Golden Minerals Company (AUMN): Business Model Canvas [Dec-2025 Updated]

You're looking at Golden Minerals Company (AUMN) right now, and honestly, it looks less like a miner and more like a liquidation specialist with a lottery ticket. After ceasing operations, the whole business model pivots on two things: aggressively selling off non-core assets-like getting that $3.0 million for Velardeña-to fund the burn rate, which currently sits on about $1.7 million in cash as of September 30, 2025. This is a high-stakes game, where the value proposition for investors is pure, high-leverage exposure to the success of the Desierto Project, making their Key Activities a tightrope walk of restructuring and capital preservation. It's a defintely risky play, but understanding this asset-sale-to-exploration pivot is key to seeing where the next big move is hiding below.

Golden Minerals Company (AUMN) - Canvas Business Model: Key Partnerships

You're looking at the core relationships Golden Minerals Company (AUMN) relies on to keep its exploration engine running, especially given the recent focus on liquidity preservation. These partnerships are key to monetizing past assets and funding future drilling.

Privately held Mexican company for Velardeña asset sales

Golden Minerals Company fully divested its Velardeña operations through sales to a privately held Mexican company, the Velardeña Buyer. The final piece, the oxide processing plant and water wells, closed on October 10, 2025.

Asset Sold	Total Purchase Price (Excl. VAT)	Final Payment Received (Approx.)	Closing Date
Velardeña Oxide Plant and Water Wells	US$3.0 million	US$28,000	October 10, 2025

The company had previously sold the Velardeña and Chicago mines, related equipment, and the sulfide processing plant under separate agreements. As of June 30, 2025, the amount owed for the final Velardeña assets was $32,000 plus $5,000 in VAT.

Advance Metals Limited (ASX: AVM) for the Yoquivo gold-silver project sale

The sale of 100% of the Yoquivo Project to Advance Metals Limited (ASX: AVM) was closed in late 2024, but the financial structure is a key partnership detail. The total consideration was US$570,000 plus VAT.

• Non-refundable cash payment for due diligence: US$20,000 plus VAT.
• Second cash payment (November 1, 2024): US$275,000 plus VAT.
• Final cash payment (November 21, 2024): US$275,000 plus VAT.

The Yoquivo Project included seven mining concessions covering about 1,975ha.

Potential joint venture partners for the Desierto exploration project

Golden Minerals Company (AUMN) is actively working on joint venture documentation for the Desierto Project in Argentina, which has shown anomalous gold and silver values from rock sampling. The company is integrating historical data to refine its geological model ahead of a planned Phase I drill program. Separately, for the Sand Canyon project in Nevada, the company finalized joint venture documentation with Golden Gryphon Explorations, Inc. in January 2025 after earning a 60% interest.

Avisar Everyday Solutions for outsourced financial operations (CFO/accounting)

The appointment of Anil Jiwani as CFO, effective June 1, 2025, solidified the relationship with the outsourced provider. Mr. Jiwani is the COO and a principal shareholder of Avisar Everyday Solutions, which provides accounting services to Golden Minerals Company. This outsourcing strategy was intended to significantly reduce costs. Administrative expenses for the nine months ended September 30, 2025, were $1.9 million, down from $3.0 million for the same period in 2024. This move was projected to reduce administrative expenses by up to 30% compared to industry averages.

External financing sources for critical capital raises

The company has zero debt as of September 30, 2025, but its cash position shows the need for external support. Golden Minerals Company stated it does not have sufficient resources to meet expected cash needs beyond the first quarter of 2026.

Date	Cash and Equivalents	Debt
December 31, 2024	$3.2 million	Zero
June 30, 2025	$2.5 million	Zero
September 30, 2025	$1.7 million	Zero

The company is actively pursuing alternatives, including equity or other external financing, to maintain operations.

Golden Minerals Company (AUMN) - Canvas Business Model: Key Activities

You're looking at the core actions Golden Minerals Company (AUMN) is taking to navigate its current financial position as of late 2025. It's all about survival and setting up the next phase, which means sharp cost control and asset conversion.

Aggressive financial restructuring and cost reduction

The focus here has been on shrinking the burn rate. You see this clearly when you look at the operating expenses compared to the prior year. Administrative expenses for the nine months ended September 30, 2025, were $1.9 million, down significantly from $3.0 million for the same period in 2024. Even looking at the half-year figures, the Q2 2025 administrative expenses were $1.5 million, an improvement over Q2 2024's $2.1 million. This restructuring has helped narrow the bottom line, with the net loss for the first nine months of 2025 coming in at $2.4 million, compared to a $3.8 million loss in the first nine months of 2024. The company has maintained a zero debt status as of September 30, 2025.

