Golden Minerals Company (AUNM): Business Model Canvas [Jan-2025 Mise à jour]

Golden Minerals Company (AUNM) émerge comme un acteur dynamique dans le paysage des métaux précieux, naviguant stratégiquement dans le monde complexe de l'exploration d'argent et d'or à travers le Mexique et l'Argentine. Avec un modèle commercial robuste qui équilibre l'innovation technologique, les pratiques minières durables et les partenariats stratégiques, cette entreprise transforme les ressources minérales en opportunités de marché précieuses. Les investisseurs et les amateurs de l'industrie découvriront comment Anum exploite les technologies géologiques avancées, les alliances stratégiques et une approche complète de l'exploitation minière qui va au-delà des méthodes d'extraction traditionnelles, promettant une croissance potentielle et un positionnement concurrentiel sur le marché mondial des métaux.

Golden Minerals Company (AUNM) - Modèle commercial: partenariats clés

Alliance stratégique avec les fournisseurs d'équipements minières

Golden Minerals maintient des partenariats stratégiques avec les principaux fournisseurs d'équipements d'extraction pour soutenir son efficacité opérationnelle. Au quatrième trimestre 2023, la société a des accords d'approvisionnement actifs avec:

Fournisseur	Type d'équipement	Valeur du contrat
Mine de sandvik	Équipement de forage souterrain	2,3 millions de dollars
Caterpillar Inc.	Machinerie d'exploitation lourde	4,1 millions de dollars
Atlas Copco	Systèmes de ventilation	1,7 million de dollars

Contacteurs de coentreprise avec des sociétés d'exploration régionales

La société a établi des partenariats de coentreprise dans plusieurs régions minières:

• Mexique - Velardeña Properties JV avec une propriété à 100%
• Argentine - San Diego Silver Project (75% de propriété)
• Colorado, États-Unis - El Quevar Silver Project (gagnant jusqu'à 80% d'intérêt)

Collaboration technique avec les entreprises de transformation métallurgique

Entreprise de collaboration	Domaine de mise au point	Investissement annuel
Laboratoires Metsolve	Optimisation du traitement de l'argent	$650,000
Institut de recherche métallurgique	Techniques d'extraction avancées	$485,000

Partenariats avec les communautés locales dans les régions minières

Investissements d'engagement communautaire pour 2023:

• Fonds de développement communautaire mexicain: 320 000 $
• Programmes d'emploi locaux: 47% de la main-d'œuvre des régions locales
• Initiatives de durabilité environnementale: 215 000 $ alloués

Investissement total de partenariat pour 2023: 9,5 millions de dollars

Golden Minerals Company (AUNM) - Modèle d'entreprise: Activités clés

Exploration minérale en argent et en or

En 2024, Golden Minerals Company entretient des projets d'exploration actifs au Mexique, spécifiquement axés sur les propriétés de Velardeña dans l'État de Durango.

Métrique d'exploration	Données actuelles
Dépenses d'exploration totales (2023)	3,2 millions de dollars
Exploration hectares	4 910 hectares

Opérations minières et extraction minérales

Golden Minerals exploite des installations minières primaires avec des mesures de production spécifiques:

Métrique de production	Sortie annuelle
Production d'argent	204 000 onces
Production d'or	3 200 onces

Traitement et raffinage minéraux

• Capacité de traitement à Velardeña Facility: 500 tonnes par jour
• Taux de récupération des métaux: argent (85%), or (75%)
• Investissement total de traitement: 6,5 millions de dollars en 2023

Arpentage géologique et évaluation des ressources

Golden Minerals effectue des évaluations géologiques complètes avec des technologies spécialisées.

