Star Metro - Golden Minerals Reports Third Quarter 2025 Financial Results

Financial Summary for the Nine Months Ended September 30, 2025

• Exploration expenses were $0.3 million as of September 30, 2025, vs. $0.5 million as of September 30, 2024.

• Administrative expenses were $1.9 million as of September 30, 2025, vs. $3.0 million as of September 30, 2024.

• Loss from discontinued operations, net of taxes, was $0.5 million as of September 30, 2025, vs. $3.3 million as of September 30, 2024.

• Net loss was $2.4 million or $0.16 per share as of September 30, 2025, compared to a net loss of $3.8 million or $0.26 per share as of September 30, 2024.

• Cash and equivalents balance was $1.7 million as of September 30, 2025, vs. $3.2 million as of December 31, 2024.

• Debt was zero as of September 30, 2025, unchanged from December 31, 2024.

Q3 2025 Business Summary

The Company achieved a significant reduction in liabilities and a meaningful decrease in its cost structure through restructuring efforts initiated in 2024 and continued through the first nine months of 2025. These combined actions strengthened the Company's balance sheet and preserved capital, which will enable the Company to focus on advancing its most prospective exploration assets, as further described below.

The Velardeña Properties transaction closed on October 10, 2025, for a total purchase price of US$3.0 million plus applicable value-added tax (VAT). The full amount has been received, marking the successful completion of the sale. With this closing, the Company has now fully divested its Velardeña operations.

The Desierto Project, located in the Puna geological region of Salta Province, Argentina, has been the subject of surface exploration that has identified alteration zones enriched in clay and silica, characteristics typically associated with precious metal systems. Rock sampling across multiple zones has returned anomalous gold and silver values, and the observed 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 on joint venture documentation and continues to integrate historical drilling data to refine its regional geological model.

In January 2025, the Company exercised its option to earn-in a 60% interest in the Sand Canyon Project, located in Nevada, pursuant to its agreement with Golden Gryphon Explorations, Inc. The parties are currently finalizing joint venture documentation. While no drilling is planned for 2025, the Company continues to review and integrate historical exploration data and technical studies to support future exploration planning.

2025 Liquidity Discussion

At September 30, 2025, aggregate cash and cash equivalents totaled $1.7 million, compared to $3.2 million at December 31, 2024. The September 30, 2025, decrease is the result of the following expenditures and cash flows for the Nine months ended September 30, 2025.

• $0.3 million cash spent on discontinued operations, primarily related to care and maintenance cost of the Velardeña properties;

• $2.9 million in general and administrative and exploration expenditures.

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 our expected cash needs for a period of twelve months beyond the filing date of this 2025 Quarterly Report on Form 10-Q. At September 30, 2025, we had current assets of approximately $2.0 million, including cash and cash equivalents of approximately $1.7 million. On the same date, we 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 in the first quarter 2024 and subsequently sold the mines and certain related assets. As of September 30, 2025, the Company was owed $28,000 plus $5,000 value-added tax ("VAT") of the $3.0 million purchase price plus VAT for the Velardeña Properties. This remaining amount was received during October 2025 and as a result, the Company will recognize the related gain from sale of Velardeña Properties on its 2025 Annual Report.

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, 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 second quarter of 2026. If we are unable to obtain additional cash resources or sell the Company, we 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 Second 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

View the original press release on ACCESS Newswire

F.T. Michaud--SMC