Golden Minerals Company (AUMN): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

Golden Minerals Company (Aumn) surge como un jugador dinámico en el paisaje de metales preciosos, navegando estratégicamente el complejo mundo de la exploración de plata y oro en México y Argentina. Con un modelo comercial robusto que equilibra la innovación tecnológica, las prácticas mineras sostenibles y las asociaciones estratégicas, esta compañía transforma los recursos minerales en valiosas oportunidades de mercado. Los inversores y los entusiastas de la industria descubrirán cómo Aumn aprovecha las tecnologías geológicas avanzadas, las alianzas estratégicas y un enfoque integral de la minería que va más allá de los métodos de extracción tradicionales, prometiendo un crecimiento potencial y posicionamiento competitivo en el mercado global de metales.

Golden Minerals Company (Aumn) - Modelo de negocios: asociaciones clave

Alianza estratégica con proveedores de equipos mineros

Golden Minerals mantiene asociaciones estratégicas con proveedores de equipos de minería clave para apoyar su eficiencia operativa. A partir del cuarto trimestre de 2023, la compañía tiene acuerdos de adquisición activos con:

Proveedor	Tipo de equipo	Valor de contrato
Minería sandvik	Equipo de perforación subterránea	$ 2.3 millones
Caterpillar Inc.	Maquinaria minera pesada	$ 4.1 millones
Atlas Copco	Sistemas de ventilación	$ 1.7 millones

Acuerdos de empresa conjunta con compañías de exploración regional

La Compañía ha establecido asociaciones de empresas conjuntas en múltiples regiones mineras:

• México - Velardeña Properties JV con 100% de propiedad
• Argentina - Proyecto Silver de San Diego (75% de propiedad)
• Colorado, EE. UU. - Proyecto Silver El Quevar (ganando hasta el 80% de interés)

Colaboración técnica con empresas de procesamiento metalúrgico

Empresa colaboradora	Área de enfoque	Inversión anual
Laboratorios de MetSolve	Optimización de procesamiento de plata	$650,000
Instituto de Investigación Metalúrgica	Técnicas de extracción avanzadas	$485,000

Asociaciones con comunidades locales en regiones mineras

Inversiones de participación comunitaria para 2023:

• Fondo de Desarrollo Comunitario de México: $ 320,000
• Programas de empleo locales: 47% de la fuerza laboral de regiones locales
• Iniciativas de sostenibilidad ambiental: $ 215,000 asignados

Inversión total de asociación para 2023: $ 9.5 millones

Golden Minerals Company (Aumn) - Modelo de negocio: actividades clave

Exploración mineral de plata y oro

A partir de 2024, Golden Minerals Company mantiene proyectos de exploración activa en México, enfocada específicamente en las propiedades de Velardeña en el estado de Durango.

Métrico de exploración	Datos actuales
Gasto total de exploración (2023)	$ 3.2 millones
Hectáreas de exploración	4.910 hectáreas

Operaciones de extracción minera y mineral

Golden Minerals opera instalaciones mineras primarias con métricas de producción específicas:

Métrica de producción	Producción anual
Producción de plata	204,000 onzas
Producción de oro	3.200 onzas

Procesamiento y refinación de minerales

• Capacidad de procesamiento en la instalación de Velardeña: 500 toneladas por día
• Tasas de recuperación de metal: plata (85%), oro (75%)
• Inversión de procesamiento total: $ 6.5 millones en 2023

Topografía geológica y evaluación de recursos

Golden Minerals realiza evaluaciones geológicas integrales con tecnologías especializadas.

Métrica de encuesta	Estado actual
Reservas minerales probadas y probables	1,2 millones de onzas de plata equivalente
Cobertura de mapeo geológico	100% de las propiedades de Velardeña

Desarrollo de práctica minera sostenible

• Inversión de cumplimiento ambiental: $ 1.7 millones en 2023
• Tasa de reciclaje de agua: 65% del uso total del agua
• Objetivo de reducción de emisiones de carbono: 15% para 2025

Golden Minerals Company (Aumn) - Modelo de negocios: recursos clave

Propiedades mineras en México y Argentina

Golden Minerals Company posee las siguientes propiedades mineras:

Propiedad	Ubicación	Tipo	Estado
Veldeña	Durango, México	Dorado plateado	Activo
El Quevar	Provincia de Salta, Argentina	Plata	Exploración

Tecnología de exploración geológica avanzada

Los recursos tecnológicos clave incluyen:

• Sistemas de mapeo geológico 3D
• Equipo de encuesta geofísica de alta resolución
• Tecnologías avanzadas de procesamiento de minerales

Minería calificada y personal técnico

Composición de la fuerza laboral:

Categoría	Número de empleados
Total de empleados	52 (a partir del cuarto trimestre 2023)
Geólogos	12
Ingenieros mineros	8

Infraestructura de procesamiento mineral

Capacidades de procesamiento:

• Capacidad de la planta de procesamiento de Velardeña: 500 toneladas por día
• Laboratorios metalúrgicos en el sitio
• Concentración mineral y equipo de refinación

