Golden Minerals Company reported its third‑quarter 2025 financial results for the period ended September 30, 2025, showing a net loss of $877,000, a reversal from the $1.2 million profit recorded in the same quarter a year earlier. The nine‑month net loss for the year to September 30 was $2.4 million, down from $3.8 million in 2024, indicating a modest improvement in the company’s loss profile.
The company’s cash position remains a critical concern. Management warned that cash reserves are projected to be exhausted by the second quarter of 2026 unless additional financing or asset sales are secured. The recent sale of the Velardeña Properties for $3.0 million has bolstered the balance sheet, but the company still reports zero debt and a limited liquidity buffer.
Cost discipline has been a focus of the quarter. Administrative expenses fell to $1.9 million from $3.0 million in Q3 2024, while exploration costs dropped to $0.3 million from $0.5 million, reflecting a deliberate reduction in spending on non‑core activities. These cuts have helped narrow the loss, but the company remains heavily reliant on exploration projects in Argentina’s Desierto and Nevada’s Sand Canyon.
Golden Minerals did not provide a revenue forecast for the next quarter, but it reiterated its guidance that cash will be depleted by mid‑2026 without new capital. The company’s management emphasized the need for external financing to sustain operations and continue development of its exploration portfolio.
Investors reacted with caution to the results, citing the company’s ongoing liquidity challenges and the going‑concern warning issued by management. The announcement underscored the fragile financial footing of the company, despite the narrowing of its quarterly loss.
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