Golden Minerals(AUMN) - 2025 Q1 - Quarterly Report

Financial Performance - The company incurred net operating losses for the three months ended March 31, 2025, and 2024, with exploration expenses remaining unchanged at $0.1 million [84]. - Administrative expenses decreased from$1.0 million in Q1 2024 to $0.7 million in Q1 2025, primarily due to cost reduction efforts [85]. - Loss from discontinued operations, net of taxes, was$0.4 million for Q1 2025, a significant decrease from $3.3 million in Q1 2024 [89]. - Revenue from the sale of metals dropped to zero in Q1 2025 from$1.2 million in Q1 2024 due to the cessation of mining operations [94]. - The company anticipates cash resources will be exhausted in the first quarter of 2026 without additional cash inflows or asset sales [92]. - Higher than anticipated exploration, maintenance, general and administrative costs are a concern [101]. - Decreases in silver and gold prices may impact financial performance [102]. Assets and Liabilities - The company had current assets of approximately $4.0 million and current liabilities of approximately$4.9 million as of March 31, 2025 [91]. - The company completed the sale of Silex Argentina for $3.5 million and other properties for a total of$1.2 million in 2024 and 2025 [77]. Exploration and Projects - The company plans to formalize a joint venture agreement with Cascadero Copper Corporation to advance exploration activities on the Desierto I concession in 2025 [81]. - The company exercised its option to earn a 60% interest in the Sand Canyon project in January 2025, with no drilling planned for the year [82]. - The Company is advancing the Sarita Este/Desierto project and completing joint venture documents with Cascadero [101]. - The Sand Canyon project is also progressing with a joint venture with Golden Gryphon Explorations, Inc. [102]. Costs and Investments - The company recorded $0.2 million in care and maintenance costs for the Velardeña Properties in Q1 2025, following the suspension of mining activities [94]. - The Company plans to raise additional cash in the near-term to meet expected cash needs [101]. - The Company invests excess cash in U.S. government and investment-grade debt securities, with a nominal reduction in interest income expected from a 1% decrease in interest rates [104]. - Currency exchange fluctuations may affect costs due to expenditures in foreign currencies, primarily in Mexico and Argentina [105]. - The Company is primarily engaged in the exploration of gold, silver, zinc, lead, and other minerals, with commodity price decreases potentially impacting reserve establishment and mining capabilities [106].