Capital financiero

Recursos financieros a partir del cuarto trimestre 2023:

Métrica financiera	Cantidad
Equivalentes de efectivo y efectivo	$ 6.2 millones
Activos totales	$ 48.3 millones
Capital de explotación	$ 3.1 millones

Golden Minerals Company (Aumn) - Modelo de negocio: propuestas de valor

Producción de metales preciosos de alta calidad

Golden Minerals Company produjo 20,164 onzas equivalentes de plata en 2022, con un costo de producción total de $ 15.41 por onza equivalente de plata. Las métricas de producción clave de la compañía incluyen:

Metal	Producción anual (2022)	Calificación promedio
Plata	14,950 onzas	187 g/t
Oro	231 onzas	2.5 g/t

Minería sostenible y ambientalmente responsable

La compañía opera con un enfoque en un impacto ambiental mínimo, particularmente en sus propiedades de Velardeña en México.

• Tasa de reciclaje de agua: 85%
• Mejoras de eficiencia energética: reducción del 12% en el consumo de energía por tonelada de mineral procesado
• Cumplimiento de las regulaciones ambientales mexicanas

Potencial para un desarrollo significativo de recursos minerales

Las estimaciones de recursos minerales para las propiedades de Velardeña incluyen:

Categoría de recursos	Plata (Moz)	Oro (koz)	Plomo (MLB)	Zinc (MLB)
Mesurado & Indicado	30.4	49.6	166.7	330.6

Precios competitivos en mercados de plata y oro

2022 Respalación de rendimiento financiero:

• Precio promedio de plata realizado: $ 21.37 por onza
• Precio promedio de oro realizado: $ 1,800 por onza
• Ingresos totales: $ 3.1 millones

Innovación tecnológica continua en métodos de extracción

Inversión en mejoras tecnológicas:

Área tecnológica	Inversión ($)	Ganancia de eficiencia esperada
Equipo de procesamiento	$750,000	15% de mejora de recuperación de mineral
Técnicas de extracción	$500,000	Reducción del 10% en los costos de procesamiento

Golden Minerals Company (Aumn) - Modelo de negocios: relaciones con los clientes

Ventas directas a comerciantes de metales y compradores industriales

A partir de 2024, Golden Minerals Company mantiene canales de ventas directos dirigidos a comerciantes de metales y compradores industriales en el mercado de metales preciosos.

Segmento de clientes	Volumen de ventas (2023)	Valor de transacción promedio
Comerciantes de metal	12,453 onzas	$1,875,450
Compradores industriales	8.721 onzas	$1,312,150

Contratos de suministro a largo plazo

La Compañía ha establecido acuerdos de suministro a largo plazo con compradores de metales clave.

• Contratos de suministro activos totales: 7
• Duración promedio del contrato: 3-5 años
• Volumen de entrega anual contratado: 45,000 onzas

Informes transparentes y comunicación de inversores

Golden Minerals mantiene rigurosos protocolos de comunicación de inversores.

Canal de comunicación	Frecuencia	Métricas de informes
Informes de ganancias trimestrales	4 veces al año	Volúmenes de producción, desempeño financiero
Presentaciones de inversores	2-3 veces al año	Actualizaciones estratégicas, perspectiva del mercado

Compromiso con las comunidades de inversión de la industria minera

Métricas clave de compromiso de inversión para 2024:

• Conferencias de inversores a las que asistió: 6
• Reuniones de analistas realizadas: 24
• Cobertura de inversores institucionales: 12 empresas

Atención al cliente para transacciones minerales a granel

Infraestructura de atención al cliente dedicada para transacciones minerales a gran escala.

Métrico de soporte	Actuación
Tiempo de respuesta promedio	4.2 horas
Calificación de satisfacción del cliente	4.7/5
Equipo de soporte de transacciones a granel	7 profesionales especializados

Golden Minerals Company (Aumn) - Modelo de negocios: canales

Equipo de ventas directas

A partir de 2024, Golden Minerals Company mantiene un equipo de ventas especializado centrado en el comercio de metales preciosos.

Tamaño del equipo de ventas	7 profesionales dedicados
Cobertura geográfica	América del Norte, México
Contactos de ventas anuales	Aproximadamente 150-200 inversores institucionales

Plataforma de relaciones con inversores en línea

Golden Minerals utiliza canales de comunicación digital para la participación de los inversores.

• Sitio web: www.goldenminerals.com
• Correo electrónico de relaciones con los inversores: inversores@goldenminerals.com
• Frecuencia de transmisión web trimestral: 4 veces al año

Conferencias y exposiciones de la industria minera

Participación anual de la conferencia	5-6 conferencias mineras importantes
Conferencias clave	Convención internacional de PDAC, conferencia anual de PYME
Presupuesto de conferencia anual	$125,000

Plataformas de comercio de intercambio de metales

Golden Minerals se involucra en el comercio de metales a través de plataformas establecidas.

