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Golden Minerals Reports Second Quarter 2025 Financial Results

GOLDEN, CO / / August 14, 2025 / Golden Minerals Company ("Golden Minerals," "Golden" or the "Company") (OTCQB:AUMN)(TSX:AUMN) has reported financial results and a business summary for the quarter ending June 30, 2025. (All figures are in approximate U.S. dollars.)

Financial Summary for the Six Months Ended June 30, 2025

• Exploration expenses were $0.2 million as of June 30, 2025, vs. $0.3 million as of June 30, 2024.

• Administrative expenses were $1.5 million as of June 30, 2025, vs. $2.1 million as of June 30, 2024.

• Loss from discontinued operations, net of taxes, was $0.3 million as of June 30, 2025, vs. $4.6 million as of June 30, 2024.

• Net loss was $1.8 million or $0.12 per share as of June 30, 2025, compared to a net loss of $2.7 million or $0.19 per share as of June 30, 2024.

• Cash and equivalents balance was $2.5 million as of June 30, 2025, vs. $3.2 million as of December 31, 2024.

• Debt was zero as of June 30, 2025, unchanged from December 31, 2024.

Q2 2025 Business Summary

The Company has achieved a significant reduction in liabilities and a meaningful decrease in our cost structure through its restructuring efforts in 2024 which continued into the first half of 2025. These combined actions allowed us to strengthen our balance sheet and preserve capital, enabling us to shift focus toward our most promising exploration assets as further described below. We expect the restructuring actions to be completed once the remaining sales agreement for the Velarde帽a assets is completed, which we anticipate happening in the third quarter.

The Desierto project, located in the Puna geological region of Salta Province, Argentina, has been the subject of surface exploration that identified zones of alteration, including clay and silica-rich areas typically associated with precious metal systems. Rock sampling in multiple zones has returned anomalous gold and silver values, and the alteration patterns suggest the presence of a potentially larger mineralizing system at depth. The Company anticipates initiating a Phase I drill program targeting extensions of gold mineralization identified at the adjacent Sarita Este project. The Company is working on the joint venture documentation and plans to continue to integrate prior drilling data to refine its regional geological model.

2025 Liquidity Discussion

At June 30, 2025, aggregate cash and cash equivalents totaled $2.5 million, compared to $3.2 million at December 31, 2024. The June 30, 2025, decrease is the result of the following expenditures and cash inflows for the six months ended June 30, 2025.

• $2.2 million in general and administrative and exploration expenditures.

The above expenditures were partially offset by cash inflows of $1.8 million from the following:

• $1.2 million of proceeds received from the sale of Velarde帽a Plant 2 and water wells; and

• $0.6 million from the sale of Minera de Cordilleras.

Capital Resources and 2025 Financial Outlook

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 the 2025 Quarterly Report on Form 10-Q that accompanies this press release. At June 30, 2025, Golden Minerals had current assets of approximately $2.7 million, including cash and cash equivalents of approximately $2.5 million. On the same date, it had accounts payable and other current liabilities of approximately $4.3 million, which includes $2.97 million in deferred revenue for the sale of the Velarde帽a oxide plant and water wells recorded within Current liabilities held for sale on the interim Condensed Consolidated Balance Sheets. As previously disclosed, the Company ceased mining at the Velarde帽a mines in Mexico as of June 30, 2024 and subsequently sold the mines and certain related assets. As of June 30, 2025, the Company was owed $32,000 plus $5,000 value-added tax ("VAT") of the $3.0 million purchase price for the Velarde帽a oxide plant and water wells and other minor remaining Velarde帽a assets.

The Company's only near-term opportunity to generate cash flow to meet its expected cash requirements is from the sale of assets, equity or other external financing. The Company is evaluating and pursuing alternatives, including the potential sale of the Company, finalizing the sale of its assets at the Velarde帽a Properties, seeking buyers or partners for the Company's other assets or obtaining equity or other external financing. In the absence of additional cash inflows, the Company anticipates that its cash resources will be exhausted in approximately the first quarter of 2026. If Golden Minerals is unable to obtain additional cash resources or sell the Company, it will be forced to cease operations and liquidate.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and applicable Canadian securities legislation, including statements regarding the Company's forecasted expenditures for 2025; expectations regarding receiving remaining funds owed from the sale of the Velarde帽a Properties; potential exploration activities and completion of joint venture documentation; the Company's liquidity forecast for 2025; the ability of the Company generate additional cash flow in the near term and the amount of proceeds needed to cover forecasted expenditures; and the Company's expectations regarding the depletion of its cash balance in the first quarter of 2026 and the potential consequences should depletion occur. These statements are subject to risks and uncertainties, including increases in costs and declines in general economic conditions; delays in exploration activities or completing joint venture documentation; changes in political conditions, in tax, royalty, environmental and other laws in the United States, Mexico or Argentina and other market conditions; and fluctuations in silver and gold prices. Golden Minerals assumes no obligation to update this information. Additional risks relating to Golden Minerals may be found in the periodic and current reports filed with the SEC by Golden Minerals, including the Company's Annual Report on Form 10-K for the year ended December 31, 2024.

For additional information, please visit or contact:

Golden Minerals Company
(303) 839-5060

SOURCE: Golden Minerals Company