Here's a quick look at how those key expenses stacked up:

Expense Category	Nine Months Ended Sep 30, 2025 (Approx. USD)	Nine Months Ended Sep 30, 2024 (Approx. USD)
Administrative Expenses	$1.9 million	$3.0 million
Exploration Expenses	$0.3 million	$0.5 million
Loss from Discontinued Operations (Net of Taxes)	$0.5 million	$3.3 million

Monetizing non-core assets and properties (e.g., Velardeña, Minera de Cordilleras)

This is where the cash is coming from to bridge the gap. Golden Minerals Company (AUMN) completed the sale of its subsidiary, Minera de Cordilleras, in April 2025 for $600,000. The final piece of the Velardeña divestment, the oxide processing plant and water wells, closed on October 10, 2025. The total purchase price for those final assets was US$3.0 million plus applicable VAT. As of June 30, 2025, the company was still owed $32,000 plus $5,000 VAT on that sale, but the full amount was received in October 2025. The loss recognized from discontinued operations, which covers care and maintenance costs for these properties, was $0.5 million for the nine months ended September 30, 2025.

Surface exploration and technical studies on the Desierto Project in Argentina

The company is keeping the exploration engine running, albeit on a tight budget. Exploration expenses for the first nine months of 2025 totaled $0.3 million. For the first half of 2025, exploration expenses were $0.2 million. Surface exploration at the Desierto Project has identified alteration zones, but to be fair, neither the Sarita Este/Desierto project nor the Sand Canyon project has a reported resource at this time.

Seeking equity or external financing to sustain operations

Liquidity is the immediate concern. At September 30, 2025, aggregate cash and cash equivalents stood at $1.7 million, a drop from $3.2 million at December 31, 2024. The company has stated it does not currently have sufficient resources to meet expected cash needs for the twelve months beyond the filing date of its Q3 2025 report. Current liabilities were approximately $4.3 million against current assets of approximately $2.0 million on that same date. The company expects to exhaust its cash resources by Q1 2026 without new funding and is actively exploring asset sales and external financing.

Integrating historical exploration data for future drilling plans

The activity here is purely technical review right now. The company continues to review and integrate historical exploration data to refine its geological model. You should note that no drilling is planned for 2025. The focus is on using past data to support future exploration planning, which will require securing that external financing first.

• The Desierto Project is the primary focus for future exploration work.
• Joint venture documentation for the Desierto project is currently being finalized.
• The company is working on joint venture documentation for the Sand Canyon project as well.

Golden Minerals Company (AUMN) - Canvas Business Model: Key Resources

You're looking at the core assets Golden Minerals Company (AUMN) relies on right now to navigate its current capital-constrained situation. Honestly, the key resources are heavily weighted toward intellectual property and a very clean balance sheet, given the recent restructuring.

The primary tangible exploration asset anchoring future potential is the Desierto Project in Argentina. This gold-silver-copper exploration project sits in the Puna geological region of Salta Province. Surface exploration work completed so far has been important, identifying alteration zones that show characteristics typically associated with precious metal systems, specifically being enriched in clay and silica. The management team is actively working to advance this by finalizing joint venture documentation with a partner, though no drilling is planned for the remainder of 2025.

The company's financial position, as of the end of the third quarter, is a critical resource, especially given the going concern warning issued. The focus has clearly been on capital preservation, which is reflected in the balance sheet structure.

Financial Metric	Amount as of September 30, 2025	Context
Remaining Cash and Equivalents	$1.7 million	Down from $3.2 million at the end of 2024.
Total Debt	Zero	A defintely positive balance sheet feature, unchanged from December 31, 2024.
Current Assets	Approximately $2.0 million	Exceeded by current liabilities of approximately $4.3 million.
Velardeña Sale Proceeds Received (October 2025)	US$3.0 million plus VAT	Successfully closed the final divestiture of Velardeña operations.

Beyond the cash balance, the intangible assets are crucial. This includes the intellectual property and geological data from past exploration efforts. This historical data is being reviewed and integrated to refine the regional geological model for the Desierto Project, which is essential before committing to future drilling programs.

The experienced management team focused on asset sales and capital preservation is a key resource in this phase. Their recent actions demonstrate this focus:

• Achieved a significant reduction in liabilities through restructuring efforts initiated in 2024.
• Streamlined cost structure, with administrative expenses for the nine months ended September 30, 2025, totaling $1.9 million.
• Successfully completed the sale of the Velardeña Properties on October 10, 2025, for US$3.0 million plus VAT, fully divesting those operations.
• Reported a net loss of $2.4 million for the nine months ended September 30, 2025, an improvement from the $3.8 million loss in the prior year period.

The company's ability to maintain zero debt is a direct result of this management focus, though the current cash position of $1.7 million as of September 30, 2025, suggests the need for external funding or asset realization to cover needs beyond Q1 2026.

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.