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 March 31, 2025. (All figures are in approximate U.S. dollars.)

Q1 2025 Financial Summary

• Exploration expenses were $0.1 million in the first quarter 2025, vs. $0.1 million in the first quarter 2024.
• Administrative expenses were $0.7 million in the first quarter 2025 vs. $1.0 million in the first quarter 2024.
• Loss from discontinued operations, net of taxes, was $0.4 million in the first quarter 2025 vs. $3.3 million in the first quarter 2024.
• Net loss was $1.2 million or $0.08 per share in the first quarter 2025, compared to a net loss of $4.6 million or $0.32 per share in the first quarter 2024.
• Cash and equivalents balance was $3.5 million as of March 31, 2025 vs. $3.2 million as of December 31, 2024.
• Debt was zero as of March 31, 2025, unchanged from December 31, 2024.

Q1 2025 Business Summary

The Company has achieved a significant reduction in liabilities and a meaningful decrease in cost structure through its restructuring efforts in 2024 which continued into the first quarter 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 Velardeña assets is completed, which we anticipate happening in the second 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 to complete joint venture documentation and plans to continue to integrate prior drilling data to refine its regional geological model.

At the Sand Canyon project in Nevada, Golden Minerals has exercised its option to earn a 60% interest and is finalizing joint venture documentation with Golden Gryphon Explorations, Inc. The Company is compiling and analyzing historical data to support future exploration strategy.

In April 2025, the Company completed the sale of its wholly owned Mexican subsidiary, Minera de Cordilleras S. de R.L. de C.V., for total consideration of $600,000. The subsidiary held five non-core mining concessions in Mexico, along with accumulated tax loss carryforwards as part of its restructuring program.

Mr. Jeffrey Clevenger, Chairman of the Board of Golden Minerals, commented, “We are pleased with management’s exceptional progress at reducing costs and strengthening the balance sheet. As we work to formalize our partnerships in Argentina and Nevada, we will continue to be mindful of costs and we are optimistically looking forward to potentially exciting drill results.”

2025 Liquidity Discussion

At March 31, 2025, aggregate cash and cash equivalents totaled $3.5 million, compared to $3.2 million at December 31, 2024. The March 31, 2025, increase is the result of the following expenditures and cash inflows for the three months ended March 31, 2025. Expenditures totaled $1.2 million from the following:

• $0.4 million from the net loss on discontinued operations and assets held for sale, which includes $0.2 million in Velardeña shutdown care and maintenance costs and $0.2 million in other operating costs;
• $0.7 million in general and administrative expenses; and
• $0.1 million in exploration expenditures.

The above expenditures were partially offset by cash inflows of $1.5 million from the following:

• $1.0 million of proceeds received from the sale of Velardeña Plant 2 and water wells; and
• $0.5 million of other working capital changes.

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 March 31, 2025, Golden Minerals had current assets of approximately $4.0 million, including cash and cash equivalents of approximately $3.5 million. On the same date, it had accounts payable and other current liabilities of approximately $4.9 million, which includes $3.0 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 in the first quarter 2024 and subsequently sold the mines and certain related assets. As of March 31, 2025, the Company was owed $232,000 plus $37,000 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 Company, 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 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 http://www.goldenminerals.com/.

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