Golden Minerals Receives Continued Listing Standard Notice From NYSE American

Rhea-AI Summary

Golden Minerals has received a notice from NYSE American on July 2, 2024, indicating non-compliance with the exchange's continued listing standards. Specifically, the company is not meeting Sections 1003(a)(i), 1003(a)(ii), and 1003(a)(iii) due to its reported stockholders’ equity of $0.6 million as of March 31, 2024, and losses from continuing operations and/or net losses in the past five fiscal years. The company had previously been notified of non-compliance with Section 1003(a)(iii) on June 9, 2023. Golden Minerals submitted a compliance plan on July 6, 2023, which the NYSE accepted on August 22, 2023, granting the company time until December 6, 2024, to meet the standards. There is no immediate impact on the company's stock or operations.

Positive

• None.

Negative

• Golden Minerals reported stockholders’ equity of only $0.6 million as of March 31, 2024.
• The company has experienced losses from continuing operations and/or net losses over the past five fiscal years.
• Non-compliance with Sections 1003(a)(i), 1003(a)(ii), and 1003(a)(iii) of the NYSE American continued listing standards.
• Previous non-compliance notice for Section 1003(a)(iii) received on June 9, 2023.

Insights

Financial Analyst

The notification from the NYSE American to Golden Minerals highlights significant financial challenges. The company has been unable to maintain stockholders' equity above the required thresholds and has experienced continuous losses over the past five years. This situation emphasizes the urgency for Golden Minerals to stabilize its financial status to avoid delisting.

Stockholders’ equity is a key indicator of a company's financial health, representing the net value owned by shareholders after all liabilities are subtracted from total assets. The reported amount of $0.6 million is considerably low, especially for a company listed on a major exchange like the NYSE American. This figure raises concerns about the company's liquidity and solvency.

Investors should closely monitor Golden Minerals' progress in implementing their compliance plan. The plan’s acceptance by the NYSE Regulation staff provides some reassurance, but the company must demonstrate tangible improvements before the December 6, 2024 deadline.

Short-term, this news might incite volatility in the stock price due to investor uncertainty. Long-term consequences could include restricted access to capital if the company fails to meet the compliance requirements, potentially leading to delisting.

Retail investors should be cautious and consider the risks associated with the company's current financial instability. While there may be a speculative opportunity if the company successfully regains compliance, the high-risk nature of this situation should not be underestimated.

GOLDEN, Colo.--(BUSINESS WIRE)-- Golden Minerals Company (“Golden Minerals”, “Golden” or the “Company”) (NYSE-A: AUMN and TSX: AUMN) today announced that on July 2, 2024, the Company was notified by the NYSE American LLC (the “NYSE American”) that it was not in compliance with three of the NYSE American’s continued listing standards as set forth in Part 10 of the NYSE American Company Guide (the “Company Guide”). Specifically, the Company is not in compliance with Sections 1003(a)(i), 1003(a)(ii) and 1003(a)(iii) of the Company Guide since it reported stockholders’ equity of $0.6 million as of March 31, 2024 and losses from continuing operations and/or net losses in its five most recent fiscal years. The Company was previously notified on June 9, 2023 that it was not in compliance with Section 1003(a)(iii). On July 6, 2023, the Company submitted a plan to achieve compliance by December 6, 2024. On August 22, 2023, the NYSE Regulation staff accepted the plan and granted a plan period through December 6, 2024.

The notification from the NYSE American has no immediate effect on the Company’s common stock or its business operations. The Company’s common stock will continue to be listed on the NYSE American under the symbol “AUMN” while it regains compliance with Sections 1003(a)(i), 1003(a)(ii) and 1003(a)(iii) of the Company Guide, subject to the Company’s compliance with other continued listing requirements.

About Golden Minerals

Golden Minerals is a precious metals mining exploration company based in Golden, Colorado. The Company is primarily focused on advancing its El Quevar silver property in Argentina and also on advancing its Yoquivo property in Mexico. The Company is also focused on acquiring and advancing selected mining properties in Mexico, Nevada and Argentina.

Forward-Looking Statements

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 applicable Canadian securities legislation, including statements regarding the plan to achieve compliance with the NYSE American and other factors that may cause actual results, performance or achievements to be materially different than those expressed or implied. These statements are subject to risks and uncertainties. Golden Minerals assumes no obligation to update this information. Additional risks relating to Golden Minerals can 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 and the Company's Quarterly Report on Form 10-Q for the quarter ended March 31, 2024.

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

View source version on businesswire.com: https://www.businesswire.com/news/home/20240709101637/en/

Golden Minerals Company

(303) 839-5060

Investor.relations@goldenminerals.com

Source: Golden Minerals Company

FAQ

What is the recent compliance issue faced by Golden Minerals?

Golden Minerals has been notified of non-compliance with NYSE American's continued listing standards, specifically Sections 1003(a)(i), 1003(a)(ii), and 1003(a)(iii).

When did Golden Minerals receive the NYSE American compliance notice?

Golden Minerals received the compliance notice on July 2, 2024.

What is Golden Minerals' stockholders' equity as of March 31, 2024?

Golden Minerals reported stockholders’ equity of $0.6 million as of March 31, 2024.

What is Golden Minerals' stock symbol?

Golden Minerals' stock symbol is AUMN.

What is the deadline for Golden Minerals to achieve compliance with NYSE American standards?

Golden Minerals has until December 6, 2024, to achieve compliance with NYSE American standards.

Does the compliance notice affect Golden Minerals' stock listing?

There is no immediate effect on Golden Minerals' stock listing; it will continue to be listed on NYSE American under the symbol AUMN while the company works to regain compliance.