Form 8-K - Current report

DE0001011509false00010115092024-10-242024-10-24

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

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FORM 8-K

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Current Report

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Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934

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Date of Report (Date of earliest event reported): October 24, 2024

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GOLDEN MINERALS COMPANY

(Exact name of registrant as specified in its charter)

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DELAWARE	​	1-13627	​	26-4413382
(State or other jurisdiction of incorporation or organization)	​	(Commission File Number)	​	(I.R.S. Employer Identification Number)

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350 Indiana Street, Suite 650

Golden, Colorado 80401

(Address of principal executive offices) (Zip Code)

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Registrant’s telephone number, including area code: [phone]

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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

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☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

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☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

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☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

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☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

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Securities registered pursuant to Section 12(b) of the Act:

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Title of each class		Trading Symbol(s)		Name of each exchange on which registered
Common Stock, $0.01 par value		AUMN		NYSE American

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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2 of this chapter).

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Emerging growth company  ☐

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If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ☐

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Item 2.01Completion of Acquisition or Disposition of Assets.

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On October 24, 2024, Golden Minerals Company (the “Company”) completed the previously announced sale of 100% of the issued and outstanding shares of Silex Argentina S.A., the Company’s wholly owned subsidiary that holds the El Quevar Project located in Salta Province, Argentina, to Butte Energy Inc. In connection with the sale, the Company received $3.5 million in cash.

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Item 8.01Other Events.

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On October 24, 2024, the Company issued a press release (i) announcing the completion of the sale of Silex Argentina S.A. to Butte Energy Inc., and (ii) providing an update on the Company’s liquidity and financial status. The full text of the press release is attached hereto as Exhibit 99.1.

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Item 9.01

Financial Statements and Exhibits.

(d)Exhibits.

Exhibit No.	Description
99.1	Press Release of Golden Minerals Company, dated October 24, 2024.
104	Cover Page Interactive Data File (embedded within the Inline XBRL document).

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SIGNATURE

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Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

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Date: October 29, 2024

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​	Golden Minerals Company
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​	By:		/s/ Joseph G. Dwyer
​	​		Name: Joseph G. Dwyer
​	​		Title:   Chief Financial Officer

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Golden Minerals Announces Completion of Sale of its El Quevar Silver Project and Provides Corporate Update

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GOLDEN, CO - /BUSINESS WIRE/ - October 24, 2024 – Golden Minerals Company (“Golden” or the “Company”) (NYSE-A: AUMN and TSX: AUMN) today announced the completion of the previously-announced sale of Silex Argentina S.A., its wholly-owned subsidiary that owns the El Quevar Project located in Salta Province, Argentina, to Butte Energy Inc.

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The total purchase price for the acquisition of Silex was US$3.5 million, of which $1 million was previously paid, and the balance of $2.5 million was paid on October 24, 2024.

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Concurrent with the closing of the transaction, Butte Energy changed its name to Argenta Silver Corp.

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INFOR Financial Inc. acted as financial advisor to the Company in relation to this transaction and Fasken Martineau DuMoulin LLP acted as Canadian counsel to the Company.

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Corporate Update

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The Company continues to hold an interest in several remaining exploration properties, including Sarita Este/Desierto, a gold-silver-copper exploration project located in northwest Salta Province Argentina and Sand Canyon, an exploration-stage, gold-silver project in northwestern Nevada.  The Company will not be able to further explore or develop any of its properties without the receipt of additional capital.

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As previously disclosed, the Company ceased mining at the Velardeña mines in Mexico in the first quarter 2024, and subsequently sold the mines and certain related assets. The Company is still owed US$1.8 million plus VAT of the purchase price for the remaining Velardeña assets. The Company’s only near-term opportunity to generate cash flow to meet its expected cash requirements is from the sale of assets, equity or other external financing. With the receipt of the proceeds from the sale of the El Quevar project, as of October 24, 2024 the Company has cash and cash equivalents of approximately $3.6 million and accounts payable of approximately $1.6 million.

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The Company is taking actions to address its liquidity and financial stability concerns. As a part of these efforts, the Company is evaluating and pursuing alternatives, including the potential sale of the Company, finalizing the sale of its assets at the Velardeña Properties, seeking buyers or partners for the Company’s other assets or obtaining equity or other external financing. The proceeds from these sales would be directed toward addressing the Company’s ongoing operating expenses and satisfying its liabilities, while seeking to maximize any remaining value for its shareholders. If the Company is unable to obtain additional resources, it may be forced to cease operations and liquidate.

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Forward-Looking Statements

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This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and forward-looking information within the meaning of applicable Canadian securities legislation (collectively, “forward-looking statements”), including statements regarding the Company’s ongoing evaluation and pursuit of alternatives to obtain sufficient funding to continue as a going concern.  These statements are subject to risks and uncertainties including the ability of the Company to receive the outstanding amounts owed in respect of the sale of the Velardeña

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GOLDEN MINERALS COMPANY

350 Indiana Street – Suite 650 – Golden, Colorado 80401 – Telephone [phone]

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Properties and the ability of the Company to identify and execute a strategic transaction or financing in order to avoid the need to liquidate. Golden Minerals assumes no obligation to update this information. Additional risks relating to Golden Minerals may be found in the periodic and current reports filed with the Securities & Exchange Commission by Golden Minerals, including the Company’s Annual Report on Form 10-K for the year ended December 31, 2023.

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For additional information, please visit http://www.goldenminerals.com/ or contact:

Golden Minerals Company

[phone]

SOURCE: Golden Minerals Company

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GOLDEN MINERALS COMPANY

350 Indiana Street – Suite 650 – Golden, Colorado 80401 – Telephone [phone]

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Document and Entity Information	Oct. 24, 2024
Cover [Abstract]
Document Type	8-K
Document Period End Date	Oct. 24, 2024
Entity File Number	1-13627
Entity Registrant Name	GOLDEN MINERALS COMPANY
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	26-4413382
Entity Address, Address Line One	350 Indiana Street
Entity Address, Address Line Two	Suite 650
Entity Address, City or Town	Golden
Entity Address, State or Province	CO
Entity Address, Postal Zip Code	80401
City Area Code	303
Local Phone Number	839-5060
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Title of 12(b) Security	Common Stock, $0.01 par value
Trading Symbol	AUMN
Security Exchange Name	NYSEAMER
Entity Emerging Growth Company	false
Entity Central Index Key	0001011509
Amendment Flag	false

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