Golden Minerals Co
For the period ended Dec 31, 2025. Filed Apr 1, 2026.
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FY2025 · Filed Apr 1, 2026
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Items 1 and 2. BUSINESS AND PROPERTIES
Overview
We are an exploration company holding majority control in the Desierto and Sarita Este concessions, adjoining gold-silver-copper exploration projects located in northwest Salta Province Argentina (the “Sarita Este/Desierto project”); a 60% interest in Sand Canyon, an exploration stage, gold-silver project in northwestern Nevada; and other immaterial mineral exploration properties located primarily in or near historical precious metals producing regions in Argentina and Mexico.
We are primarily focused on advancing exploration activities at the Sarita Este/Desierto project and the Sand Canyon project, as further described below under “Description of Properties — Sarita Este” and “—Desierto” and “Description of Properties — Sand Canyon”. We continue to review additional exploration opportunities, primarily in South America.
In 2024, our former Velardeña and Chicago gold-silver mining properties (the “Velardeña Properties”) were classified as discontinued operations held for short-term sale. We had entered into four separate sales agreements (collectively, the “Velardeña Sales Agreements”) to sell the Velardeña and Chicago mines, including both sulfide and oxide processing plants, water wells, and related equipment, to a privately held Mexican company (the “Velardeña Buyer”) for an aggregate purchase price of $5.5 million in cash, plus value added tax (“VAT”). The transactions under the first three of the Velardeña Sales Agreements, which included the combined sales of the Velardeña and Chicago mines, the sulfide processing plant and various related equipment were completed on June 20, 2024. The Velardeña Buyer agreed to pay $3.0 million plus VAT on July 1, 2024, to complete the transaction covered by the fourth Velardeña Sales Agreement, which included the oxide processing plant and water wells. The Velardeña Buyer made periodic payments and completed the purchase price of $3 million plus VAT in October 2025, upon which we transferred the title to the oxide plant and the water wells to the Velardeña Buyer. We have no further involvement with the Velardeña Properties.
In addition to the sale of the Velardeña Properties, over the course of the previous two years, we have been focused on monetizing our non-core assets. In 2024, we completed the sales of El Quevar, our former advanced exploration silver property in Argentina, for $3.5 million, the Yoquivo gold-silver project located in the Chihuahua State, Mexico for $0.57 million, and one of our Mexican subsidiaries holding tax losses for $0.45 million. In 2025, we completed the sale of additional Mexican subsidiaries holding the Rodeo mine, tax losses and several property concessions for combined proceeds of $0.67 million and extinguishment of all labor claims and certain liabilities, including our reclamation obligation for Rodeo Following these transactions, we have retained only limited interests in Mexico, consisting primarily of one subsidiary that holds certain tax loss carryforward and tax credits, which the Company is evaluating for potential sale or other monetizing opportunities.
During 2025, we focused on permitting, technical evaluation and advancing discussions with Cascadero related to the Sarita Este and Desierto properties in Argentina. We completed the joint venture documents with respect to the Sarita Este property and continue working with Cascadero to complete the joint venture documents on the Desierto property. In Nevada, we continued to hold the Sand Canyon exploration property, worked on completion of joint venture documentation and pursued activities consistent with maintaining the property in good standing while evaluating options for advancement or sale.
Because we no longer have operating properties to generate cash flow nor hold any significant assets for sale, we are evaluating and pursuing alternatives to obtain funds to continue as a going concern, including seeking buyers or partners for certain of 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 the second quarter of 2026. If we are unable
to obtain additional cash resources or sell the Company, we will be forced to cease operations and liquidate. See “—Liquidity, Capital Resources and Going Concern—2026 Liquidity Forecast and Going Concern Qualification” below.
This discussion should be read in conjunction with the section entitled “Management’s Discussion and Analysis of Financial Condition and Results of Operation” included in this Form 10-K.
Our principal office is located at 1312 17th St., Unit 2136, Denver, CO 80202, and our registered office is the Corporation Trust Company, 1209 Orange Street, Wilmington, DE 19801.
