AUMN.TO · 2025-08-14 12:00:00

Golden Minerals Reports Second Quarter 2025 Financial Results

Financials

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G O L D E N M I N E R A L S C O M P A N Y

1312 17th St – Unit 2136 – Denver, Colorado 80202 – Telephone (303) 839-5060

GOLDEN, CO - /ACCESS NEWS WIRE / - August 14, 2025 – Golden Minerals Company (“Golden Minerals ,” “Golden”

or the “Company”) (OTCQB: AUMN and 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 th e

remaining sales agreement for the Velardeña 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 ext ensions 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.

• $0.2 million cash spent on discontinued operations, primarily related to care and maintenance cost of the

Velardeña properties;

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

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G O L D E N M I N E R A L S C O M P A N Y

1312 17th St – Unit 2136 – Denver, Colorado 80202 – Telephone (303) 839-5060

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 Velardeña 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 th e 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 Velardeña 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 Velardeña 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 Velardeña oxide plant and water wells

and other minor remaining Velardeña 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 C ompany, finalizing the sale of its assets at the Velardeña 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 Velardeña Properties; potential exploration activities

and completion of joint venture documentation; the Comp any’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 http://www.goldenminerals.com/ or contact:

Golden Minerals Company

(303) 839-5060

SOURCE: Golden Minerals Company

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