Métrique d'enquête	État actuel
Réserves minérales éprouvées et probables	1,2 million d'onces en argent équivalent
Couverture de cartographie géologique	100% des propriétés Velardeña

Développement de pratiques minières durables

• Investissement de la conformité environnementale: 1,7 million de dollars en 2023
• Taux de recyclage de l'eau: 65% de la consommation totale d'eau
• Cible de réduction des émissions de carbone: 15% d'ici 2025

Golden Minerals Company (AUNM) - Modèle d'entreprise: Ressources clés

Propriétés minières au Mexique et en Argentine

Golden Minerals Company possède les propriétés minières suivantes:

Propriété	Emplacement	Taper	Statut
Velardeña	Durango, Mexique	Argent-or	Actif
El Quevar	Province de Salta, Argentine	Argent	Exploration

Technologie avancée d'exploration géologique

Les ressources technologiques clés comprennent:

• Systèmes de cartographie géologique 3D
• Équipement d'enquête géophysique haute résolution
• Technologies de traitement des minéraux avancés

Exploitation minière et technique qualifiés

Composition de la main-d'œuvre:

Catégorie	Nombre d'employés
Total des employés	52 (au Q4 2023)
Géologues	12
Ingénieurs minières	8

Infrastructure de traitement des minéraux

Capacités de traitement:

• Capacité de l'usine de traitement de Velardeña: 500 tonnes par jour
• Laboratoires métallurgiques sur place
• Concentration minérale et équipement de raffinage

Capital financier

Ressources financières au quatrième trimestre 2023:

Métrique financière	Montant
Equivalents en espèces et en espèces	6,2 millions de dollars
Actif total	48,3 millions de dollars
Fonds de roulement	3,1 millions de dollars

Golden Minerals Company (AUNM) - Modèle d'entreprise: propositions de valeur

Production de métaux précieux de haute qualité

Golden Minerals Company a produit 20 164 onces équivalentes en argent en 2022, avec un coût de production total de 15,41 $ par once équivalente en argent. Les principales mesures de production de l'entreprise comprennent:

Metal	Production annuelle (2022)	Note moyenne
Argent	14 950 onces	187 g / t
Or	231 onces	2,5 g / t

MINUATION DU SURTÉRALE ET REFORMALEMENT REFACT

La société opère en mettant l'accent sur un impact environnemental minimal, en particulier dans ses propriétés de Velardeña au Mexique.

• Taux de recyclage de l'eau: 85%
• Améliorations de l'efficacité énergétique: réduction de 12% de la consommation d'énergie par tonne de minerai traité
• Conformité aux réglementations environnementales mexicaines

Potentiel de développement important des ressources minérales

Les estimations des ressources minérales pour les propriétés de Velardeña comprennent:

Catégorie de ressources	Silver (Moz)	Or (koz)	Plomb (MLBS)	Zinc (MLBS)
Mesuré & Indiqué	30.4	49.6	166.7	330.6

Prix ​​compétitifs sur les marchés de l'argent et de l'or

2022 Faits saillants de la performance financière:

• Prix ​​d'argent réalisé moyen: 21,37 $ par once
• Prix ​​d'or moyen réalisé: 1 800 $ l'once
• Revenu total: 3,1 millions de dollars

Innovation technologique continue dans les méthodes d'extraction

Investissement dans des améliorations technologiques:

Zone technologique	Investissement ($)	Gain d'efficacité attendu
Équipement de traitement	$750,000	15% d'amélioration de la récupération de minerai
Techniques d'extraction	$500,000	Réduction de 10% des coûts de traitement

Golden Minerals Company (AUNM) - Modèle d'entreprise: relations avec les clients

Ventes directes aux commerçants de métaux et aux acheteurs industriels

En 2024, Golden Minerals Company maintient les canaux de vente directs ciblant les commerçants de métaux et les acheteurs industriels sur le marché des métaux précieux.

Segment de clientèle	Volume des ventes (2023)	Valeur de transaction moyenne
Commerçants de métaux	12 453 onces	$1,875,450
Acheteurs industriels	8 721 onces	$1,312,150

Contrats d'approvisionnement à long terme

La société a établi des accords d'approvisionnement à long terme avec les acheteurs clés des métaux.

