Golden Minerals AUMN

Golden Minerals Company is an exploration stage mining company focused on advancing gold and silver exploration projects in Argentina and Nevada. The company holds majority control in the Desierto and Sarita Este concessions in northwest Salta Province, Argentina, which together form the Sarita Este/Desierto project. Golden Minerals Company also maintains a 60% interest in the Sand Canyon exploration stage gold-silver project in northwestern Nevada. The company's primary activities involve conducting exploration drilling, permitting, and technical evaluations to advance these properties toward potential resource definition. Golden Minerals Company does not generate revenue from mining operations as it has no proven or probable mineral reserves and remains in the exploration stage across all its properties.

Golden Minerals Company does not generate revenue from mineral production or sales. The company has historically monetized non-core assets through the sale of exploration properties and subsidiaries. In 2024, Golden Minerals Company completed the sale of the El Quevar silver property in Argentina for $3.5 million, the Yoquivo gold-silver project in Mexico for $0.57 million, and one of its Mexican subsidiaries holding tax losses for $0.45 million. In 2025, the company sold additional Mexican subsidiaries holding the Rodeo mine, tax losses, and property concessions for combined proceeds of $0.67 million. Golden Minerals Company also entered into sales agreements for the Velardeña and Chicago mining properties in Mexico, which were completed in 2024 and 2025 for an aggregate purchase price of $5.5 million in cash plus VAT. These asset sales have been the company's primary source of cash inflows in recent years as it pursues exploration activities without generating operational revenue.

Golden Minerals Company operates through the following segments: Sarita Este/Desierto joint venture projects in Argentina and the Sand Canyon project in Nevada.

• Sarita Este/Desierto: This segment encompasses the gold, silver, and copper exploration activities at the Sarita Este and Desierto concessions in Salta Province, Argentina. Golden Minerals Company holds a 51% interest in the Sarita Este concession through the joint venture company Arisaru Resources S. A., with Cascadero holding the remaining 49%. For the Desierto concessions, Golden Minerals Company currently holds a 67% interest following negotiations with Cascadero and Pacha Minerals, with discussions ongoing to formalize a joint venture structure. The segment includes ongoing permitting, technical evaluation, and planning for exploration drilling to test for extensions of gold mineralization identified on the Sarita Este concession onto the Desierto I concession. Historic drilling by Golden Minerals Company totaled 4,923 meters in 51 diamond drill holes between 2020 and 2022 on the Sarita Este property, defining a contiguous gold mineralized area over approximately 40,000 square meters with significant intervals including 3.7 meters of 102.5 g/t Au and 10.6 g/t Ag. The company continues to advance discussions with Cascadero to complete joint venture documentation for both properties while evaluating options for advancement or sale.
• Sand Canyon: This segment covers the gold and silver exploration efforts at the Sand Canyon project in northwestern Nevada, where Golden Minerals Company holds a 60% interest earned through spending $2.5 million in exploration expenses over six years ending in 2024. The project consists of 354 unpatented mining claims totaling 2,923 hectares, with full joint venture documentation currently in progress with Golden Gryphon Explorations, Inc. Golden Minerals Company completed an initial drill program of approximately 1,800 meters in four diamond drill holes during the first quarter of 2020, targeting surface geochemical and geophysical anomalies associated with epithermal veining. While the drill holes intersected narrow vein and breccia structures with low anomalous values of silver, arsenic, antimony, and molybdenum, no potentially economic concentrations of precious metals were encountered. The company is currently evaluating results and considering further drill targeting studies in areas of favorable geochemical anomalies and geologic structures while maintaining the property in good standing.

Golden Minerals Company is a junior exploration company competing with numerous other mining firms for limited advanced-stage exploration opportunities and skilled technical personnel in the precious metals sector. The company's competitive position relies on its ability to economically advance its exploration properties through disciplined spending and technical execution, particularly at the Sarita Este/Desierto and Sand Canyon projects. Golden Minerals Company differentiates itself through its focus on specific districts in northwest Argentina and Nevada, leveraging historic data and modern exploration techniques to identify potential mineralized systems. The company faces competition from larger mining firms with greater financial and technical resources that may outspend it on property acquisitions and exploration programs. Success in advancing its projects toward resource definition would enhance Golden Minerals Company's standing in the junior exploration sector and improve its ability to attract joint venture partners or external financing.

Golden Minerals Company serves no direct customers as it has no producing mines or mineral sales. The company's activities are directed toward defining mineral resources that could eventually attract interest from mining companies, joint venture partners, or potential acquirers seeking advanced exploration assets. Golden Minerals Company engages with exploration contractors, drilling companies, assay laboratories, and technical consultants to conduct its field programs and technical evaluations. The company also interacts with joint venture partners such as Cascadero and Golden Gryphon Explorations, Inc., with whom it negotiates earn-in agreements, joint venture documentation, and shared exploration expenditures. Future customers for Golden Minerals Company's exploration efforts would likely include mid-tier or major mining companies looking to acquire or joint venture on advanced-stage gold and silver exploration projects in favorable jurisdictions such as Argentina and Nevada.