2 Millionen US-Dollar
Erkundungsflächen	4.910 Hektar

Bergbau- und Mineralgewinnungsbetriebe

Golden Minerals betreibt primäre Bergbauanlagen mit spezifischen Produktionskennzahlen:

Produktionsmetrik	Jährliche Produktion
Silberproduktion	204.000 Unzen
Goldproduktion	3.200 Unzen

Mineralverarbeitung und -veredelung

• Verarbeitungskapazität im Werk Velardeña: 500 Tonnen pro Tag
• Metallrückgewinnungsraten: Silber (85 %), Gold (75 %)
• Gesamtinvestition in die Verarbeitung: 6,5 Millionen US-Dollar im Jahr 2023

Geologische Vermessung und Ressourcenbewertung

Golden Minerals führt umfassende geologische Untersuchungen mit speziellen Technologien durch.

Umfragemetrik	Aktueller Status
Nachgewiesene und wahrscheinliche Mineralreserven	1,2 Millionen Unzen Silberäquivalent
Geologische Kartierungsabdeckung	100 % der Velardeña-Eigenschaften

Entwicklung nachhaltiger Bergbaupraktiken

• Investition in die Einhaltung von Umweltvorschriften: 1,7 Millionen US-Dollar im Jahr 2023
• Wasserrecyclingrate: 65 % des gesamten Wasserverbrauchs
• Ziel zur Reduzierung der CO2-Emissionen: 15 % bis 2025

Golden Minerals Company (AUMN) – Geschäftsmodell: Schlüsselressourcen

Bergbaugrundstücke in Mexiko und Argentinien

Golden Minerals Company besitzt die folgenden Bergbaugrundstücke:

Eigentum	Standort	Typ	Status
Velardeña	Durango, Mexiko	Silber-Gold	Aktiv
El Quevar	Provinz Salta, Argentinien	Silber	Erkundung

Fortschrittliche geologische Explorationstechnologie

Zu den wichtigsten technologischen Ressourcen gehören:

• Geologische 3D-Kartierungssysteme
• Hochauflösende geophysikalische Vermessungsgeräte
• Fortschrittliche Mineralverarbeitungstechnologien

Qualifiziertes Bergbau- und technisches Personal

Zusammensetzung der Belegschaft:

Kategorie	Anzahl der Mitarbeiter
Gesamtzahl der Mitarbeiter	52 (Stand Q4 2023)
Geologen	12
Bergbauingenieure	8

Infrastruktur für die Mineralverarbeitung

Verarbeitungsmöglichkeiten:

• Kapazität der Verarbeitungsanlage Velardeña: 500 Tonnen pro Tag
• Metallurgische Labore vor Ort
• Ausrüstung zur Konzentration und Raffinierung von Mineralien

Finanzkapital

Finanzielle Ausstattung ab Q4 2023:

Finanzkennzahl	Betrag
Zahlungsmittel und Zahlungsmitteläquivalente	6,2 Millionen US-Dollar
Gesamtvermögen	48,3 Millionen US-Dollar
Betriebskapital	3,1 Millionen US-Dollar

Golden Minerals Company (AUMN) – Geschäftsmodell: Wertversprechen

Hochwertige Edelmetallproduktion

Golden Minerals Company produzierte im Jahr 2022 20.164 Unzen Silberäquivalent mit Gesamtproduktionskosten von 15,41 $ pro Unze Silberäquivalent. Zu den wichtigsten Produktionskennzahlen des Unternehmens gehören:

Metal	Jahresproduktion (2022)	Durchschnittsnote
Silber	14.950 Unzen	187 g/t
Gold	231 Unzen	2,5 g/t

Nachhaltiger und umweltbewusster Bergbau

Das Unternehmen konzentriert sich bei seiner Tätigkeit auf minimale Umweltauswirkungen, insbesondere auf seinen Velardeña-Liegenschaften in Mexiko.