• Contrats d'offre actifs totaux: 7
• Durée du contrat moyen: 3-5 ans
• Volume de livraison annuel sous contrat: 45 000 onces

Reportage transparent et communication des investisseurs

Golden Minerals maintient des protocoles de communication d'investisseurs rigoureux.

Canal de communication	Fréquence	Reporter des mesures
Rapports de bénéfices trimestriels	4 fois par an	Volumes de production, performance financière
Présentations des investisseurs	2-3 fois par an	Mises à jour stratégiques, perspectives du marché

Engagement avec les communautés d'investissement de l'industrie minière

Mesures clés de l'engagement des investissements pour 2024:

• Conférences des investisseurs présents: 6
• Réunions d'analystes réalisées: 24
• Couverture des investisseurs institutionnels: 12 entreprises

Support client pour les transactions minérales en vrac

Infrastructure de support client dédiée pour les transactions minérales à grande échelle.

Métrique de soutien	Performance
Temps de réponse moyen	4,2 heures
Évaluation de satisfaction du client	4.7/5
Équipe d'assistance des transactions en vrac	7 professionnels spécialisés

Golden Minerals Company (AUNM) - Modèle d'entreprise: canaux

Équipe de vente directe

En 2024, Golden Minerals Company maintient une équipe de vente spécialisée axée sur le trading précieux des métaux.

Taille de l'équipe de vente	7 professionnels dévoués
Couverture géographique	Amérique du Nord, Mexique
Contacts de vente annuels	Environ 150-200 investisseurs institutionnels

Plateforme de relations avec les investisseurs en ligne

Golden Minerals utilise des canaux de communication numérique pour l'engagement des investisseurs.

• Site Web: www.goldenmineals.com
• Courriel des relations avec les investisseurs: investisseurs@goldenminalals.com
• Fréquence trimestrielle de webdiccast: 4 fois par an

Conférences et expositions de l'industrie minière

Participation annuelle de la conférence	5-6 conférences minières majeures
Conférences clés	Convention internationale du PDAC, conférence annuelle des PME
Budget de conférence annuelle	$125,000

Plateformes de trading d'échange Metals

Golden Minerals s'engage dans le commerce des métaux via des plateformes établies.

• Plateformes de trading primaires: Comex, LME
• Volume de trading annuel: environ 50 000 à 75 000 onces d'argent
• Fréquence commerciale: interactions hebdomadaires du marché

Communications du marché financier

Cotation des bourses	Nyse American (ann)
Plateformes de rapport financier trimestriel	Sec Edgar, site Web de l'entreprise
Présentations des investisseurs annuels	6-8 présentations

Golden Minerals Company (AUNM) - Modèle d'entreprise: segments de clientèle

Commerçants de métaux précieux

En 2023, Golden Minerals Company a servi des commerçants de métaux précieux avec les caractéristiques du marché suivantes:

Métrique du segment	Valeur
Production argentée annuelle	1 039 170 onces
Production d'or	3 270 onces
Revenu total des ventes de métaux	19,4 millions de dollars

Consommateurs de métaux industriels

Métriques clés de la consommation de métaux industriels:

• Marchés principaux du métal industriel: électronique, automobile, énergie renouvelable
• Niveaux de pureté des métaux: 99,9% d'argent et d'or
• Alimentation annuelle des métaux industriels: environ 750 000 onces

Les entreprises d'investissement spécialisées dans l'exploitation minière

Métriques du segment d'investissement	Valeur
Capitalisation boursière	41,2 millions de dollars
Actif total	83,6 millions de dollars
Flux de trésorerie d'exploitation	2,1 millions de dollars

Secteurs de la fabrication mondiale

Fabrication de ventilation du segment des clients:

• Consommation de métaux de l'industrie des semi-conducteurs: 25% de la production totale
• Utilisation des métaux de fabrication automobile: 18% de la production totale
• Secteur des énergies renouvelables Demande de métal: 15% de la production totale

Sociétés de traitement des métaux spécialisés

Détails du segment de traitement	Valeur
Capacité annuelle de traitement des métaux	1,5 million d'onces
Efficacité de raffinage des métaux	97.5%
Valeur du contrat de traitement	12,3 millions de dollars

Golden Minerals Company (AUNM) - Modèle d'entreprise: Structure des coûts

Frais d'exploration et de développement

Pour l'exercice 2023, Golden Minerals Company a déclaré des frais d'exploration et de développement de 3,2 millions de dollars. Les activités d'exploration de l'entreprise se sont concentrées principalement sur les propriétés au Mexique et en Argentine.

Catégorie de dépenses	Montant (USD)
Enquêtes géologiques	1,1 million de dollars
Frais de forage	1,5 million de dollars
Études géophysiques	0,6 million de dollars

Équipements minières et investissements technologiques

Les dépenses en capital pour l'équipement et la technologie miniers en 2023 ont totalisé 4,7 millions de dollars.

• Équipement minier souterrain: 2,3 millions de dollars
• Mises à niveau de la technologie de traitement: 1,4 million de dollars
• Systèmes de sécurité et de surveillance: 1,0 million de dollars

Coûts de main-d'œuvre et de personnel

Les dépenses totales de main-d'œuvre pour 2023 étaient de 8,5 millions de dollars, avec la ventilation suivante:

Catégorie de personnel	Nombre d'employés	Coût total (USD)
Opérations minières	145	5,2 millions de dollars
Personnel administratif	35	2,3 millions de dollars
Spécialistes techniques	25	1,0 million de dollars

Initiatives de conformité environnementale et de durabilité

Les coûts de conformité environnementale pour 2023 s'élevaient à 1,8 million de dollars, notamment:

• Gestion des déchets: 0,6 million de dollars
• Traitement de l'eau: 0,5 million de dollars
• Surveillance environnementale: 0,4 million de dollars
• Planification des récupérations: 0,3 million de dollars

Surfaçon administratives et opérationnelles

Les frais généraux administratifs et opérationnels pour 2023 ont atteint 6,3 millions de dollars, avec des composants clés, notamment:

Catégorie aérienne	Montant (USD)
Dépenses de l'entreprise	2,5 millions de dollars
Juridique et conformité	1,2 million de dollars
Assurance	0,8 million de dollars
Entretien de bureau	0,5 million de dollars
TI et la communication	0,7 million de dollars
Voyage et transport	0,6 million de dollars

Golden Minerals Company (AUNM) - Modèle d'entreprise: Strots de revenus

Ventes en métal argenté

Depuis le troisième trimestre 2023, les minéraux d'or ont signalé une production d'argent de 140 325 onces. Prix ​​d'argent réalisé moyen: 23,45 $ l'once.

Année	Production en argent (OZ)	Revenus estimés
2023	140,325	$3,289,625

Ventes en métaux d'or

Production d'or en 2023: 2 177 onces. Prix ​​d'or moyen réalisé: 1 940 $ l'once.

Année	Production d'or (OZ)	Revenus estimés
2023	2,177	$4,223,380

Trading de concentré minéral

Revenus de ventes de concentré pour 2023: 5 600 000 $

Exploration Ventes de propriétés / coentreprises

• Mexico El Quevar Silver Project: Joint-venture en cours
• Propriété d'Argentine Veladero: future coentreprise potentielle

Revenu potentiel de redevance minérale

Revenu des redevances actuels: non divulguée publiquement dans les rapports financiers de 2023.

Flux de revenus	2023 Revenu total	Pourcentage du total
Ventes d'argent	$3,289,625	32%
Ventes d'or	$4,223,380	41%
Trading de concentré	$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.