Highlights 

  • Golden Minerals reports lower exploration and administrative expenses for the nine months ended September 30, 2025 
  • Sale of Velardeña Properties completed for USD 3.0 million plus VAT 
  • Cost-reduction measures continued to improve the company’s financial position 
  • Exploration progress advances at the Desierto and Sand Canyon Projects 
  • Liquidity remains constrained, and the company is evaluating asset sales or external financing options 

Golden Minerals Company (TSX:AUMN) has released its financial results and business update for the quarter ended September 30, 2025. The company continued its restructuring strategy initiated in 2024, which has helped reduce liabilities and lower ongoing expenditures. Over the first nine months of 2025, exploration expenses declined to USD 0.3 million compared to USD 0.5 million a year earlier, while administrative expenses fell to USD 1.9 million from USD 3.0 million. 

The company reported a net loss of USD 2.4 million, an improvement from the USD 3.8 million loss recorded during the same period in 2024. Loss from discontinued operations narrowed to USD 0.5 million, reflecting the absence of production at Velardeña and a smaller footprint followingassetdivestments. Cash and equivalents totaled USD 1.7 million as of September 30, 2025, down from USD 3.2 million on December 31, 2024, whiledebtremained at zero. 

Velardeña Sale Completed as Exploration Advances in Argentina and Nevada 

A major milestone for the company was the completion of the Velardeña Properties sale on October 10, 2025. Golden Minerals received the full purchase price of USD 3.0 million plus VAT, formally concluding its exit from Velardeña operations. Earlier in the year, the sale of the Velardeña Plant 2 and certain water wells generated USD 1.2 million, while the sale of Minera de Cordilleras contributed an additional USD 0.6 million. 

In exploration, the Desierto Project in Salta Province, Argentina, continues to show encouraging geological indicators. Surface work identified alteration zones with clay and silica enrichment, features commonly associated with precious-metal systems. Rock sampling has produced anomalous values in both gold and silver, and the company is preparing a Phase I drill program that will target potential extensions of nearby mineralization.  

In Nevada, Golden Minerals finalized its earn-in to a 60%interestin the Sand Canyon Project in January 2025.  

Liquidity Overview and Concerns for 2026 

Golden Minerals’liquidityposition remains a central challenge. On September 30, 2025, the company had USD 2.0 million in current assets and USD 4.3 million in current liabilities, including USD 2.97 million in deferred revenue. The company stated that without new financing orassetsales, existing cash resources may be depleted by the second quarter of 2026. As a result, management is actively evaluating strategic alternatives, including equity financing, additional asset sales, or a potential sale of the company. 

Conclusion 

Golden Minerals enters the final quarter of 2025 with reduced expenditures, a simplified asset base, and continued progress at priority exploration projects. However, the company’s limited liquidity and approaching cash constraints underscore the need for timely strategic decisions. The completion of the Velardeña sale provides near-term financial relief, but securing additional funding remains essential to support ongoing operations and advance future exploration.