• Wasserrecyclingrate: 85 %
• Verbesserungen der Energieeffizienz: 12 % Reduzierung des Energieverbrauchs pro verarbeiteter Tonne Erz
• Einhaltung mexikanischer Umweltvorschriften

Potenzial für bedeutende Mineralressourcenentwicklung

Zu den Mineralressourcenschätzungen für Velardeña-Liegenschaften gehören:

Ressourcenkategorie	Silber (Moz)	Gold (Koz)	Blei (Mlbs)	Zink (Mlbs)
Gemessen & Angezeigt	30.4	49.6	166.7	330.6

Wettbewerbsfähige Preise auf den Silber- und Goldmärkten

Höhepunkte der finanziellen Leistung 2022:

• Durchschnittlicher erzielter Silberpreis: 21,37 $ pro Unze
• Durchschnittlich erzielter Goldpreis: 1.800 $ pro Unze
• Gesamtumsatz: 3,1 Millionen US-Dollar

Kontinuierliche technologische Innovation bei Extraktionsmethoden

Investition in technologische Verbesserungen:

Technologiebereich	Investition ($)	Erwarteter Effizienzgewinn
Verarbeitungsausrüstung	$750,000	15 % Verbesserung der Erzausbeute
Extraktionstechniken	$500,000	10 % Reduzierung der Bearbeitungskosten

Golden Minerals Company (AUMN) – Geschäftsmodell: Kundenbeziehungen

Direktverkauf an Metallhändler und Industrieabnehmer

Ab 2024 unterhält die Golden Minerals Company Direktvertriebskanäle, die sich an Metallhändler und industrielle Käufer auf dem Edelmetallmarkt richten.

Kundensegment	Verkaufsvolumen (2023)	Durchschnittlicher Transaktionswert
Metallhändler	12.453 Unzen	$1,875,450
Industrielle Einkäufer	8.721 Unzen	$1,312,150

Langfristige Lieferverträge

Das Unternehmen hat langfristige Lieferverträge mit wichtigen Metallabnehmern abgeschlossen.

• Insgesamt aktive Lieferverträge: 7
• Durchschnittliche Vertragsdauer: 3-5 Jahre
• Vertraglich vereinbartes jährliches Liefervolumen: 45.000 Unzen

Transparente Berichterstattung und Investorenkommunikation

Golden Minerals unterhält strenge Kommunikationsprotokolle für Anleger.

Kommunikationskanal	Häufigkeit	Berichtsmetriken
Vierteljährliche Gewinnberichte	4 Mal im Jahr	Produktionsmengen, finanzielle Leistung
Investorenpräsentationen	2-3 Mal pro Jahr	Strategische Updates, Marktausblick

Engagement mit Investmentgemeinschaften der Bergbauindustrie

Wichtige Kennzahlen zum Investitionsengagement für 2024:

• Teilnahme an Investorenkonferenzen: 6
• Durchgeführte Analystentreffen: 24
• Abdeckung durch institutionelle Anleger: 12 Unternehmen

Kundenunterstützung für Transaktionen mit Massenmineralien

Dedizierte Kundensupport-Infrastruktur für groß angelegte Mineralientransaktionen.

Support-Metrik	Leistung
Durchschnittliche Reaktionszeit	4,2 Stunden
Bewertung der Kundenzufriedenheit	4.7/5
Support-Team für Massentransaktionen	7 spezialisierte Fachleute

Golden Minerals Company (AUMN) – Geschäftsmodell: Kanäle

Direktvertriebsteam

Ab 2024 unterhält die Golden Minerals Company ein spezialisiertes Vertriebsteam, das sich auf den Handel mit Edelmetallen konzentriert.

Größe des Vertriebsteams	7 engagierte Profis
Geografische Abdeckung	Nordamerika, Mexiko
Jährliche Vertriebskontakte	Ungefähr 150-200 institutionelle Anleger

Online-Investor-Relations-Plattform

Golden Minerals nutzt digitale Kommunikationskanäle für die Anlegereinbindung.

• Website: www.goldenminerals.com
• E-Mail für Investor Relations: investoren@goldenminerals.com
• Vierteljährliche Webcast-Häufigkeit: 4 Mal pro Jahr

Konferenzen und Ausstellungen für die Bergbauindustrie

Teilnahme an der Jahreskonferenz	5-6 große Bergbaukonferenzen
Wichtige Konferenzen	PDAC International Convention, KMU-Jahreskonferenz
Jährliches Konferenzbudget	$125,000

Handelsplattformen für Metallbörsen

Golden Minerals betreibt den Metallhandel über etablierte Plattformen.