Company History
We were incorporated in Delaware under the Delaware General Corporation Law in March 2009. From March 2009 through September 2011, we focused on the advancement of our El Quevar silver project in Argentina. In September 2011, we completed a business combination transaction with ECU Silver Mining Inc. (“ECU”), resulting in our ownership of the Velardeña and Chicago silver, gold and base metals mines located in the Velardeña mining district in the State of Durango, Mexico, which the Company most recently operated from December 2023 until March 2024. The Company sold its mines and most of its other assets in Mexico in 2024 and 2025.
Corporate Structure
Golden Minerals Company, headquartered in Denver, Colorado, is the operating entity through which we conduct our business. We have a number of wholly owned subsidiaries organized throughout the world, including in the United States, Mexico, Canada, Argentina, and Europe. We generally hold our exploration rights and properties through subsidiaries organized in the countries in which our rights and properties are located.
Summary of Mining Properties
We do not have mineral reserves as defined under S-K 1300 and therefore all of our mining properties are considered to be in the exploration stage. We have five mining properties, which are listed under “Summary of Certain Mining Properties” below. In total, Golden Minerals’ properties, including our options, cover in excess of 6,200 hectares.
Property Locations
Argentina Properties
United States Property
Summary of Certain Mining Properties
Argentina
| Property | Mine and Mineral Types | Ownership, Operator, and Permitting | Facilities and Processing Plants | Recent Activities |
|---|---|---|---|---|
| Desierto(1) | Gold and silver exploration. | 33% ownership with an option to increase its ownership to 67%. Two mining concessions (totaling 2505 hectares). Drill permit active. | No significant facilities. | The Company has joint venture agreement under discussion with Cascadero which has a 33% interest. |
| Sarita Este(1) | Gold, silver and copper exploration. | 51% ownership. JV documentation completed. One concession totaling 830 hectares. Drill permit received. | No significant facilities. | Historic drilling has been conducted on Sarita Este. Golden Minerals drilled 4,923 meters in 51 diamond drill holes between 2020 and 2022. Cascadero has a 49% interest. |
| Carolina and Tocota | Preliminary mineral exploration. | 100% ownership interest. Concessions located in the San Juan and Santa Cruz provinces. | No significant facilities. | No material exploration work has been conducted to date on Carolina. Historic drilling has been conducted on Tocota. |
Nevada, United States
| Property | Mine and Mineral Types | Ownership, Operator, and Permitting | Facilities and Processing Plants | Recent Activities |
|---|---|---|---|---|
| Sand Canyon (2) | Gold and silver exploration. | 60% interest from Golden Gryphon Enterprises. Full JV documentation is in progress. 354 claims totaling 2,923 hectares. Drill permit received. | No significant facilities. | Currently evaluating results and considering future activities. |
Mexico
| Property | Mine and Mineral Types | Ownership, Operator, and Permitting | Facilities and Processing Plants | Recent Activities |
|---|---|---|---|---|
| Par de Tres 2 | Preliminary mineral exploration. | 100% ownership interest . Concession located in Durango. | No significant facilities. | No material exploration work has been conducted to date. |
| (1) | See “Description of Properties — Desierto” and “Description of Properties — Sarita Este” for additional details. |
| (2) | See “Exploration Properties — Sand Canyon” for additional details. |
Quality Assurance and Quality Control
Our internal controls relating to Quality Assurance and Quality Control (“QA/QC”) consist of monitoring the chain of custody of samples and including blanks, duplicates, and reference material standards in each batch of samples for lab analysis, consistent with industry standards and best practices. Additionally, umpire check assays are regularly submitted and analyzed to ensure lab performance, as well as continuous oversight and review by senior staff to ensure all QA/QC procedures and protocols are followed under company standards and guidelines.
Qualified Persons
Scientific and technical information contained in this Form 10-K was reviewed and approved by Warren Rehn of Rehn Consulting LLC, who is a “qualified person” as defined by National Instrument 43-101. Mr. Rehn is the former President and Chief Executive Officer of the Company and has entered into a consultant agreement with the Company.
