Star Metro - Golden Minerals Reports Second Quarter 2026 Financial Results

Financial Summary for the Six Months Ended June 30, 2026

• Exploration expense was $86,000 for the six months ended June 30, 2026, compared to $152,000 for the six months ended June 30, 2025.

• Administrative expense was $0.8 million for the six months ended June 30, 2026, compared to $1.5 million for the six months ended June 30, 2025, reflecting lower corporate costs and the Company's continued cost reduction efforts following the disposition and wind-down of its Mexican operations.

• Loss from continuing operations was $1.1 million, or $0.07 per share, for the six months ended June 30, 2026, compared to a loss from continuing operations of $1.8 million, or $0.12 per share, for the six months ended June 30, 2025.

• Income from discontinued operations, net of taxes, was $1.1 million for the six months ended June 30, 2026, compared to a loss of $0.3 million for the six months ended June 30, 2025. The 2026 amount principally reflects the gain recognized on the sale of Minera William, S.A. de C.V. ("Minera William").

• Net income was $0.1 million, or $0.00 per share, for the six months ended June 30, 2026, compared to a net loss of $2.1 million, or $0.14 per share, for the six months ended June 30, 2025.

• Cash and cash equivalents were $2.5 million as of June 30, 2026, compared to cash and cash equivalents of $1.3 million and restricted cash of $0.5 million as of December 31, 2025. There was no restricted cash as of June 30, 2026.

• Current liabilities were $1.0 million as of June 30, 2026, compared to $1.4 million as of December 31, 2025.

• Debt was zero as of June 30, 2026, unchanged from December 31, 2025.

Q2 2026 Business Summary

During the second quarter of 2026, the Company completed its exit from Mexico, strengthened its near-term liquidity through an asset sale and equity financing, continued to operate with a reduced cost structure, managed its exploration portfolio and evaluated strategic alternatives and additional exploration opportunities, primarily in South America.

On May 14, 2026, the Company completed the sale of all of the issued and outstanding shares of Minera William to Streamline Metals Capital Ltd. ("Streamline") for aggregate cash consideration of $1.2 million. The assets of Minera William included net operating losses, a Capital Contribution Account ("CUCA"), the Par de Tres 2 mining concession and the San Diego royalty. The Company recognized a gain on the sale of approximately $1.1 million. With the completion of this transaction, the Company completed its exit from Mexico.

On May 22, 2026, the Company completed a private placement of 3,740,000 shares of common stock to Streamline at a purchase price of $0.2290 per share for aggregate gross proceeds of approximately $856,000 and net proceeds, after share-issuance costs, of approximately $804,000. Following the private placement, Streamline held approximately 19.8% of the Company's outstanding common stock.

The Company controls 67% of the Desierto Project, located in the Puna geological region of Salta Province, Argentina. During the second quarter of 2026, the Company continued its efforts to complete joint venture documentation with Cascadero Copper Corporation. The Company is evaluating initiating a Phase I drill program designed to test extensions of gold mineralization from the adjacent Sarita Este property.

In January 2025, the Company exercised its option to earn a 60% interest in the Sand Canyon Project, an exploration-stage gold-silver project located in Humboldt County, Nevada. The parties continued to finalize joint venture documentation. During the second quarter of 2026, no drilling was planned, and the Company continued to review historical exploration data to inform future exploration plans.

2026 Liquidity Discussion

At June 30, 2026, the Company had aggregate cash and cash equivalents of approximately $2.5 million, compared to $1.3 million in cash and cash equivalents at December 31, 2025. Combined cash, cash equivalents and restricted cash increased by approximately $0.6 million during the six months ended June 30, 2026, primarily reflecting:

• approximately $1.2 million of proceeds from the sale of Minera William;

• approximately $0.8 million of net proceeds from the private placement; and

• approximately $1.4 million used in operating activities, comprising general and administrative and exploration expenditures, which partially offset those proceeds.

• There was no restricted cash at June 30, 2026, as the value-added tax payable for which cash had been restricted at December 31, 2025 was settled during the period.

The Company continued to preserve capital and operate with a reduced cost structure while maintaining its exploration portfolio in Argentina and Nevada.

Capital Resources and 2026 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 its Quarterly Report on Form 10-Q for the quarter ended June 30, 2026. At June 30, 2026, the Company had current assets of approximately $2.6 million, including cash and cash equivalents of approximately $2.5 million, and accounts payable and other current liabilities of approximately $1.0 million.

Based on current forecasts and taking into account the proceeds from the sale of Minera William and the May 2026 private placement, the Company expects its cash resources to fund operations into early to mid-2027. Notwithstanding the improved near-term liquidity resulting from these transactions, the Company has no revenue-generating operations and will require additional financing or asset monetization to sustain operations beyond the current forecast horizon. These conditions continue to raise substantial doubt about the Company's ability to continue as a going concern for the twelve months following the issuance of its financial statements.

The Company's only near-term opportunities to generate cash flow to meet its expected cash requirements are asset sales, equity financing or other external financing. The Company is evaluating and pursuing alternatives, including the potential sale of the Company, seeking buyers or partners for certain of the Company's remaining assets, or obtaining equity or other external financing.

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 2026; the Company's anticipated drill program and other plans concerning the Sarita Este/Desierto project and the Sand Canyon project; the Company's expectation that existing cash will fund operations into early to mid-2027, and the risks to that forecast; the ability of the Company to generate additional cash flow in the near term and the need for additional financing or asset monetization beyond early to mid-2027; and the Company's ability to continue as a going concern. These statements are subject to risks and uncertainties including, the outcome of pending labor claims; unanticipated costs or expenses; increases in costs and declines in general economic conditions; changes in political conditions, in tax, royalty, environmental and other laws in the United States, 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, 2025.

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.Tremblay--SMC