• Primäre Handelsplattformen: COMEX, LME
• Jährliches Handelsvolumen: Ungefähr 50.000–75.000 Unzen Silber
• Handelshäufigkeit: Wöchentliche Marktinteraktionen

Finanzmarktkommunikation

Börsennotierung	NYSE American (AUMN)
Plattformen für vierteljährliche Finanzberichte	SEC EDGAR, Unternehmenswebsite
Jährliche Investorenpräsentationen	6-8 Präsentationen

Golden Minerals Company (AUMN) – Geschäftsmodell: Kundensegmente

Edelmetallhändler

Im Jahr 2023 bediente die Golden Minerals Company Edelmetallhändler mit den folgenden Marktmerkmalen:

Segmentmetrik	Wert
Jährliche Silberproduktion	1.039.170 Unzen
Goldproduktion	3.270 Unzen
Gesamtumsatz aus Metallverkäufen	19,4 Millionen US-Dollar

Industrielle Metallverbraucher

Wichtige Kennzahlen zum industriellen Metallverbrauch:

• Primäre Industriemetallmärkte: Elektronik, Automobil, erneuerbare Energien
• Metallreinheitsgrad: 99,9 % Silber und Gold
• Jährliche Versorgung mit Industriemetallen: Ungefähr 750.000 Unzen

Auf Bergbau spezialisierte Investmentfirmen

Kennzahlen für das Anlagesegment	Wert
Marktkapitalisierung	41,2 Millionen US-Dollar
Gesamtvermögen	83,6 Millionen US-Dollar
Operativer Cashflow	2,1 Millionen US-Dollar

Globale Fertigungssektoren

Aufschlüsselung der Kundensegmente im verarbeitenden Gewerbe:

• Metallverbrauch der Halbleiterindustrie: 25 % der Gesamtproduktion
• Metallverbrauch im Automobilbau: 18 % der Gesamtproduktion
• Metallbedarf im Bereich der erneuerbaren Energien: 15 % der Gesamtproduktion

Spezialisierte Metallverarbeitungsunternehmen

Segmentdetails werden verarbeitet	Wert
Jährliche Metallverarbeitungskapazität	1,5 Millionen Unzen
Effizienz der Metallveredelung	97.5%
Vertragswert verarbeiten	12,3 Millionen US-Dollar

Golden Minerals Company (AUMN) – Geschäftsmodell: Kostenstruktur

Explorations- und Entwicklungskosten

Für das Geschäftsjahr 2023 meldete Golden Minerals Company Explorations- und Entwicklungskosten in Höhe von 3,2 Millionen US-Dollar. Die Explorationsaktivitäten des Unternehmens konzentrierten sich hauptsächlich auf Grundstücke in Mexiko und Argentinien.

Ausgabenkategorie	Betrag (USD)
Geologische Untersuchungen	1,1 Millionen US-Dollar
Bohrkosten	1,5 Millionen Dollar
Geophysikalische Studien	0,6 Millionen US-Dollar

Investitionen in Bergbauausrüstung und -technologie

Die Investitionsausgaben für Bergbauausrüstung und -technologie beliefen sich im Jahr 2023 auf insgesamt 4,7 Millionen US-Dollar.

• Ausrüstung für den Untertagebergbau: 2,3 Millionen US-Dollar
• Upgrades der Verarbeitungstechnologie: 1,4 Millionen US-Dollar
• Sicherheits- und Überwachungssysteme: 1,0 Millionen US-Dollar

Arbeits- und Personalkosten

Die gesamten Arbeitskosten beliefen sich im Jahr 2023 auf 8,5 Millionen US-Dollar, mit folgender Aufteilung:

Personalkategorie	Anzahl der Mitarbeiter	Gesamtkosten (USD)
Bergbaubetriebe	145	5,2 Millionen US-Dollar
Verwaltungspersonal	35	2,3 Millionen US-Dollar
Technische Spezialisten	25	1,0 Millionen US-Dollar

Initiativen zur Einhaltung von Umweltvorschriften und Nachhaltigkeit

Die Kosten für die Einhaltung der Umweltvorschriften beliefen sich im Jahr 2023 auf 1,8 Millionen US-Dollar, darunter:

• Abfallmanagement: 0,6 Millionen US-Dollar
• Wasseraufbereitung: 0,5 Millionen US-Dollar
• Umweltüberwachung: 0,4 Millionen US-Dollar
• Sanierungsplanung: 0,3 Millionen US-Dollar

Verwaltungs- und Betriebsaufwand

Der Verwaltungs- und Betriebsaufwand für 2023 belief sich auf 6,3 Millionen US-Dollar, wobei die wichtigsten Komponenten Folgendes umfassen:

Overhead-Kategorie	Betrag (USD)
Unternehmensausgaben	2,5 Millionen Dollar
Recht und Compliance	1,2 Millionen US-Dollar
Versicherung	0,8 Millionen US-Dollar
Bürowartung	0,5 Millionen US-Dollar
IT und Kommunikation	0,7 Millionen US-Dollar
Reisen und Transport	0,6 Millionen US-Dollar

Golden Minerals Company (AUMN) – Geschäftsmodell: Einnahmequellen

Silbermetallverkauf

Im dritten Quartal 2023 meldete Golden Minerals eine Silberproduktion von 140.325 Unzen. Durchschnittlicher erzielter Silberpreis: 23,45 $ pro Unze.

Jahr	Silberproduktion (oz)	Geschätzter Umsatz
2023	140,325	$3,289,625

Verkauf von Goldmetallen

Goldproduktion im Jahr 2023: 2.177 Unzen. Durchschnittlich erzielter Goldpreis: 1.940 $ pro Unze.

Jahr	Goldproduktion (Unzen)	Geschätzter Umsatz
2023	2,177	$4,223,380

Handel mit Mineralkonzentraten

Konzentrat-Verkaufserlös für 2023: 5.600.000 US-Dollar

Verkauf von Explorationsgrundstücken/Joint Ventures

• Mexiko-Silberprojekt El Quevar: Laufendes Joint Venture
• Argentinien-Veladero-Grundstück: Potenzielles zukünftiges Joint Venture

Potenzielle Einnahmen aus Minerallizenzgebühren

Aktuelle Lizenzeinnahmen: In den Finanzberichten 2023 nicht öffentlich bekannt gegeben.

Einnahmequelle	Gesamtumsatz 2023	Prozentsatz der Gesamtsumme
Silberverkäufe	$3,289,625	32%
Goldverkäufe	$4,223,380	41%
Konzentrathandel	$5,600,000	54%

Golden Minerals Company (AUMN) - Canvas Business Model: Value Propositions

For Asset Buyers:

Golden Minerals Company offers the immediate acquisition of non-core mining assets. The recent transaction for the Velardeña oxide processing plant and water wells closed on October 10, 2025, for a total purchase price of US$3.0 million plus applicable value-added tax (VAT). The final balance received for this sale was approximately US$28,000 plus VAT in October 2025.

For Investors:

You get high-leverage exposure to potential discovery success, particularly at the Desierto Project in Argentina's Puna geological region, where surface exploration identified alteration zones. The structure is lean, as the company reported zero debt as of September 30, 2025. The capital structure as of that date included cash and equivalents of $1.7 million, against total liabilities of $7.8M.

The financial performance leading up to this point shows a net loss of $2.4 million for the nine months ended September 30, 2025, which was an improvement from the $3.8 million net loss for the same period in 2024.

Here's a quick look at the balance sheet health as of September 30, 2025, or the closest reported date:

Financial Metric	Amount (Approximate U.S. Dollars)
Total Debt (as of Sept 30, 2025)	$0.0
Cash and Equivalents (as of Sept 30, 2025)	$1.7 million
Total Liabilities (as of date associated with asset value)	$7.8M
Total Shareholder Equity (as of date associated with asset value)	$-4.8M

For Partners:

Partners gain access to a streamlined, debt-free entity with a focused exploration portfolio. Golden Minerals Company achieved a significant reduction in liabilities and a meaningful decrease in its cost structure through restructuring efforts continued through the first nine months of 2025. The entity is debt-free as of September 30, 2025. The portfolio focus is now on advancing prospective assets like the Desierto Project and others in Nevada and Argentina, following the full divestiture of Velardeña operations.

