An anonymous director reports

GOLDEN MINERALS REPORTS THIRD QUARTER 2025 FINANCIAL RESULTS

Golden Minerals Company has released its financial results and a business summary for the quarter ending Sept. 30, 2025. (All figures are in approximate U.S. dollars.)

Financial summary for the nine months ended Sept. 30, 2025:

• Exploration expenses were $300,000 as of Sept. 30, 2025, versus $500,000 as of Sept. 30, 2024.
• Administrative expenses were $1.9-million as of Sept. 30, 2025, versus $3.0-million as of Sept. 30, 2024.
• Loss from discontinued operations, net of taxes, was $500,000 as of Sept. 30, 2025, versus $3.3-million as of Sept. 30, 2024.
• Net loss was $2.4-million or 16 cents per share as of Sept. 30, 2025, compared with a net loss of $3.8-million or 26 cents per share as of Sept. 30, 2024.
• Cash and equivalents balance was $1.7-million as of Sept. 30, 2025, versus $3.2-million as of Dec. 31, 2024.
• Debt was zero as of Sept. 30, 2025, unchanged from Dec. 31, 2024.

Q3 (third quarter) 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 Velardena transaction closed on Oct. 10, 2025, for a total purchase price of $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 Velardena 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 a 60-per-cent 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 Sept. 30, 2025, aggregate cash and cash equivalents totalled $1.7-million, compared with $3.2-million at Dec. 31, 2024. The Sept. 30, 2025, decrease is the result of the following expenditures and cash flows for the nine months ended Sept. 30, 2025:

• $300,000 cash spent on discontinued operations, primarily related to care and maintenance cost of the Velardena 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 Velardena plant 2 and water wells;
• $600,000 from the sale of Minera de Cordilleras.

Capital resources and 2025 financial outlook

The company does not currently have sufficient resources to meet its expected cash needs for a period of 12 months beyond the filing date of this 2025 quarterly report on Form 10-Q. At Sept. 30, 2025, the company had current assets of approximately $2.0-million, including cash and cash equivalents of approximately $1.7-million. On the same date, the company 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 Velardena 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 Velardena mines in Mexico in the first quarter of 2024 and subsequently sold the mines and certain related assets. As of Sept. 30, 2025, the company was owed $28,000 plus $5,000 VAT of the $3.0-million purchase price plus VAT for the Velardena properties. This remaining amount was received during October, 2025, and, as a result, the company will recognize the related gain from sale of Velardena 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 Golden Minerals is unable to obtain additional cash resources or sell the company, it will be forced to cease operations and liquidate.

We seek Safe Harbor.