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AUMN on OTC

Golden Minerals Co

Golden Minerals Co is an American Gold and Silver Ores company based in Golden, incorporated in Delaware.1 Its shares trade on OTC under the symbol AUMN.1

$0.22 down 0.00 (0.05%)Price as of Oct 15, 2026 at 17:33 UTC

Last updated Oct 21, 2026.

Overview

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  • TickerAUMN on OTC1
  • IndustryGold and Silver Ores1
  • HeadquartersDenver, Colorado1
  • Incorporated inDE3
  • Business address1312 17Th St, Unit 2136, Denver, Co 802023
  • Filer categoryNon-accelerated filer, Smaller reporting company3
  • Legal formCorporation

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Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2023

-51.6%Operating margin5
-76.9%Net margin5
-48.5%Revenue growth, 20236
-180.5%Return on equity5

Where the money goes

Where each dollar of revenue went, fiscal 2023

  • Cost of revenue100¢$12.4M
  • Income tax0¢$11.0K

Out of $12.0M in revenue.65 The company lost money this year.

Financial statements

Revenue789106$12.0M in 2023+66% since 2018
0$10.0M$20.0M$30.0M2018: $7.2M$7.2M20182019: $7.7M$7.7M2019+7%2020: $5.6M$5.6M2020−27%2021: $25.6M$25.6M2021+354%2022: $23.3M$23.3M2022−9%2023: $12.0M$12.0M2023−48%
Operating income7891065-$6.2M in 2023+216% since 2018
-$15.0M-$10.0M-$5.0M02018: -$2.0M-$2.0M20182019: -$5.0M-$5.0M2019+158%2020: -$8.8M-$8.8M2020+74%2021: -$1.5M-$1.5M2021−83%2022: -$10.1M-$10.1M2022+592%2023: -$6.2M-$6.2M2023−39%
Net income7891065-$9.2M in 2023+374% since 2018
-$10.0M-$7.5M-$5.0M-$2.5M02018: -$1.9M-$1.9M20182019: -$5.4M-$5.4M2019+177%2020: -$9.1M-$9.1M2020+69%2021: -$2.1M-$2.1M2021−77%2022: -$9.9M-$9.9M2022+373%2023: -$9.2M-$9.2M2023−7%

Every line of the income statement as filed: the last 2 fiscal years, latest first.13

Period ending2025-12-312024-12-31
Exploration expense-$932.0K-$568.0K
Administrative expense-$2.3M-$3.6M
Stock-based compensation-$313.0K-$404.0K
Depreciation expense-$1.0K
Total costs and expenses-$3.5M-$4.6M
Loss from operations-$3.5M-$4.6M
Interest and other income, net$95.0K$75.0K
Gain (loss) on foreign currency transactions-$41.0K-$83.0K
Total other income (expense)$54.0K-$8.0K
Loss from operations before income taxes and discontinued operations-$3.5M-$4.6M
Loss from continuing operations-$3.5M-$4.6M
Income (loss) from discontinued operations, net of taxes (Note 4)$6.1M-$3.0M
Net income (loss)$2.7M-$7.6M
Continuing operations-$0-$0
Discontinued operations$0-$0
Net income (loss) per common share basic$0.18-$0.52
Weighted-average shares outstanding basic15.1M shares14.7M shares
Continuing operations-$0-$0
Discontinued operations$0-$0
Net income (loss) per common share diluted$0.16-$0.52
Weighted-average shares outstanding diluted16.7M shares14.7M shares
Unvested restricted stock units862.7K shares
Warrants to purchase Shares7.4M shares

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Corporate structure

Golden Minerals Co sits at the top of its group. 5 entities, 5 countries on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of Golden Minerals Co

  • Golden Minerals Co Denver, Colorado
    • Colque Exploraciones S.A. Subsidiary · Argentina
    • ECU Silver Mining Inc. Subsidiary · Canada
    • Minera William, S.A. de C.V Subsidiary · Mexico
    • Silex Spain, S.L. (Spain) Subsidiary · Spain

Built from subsidiaries listed in Exhibit 21 of annual reports filed with the SEC; major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What Golden Minerals Co reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Property and equipment, before depreciation$508.0K5 Dec 31, 2024$508.0K5 Dec 31, 20230%
Accumulated depreciation$486.0K5 Dec 31, 2024$485.0K5 Dec 31, 2023+0.2%
Property and equipment, net$22.0K5 Dec 31, 2024$23.0K5 Dec 31, 2023−4.3%

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$3.2M5 Dec 31, 2024$3.8M5 Dec 31, 2023−15.7%
Marketable securities, current$11.0K5 Dec 31, 2023$20.0K6 Dec 31, 2022−45.0%
Long-term investments$265.0K5 Dec 31, 2024$265.0K5 Dec 31, 20230%

