黄金矿业 2025年季度报告

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smallerreporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period forcomplying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule12b-2 of the Act).Yes☐No At May 16, 2025,15,053,048shares of common stock, $0.01 par value per share, were issued and outstanding. GOLDEN MINERALS COMPANYFORM 10-Q INDEX PART I – FINANCIAL INFORMATION ITEM 1.FINANCIAL STATEMENTS (Unaudited) ITEM 2.MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIALCONDITION AND RESULTS OF OPERATIONS ITEM 3.QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKETRISK22 ITEM 1.LEGAL PROCEEDINGS23 ITEM 1A.RISK FACTORS24 ITEM 2.UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS24 ITEM 3.DEFAULTS UPON SENIOR SECURITIES24 ITEM 4.MINE SAFETY DISCLOSURES24 ITEM 5.OTHER INFORMATION.24 ITEM 6.EXHIBITS24 SIGNATURES PARTI. FINANCIAL INFORMATION GOLDEN MINERALS COMPANYCONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS GOLDEN MINERALS COMPANYCONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (DEFICIT) GOLDEN MINERALS COMPANYNOTES TO THE CONDENSEDCONSOLIDATED FINANCIAL STATEMENTS 1.Basis of Preparation of Financial Statements andNature of Operations Golden Minerals Company (the “Company” “we” “our” or “us”), a Delaware corporation,has prepared these unaudited interim condensed consolidated financial statements in accordance withaccounting principles generally accepted in the United States (“GAAP”) and the rules and regulationsof the Securities and Exchange Commission (“SEC”). The interim condensed consolidated financialstatements do not include all disclosures required by GAAP for annual financial statements, but in theopinion of management, include all adjustments necessary for a fair presentation. Certain prior periodamounts may have been reclassified to conform to current classifications. Interim results are not The Company is considered an exploration stage issuer under the criteria set forth by theSEC under Subpart 1300 of Regulation S-K (“S-K 1300”) as the Company has not yet demonstratedthe existence of mineral reserves at any of the Company’s properties. As a result, and in accordancewith GAAP for exploration stage companies, all expenditures for exploration and evaluation of theCompany’s properties are expensed as incurred. As such, the Company’s financial statements may notbe comparable to the financial statements of mining companies that have proven and probablemineral reserves. Such companies would typically capitalize certain development costs includinginfrastructure development and mining activities to access the ore. The capitalized costs would beamortized on a units-of-production basis as reserves are mined. The amortized costs are typically Operating Segments and Related Disclosures We manage our company asonereportable operating segment, exploration activities. Thesegment information aligns with how the Company’s Chief Operating Decision Maker (“CODM”)reviews and manages our business. The Company’s CODM is the Company’s Chief ExecutiveOfficer. Financial information and annual exploration plans and forecasts are prepared and reviewedby the CODM at a consolidated level. The CODM assesses performance for the exploration activitiessegment and decides how to better allocate resources based on consolidated net income or loss that is 2.Liquidity, Capital Resources and Going Concern We do not currently have sufficient resources to meet our expected cash needs for a periodof twelve months beyond the filing date of this 2025 Quarterly Report on Form 10-Q. At March 31,2025, we had current assets of approximately $4.0million, including cash and cash equivalents ofapproximately $3.5million. On the same date, we had accounts payable and other current liabilitiesof approximately $4.9million, which includes $3.0million in deferred revenue for the sale of theVelardeña oxide plant and water wells recorded withinCurrent liabilities held for saleon the interim (“VAT”) of the $3.0million purchase price plus VAT for the Velardeña oxide plant and water wellsand other minor remaining Velardeña assets (see Note 15). The Company’s only near-term opportunity to generate cash flow to meet its expected cashrequirements is from the sale of assets, equity or other external financing. The Company is evaluatingand pursuing alternatives, including the potential sale of the Company, finalizing the sale of its assetsat the Velardeña Properties, seeking buyers or partners for the Company’s other assets or obtainingequity or other external financing.In the absence of additional cash inflows