Golden Minerals

What Golden Minerals does

Golden Minerals Company is a precious metals mining exploration company founded in 1996 as a Delaware corporation and headquartered in Denver, Colorado, trading on NYSE American and TSX under the ticker AUMN. The company holds a portfolio of exploration-stage gold, silver, and copper projects concentrated in Argentina (Sarita Este at 51% joint venture interest, Desierto I & II at 67%, and the 57,000-hectare El Quevar property containing 45.3M oz of Indicated silver resources at 482 g/t), Nevada (Sand Canyon at 60% interest under earn-in), and legacy positions in Mexico including the Velardeña Properties and the Rodeo, Yoquivo, and Santa Maria projects. Technical capabilities center on epithermal vein exploration, NI 43-101 compliant resource estimation using hybrid implicit modeling with probability-assigned constrained kriging, and bio-oxidation processing methodology that has demonstrated over 90% gold recovery from pyrite and arsenopyrite concentrates.

The company's business model is asset-driven rather than product-driven, with revenue historically generated through leasing its oxide processing plant at Velardeña to Hecla Mining Company (approximately $7.2M annually through 2020), supplemented by property sales, earn-in agreements, joint ventures, farm-outs, and NSR royalties on divested properties (e.g., 6.5% NSR on Santa Maria production, sales to Electrum, Industrias Peñoles, and Magellan). Capital is raised through registered direct offerings and ATM programs, with frequent small raises ($2.25M in 2019, $2.1M and $4.2M in 2023, $0.86M in 2026). Operations are lean and exploration-focused, with the Mexico oxide plant now on care and maintenance and active exploration centered on Argentina and Nevada. The company has explicitly disclosed insufficient resources to meet expected cash needs for twelve months, indicating reliance on continued asset divestitures and equity financing to sustain operations.

Name

Golden Minerals

Legal name

Golden Minerals Company

Website

https://goldenminerals.com

Company type

Public

Founded year

1996

Operating status

Operating

Headcount range

251–500 employees

Short description

Golden Minerals is a precious metals mining exploration company focused on gold and silver projects in Argentina and Nevada, monetizing assets through property sales, earn-in agreements, joint ventures, royalties, and historically an oxide mill lease with Hecla Mining.

Ownership category

akta.pro rank

Product category

Precious Metals Mining Exploration

NAICS

Gold Ore and Silver Ore Mining (21222), Gold Ore and Silver Ore Mining (212220)

SIC

Gold And Silver Ores (1040), Metal Mining (1000), Mineral Royalty Traders (6795)

akta.pro primary industry

Precious Metals Exploration & Project Development (IMAKAEAI)

akta.pro secondary industries

Gold Mining (IMAKAEAA), Silver Mining (IMAKAEAB)

Keywords

• Silver gold exploration
• Precious metals mining
• Mineral resource development
• Mining joint ventures
• Epithermal vein exploration

Headquarters

HQ city

Denver

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Personnel, Supply Chain, Marketing or Sales, Infrastructure, Others

Revenue model

1. Oxide Plant Lease to Hecla Mining: Hecla Mining leases Golden Minerals' oxide mill at Velardeña Properties. Revenue includes direct plant charges, fixed fees, and reimbursable costs for services Golden provides under the lease. Net operating margin approximately $4.9-5.0 million annually.
2. Property Sales and Farm-outs: Sale of exploration properties to generate cash. Examples include $3.0M from Industrias Peñoles for Mogotes/Pistachon properties, $4.0M from Electrum for Celaya property, $1.0M option payment from Magellan for Santa Maria.
3. Equity Financing: Registered direct offerings and at-the-market programs to raise capital. Examples: $2.25M offering in July 2019, $2.1M in June 2023, $4.2M in November 2023.
4. NSR Royalties on Sold Properties: Company retains royalties on properties sold. Santa Maria sale to Magellan retains 6.5% NSR until $3.0M paid, then 3.0% for mine life.

Go-to-market motion1 record

Distribution channels2 records

Marketing channels4 records

Core offering

Golden Minerals is a precious metals exploration company holding controlling and joint venture interests in gold and silver exploration projects in Argentina (Desierto I & II, Sarita Este, El Quevar) and Nevada (Sand Canyon), as well as historically in Mexico (Velardeña, Rodeo, Yoquivo, Santa Maria). The company generates revenue by leasing its oxide processing plant at Velardeña to Hecla Mining Company, selling or optioning non-core exploration properties, retaining NSR royalties on divested projects, and raising capital through equity offerings.

Product overview

Golden Minerals is a precious metals exploration company with a portfolio of mining exploration projects. The company operates primarily through three active exploration projects: Sarita Este (51% joint venture, Argentina), Sand Canyon (60% interest, Nevada), and Desierto I & II (67% majority control, Argentina). Additionally, the company holds interests in El Quevar silver project (Argentina), Santa Maria, Yoquivo, and Rodeo projects (Mexico), and Velardeña Properties (Mexico) which include processing plants leased to Hecla Mining. The company's strategy focuses on advancing exploration in precious metals districts while leveraging processing infrastructure.