Inventory

ItemLatestA year beforeChange
Inventory, total$830.0K6 Dec 31, 2023$1.4M6 Dec 31, 2022−39.5%

Leadership

Who has led Golden Minerals Co, and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Jeffrey G. Clevenger2006–2014
  2. Warren Rehn2016–2024
  3. Pablo Castanos2024–now

President

  1. Jeffrey G. Clevenger2007–2014
  2. Warren Rehn2016–2024
  3. Pablo Castanos2024–now

Chief financial officer

  1. Mark A. Lettes2006
  2. Gerald J. Malys2006–2008
  3. Robert P. Vogels2009–2022
  4. Julie Weedman2022–2025
  5. Joseph George Dwyer2025
  6. Anil Salim Jiwani2025–now

Chief operating officer

  1. Alan R. Edwards2006–2007
  2. Terry L. Owen2009
  3. John Galassini2022
2010201520202025
Board members and other officers (24)

Named in SEC Form D filings

People the company listed in its private-offering notices.

  • DirectorW. Durand Eppler named Jul 12, 202349

Subsidiaries and ownership

Subsidiaries (Exhibit 21)

  • Colque Exploraciones S.A. Argentina4
  • ECU Silver Mining Inc. Canada4
  • Minera William, S.A. de C.V Mexico4
  • Silex Spain, S.L. (Spain) Spain4

The subsidiaries the company lists in Exhibit 21 of its annual report, as filed.

Former names

  • APEX SILVER MINES LTDOct 24, 1997 to Mar 16, 20093

Timeline

  1. Oct 2, 20268-K Executive or director change; Regulation FD disclosure50
  2. Sep 10, 20268-K Executive or director change; Regulation FD disclosure51
  3. Jul 10, 20268-K Shareholder vote52
  4. May 20, 20268-K Entered a material agreement; Unregistered sale of shares; Regulation FD disclosure53
  5. Apr 2, 20268-K Results of operations54
  6. Jan 5, 20268-K Other events55
  7. May 30, 20258-K Executive or director change; Shareholder vote; Regulation FD disclosure56
  8. Mar 25, 20258-K Executive or director change57
  9. Dec 11, 20248-K Listing notice or transfer58
  10. Oct 30, 20248-K Completed an acquisition or sale; Other events59
  11. Oct 1, 20248-K Entered a material agreement; Regulation FD disclosure60
  12. Sep 6, 20248-K Entered a material agreement; Regulation FD disclosure61
  13. Jul 3, 2024New chief executive Pablo Castanos becomes CEO14
  14. May 20, 2016New chief executive Warren Rehn becomes CEO15
  15. Feb 1, 2006New chief executive Jeffrey G. Clevenger becomes CEO16

Calendar

When it reported results

  1. Apr 2, 2026Reported quarterly or annual results54
  2. Aug 16, 2024Reported quarterly or annual results62
  3. Aug 2, 2024Reported quarterly or annual results63
  4. Aug 10, 2023Reported quarterly or annual results64
  5. Jul 20, 2023Reported quarterly or annual results65
  6. Feb 21, 2023Reported quarterly or annual results66
  7. Jan 11, 2023Reported quarterly or annual results67
  8. Apr 14, 2022Reported quarterly or annual results68

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar

Filings

161 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 47 major events, 40 insider forms, 6 large holders, 1 private raises, 47 other. The latest 20:

  1. Oct 2, 20264 OWNERSHIP DOCUMENT EDGAR
  2. Oct 2, 20263 OWNERSHIP DOCUMENT EDGAR
  3. Oct 2, 20264 OWNERSHIP DOCUMENT EDGAR
  4. Oct 2, 20268-K EDGAR
  5. Oct 2, 20264 OWNERSHIP DOCUMENT EDGAR
  6. Sep 10, 20268-K EDGAR
  7. Jul 28, 202610-Q QUARTERLY REPORT FOR THE PERIOD ENDED JUNE 30, 2026 EDGAR
  8. Jul 10, 20268-K EDGAR
  9. May 20, 20268-K EDGAR
  10. May 15, 202610-Q QUARTERLY REPORT FOR THE PERIOD ENDED MARCH 31, 2026 EDGAR
  11. Apr 30, 2026ARS EDGAR
  12. Apr 30, 2026DEFA14A EDGAR
  13. Apr 30, 2026DEF 14A EDGAR
  14. Apr 2, 20268-K EDGAR
  15. Apr 1, 202610-K ANNUAL REPORT FOR THE FISCAL YEAR ENDED DECEMBER 31, 2025 EDGAR
  16. Apr 1, 2026NT 10-K FORM 12B-25 FOR 10-K COVERING PERIOD ENDED DECEMBER 31 2025 EDGAR
  17. Mar 2, 20264 PRIMARY DOCUMENT EDGAR
  18. Jan 5, 20268-K FORM 8-K DATED JANUARY 2, 2026 EDGAR
  19. Nov 14, 202510-Q QUARTERLY REPORT FOR THE PERIOD ENDED SEPTEMBER 30, 2025 EDGAR
  20. Aug 14, 202510-Q QUARTERLY REPORT FOR QUARTERLY PERIOD ENDED JUNE 30, 2025 EDGAR