No Proven or Probable Mineral Reserves/Exploration Stage Company
We are considered an exploration stage company under the criteria of S-K 1300 because we have not demonstrated the existence of mineral reserves at any of our properties. Mineral reserves cannot be considered proven or probable unless and until they are supported by a preliminary feasibility study or feasibility study, indicating that the mineral reserves have had the requisite geologic, technical and economic work performed and are economically and legally extractable.
We have not completed a preliminary feasibility study or feasibility study with regard to any of our properties to date. We expect to remain an exploration stage company for the foreseeable future. We will not exit the exploration stage until such time, if ever, that we demonstrate the existence of proven or probable mineral reserves that meet the guidelines under S-K 1300.
Description of Properties
Golden Minerals does not currently have any material properties. However, the Company is providing information on two of its exploration stage projects, the Desierto and Sarita Este properties in Argentina and the Sand Canyon project in the United States, to provide additional context regarding its ongoing exploration activities. Neither property has established reportable mineral resources as of December 31, 2025.
Desierto
Location and Access
The center of the 2,505 hectare property is located at 24.61 degrees S latitude and 67.77 degrees W longitude. Access to the Desierto property from the city of Salta is mostly by paved roads for approximately 176 km followed by all-weather gravel roads for 230 km via National Highway 51 and Provincial Highway 27. Numerous 4 x 4 trails cross the property. Travel time is 7 to 8 hours from the city of Salta. The Desierto I and Desierto II concessions are immediately adjacent to and south of the Sarita Este concession.
There is no permanent camp at the Desierto property. Accommodation and services for exploration workers are located at the village of Tolar Grande, about 30 km away. Tolar Grande has a population of approximately 175. Travel to the Desierto property includes crossing a portion of the Salar de Arizaro. The Salta - Antofagasta railway is located 9 km to the north and the Argentine to Chile high tension power line is 110 km to the east of the property. The area is sparsely populated and there is sufficient land for mining operations. Surface water is scarce but subsurface water can be obtained from the surrounding aquifers.
Property History
In July 2011 Golden Minerals acquired, through its wholly owned Argentina subsidiary, a one-third interest in the Desierto I and Desierto II concessions in the Tolar Grande municipality, Los Andes department, Salta Province, in the altiplano region of northwestern Argentina.
The first recorded exploration in the area was related to the Taca Taca Bajo copper-gold porphyry deposit, the center of which is located 5 km to the northeast of the Desierto property. Mansfield Minerals was quite active in the area in the 1990’s. Mansfield Minerals acquired the Desierto concessions and is thought to be the first company to recognize the gold mineralization in the Sarita Este/Desierto gold zone. In 2002, Mansfield entered into an agreement with Antares Minerals S.A. (“Antares”). Antares drilled four shallow angled core holes to test two quartz veins with high surface silver grades. The holes cut only low-grade silver mineralization, and the property was abandoned in 2010. No mineral resources or reserves have been established and no mineralized production has occurred on the Desierto property. The Desierto property does not have reportable mineral resources as of December 31, 2025.
Title and Ownership Rights
By mutual agreement with two other parties who were also successful in a 2011 province-run lottery process to acquire the concessions, ownership of the Desierto I and Desierto II concessions is shared with a subsidiary of Cascadero, which is publicly listed on the TSXV, and a private Argentinian company, Pacha Minerals, each of the three parties with a one-third interest. The concessions total 2505 hectares and are located immediately south of the Sarita Este concession and southwest of the Taca Taca copper-gold deposit owned by First Quantum Minerals. In July 2019 Golden Minerals entered into an option agreement with Pacha Minerals to acquire its one-third interest in the Desierto Concessions. The agreement calls for payments of $1.5 million over 6 years for 28.33% of the 33.33% interest controlled by Pacha Minerals. Remaining annual payments required under the option are $200,000, and $800,000 due in July of 2026 and 2027. Golden Minerals holds a further option to purchase the remaining 5% for an additional payment of $1 million with no defined time limit. Pacha will retain a 0.5% NSR royalty interest upon the sale of the entirety of its one-third interest.