Differentiator

Problem solved

Functional benefit

Products and services

• Sarita Este Project
• Sand Canyon Project
• Desierto I & II Project
• El Quevar Silver Project
• Santa Maria Project
• Yoquivo Project
• Rodeo Project
• Velardeña Properties & Oxide Plant Lease

Quantifiable outcome

• El Quevar Yaxtché deposit: 45.3M oz silver indicated resources at 482 g/t grade
• +2 more outcomes

Named customers1 record

Segments1 record

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Seven partnerships are on record, tiered core and minor.

• Golden Gryphon ExplorationscoreStrategic or Co-development Partner · 14 May 2019Earn-in agreement for Sand Canyon gold-silver project in northwestern Nevada. Golden can earn 60% interest by spending $2.5M in exploration over 4 years with guaranteed minimum $0.5M in year one. Paid $25,000 cash and $50,000 reimbursed expenditures, plus staged payments of $135,000 through 2022.
• First Quantum MineralscoreStrategic or Co-development PartnerGolden holds 51% joint venture interest in Sarita Este concession adjacent to First Quantum's gold-silver-copper Taca Taca project in northwest Salta Province, Argentina.
• Hecla Mining CompanycoreStrategic or Co-development PartnerHecla leases Golden's oxide mill at Velardeña Properties in Mexico. Lease generates ~$7.2M annual revenue and ~$4.9M net operating margin. Hecla processed 142,000 tonnes in 2018. Lease extended through 2020.
• Electrum Group LLCminorStrategic or Co-development PartnerFarm-out agreement for Celaya property in Mexico. Electrum earned incremental 20% interest for $1.0M payment in February 2018, then purchased remaining interest for $3.0M in September 2018.
• Magellan Gold CorporationminorStrategic or Co-development PartnerOption agreement to sell Santa Maria silver-gold project. Magellan to pay $1.0M cash if option exercised. Golden retains 6.5% NSR royalty until $3.0M paid, then 3.0% for mine life.
• Industrias PeñolesminorStrategic or Co-development PartnerSale of Mogotes and Pistachon non-strategic Mexican exploration properties for $3.0M. Properties located near Velardeña Properties.
• Streamline Metals Capital Ltd.minorStrategic or Co-development PartnerPurchased Golden's Minera William subsidiary for $1.2 million in 2026 as part of strategic repositioning.

Scale indicators7 records

Recent moves8 records

Expansion highlights5 records

Broad incumbents

• SSR Mining Inc. Mid-tier precious metals producer with operations across the Americas, including prior silver-gold exposure in Mexico and Argentina. Comparable operating geography and commodity mix, though at a much larger scale than Golden.
• Hecla Mining Company: Largest U.S.-based silver producer and existing counterparty (oxide mill lessee) to Golden Minerals. Highly comparable as a silver-focused operator in the Americas and the most directly relevant strategic partner/potential acquirer given its existing commercial relationship.
• Coeur Mining, Inc. Larger established precious metals miner with silver-gold operations across the Americas. A useful broad incumbent benchmark for valuation and operating metrics in the silver-gold space, although significantly larger and more diversified than Golden.
• Pan American Silver Corp. One of the world's largest primary silver producers. Relevant as a large-cap incumbent in the same silver-gold space and as a potential acquirer of exploration-stage assets like Golden's portfolio.

Direct peers

• MAG Silver Corp. Mid-stage silver exploration/development company focused on the Juanicipio project in Mexico. Directly comparable as a silver-focused junior that also generates value through a JV structure (with Fresnillo), mirroring Golden's earn-in/JV-heavy exploration model.
• Fortuna Silver Mines Inc. Silver-gold producer operating in Mexico and South America. Comparable mix of silver-gold production with exploration pipeline, providing a benchmark for what Golden Minerals could become if its exploration portfolio is advanced to production.
• Gold Royalty Corp. Precious-metals royalty company with exposure to gold and silver projects in the Americas. Comparable as a royalty/streaming vehicle that monetizes non-core exploration upside, illustrating the optionality path available to Golden's retained NSR royalties.
• Endeavour Silver Corp. Silver-gold producer with exploration projects in Mexico. Highly comparable as a silver-and-gold focused mid-tier with active Mexican exploration, and a similar emphasis on silver grades and epithermal vein systems.
• Elemental Royalty Corp. Royalty-focused mining company that generated ~US$43.6M revenue versus Golden's ~$0.3M as referenced in the data. Comparable business model around royalties on precious metals properties, providing a benchmark for the value-creation potential of Golden's retained NSR interests (e.g., Santa Maria).

Emerging players

• First Quantum Minerals Ltd. Copper-gold miner and owner of the Taca Taca project adjacent to Golden's Sarita Este concession. Directly relevant as the JV counterparty and as a major that could acquire Golden's interest to consolidate the district.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat3 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/Golden_Minerals
• LinkedInlinkedin.com/company/1192647

Revenue estimate

Valuation estimate

Number of profiles

Profiles5 records

Subsidiaries1 record

Funding overview

Funding rounds5 records

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Golden Minerals