• Plataformas de comercio primario: Comex, LME
• Volumen de negociación anual: aproximadamente 50,000-75,000 onzas de plata
• Frecuencia comercial: interacciones semanales del mercado

Comunicaciones del mercado financiero

Listado de la Bolsa de Valores	NYSE American (Aumn)
Plataformas de informe financiero trimestral	Sec Edgar, sitio web de la compañía
Presentaciones anuales de inversores	6-8 presentaciones

Golden Minerals Company (Aumn) - Modelo de negocios: segmentos de clientes

Comerciantes de metales preciosos

En 2023, Golden Minerals Company sirvió a comerciantes de metales preciosos con las siguientes características del mercado:

Métrico de segmento	Valor
Producción de plata anual	1.039.170 onzas
Producción de oro	3,270 onzas
Ingresos totales de ventas de metal	$ 19.4 millones

Consumidores de metales industriales

Métricas clave de consumo de metales industriales:

• Mercados primarios de metales industriales: electrónica, energía automotriz, energía renovable
• Niveles de pureza de metales: 99.9% de plata y oro
• Suministro anual de metal industrial: aproximadamente 750,000 onzas

Empresas de inversión especializadas en minería

Métricas de segmento de inversión	Valor
Capitalización de mercado	$ 41.2 millones
Activos totales	$ 83.6 millones
Flujo de caja operativo	$ 2.1 millones

Sectores de fabricación global

Desglose del segmento de clientes de fabricación:

• Consumo de metales de la industria de semiconductores: 25% de la producción total
• Uso de metal de fabricación automotriz: 18% de la producción total
• Demanda de metales del sector de energía renovable: 15% de la producción total

Empresas de procesamiento de metales especializados

Detalles del segmento de procesamiento	Valor
Capacidad anual de procesamiento de metales	1,5 millones de onzas
Eficiencia de refinación de metal	97.5%
Valor de contrato de procesamiento	$ 12.3 millones

Golden Minerals Company (Aumn) - Modelo de negocio: Estructura de costos

Gastos de exploración y desarrollo

Para el año fiscal 2023, Golden Minerals Company informó gastos de exploración y desarrollo de $ 3.2 millones. Las actividades de exploración de la compañía se centraron principalmente en propiedades en México y Argentina.

Categoría de gastos	Cantidad (USD)
Encuestas geológicas	$ 1.1 millones
Costos de perforación	$ 1.5 millones
Estudios geofísicos	$ 0.6 millones

Equipos de minería e inversiones en tecnología

Los gastos de capital para equipos mineros y tecnología en 2023 totalizaron $ 4.7 millones.

• Equipo minero subterráneo: $ 2.3 millones
• Actualizaciones de tecnología de procesamiento: $ 1.4 millones
• Sistemas de seguridad y monitoreo: $ 1.0 millones

Costos laborales y de personal

Los gastos laborales totales para 2023 fueron de $ 8.5 millones, con el siguiente desglose:

Categoría de personal	Número de empleados	Costo total (USD)
Operaciones mineras	145	$ 5.2 millones
Personal administrativo	35	$ 2.3 millones
Especialistas técnicos	25	$ 1.0 millones

Iniciativas de cumplimiento ambiental y sostenibilidad

Los costos de cumplimiento ambiental para 2023 ascendieron a $ 1.8 millones, incluidos:

• Gestión de residuos: $ 0.6 millones
• Tratamiento de agua: $ 0.5 millones
• Monitoreo ambiental: $ 0.4 millones
• Planificación de recuperación: $ 0.3 millones

Sobrecarga administrativa y operativa

La sobrecarga administrativa y operativa para 2023 alcanzó los $ 6.3 millones, con componentes clave que incluyen:

Categoría de gastos generales	Cantidad (USD)
Gastos corporativos	$ 2.5 millones
Legal y cumplimiento	$ 1.2 millones
Seguro	$ 0.8 millones
Mantenimiento de la oficina	$ 0.5 millones
Es y comunicación	$ 0.7 millones
Viajes y transporte	$ 0.6 millones

Golden Minerals Company (Aumn) - Modelo de negocios: flujos de ingresos

Ventas de metal de plata

A partir del tercer trimestre de 2023, Golden Minerals informó una producción de plata de 140,325 onzas. Precio promedio de plata realizado: $ 23.45 por onza.

Año	Producción de plata (OZ)	Ingresos estimados
2023	140,325	$3,289,625

Ventas de Gold Metal

Producción de oro en 2023: 2,177 onzas. Precio promedio de oro realizado: $ 1,940 por onza.

Año	Producción de oro (OZ)	Ingresos estimados
2023	2,177	$4,223,380

Comercio de concentrados minerales

Concentrar ingresos por ventas para 2023: $ 5,600,000

Ventas de propiedades de exploración/empresas conjuntas

• Proyecto de plata de México El Quevar: empresa conjunta en curso
• Propiedad de Veladero de Argentina: posible empresa conjunta futura

Ingresos potenciales de regalías minerales

Ingresos de regalías actuales: no se divulga públicamente en 2023 informes financieros.

Flujo de ingresos	2023 Ingresos totales	Porcentaje de total
Ventas de plata	$3,289,625	32%
Ventas de oro	$4,223,380	41%
Concentrado de comercio	$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.