The Desierto concessions are located on Argentine federal land within the municipality of Tolar Grande in Salta Province. The surface rights in the area are not allocated or granted to private parties. Salta province has set a 3% royalty on production value subject to deductions for some costs of production.
Cascadero Joint Venture
In 2021 Cascadero and Golden Minerals signed a non-binding letter agreement to form a joint venture on the Desierto concessions. The letter agreement provided that Golden Minerals would contribute its option on the Pacha Minerals interest to the joint venture. The parties agreed to split the payments for the option according to the proposed joint venture interests. The parties agreed to delay the formation of the joint venture while legal action was underway to unwind the cancelation of the Desierto I concession, a decision made in error by the Salta Ministry of Mines. That legal action was successfully completed in November of 2024. On March 25, 2025, Golden Minerals decided not to contribute the Pacha option to the proposed joint venture and now has an 67% interest in the project. The parties are currently in negotiations over the documents regarding the formation of a joint venture.
Geology and Mineralization
The properties are located in the southern portion of the Sierra de Taca Taca, a mountain range formed of uplifted Ordovician granite along a fault located at the western margin of the Salar de Arizaro. To the west and paralleling the salar margin, lies a 2 km wide graben that likely postdates the uplift faulting. The properties of Sarita Este and Desierto I and II lie between these two major structures. Although the granite is cut by numerous dykes from the Late Permian through to Triassic, it is thought that the Oligocene rhyodacitic intrusions are responsible for the majority of the copper porphyry mineralization in the area. Volcanic hosted gold veining on the Sarita Este and Desierto I properties is epithermal in character and likely related to Tertiary intrusive activity. Geological mapping, alteration patterns and geochemical anomalies suggest the potential presence of a broader mineralized system at shallow depths to the south of Sarita Este on the Desierto I concession.
The prominent feature on the eastern portion of the concessions is the Ordovician Taca Taca granitic batholith which has been intruded by Permo - Triassic syenite to trachyte dykes and local monzonite plugs. The north-central portion of the area is dominated by a Late Permian volcanic unit. The northwest central portion of the area is covered by a recent dacitic dome and related intermediate to felsic volcanic rocks. The dome and related volcanics occupy what appears to be a large 2 km wide graben structure. West of the graben lie granite and quartz monzonite of the Sierra de Taca Taca Range, hosting the Taca Taca Alto porphyry. Intermediate to felsic Tertiary volcanic tuffs, flows, and volcaniclastic sediments cover most of the southern portion of the concession area.
Alteration and Mineralization
Hydrothermal alteration related to prospective mineralization is parallel to, and zoned away from, the margins of the salar. The southern region is characterized by potassic and alunite-clay alteration in the vicinity of syenite/trachyte dykes. The central region is characterized by a weak sericite-clay-limonite alteration reminiscent of hanging wall alteration around a porphyry system. The westernmost alteration, before entering the large graben structure, is predominantly moderate to strong hematite. The surface alteration pattern suggests a deeper mineralizing system could be found at depth, centered in the region of the monzonite plugs. The volcanic unit, separating Taca Taca Bajo from the Sarita Este and Desierto I, has moderate hornfelsing.
Structurally the region is cut by an abundance of strong NW-SE and NNW-SSE linear features which are likely fault-related although there is little evidence of fault displacement. Regardless of their origin, the linear structures appear to control alteration and mineralization patterns. A 3 km x 1 km trend of silica ‘ribs’ representing veins extends south from the dacite dome into Desierto II. Sampling of the silica ribs has defined gold and silver grades of potential economic significance.
A permit has been approved for exploration drilling on the concessions, which is expected to commence in 2026 once the potential Cascadero joint venture agreement is completed, to test for the extension of gold mineralization encountered on the Sarita Este concession immediately north of Desierto I and to test several other prospective geochemical and geophysical anomalies on the Desierto property.
