Overview

Golden Minerals is a precious metals exploration mining company that offers investors leverage to gold and silver prices. The company holds a number of exploration projects in its pipeline, including several which have shown potential through drill results to date, including the Sarita Este gold prospect in Argentina and the Yoquivo silver-gold project in Mexico. With an effective date of February 24, 2023, an initial mineral resource estimate was completed for Yoquivo that estimates an inferred mineral resource of 937,000 tonnes at 570 g/t Ag eq (equivalent ounces are calculated using prices of $1,840/oz Au and $24.00/oz Ag) on five veins that had enough drill density to support mineral resources.

Capital Resources and Financial Outlook

(as published in the company's Sept. 3, 2024 press release)

The company previously disclosed in August 2024 that it did not have sufficient resources to meet its expected cash requirements over the twelve months ending June 30, 2025. The company ceased mining at the Velardeña mines in the first quarter 2024, and subsequently sold the mines and certain related assets; the payment of US$2.8 million of the purchase price for the remaining Velardeña assets has been delayed and is overdue.  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.  As of August 30, 2024, the company has cash and cash equivalents of approximately US$0.9 million.

The company is taking actions to address its liquidity and financial stability concerns. As a part of these efforts, it is evaluating and pursuing alternatives to obtain sufficient funds to continue as a going concern, including the potential sale of the company, finalizing the sale of its assets at the Velardeña Properties, closing of the transaction to sell Silex Argentina, seeking buyers or partners for the company’s other assets or obtaining equity or other external financing. The proceeds from these sales would be directed toward addressing the company’s ongoing operating expenses and satisfying its liabilities, while seeking to maximize any remaining value for its shareholders. If the company is unable to obtain additional resources, it may be forced to cease operations and liquidate.

Capital Structure

Capital Structure (as of September 3, 2024)

¹ Key Employee Long Term Incentive Plan
² As of August 30, 2024 (as published in September 3, 2024 press release)

Numbers may not sum due to rounding.

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