Golden Minerals Co (AUMN) is a precious metals exploration company that holds early-stage gold and silver exploration properties in Nevada and Argentina. The company has no operating revenue from mining; its only near-term cash generation would come from asset sales, equity issuances, or external financing, per its 10-K filed April 1, 2026. Golden Minerals divested its Velardeña and Rodeo mining operations, leaving it with exploration-stage assets including the Sand Canyon project in northwestern Nevada (354 unpatented mining claims, approximately 7,223 acres, with a 60% earned interest as of January 2025) and the Desierto project in Salta Province, Argentina. The company's auditors have issued a going concern opinion, and management disclosed that cash resources were expected to be exhausted in approximately the second quarter of 2026 absent new funding. Common stock was delisted from NYSE American effective December 16, 2024. CEO Pablo Castanos and CFO Anil S. Jiwani signed the 10-K as of March 31, 2026.

Revenue model

No operating revenue as of the FY2025 10-K filing. The company's stated near-term cash sources are asset sales, equity issuances, or other external financing. There is no transactional, royalty, or production-based revenue stream disclosed in the filing excerpts.

Products and services

Exploration-stage gold and silver mineral properties: Sand Canyon project (northwestern Nevada, 354 unpatented mining claims, approximately 7,223 acres, 60% interest earned after $2.5 million in exploration expenditures over six years ending 2024) and Desierto project (Puna geological region, Salta Province, Argentina, surface exploration identifying clay and silica-rich alteration zones).

Customers and end markets

No customers or product sales disclosed in the filing excerpts. End market would be gold and silver commodity markets if properties advance to production, but no production exists as of the filing date.

Value-chain role

Early-stage mineral explorer. The company conducts surface geochemical surveys, geophysical work, and diamond drilling on exploration properties. It holds no producing mines following divestiture of Velardeña and Rodeo operations.

Geographic exposure

Northwestern Nevada, United States (Sand Canyon project) and Salta Province, Argentina (Desierto project), per the 10-K filed April 1, 2026.

Source: SEC 10-K, filed 2026-04-01

Industry: Gold and Silver Ores Peers: Marvion Inc Portage Resources Inc.