Sarita Este
Location and Access
Access to the Sarita Este property from the city of Salta is mostly by paved roads for approximately 176 km followed by all-weather gravel roads for 230 km via National Highway 51 and Provincial Highway 27. Numerous 4 x 4 trails cross the property. Travel time is 7 to 8 hours from the city of Salta. The center of the concession is located at 24.58 degrees S latitude and 67.77 degrees W longitude.
There is no permanent camp at the Sarita Este property. Accommodation and services for exploration workers are located at the village of Tolar Grande, about 30 km away. Tolar Grande has a population of approximately 175. Travel to the property includes crossing a portion of the Salar de Arizaro. The Salta - Antofagasta railway is located 9 kilometers to the north and the Argentine to Chile high tension power line is 110 km to the east of the property. The area is sparsely populated and there is sufficient land for mining operations. Surface water is scarce but subsurface water can be obtained from the surrounding aquifers.
Property History
There has been historical prospecting on the Sarita Este property, commencing with its discovery by Mansfield Minerals in 1996. Three small trenches were dug but not sampled in 2012. Historically, no systematic sampling had occurred on the property; however, grab samples from prospecting have yielded high grade gold results in excess of one ounce per ton. Limited historic mapping outlined encouraging sericitic and phyllic alteration that is coincident with the known mineralization.
Soil sampling, trench sampling, mapping and prospecting, ground and air magnetic surveys, and analysis of spectral imagery was carried out by Cascadero up to 2018 and by the Company after the option agreement was signed in 2019. Soil sampling delineated a gold in soil anomaly covering an area of about 1 square kilometer in the south central portion of the Sarita Este concession and extending south onto the Desierto I concession.
In the fourth quarter of 2021, we completed the first drill program ever conducted at Sarita Este, which involved drilling 10 diamond drill holes totaling 2,518 meters to explore untested epithermal gold-silver and copper porphyry targets. In January 2022, we announced assay results from the drill program, which we believe indicate the potential for a significant gold system. We completed a second drill program in June 2022 designed to offset and further delineate mineralization associated with the gold intervals encountered in the first drill program. The Sarita Este property does not have reportable mineral resources as of the year ended December 31, 2025.
Title and Ownership Rights
The 830 hectare Sarita Este concession is owned by the JV company, Arisaru Resources S.A., in which we hold a 51% interest and Cascadero a 49% interest.. There is a 1% NSR royalty on the Sarita Este concession to Northwestern Enterprises Ltd.
In December 2019, we entered into an option agreement with Cascadero to acquire a 51% interest in the Sarita Este concession. Under the agreement, the Company was required to complete exploration expenditures and drilling programs to earn its interest. Golden Minerals satisfied the earn-in requirements through earn-in expenditures totaling approximately $3.0 million, including drilling programs conducted between 2020 and 2023. Following completion of the
earn-in requirements, the parties executed a joint venture agreement and formed a joint venture company, Arisaru Resources S.A., which holds the Sarita Este concession. Golden Minerals owns a 51% interest in Arisaru Resources S.A. and Cascadero holds the remaining 49%.
The Sarita Este concession is located on Argentine federal land within the municipality of Tolar Grande in Salta Province. The surface rights in the area are not allocated or granted to private parties. Salta province has set a 3% royalty on production value subject to deductions for some costs of production.
Geology and Mineralization
The basement lithologies in the map area consist of granodiorite and granite of Ordovician age referred to as the Taca Taca granite. The Taca Taca granite has been intruded by Late Permian granite and aplite rocks and overlain by Late Permian sediments and volcaniclastics. These have been cross cut and overlain by Eocene-Oligocene volcanic rocks of the Santa Inez complex, including rhyodacitic hypabyssal intrusions, dykes, flow domes, crystal lapilli tuff and crystal tuff. The west central portion of the property is covered by a recent dacitic dome. This large feature occupies an interpreted 2 km wide graben structure. The structural fabric observed in the Ordovician granite host rock of the Taca Taca Bajo deposit is characterized by the presence of discrete but widespread NNE-SSW and NW-SE trending, steeply dipping proto-mylonite to mylonite zones. The emplacement of Oligocene rhyodacitic dykes, quartz veining related to the porphyry system, fractures, and small scale faults were controlled by these pre-existing zones of structural weakness. The Sierra de Taca Taca region also contains an abundance of strong NW-SE and NNW-SSE lineaments.