The reduction in operational costs is evident in the expense comparison for the nine months ended September 30, 2025:

• Administrative expenses: $1.9 million
• Exploration expenses: $0.3 million

For Creditors:

Creditors benefit from the proactive reduction of liabilities and a clear asset sale strategy that generated cash. The company received the full $3.0 million purchase price plus VAT from the Velardeña sale in October 2025. The company warned it lacks sufficient resources for the next twelve months and expects cash exhaustion around Q2 2026 absent asset sales or financing, underscoring the urgency of the asset sale strategy.

The balance sheet as of June 30, 2025, showed current liabilities of approximately $4.3 million, which included $2.97 million in deferred revenue related to the Velardeña sale, demonstrating the immediate impact of the asset disposal on the liability side.

Golden Minerals Company (AUMN) - Canvas Business Model: Customer Relationships

You're looking at Golden Minerals Company (AUMN) as it navigates a significant transition, moving away from active production toward an exploration-focused, asset-disposition model. This shift fundamentally changes who the company interacts with and how those interactions are structured.

Direct, transactional relationships with asset buyers (one-off sales)

The core of the transactional relationship segment revolves around monetizing past operational assets. This is not about ongoing sales of product, but rather final, discrete sales of property, plant, and equipment. The most significant recent transaction involved the Velardeña Properties in Mexico. The final sale of the Velardeña Properties closed on October 10, 2025, for a total purchase price of US$3.0 million plus applicable value-added tax (VAT). You can see the financial echo of this sale in the Q2 2025 balance sheet, where $2.97 million in deferred revenue related to the oxide plant and water wells was still recorded within Current liabilities held for sale as of June 30, 2025. The final remaining amount owed from that sale, $28,000 plus $5,000 VAT, was received in October 2025. These are clearly one-off events designed to shore up liquidity, which stood at $1.7 million in cash and equivalents as of September 30, 2025.

Here's a quick look at the key asset divestitures that define these transactional relationships:

Asset Divested	Transaction Type	Total Consideration (Approx. USD)	Status as of Late 2025
Velardeña Properties (Mines, Plants, Wells)	Sale	$3.0 million + VAT	Closed October 10, 2025
Yoquivo Gold-Silver Project	Binding Agreement to Sell	$570,000 + VAT	Agreement signed Oct 2024; payments structured
Minera de Cordilleras Tax Benefits	Sale	Undisclosed	Announced April 1, 2025

Investor relations focused on communicating restructuring progress and exploration updates

For Golden Minerals Company, the primary ongoing relationship is with its shareholders and the investment community. Communication is less about selling a product and more about managing expectations regarding survival and future potential. The narrative centers on the restructuring efforts initiated in 2024, which have significantly reduced the cost structure, with administrative expenses dropping to $1.9 million for the nine months ended September 30, 2025, down from $3.0 million the prior year. The focus is on advancing prospective exploration assets like Desierto in Argentina, where the company is working on joint venture documentation. Investor messaging must address the critical liquidity runway; the company anticipates its cash balance of $1.7 million (as of September 30, 2025) will be exhausted by the first quarter of 2026 without new cash inflows. Maintaining zero debt as of September 30, 2025, is a key positive point communicated to this segment.

Key investor touchpoints include:

• Reporting quarterly financial results, such as the Q3 2025 net loss of $2.4 million for the nine-month period.
• Communicating governance updates, like the results of the Director Elections at the May 27, 2025, Annual Meeting.
• Providing updates on the status of asset sales, which are the only near-term cash flow opportunities.

Formal, contractual relationships with joint venture partners

As Golden Minerals Company pivots to exploration, contractual relationships with potential joint venture (JV) partners become crucial for funding exploration work without diluting equity or using precious cash. These relationships are formalized through earning-in agreements. For instance, in January 2025, the company exercised its option to earn-in a 60% interest in the Sand Canyon Project in Nevada, pursuant to its agreement with Golden Gryphon Explorations, Inc.. You should know that the parties are currently finalizing the joint venture documentation for this asset. Similarly, JV documentation is being worked on for the Desierto Project in Argentina, which is key to future exploration planning. These contracts define cost-sharing and operational control for exploration activities.

