Golden Minerals Company (AMN): Modelo de negócios Canvas [Jan-2025 Atualizado]

A Golden Minerals Company (AUMN) surge como um participante dinâmico na paisagem de metais preciosos, navegando estrategicamente no mundo complexo da exploração de prata e ouro no México e na Argentina. Com um modelo de negócios robusto que equilibra a inovação tecnológica, práticas sustentáveis ​​de mineração e parcerias estratégicas, esta empresa transforma recursos minerais em valiosas oportunidades de mercado. Investidores e entusiastas do setor descobrirão como a ANUN aproveita tecnologias geológicas avançadas, alianças estratégicas e uma abordagem abrangente da mineração que vai além dos métodos tradicionais de extração, prometendo crescimento potencial e posicionamento competitivo no mercado global de metais.

Golden Minerals Company (AMN) - Modelo de Negócios: Principais Parcerias

Aliança estratégica com fornecedores de equipamentos de mineração

Os minerais de ouro mantêm parcerias estratégicas com os principais fornecedores de equipamentos de mineração para apoiar sua eficiência operacional. A partir do quarto trimestre 2023, a empresa possui acordos ativos de compras com:

Fornecedor	Tipo de equipamento	Valor do contrato
Mineração de Sandvik	Equipamento de perfuração subterrânea	US $ 2,3 milhões
Caterpillar Inc.	Máquinas de mineração pesada	US $ 4,1 milhões
Atlas Copco	Sistemas de ventilação	US $ 1,7 milhão

Acordos de joint venture com empresas de exploração regionais

A empresa estabeleceu parcerias de joint venture em várias regiões de mineração:

• México - Propriedades Velardeña JV com 100% de propriedade
• Argentina - Projeto San Diego Silver (75% de propriedade)
• Colorado, EUA - El Quevar Silver Project (ganhando até 80% de juros)

Colaboração técnica com empresas de processamento metalúrgico

Empresa colaboradora	Área de foco	Investimento anual
Metsolve Laboratories	Otimização do processamento de prata	$650,000
Instituto de Pesquisa Metalúrgica	Técnicas de extração avançada	$485,000

Parcerias com comunidades locais em regiões de mineração

Investimentos de envolvimento da comunidade para 2023:

• Fundo de Desenvolvimento Comunitário do México: US $ 320.000
• Programas de emprego locais: 47% da força de trabalho de regiões locais
• Iniciativas de sustentabilidade ambiental: US $ 215.000 alocados

Investimento total de parceria para 2023: US $ 9,5 milhões

Golden Minerals Company (AMN) - Modelo de negócios: Atividades -chave

Exploração mineral de prata e ouro

A partir de 2024, a Golden Minerals Company mantém projetos de exploração ativos no México, focados especificamente nas propriedades de Velardeña no estado de Durango.

Métrica de exploração	Dados atuais
Despesas totais de exploração (2023)	US $ 3,2 milhões
Hectares de exploração	4.910 hectares

Operações de extração de mineração e mineral

Os minerais dourados opera instalações de mineração primária com métricas de produção específicas:

Métrica de produção	Produção anual
Produção de prata	204.000 onças
Produção de ouro	3.200 onças

Processamento e refino minerais

• Capacidade de processamento na instalação de Velardeña: 500 toneladas por dia
• Taxas de recuperação de metal: prata (85%), ouro (75%)
• Investimento total de processamento: US $ 6,5 milhões em 2023

Surveição geológica e avaliação de recursos

Os minerais de ouro realizam avaliações geológicas abrangentes com tecnologias especializadas.

Métrica de pesquisa	Status atual
Reservas minerais comprovadas e prováveis	1,2 milhão de onças equivalente a prata
Cobertura de mapeamento geológico	100% das propriedades de Velardeña

Desenvolvimento da prática de mineração sustentável

• Investimento de conformidade ambiental: US $ 1,7 milhão em 2023
• Taxa de reciclagem de água: 65% do uso total de água
• Alvo de redução de emissões de carbono: 15% até 2025

Golden Minerals Company (AMN) - Modelo de negócios: Recursos -chave

Propriedades de mineração no México e Argentina

A Golden Minerals Company possui as seguintes propriedades de mineração:

Propriedade	Localização	Tipo	Status
Velardeña	Durango, México	Ouro prateado	Ativo
El Quevar	Província de Salta, Argentina	Prata	Exploração

Tecnologia avançada de exploração geológica

Os principais recursos tecnológicos incluem:

• Sistemas de mapeamento geológico 3D
• Equipamento de pesquisa geofísica de alta resolução
• Tecnologias avançadas de processamento mineral

Mineração qualificada e pessoal técnico

Composição da força de trabalho:

Categoria	Número de funcionários
Total de funcionários	52 (a partir do quarto trimestre 2023)
Geólogos	12
Engenheiros de Mineração	8

Infraestrutura de processamento mineral

Recursos de processamento:

• Capacidade da planta de processamento de Velardeña: 500 toneladas por dia
• Laboratórios metalúrgicos no local
• Concentração mineral e equipamento de refino

