Golden Minerals reported a QQ1 2025 net loss of $1.239 million on operating expenses of $0.86 million and constant G&A of $0.789 million, with no reported revenue in the period. Despite a negative bottom line, I can note a YoY improvement in operating income of 50.8%, though QoQ the change was a substantial -855.6% given the seasonality and cost structure seen in early-stage exploration. Net income YoY improved by 72.9% but QoQ declined by 154.4%, and EPS stood at -$0.0823 for the quarter. Operating cash flow was negative at -$0.288 million, contributing to a free cash flow of -$0.288 million for QQ1 2025. The company ends the period with $3.53 million in cash and equivalents and a negative stockholders’ equity position of approximately -$3.27 million, reflecting a high-debt-like balance relative to assets and ongoing exploration spend. The current ratio (0.819), quick ratio (0.819) and cash ratio (0.727) indicate limited near-term liquidity headroom, underscoring the balance between cash on hand and short-term obligations. Given the asset base (Rodeo, Velardena/Chicago, El Quevar and other properties) and lack of revenue, the market is positioned to value Golden Minerals primarily on exploration success, potential partnerships or monetization events, and the strategic evolution of its portfolio.