Current Report Filing (8-k)

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

Current Report

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

Date of Report (Date of earliest event reported): March 19, 2020 (March 14, 2020)

GOLDEN MINERALS COMPANY

(Exact name of registrant as specified in its charter)

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

350 Indiana Street, Suite 650

Golden, Colorado 80401

(Address of principal executive offices) (Zip Code)

Registrant’s telephone number, including area code: (303) 839-5060

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):

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

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

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

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

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

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

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). Emerging growth company o

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. o

Item 8.01 Other Events.

On October 16, 2019, Golden Minerals Company (the “Company”) announced that it entered into an option agreement to sell its right to acquire a 100% interest in the Santa Maria silver and gold project located in southern Chihuahua State, Mexico to Magellan Gold Corporation (“Magellan”). The agreement provided for a period of up to 150 days for Magellan to complete its due diligence review and secure adequate financing for the project. Magellan was entitled to exercise its option at any time prior to the end of that period. On March 14, 2020, that period expired without exercise of the option. The Company and Magellan remain in discussions regarding a potential extension of the option period, however, there is no certainty that an agreement will be reached. The Company no longer expects the $1 million option payment to be received from Magellan prior to the end of the first quarter, and such payment may never be received if the parties are unable to agree on terms for an extension of the option agreement or if such renegotiated option is not exercised.

As of February 29, 2020, the Company had cash on hand of approximately $2.2 million. As a result of the failure to receive the option fee from Magellan, the Company has reduced its discretionary exploration spending until additional funding becomes available.

SIGNATURE

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.

Date: March 19, 2020