Minimal customer interaction since mining operations have ceased

The most defining characteristic of the current customer relationship profile is the near-total absence of traditional mining customers. Golden Minerals Company elected to stop mining operations at its Velardeña Properties in February 2024. This means there are no ongoing sales of gold or silver concentrate or doré to smelters or refiners, which would typically be the largest customer base for a producing miner. The company's focus has entirely shifted to non-operational activities-asset sales and exploration partnerships-meaning the direct, revenue-generating customer relationship is dormant. The company had zero debt as of September 30, 2025, which is a testament to its focus on winding down liabilities rather than servicing operational customer contracts.

Finance: draft 13-week cash view by Friday.

Golden Minerals Company (AUMN) - Canvas Business Model: Channels

You're looking at how Golden Minerals Company (AUMN) gets its value propositions-like advancing its Desierto project or completing divestitures-out to its key partners and investors. It's a mix of direct deal-making and public market signaling, especially given the current liquidity focus.

Direct negotiation and binding agreements for asset sales

The primary channel for immediate cash generation has been the finalization of asset sales, which relies heavily on direct negotiation leading to binding agreements. The most recent major transaction involved the Velardeña Properties.

The Velardeña Properties transaction closed on October 10, 2025, for a total purchase price of US$3.0 million plus applicable value-added tax (VAT). As of September 30, 2025, the remaining amount owed for this sale was $28,000 plus $5,000 VAT, which was subsequently received in October 2025. This follows the earlier sale of the Minera de Cordilleras subsidiary in April 2025 for total consideration of $600,000.

Here's a look at the recent asset disposal values used as a channel for capital:

Asset/Subsidiary	Transaction Status (as of late 2025)	Total Consideration (Approx. USD)
Velardeña Properties (Final Closing)	Closed October 10, 2025	$3.0 million plus VAT
Minera de Cordilleras Subsidiary	Completed April 2025	$600,000
Yoquivo Gold-Silver Project (Binding Agreement)	Agreement Signed (2024 data)	$570,000 plus VAT

This focus on asset sales is a critical channel because, without additional funding, Golden Minerals Company anticipates exhausting its cash resources by the first quarter of 2026.

Investor presentations and press releases for capital markets

Golden Minerals Company uses formal financial reporting and public announcements to communicate its status and needs to the capital markets. These serve as the primary conduit for attracting potential equity or debt financing.

Key reporting milestones in 2025 included:

• Reporting Q1 2025 Financial Results on May 20, 2025.
• Reporting Q2 2025 Financial Results on August 14, 2025.
• Reporting Q3 2025 Financial Results on November 14, 2025.

The company explicitly states its near-term opportunity to generate cash flow is from the sale of assets, equity, or other external financing. The Q2 2025 report highlighted a cash and equivalents balance of $2.5 million as of June 30, 2025, which subsequently decreased to $1.7 million as of September 30, 2025.

Stock exchanges (OTCQB: AUMN and TSX: AUMN) for equity financing

The dual listing on the OTCQB Venture Market and the Toronto Stock Exchange (TSX) is the platform through which the company raises equity capital, though recent activity suggests a focus on preservation over immediate issuance.

Golden Minerals Company trades under the ticker AUMN on both exchanges. As of a late 2024/early 2025 filing snapshot, the Market Cap was 1.43M with a Float of 10.95M shares. The company maintains zero debt as of September 30, 2025.

Stock performance metrics around December 4, 2025, show a price of $0.358. The 52-week range for the stock was $0.0700 to $0.570.

Direct communication with potential strategic partners and buyers

Beyond asset sales, direct communication is used to advance exploration projects through joint ventures, which is a form of strategic partnership that brings in capital and expertise for project advancement.

Golden Minerals Company is actively finalizing joint venture documentation for two key projects:

• The Desierto Project in Argentina, with plans to initiate a Phase I drill program.
• The Sand Canyon Project in Nevada, where the company earned a 60% interest and is finalizing JV documentation with Golden Gryphon Explorations, Inc..

These discussions are a channel to secure funding for exploration expenses, which totaled $0.3 million for the nine months ended September 30, 2025.

Finance: draft 13-week cash view by Friday.