The predominant style of mineralization on the property is oxidized gold bearing quartz-limonite after pyrite micro veins that also yield anomalous values in lead, zinc and copper. These veins occur within sinuous zones of mostly quartz-sericite and lesser clay altered crystal lapilli tuff. The Sarita Este soil geochemistry grid and resulting anomalous gold zone is positioned over these zones. Mineralization at the Taca Taca Bajo porphyry deposit to the northeast is Oligocene in age. Although no geochronology has been performed on the Sarita Este mineralization, it is believed to be of similar age.
Drill Results
Golden Minerals drilled 4,923 meters in 51 diamond drill holes between 2020 and 2022. Results indicate a contiguous area of gold mineralization along the south-central property boundary over an area of about 40,000 square meters defined by gold results in 25 drill holes. The best drill hole to date yielded 52.5m of 1.49 g/t Au and 5.2 g/t Ag from 0m, including 3.7m of 7.27 g/t Au and 12.1 g/t Ag. Other significant mineralized intervals are:
| ● | 2.2m of 27.47 g/t Au and 3.1 g/t Ag from 14.8m, including 0.6m of 102.5 g/t Au and 10.6 g/t Ag |
| ● | 20.6m of 1.37 g/t Au and 3.0 g/t Ag from19.5m, including 10.9m of 2.01 g/t Au and 4. g/t Ag |
| ● | 5.2m of 1.65 g/t Au, 1.5 g/t Ag from 0m |
| ● | 16.3m of 1.56 g/t Au and 6.0 g/t Ag from 12m, including 2.8m of 3.04g/t Au and 8.5 g/t Ag |
| ● | 12.5m of 2.11 g/t Au and 2.5 g/t Ag from 23.5m, including 1.5m of 10.29 g/t Au and 2.7 g/t Ag |
| ● | 15.8m of 2.76g/t Au and 0.8 g/t Ag from 32.5m, including 4.3m of 8.39 g/t Au and 2.3 g/t Ag |
| ● | 9.5m of 2.39 g/t Au and 5.6 g/t Ag from 40.5m, including 3.5m of 4.84 g/t Au and 11.2 g/t Ag |
| ● | 6.3m of 4.38 g/t Au and 7.5 g/t Ag from 0m, including 2.5m of 9.14 g/t Au and 11.7 g/t |
| ● | 12.8m of 1.68 g/t Au and 6.2 g/t Ag from 7.0m |
| ● | 2.5m of 3.98g/t Au and 4.3g/t Ag from 28.5m |
| ● | 9.9m of 1.91 grams per tonne (“g/t”) Au and 5.0 g/t Ag including 3.7m of 2.52 g/t Au and 5.3 g/t Ag |
| ● | 8.0m of 1.74 g/t Au and 1.0 g/t Ag including 1.0m of 12.0 g/t Au and 1.9 g/t Ag |
| ● | 3.7m of 1.64 g/t Au and 0.3 g/t Ag including 1.0m of 5.17 g/t Au and 0.3 g/t Ag |
The gold mineralized area is open to the south, north, and east. The largest untested portion of the soil gold anomaly is to the south on the Desierto I concession. We believe that the assay results from these programs point to a potentially economic shallow oxidized gold system.