The 161 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

3 open-market trades by officers, directors and large owners since October 2021: 0 buys and 3 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Sep 6, 2024Sentient Global Resources Fund IV, L.P.10% ownerSale225,170$0.28$63.0KForm 4
Sep 5, 2024Sentient Global Resources Fund IV, L.P.10% ownerSale68,564$0.30$20.6KForm 4
Nov 26, 2021VOGELS ROBERT PSenior VP and CFOSale25,430$0.40$10.2KForm 4

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Executive pay

What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.

YearExecutiveAgeSalaryTotal pay
2025Pablo Castanos54$300.0K$447.8K71
2025Joe Dwyer$93.8K$98.4K71
2024President and Chief Executive Officer$300.0K$476.8K71
2024Former Chief Financial Officer$195.2K$234.0K71

Funding

Where the company's money came from, by calendar year: private offerings filed with the SEC, federal grants, loans, contracts and other assistance from USAspending.gov, and PPP loans from the SBA. Each bar links to the records below.

Money received by year$2.1M 2023–2023
Money received by yearMoney received by year, 2023–2023: $2.1M in all. Private raises (Form D) $2.1M.$0$1M$2M$3M2023 · Private raises (Form D): $2.1M2023
Figures by year
YearPrivate raises (Form D)Total
2023$2.1M$2.1M

Private raises

Private offerings the company reported to the SEC on Form D. The amount is what the latest filing says was sold so far, charted in the year of the first sale. Covers filings since Oct 1, 2021.

  1. Jun 29, 2023Raised $2.1 million in a private offering of securities49 Form D: 1 investor so far Form D

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
Union Bancaire Privee, UBP SA7$10.0%No change

13F reports cover disclosed long positions in U.S. stocks only.

SEC filer profile

How Golden Minerals Co is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARGolden Minerals Co1
  • CIK0001011509
  • Employer ID (EIN)26-441338272
  • Filer statusNon-accelerated filer not an emerging growth company; a smaller reporting company; not a shell company72
  • Incorporated inDelaware72
  • Fiscal year endsDecember 311
  • Industry code (SIC)1040 Gold and Silver Ores1
  • SEC reviewing officeOffice of Energy & Transportation, Division of Corporation Finance1
  • Business address1312 17Th St, Unit 2136, Denver, CO 802021
  • Phone30383950601
  • Shares outstanding15,053,048 shares as of Mar 31, 202672
  • Public float$2.7M as of Jun 30, 202572
  • AuditorHaynie, Salt Lake City, Utah PCAOB ID 457; no auditor attestation of internal control over financial reporting72
  • On EDGAR sinceAug 29, 19971
  • Filings1,425 in all: 4 (559), 8-K (211), 10-Q (86), SC 13G/A (49), CORRESP (38), 3 (31), 424B3 (31), 424B5 (31)1
    All 53 form types

    EFFECT (30), DEF 14A (29), 4/A (28), 10-K (26), SC 13G (25), DEFA14A (22), S-3 (22), UPLOAD (22), SC 13D/A (21), S-8 (17), S-1/A (16), ARS (12), S-3/A (12), POS AM (10), SC 13D (10), 10-Q/A (7), 424B2 (7), PRE 14A (7), 10-K/A (6), S-1 (6), D (5), 5 (4), NT 10-K (4), NT 10-Q (4), 10-K405 (3), 10-K405/A (3), 424B7 (3), 8-A12B (3), 8-K/A (3), FWP (3), 25-NSE (2), 3/A (2), S-3MEF (2), S-4/A (2), 15-12B (1), 25 (1), 424B1 (1), 424B4 (1), CERTNYS (1), DEFM14A (1), PREM14A (1), RW (1), S-4 (1), S-8 POS (1), SCHEDULE 13G/A (1)

  • Latest filingsAnnual report (10-K) Apr 1, 2026
    Quarterly report (10-Q) Jul 28, 2026
    Proxy statement (DEF 14A) Apr 30, 2026
    Latest 8-K (8-K) Oct 2, 2026

Risk factors and legal proceedings

The risks Golden Minerals Co names in Item 1A of its 10-K filed Apr 1, 2026: 31 risks under these headings, as written.72

