Golden Minerals Announces Completion of Offering for C$5,000,000

Golden Minerals Company (AUMN) closed a non-brokered private placement on November 9, 2026, issuing 17,857,143 units at C$0.28 per unit for gross proceeds of C$5,000,000. Each unit consists of one common share and one-half of one common stock purchase warrant. The warrants have a C$0.45 exercise price and expire 24 months from closing.

The offering results in a fully diluted share count increase of approximately 94.5%, raising the total from ~29.5M to ~57.3M shares. Net proceeds will fund exploration at the Desierto project in Argentina, cover the July 2027 option payment for Desierto, reduce liabilities, and provide working capital through the end of 2027. An insider participant subscribed C$100,000, bringing post-offering insider ownership to ~11%.

The company invoked the TSX financial hardship exemption to bypass shareholder approval. Consequently, the TSX placed the company under a 120-day delisting review, with a Continued Listing Committee meeting scheduled for March 3, 2027. The company is considering applying for a listing on the TSX Venture Exchange. Initial drilling at Desierto is underway, with results expected in Q1 2027.

Golden Minerals Company (AUMN) has secured financing that averts imminent liquidation and extends its operational runway through late 2027. The transaction results in a 94.5% fully diluted share increase, fundamentally altering the equity structure. The closing follows the announcement made on October 26, 2026, with pricing, dilution mechanics, and use of proceeds fully disclosed and priced by the market prior to the transaction. The immediate impact is limited to the procedural delisting review and warrant issuance, rather than new fundamental information.

The financing triggers a TSX delisting review as a direct consequence of the financial hardship exemption. While a March 2027 committee meeting introduces listing uncertainty, the company is considering a transfer to the TSXV as a fallback path. Additionally, the deal includes warrants with a C$0.45 exercise price and a 24-month term, introducing future overhang. An acceleration clause allows for early expiry if the volume-weighted average price (VWAP) exceeds C$0.90 for 10 consecutive days.

Golden Minerals Company (AUMN) is an exploration-stage entity with no revenue-producing operations. Its flagship project, Desierto/Sarita Este in Salta, Argentina, hosts shallow oxidized epithermal gold zones and porphyry copper/gold targets. The company controls a 66.66% interest in the Desierto concessions, subject to an option agreement, and a 51% interest in Sarita Este.

The company’s secondary project is Sand Canyon in Humboldt County, Nevada, where it holds a 60% joint venture interest focused on low-sulfidation epithermal gold-silver targets. Historical drilling at Sand Canyon showed low anomalous values but no economic concentrations. Management is led by CEO David Watkins, a seasoned exploration geologist with decades of experience in base and precious metals discovery.