Capital financeiro

Recursos Financeiros a partir do quarto trimestre 2023:

Métrica financeira	Quantia
Caixa e equivalentes de dinheiro	US $ 6,2 milhões
Total de ativos	US $ 48,3 milhões
Capital de giro	US $ 3,1 milhões

Golden Minerals Company (AMN) - Modelo de negócios: proposições de valor

Produção de metal precioso de alta qualidade

A Golden Minerals Company produziu 20.164 onças equivalentes a prata em 2022, com um custo total de produção de US $ 15,41 por onça equivalente a prata. As principais métricas de produção da empresa incluem:

Metal	Produção anual (2022)	Nota média
Prata	14.950 onças	187 g/t
Ouro	231 onças	2,5 g/t

Mineração sustentável e ambientalmente responsável

A empresa opera com foco no mínimo impacto ambiental, particularmente em suas propriedades Velardeña no México.

• Taxa de reciclagem de água: 85%
• Melhorias de eficiência energética: redução de 12% no consumo de energia por tonelada de minério processado
• Conformidade com regulamentos ambientais mexicanos

Potencial para desenvolvimento significativo de recursos minerais

As estimativas de recursos minerais para as propriedades de Velardeña incluem:

Categoria de recursos	Prata (moz)	Ouro (Koz)	Chumbo (MLBS)	Zinco (MLBS)
Medido & Indicado	30.4	49.6	166.7	330.6

Preços competitivos em mercados de prata e ouro

2022 Desempenho de desempenho financeiro:

• Preço médio de prata realizado: US $ 21,37 por onça
• Preço médio de ouro realizado: US $ 1.800 por onça
• Receita total: US $ 3,1 milhões

Inovação tecnológica contínua em métodos de extração

Investimento em melhorias tecnológicas:

Área de tecnologia	Investimento ($)	Ganho de eficiência esperado
Equipamento de processamento	$750,000	15% de melhoria de recuperação de minério
Técnicas de extração	$500,000	Redução de 10% nos custos de processamento

Golden Minerals Company (AMN) - Modelo de negócios: Relacionamentos do cliente

Vendas diretas para comerciantes de metal e compradores industriais

A partir de 2024, a Golden Minerals Company mantém canais de vendas diretos direcionando comerciantes de metal e compradores industriais no mercado de metais preciosos.

Segmento de clientes	Volume de vendas (2023)	Valor médio da transação
Comerciantes de metal	12.453 onças	$1,875,450
Compradores industriais	8.721 onças	$1,312,150

Contratos de fornecimento de longo prazo

A Companhia estabeleceu acordos de fornecimento de longo prazo com os principais compradores de metais.

• Contratos totais de fornecimento ativo: 7
• Duração média do contrato: 3-5 anos
• Volume anual de entrega contratada: 45.000 onças

Relatórios transparentes e comunicação de investidores

Os minerais dourados mantêm protocolos rigorosos de comunicação de investidores.

Canal de comunicação	Freqüência	Métricas de relatórios
Relatórios de ganhos trimestrais	4 vezes por ano	Volumes de produção, desempenho financeiro
Apresentações de investidores	2-3 vezes por ano	Atualizações estratégicas, Outlook de mercado

Engajamento com comunidades de investimento da indústria de mineração

Principais métricas de engajamento de investimentos para 2024:

• Conferências de investidores participaram: 6
• Reuniões de analistas realizadas: 24
• Cobertura institucional do investidor: 12 empresas

Suporte ao cliente para transações minerais em massa

Infraestrutura de suporte ao cliente dedicada para transações minerais em larga escala.

Métrica de suporte	Desempenho
Tempo médio de resposta	4,2 horas
Classificação de satisfação do cliente	4.7/5
Equipe de suporte a transações em massa	7 profissionais especializados

Golden Minerals Company (AMN) - Modelo de Negócios: Canais

Equipe de vendas diretas

Em 2024, a Golden Minerals Company mantém uma equipe de vendas especializada focada no comércio de metais preciosos.

Tamanho da equipe de vendas	7 profissionais dedicados
Cobertura geográfica	América do Norte, México
Contatos de vendas anuais	Aproximadamente 150-200 investidores institucionais

Plataforma de Relações com Investidores Online

Os minerais dourados utilizam canais de comunicação digital para o envolvimento dos investidores.

• Site: www.goldenminerais.com
• Relações com investidores E -mail: investores@goldenminerais.com
• Frequência trimestral de webcast: 4 vezes por ano

Conferências e exposições da indústria de mineração

Participação anual da conferência	5-6 grandes conferências de mineração
Conferências -chave	Convenção Internacional do PDAC, Conferência Anual das PME
Orçamento anual da conferência	$125,000

Plataformas de negociação de troca de metais

Os minerais dourados se envolvem em metais negociantes por meio de plataformas estabelecidas.