Golden Minerals Company (AUMN) - Canvas Business Model: Customer Segments

You're looking at the customer base for Golden Minerals Company (AUMN) as they navigate a period heavily focused on asset monetization and exploration advancement, so the segments reflect who is providing or seeking capital/assets.

The customer segments are distinct groups that provide the necessary capital, acquire non-core assets, or partner on future development.

Other mining companies seeking to acquire specific, non-core assets (e.g., Velardeña)

This segment is interested in acquiring specific, often non-core, assets that Golden Minerals Company (AUMN) is divesting to improve liquidity. The Velardeña Properties sale was a key focus area.

• Total agreed consideration for Velardeña Properties sale: $5.5 million plus Value Added Tax (VAT).
• Amount owed for the Velardeña oxide plant and water wells as of June 30, 2025: $32,000 plus $5,000 VAT.
• The remaining amount owed for the Velardeña Properties was received in October 2025, as of September 30, 2025, it stood at $28,000 plus $5,000 VAT.
• Completed sale of the Mexican subsidiary, Minera de Cordilleras S. de R.L. de C.V., in April 2025 for $600,000.
• Sale of the El Quevar project in October 2024 realized $3.5 million.

Institutional and retail investors seeking high-risk, high-reward junior exploration exposure

This group buys equity in Golden Minerals Company (AUMN) based on the potential upside of its remaining exploration assets, like the Desierto project, despite the current cash constraints.

Here's the quick math on the financial position affecting investor sentiment as of late 2025:

Metric	Date/Period End	Amount
Cash and Equivalents	September 30, 2025	$1.7 million
Cash and Equivalents	June 30, 2025	$2.5 million
Cash and Equivalents	December 31, 2024	$3.2 million
Net Loss (Q2 2025)	Six Months Ended June 30, 2025	$1.8 million
Net Loss (Q3 2025)	Quarter Ended September 30, 2025	$2.4 million
Market Cap	November 20, 2025 (Approximate)	$4.06 Million

What this estimate hides is the projected cash runway, which was anticipated to be exhausted by Q1 2026 without new inflows.

• Institutional owners filing forms as of December 13, 2024: 2.
• Shares held by those institutions as of December 13, 2024: 7.
• Earnings Per Share (EPS) as of Q3 2025: $-0.52.

Strategic partners interested in joint venture development of exploration projects

These partners provide technical expertise, funding, or both, to advance exploration projects, such as the Sand Canyon project in Nevada.

• Golden Minerals Company (AUMN) exercised its option to earn a 60% interest at the Sand Canyon project.
• The Company is working to finalize joint venture documentation with Golden Gryphon Explorations, Inc. for the Sand Canyon project.

Financial institutions for potential external financing or equity placement

This segment represents sources of debt or equity capital, which the Company explicitly states is its only near-term opportunity to generate cash flow to meet expected requirements.

The balance sheet structure highlights the need for this segment:

Liability/Asset Category	As of September 30, 2025	As of June 30, 2025
Current Liabilities	Approximately $4.3 million	Approximately $4.3 million
Current Assets	Approximately $2.0 million	Approximately $2.7 million
Debt	Zero	Zero

The deferred revenue related to the Velardeña sale is a component of the current liabilities, standing at $2.97 million on both June 30, 2025, and September 30, 2025 balance sheets.

Golden Minerals Company (AUMN) - Canvas Business Model: Cost Structure

Golden Minerals Company (AUMN) operates with a cost-driven structure, clearly focused on minimizing burn rate, especially given the liquidity challenges noted as of late 2025. The company has actively pursued restructuring efforts initiated in 2024 and continued through the first nine months of 2025 to achieve a meaningful decrease in its cost structure. This focus is critical as the company's only near-term opportunity to generate cash flow to meet expected cash requirements is from asset sales, equity, or external financing. The zero debt status as of September 30, 2025, reflects this disciplined approach to capital management.