Sand Canyon
During the second quarter of 2019 we entered into an earn-in agreement with Golden Gryphon Explorations, Inc. (“Golden Gryphon”) for the Sand Canyon project located in northwestern Nevada, where surface work has identified a large system of epithermal veins with potential for gold and silver deposits. The Sand Canyon property consists of 354 unpatented mining claims totaling approximately 7,223 acres (2,923 hectares). We earned a 60% interest in the Sand Canyon project by spending $2.5 million in exploration expenses over six years ending in 2024. In January 2025, we notified Golden Gryphon of our intent to exercise our earn-in right for a 60% interest in the project, and we are working to complete the joint venture documentation.
We completed an initial drill program of approximately 1,800 meters in 4 diamond drill holes in the first quarter 2020. The drill holes were placed to target surface geochemical and geophysical anomalies associated with epithermal veining observed in outcrops. Drill holes tested two epithermal vein target areas on the property, the DeLong Canyon target and the Sand Canyon target. The drill hole collared to test the DeLong Canyon target did not encounter any veins or significant anomalous geochemical values. Interpretation shows that a fault offset and rotation due to faulting likely caused the drill hole to miss the vein system as projected from surface. The three drill holes collared to test the veins and anomalies in the Sand Canyon target area all intersected narrow vein and breccia structures with low anomalous values of Ag, As, Sb, and Mo. No potentially economic concentrations of precious metals were encountered in any of the four drill holes. Plans for further testing of the mineralized system are being considered, including further drill targeting studies in areas of favorable geochemical anomalies and geologic structures.
Our Competitive Strengths and Business Strategy
We are focused on evaluating and advancing properties currently under company control in North and South America. Our exploration efforts will continue primarily at the Sarita Este/Desierto and Sand Canyon projects. We continue to review exploration opportunities, primarily in South America.
Experienced Management Team. Our board of directors and management combined have decades of experience in exploration, project development, and operations management, primarily in the Americas.
Executive Officers of Golden Minerals
| Name | Age | Position |
|---|---|---|
| Pablo Castanos | 54 | President and Chief Executive Officer; Director |
| Anil Jiwani | 46 | Chief Financial Officer |
Pablo Castanos (54). Mr. Castanos joined Golden Minerals in July 2023 as Executive Vice President and was appointed President and Chief Executive Officer in June 2024. Prior to joining Golden Minerals, since 2016, Mr. Castanos acted as a private investor in real estate development and construction. Mr. Castanos has more than twenty years of global and strategic expertise, including fifteen years in the mining industry, in positions focusing on strategic planning, finance, compliance, sustainability, government affairs and risk management. He holds a Master of Business Administration in Finance from Gabriela Mistral University in Santiago, Chile.
Anil Jiwani (46). Mr. Jiwani joined Golden Minerals as Chief Financial Officer in June 2025. He is an accomplished finance executive with nearly two decades of experience in accounting, financial management, and corporate governance. He currently serves as a Director and CFO of Inomin Mines Inc., a publicly listed company in the mining and
exploration sector where he leads financial reporting and treasury management functions. Previously, Mr. Jiwani served as CFO of multiple reporting issuers where he directed financial operations, including public listing, and supported complex transactions such as reverse takeovers, and enhanced compliance across international jurisdictions. He also previously served as a Senior Manager at Avisar Chartered Professional Accountants, providing leadership for publicly listed companies, and as Manager in the Audit and Assurance Group at PwC LLP in Vancouver, Canada. He is a Chartered Professional Accountant (CPA, CA) in Canada and holds a Bachelor degree in Accounting and Information Technology from the University of Texas at Dallas. Mr. Jiwani’s services are provided through an agreement with Avisar Everyday Solutions Ltd., where he also serves as Chief Operating Officer.
Metals Market Overview
We are a precious metals exploration company with silver and gold exploration properties in Argentina and Nevada. Descriptions of the markets for these metals are provided below.
Silver Market
Silver has traditionally served as a medium of exchange, much like gold. Silver’s strength, malleability, ductility, thermal and electrical conductivity, sensitivity to light and ability to endure extreme changes in temperature combine to make it a widely used industrial metal. While silver continues to be used as a form of investment and a financial asset, the principal uses of silver are industrial, primarily in electrical and electronic components, photography, jewelry, silverware, batteries, computer chips, electrical contacts, and high technology printing. Silver’s anti-bacterial properties also make it valuable for use in medicine and in water purification. Additionally, the use of silver in the photovoltaic and solar panel industries is growing rapidly, and new uses of silver are being developed in connection with the use of superconductive wire and radio frequency identification devices.