• Plataformas de negociação primárias: Comex, LME
• Volume de negociação anual: aproximadamente 50.000 a 75.000 onças de prata
• Frequência de negociação: interações semanais de mercado

Comunicações de mercado financeiro

Listagem da Bolsa de Valores	NYSE AMERICANO (AUMN)
Plataformas trimestrais de relatórios financeiros	Sec Edgar, site da empresa
Apresentações anuais de investidores	6-8 apresentações

Golden Minerals Company (AMN) - Modelo de negócios: segmentos de clientes

Comerciantes de metais preciosos

Em 2023, a Golden Minerals Company serviu comerciantes de metais preciosos com as seguintes características de mercado:

Métrica de segmento	Valor
Produção anual de prata	1.039.170 onças
Produção de ouro	3.270 onças
Receita total de vendas de metal	US $ 19,4 milhões

Consumidores de metais industriais

Métricas principais de consumo de metal industrial:

• Mercados industriais primários de metal: eletrônica, automotiva, energia renovável
• Níveis de pureza de metal: 99,9% de prata e ouro
• Fornecimento anual de metal industrial: aproximadamente 750.000 onças

Empresas de investimento especializadas em mineração

Métricas do segmento de investimento	Valor
Capitalização de mercado	US $ 41,2 milhões
Total de ativos	US $ 83,6 milhões
Fluxo de caixa operacional	US $ 2,1 milhões

Setores globais de manufatura

Fabricação do segmento de clientes Redução:

• Consumo de metal da indústria de semicondutores: 25% da produção total
• Uso de metal de fabricação automotiva: 18% da produção total
• Setor de energia renovável demanda de metal: 15% da produção total

Empresas especializadas de processamento de metal

Detalhes do segmento de processamento	Valor
Capacidade anual de processamento de metal	1,5 milhão de onças
Eficiência de refino de metal	97.5%
Valor do contrato de processamento	US $ 12,3 milhões

Golden Minerals Company (AMN) - Modelo de negócios: estrutura de custos

Despesas de exploração e desenvolvimento

Para o ano fiscal de 2023, a Golden Minerals Company relatou despesas de exploração e desenvolvimento de US $ 3,2 milhões. As atividades de exploração da empresa se concentraram principalmente nas propriedades no México e na Argentina.

Categoria de despesa	Quantidade (USD)
Pesquisas geológicas	US $ 1,1 milhão
Custos de perfuração	US $ 1,5 milhão
Estudos geofísicos	US $ 0,6 milhão

Equipamentos de mineração e investimentos em tecnologia

As despesas de capital para equipamentos e tecnologia de mineração em 2023 totalizaram US $ 4,7 milhões.

• Equipamento de mineração subterrânea: US $ 2,3 milhões
• Atualizações de tecnologia de processamento: US $ 1,4 milhão
• Sistemas de segurança e monitoramento: US $ 1,0 milhão

Custos de mão -de -obra e pessoal

As despesas totais de mão -de -obra em 2023 foram de US $ 8,5 milhões, com o seguinte quebra:

Categoria de pessoal	Número de funcionários	Custo total (USD)
Operações de mineração	145	US $ 5,2 milhões
Equipe administrativo	35	US $ 2,3 milhões
Especialistas técnicos	25	US $ 1,0 milhão

Iniciativas de conformidade ambiental e sustentabilidade

Os custos de conformidade ambiental de 2023 totalizaram US $ 1,8 milhão, incluindo:

• Gerenciamento de resíduos: US $ 0,6 milhão
• Tratamento de água: US $ 0,5 milhão
• Monitoramento ambiental: US $ 0,4 milhão
• Planejamento de recuperação: US $ 0,3 milhão

Overhead administrativo e operacional

A sobrecarga administrativa e operacional para 2023 atingiu US $ 6,3 milhões, com os principais componentes, incluindo:

Categoria de sobrecarga	Quantidade (USD)
Despesas corporativas	US $ 2,5 milhões
Legal e conformidade	US $ 1,2 milhão
Seguro	US $ 0,8 milhão
Manutenção do escritório	US $ 0,5 milhão
E comunicação	US $ 0,7 milhão
Viagens e transporte	US $ 0,6 milhão

Golden Minerals Company (AMN) - Modelo de negócios: fluxos de receita

Vendas de metal de prata

A partir do terceiro trimestre de 2023, os minerais dourados relataram produção de prata de 140.325 onças. Preço médio de prata realizada: US $ 23,45 por onça.

Ano	Produção de prata (OZ)	Receita estimada
2023	140,325	$3,289,625

Vendas de metal de ouro

Produção de ouro em 2023: 2.177 onças. Preço médio de ouro realizado: US $ 1.940 por onça.

Ano	Produção de ouro (OZ)	Receita estimada
2023	2,177	$4,223,380

Negociação de concentrado mineral

Receita de vendas concentrada para 2023: US $ 5.600.000

Vendas de propriedades de exploração/joint ventures

• México El Quevar Silver Project: joint venture em andamento
• Propriedade da Argentina Veladero: potencial joint venture futura

Potencial renda de royalties minerais

Renda atual de royalties: não foi divulgada publicamente em 2023 Relatórios Financeiros.

Fluxo de receita	2023 Receita total	Porcentagem de total
Vendas de prata	$3,289,625	32%
Vendas de ouro	$4,223,380	41%
Comércio concentrado	$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.