  • There is substantial doubt about whether we can continue as a going concern.
  • We are an exploration stage company and do not have a source of revenue.
  • Our results of operations, cash flows and the value of our exploration properties is highly dependent on the market prices of gold and silver and certain base metals, and these prices can be volatile.
  • We may not have access to sufficient future capital.
  • The December 2024 delisting of our common stock from the NYSE American may result in lower trading volumes and liquidity and lower prices of our common stock and make it more difficult for us to raise capital.
  • The OTCQB market and the TSX may remove our securities from trading on their marketplaces, which could limit investors’ ability to make transactions in our securities and subject us to additional trading restrictions.
  • Risks Related to our Operations
  • Competition in the mining industry is intense, and we have limited financial and personnel resources with which to compete.
  • The nature of mineral exploration, mining, and processing activities involves significant hazards, a high degree of risk, and the possibility of uninsured losses.
  • Our exploration activities, strategic transactions, or any acquisition activities may not be commercially successful and could fail to lead to metal production or fail to add value.
  • Risks related to our Exploration Activities
  • Our exploration properties may not contain mineral reserves.
The other 21 risks
  • The exploration of mineral properties is highly speculative in nature, involves substantial expenditures and is frequently non-productive.
  • We may acquire additional exploration or mining properties, and our business may be negatively impacted if reserves are not located on acquired properties or if we are unable to successfully execute and/or integrate the acquisitions.
  • Regulatory Risks
  • Our operations are subject to ongoing permitting requirements, which could result in delay, suspension or termination of our operations.
  • Certain of our primary exploration activities are in countries with developing economies and are subject to the risks of political and economic instability associated with these countries.
  • Most of our properties are subject to extensive environmental laws and regulations, which could materially adversely affect our business.
  • Many of our properties are located in areas of prior mining activity and we may encounter legacy environmental damage.
  • Climate change and climate change legislation or regulations could impact our business.
  • Mining companies are increasingly required to consider and provide benefits to the communities, regions, and countries in which they operate, and are subject to extensive environmental, health and safety laws and regulations.
  • Title to our exploration properties and rights may be defective or may be challenged.
  • Some of our costs are subject to exchange control policies, the effects of inflation, and currency fluctuations between the U.S. dollar and the Argentine peso.
  • Lack of infrastructure could forestall or prevent further exploration and advancement.
  • We may be subject to labor claims and employment-related liabilities arising from current or former operations in Argentina, Mexico and the United States.
  • Our inability to complete anticipated joint venture or strategic agreements could limit the advancement of our exploration properties.
  • Risks related to our Common Stock
  • Our stock price may be volatile and as a result shareholders could lose part or all of their investment.
  • The existence of a significant number of warrants may have a negative effect on the market price of our common stock.
  • Following delisting of our common stock from the NYSE American in December 2024, our stock may be determined to be a “penny stock,” a broker-dealer may find it more difficult to trade our common stock and an investor may find it more difficult to acquire or dispose of our common stock in the secondary market.
  • General Risks
  • Our operations may be disrupted, and our financial results may be materially adversely affected by any future pandemic.
  • We may not be able to operate successfully if we are unable to recruit, hire, retain and develop key personnel and a qualified and diverse workforce. In addition, we are dependent upon our employees being able to safely perform their jobs, including the potential for physical injuries or illness.
  • Market factors outside of our control could have significant adverse impacts on our business, operations and/or prospects.
  • Global and regional political and economic conditions could adversely impact our business.
  • We are dependent on information technology systems, which are subject to certain risks, including cybersecurity risks and data leakage risks.

Legal proceedings

Claims Related to Shutdown or Reduction of Operations

Ten former employees of some of the Company’s Mexican subsidiaries filed labor claims in 2024 against the subsidiary companies claiming the companies had not compensated them properly for their termination. As at December 31, 2024, a severance accrual was estimated and recorded in connection with these lawsuits for $230,000. All such claims were settled during 2025 as part of the sale of our Mexican subsidiaries. As at December 31, 2025, there was no severance accrual recorded in our consolidated financial statements.

One supplier of some of the Mexican subsidiaries filed a lawsuit in 2024 against the subsidiary companies for non-payment for services rendered. In total, the supplier is seeking approximately $55,000 and this amount was recorded in accounts payable as of December 31, 2024. As with labor claims, all liabilities related to suppliers was settled as part of the sale of our Mexican subsidiaries in 2025.

In 2025, we received three labor claims against our Argentina subsidiary from former employees seeking compensation. As of December 31, 2025, we have accrued $250,000 for these matters, representing our best estimate of a probable loss. We intend to vigorously defend these claims.

The opening of Item 3, Legal Proceedings.72

Sources

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