Here's a quick look at how key operating expenses trended for the nine months ended September 30, 2025, compared to the prior year:

Cost Component (Nine Months Ended Sep 30)	2025 Amount (Approx. USD)	2024 Amount (Approx. USD)
Administrative Expenses	$1.9 million	$3.0 million
Exploration Expenses	$0.3 million	$0.5 million
Cash Spent on Discontinued Operations (Primarily Velardeña Care/Maintenance)	$0.3 million	Not explicitly isolated in the same category for 9M 2024 in snippet

The reduction in core operating costs is evident when comparing the periods:

• Administrative expenses for the nine months ended September 30, 2025, were $1.9 million.
• Exploration expenses for the nine months ended September 30, 2025, totaled $0.3 million.
• Loss from discontinued operations, net of taxes, was $0.5 million for the nine months ended September 30, 2025, a significant drop from $3.3 million in the same period in 2024.

The winding down of previous operations contributes to cost changes. Cash spent on discontinued operations, which primarily relates to the care and maintenance cost of the Velardeña properties following the cessation of mining in Q1 2024, was $0.3 million for the nine months ended September 30, 2025. The company completed the sale of the Velardeña Properties on October 10, 2025, for US$3.0 million plus VAT, which marks the final step in divesting those operations and should eliminate future care and maintenance liabilities. Furthermore, restructuring efforts have involved asset sales, such as the April 2025 sale of Minera de Cordilleras for $600,000, which helped strengthen the balance sheet and reduce overhead associated with non-core assets. While specific professional fees for restructuring aren't itemized in the provided data, the overall reduction in administrative spend suggests success in streamlining corporate functions, possibly through the cost-effective partnership with Avisar Everyday Solutions for accounting services.

Golden Minerals Company (AUMN) - Canvas Business Model: Revenue Streams

You're looking at the revenue streams for Golden Minerals Company (AUMN) as of late 2025, and honestly, the story here is all about divestiture and survival through asset realization, not production income. The company is focused on turning non-core assets into cash to fund its exploration runway.

The primary, concrete revenue sources realized in 2025 come from the final stages of selling off its Mexican operational footprint. This is a clear shift from its previous model, which included revenue from the now-ceased mining operations.

Here's a quick look at the realized cash proceeds from these non-core asset and subsidiary sales:

Asset/Subsidiary Divested	Transaction Date (or Closing)	Total Cash Consideration (Excluding VAT)	Status of Cash Receipt (as of 9/30/2025)
Velardeña Oxide Plant and Water Wells	Closed October 10, 2025	$3.0 million	Full amount received in October 2025
Minera de Cordilleras (Subsidiary)	Sale Agreement April 1, 2025	$600,000	Full amount received
Velardeña Mine and Associated Facilities (Initial Sale)	Closed July 15, 2024	$2.5 million	Full amount received in July 2024

The final piece of the Velardeña puzzle, the oxide plant and water wells, closed on October 10, 2025, for a total purchase price of $3.0 million plus applicable value-added tax (VAT). This final closing marked the company's full exit from its Velardeña operations. Before this final closing, the company was owed $28,000 plus $5,000 VAT as of September 30, 2025.

The sale of the wholly-owned subsidiary, Minera de Cordilleras, S. de R.L. de C.V., was completed on April 1, 2025, for consideration of US $600,000. This subsidiary held net operating losses and five mining concessions that had minimal value to Golden Minerals Company.

Looking ahead, the immediate revenue stream focus is on non-asset-sale sources, given the company's current financial position:

• The Company does not currently have sufficient resources to meet its expected cash needs for a period of twelve months beyond the filing date of its Q3 2025 report.
• Cash and equivalents stood at $1.7 million as of September 30, 2025.
• The Company is actively exploring external financing or the potential sale of the Company to meet future cash requirements.
• The Company remains debt-free as of September 30, 2025.

For the exploration portfolio, future cash flow hinges on partnerships:

• The Desierto Project in Argentina is the subject of ongoing joint venture documentation.
• Future cash flow from a successful joint venture or sale of the Desierto Project is a key component of the capital plan.
• No drilling is planned for the Desierto Project in 2025, as the focus is on finalizing documentation and integrating historical data.

It's crucial to note the cessation of core business revenue. Golden Minerals Company ceased mining at the Velardeña mines in Mexico in the first quarter of 2024. Consequently, there is no current revenue from metal production as of late 2025, as the company has fully divested its Velardeña operations. The financial results for the nine months ended September 30, 2025, show a net loss of $2.4 million, which reflects the operational shift away from production.

Finance: review the cash burn rate against the expected depletion date of Q1 2026 by next Tuesday.