The following table sets forth for the periods indicated on the London Fix high and low silver fixes in U.S. dollars per troy ounce. On March 30, 2026, the closing price of silver was $70.05 per troy ounce.
| Silver | ||
|---|---|---|
| Year | High | Low |
| 2013 | $32.23 | $18.61 |
| 2014 | $22.05 | $15.28 |
| 2015 | $18.23 | $13.71 |
| 2016 | $20.71 | $13.58 |
| 2017 | $18.56 | $15.22 |
| 2018 | $17.52 | $14.13 |
| 2019 | $19.31 | $14.38 |
| 2020 | $19.31 | $12.01 |
| 2021 | $28.89 | $21.53 |
| 2022 | $29.59 | $17.77 |
| 2023 | $26.03 | $20.09 |
| 2024 | $24.50 | $22.09 |
| 2025 | $83.76 | $28.34 |
| 2026* | $121.65 | $61.02 |
| * | Through March 30, 2026. |
Gold Market
Gold has two main categories of use: fabrication and investment. Fabricated gold has a variety of end uses, including jewelry, electronics, dentistry, industrial and decorative uses, medals, medallions and official coins. Gold investors buy gold bullion, official coins and jewelry. The supply of gold consists of a combination of production from mining and the draw-down of existing stocks of gold held by governments, financial institutions, industrial organizations and private individuals.
The following table sets forth for the periods indicated on the London Fix PM high and low gold fixes in U.S. dollars per troy ounce. On March 30, 2026, the closing price of gold was $4,513 per troy ounce.
| Gold | ||
|---|---|---|
| Year | High | Low |
| 2013 | $1,694 | $1,192 |
| 2014 | $1,385 | $1,142 |
| 2015 | $1,296 | $1,049 |
| 2016 | $1,366 | $1,077 |
| 2017 | $1,346 | $1,151 |
| 2018 | $1,355 | $1,178 |
| 2019 | $1,546 | $1,270 |
| 2020 | $1,672 | $1,527 |
| 2021 | $1,957 | $1,685 |
| 2022 | $2,039 | $1,629 |
| 2023 | $2,078 | $1,811 |
| 2024 | $2,171 | $1,985 |
| 2025 | $4,551 | $2,615 |
| 2026* | $5,599 | $4,099 |
| * | Through March 30, 2026. |
Employees
As of March 31, 2026 we have three full-time employees in the United States.
Competition
There is aggressive competition within the mining industry for the acquisition of a limited number of mineral resource opportunities, and many of the mining companies with which we compete have greater financial and technical resources than we do. Accordingly, these competitors may be able to spend greater amounts on acquisitions of mineral properties, as well as on exploration and advancement of their mineral properties. We also compete with other mining companies for the acquisition and retention of skilled mining engineers and mechanics, geologists, geophysicists and other experienced technical personnel. Our competitive position depends upon our ability to successfully and economically advance new and existing silver and gold properties. Failure to achieve and maintain a competitive position could adversely impact our ability to obtain the financing necessary for us to advance our exploration properties.
Available Information
We make available, free of charge through our website at www.goldenminerals.com, our annual report on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, and amendments to those reports filed or furnished pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), as soon as
reasonably practicable after such material is electronically filed with or furnished to the SEC. Information on our website is not incorporated into this Form 10-K and is not a part of this report. The SEC also maintains an Internet site that contains reports, proxy and information statements, and other information regarding issuers that file electronically with the SEC at http://www.sec.gov. The Company also files reports under Canadian regulatory requirements on the System for Electronic Document Analysis and Retrieval (“SEDAR+”). The Company’s reports which are filed on SEDAR+ can be found under the Company’s SEDAR+ profile at www.sedarplus.ca.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.