07:11 AM EDT, 03/19/2024 (MT Newswires) -- Golden Minerals Co. ( AUMN ) on Tuesday reported full-year 2023 net loss of US$9.2 million, or US$1.08 per share, narrowing from US$9.9 million, or US$1.49 per share, a year ago.

Total 2023 revenue came in at US$12.0 million, a decrease from US$23.3 million in 2022.

Cash inflows during 2023 totaled US$9.7 million and comprised US$7.5 million from equity offerings, net of fees, and US$2.2 million from the sale of noncore assets.

Expenditures during 2023 amounted to US$9.9 million, including US$3.4 million in exploration expenditures and US$4.7 million in general and administrative expenses.

The company expects to spend about US$9.0 million in 2024, including exploration expenses of US$1.3 million and administrative expense of US$3.3 million.

Golden Minerals ( AUMN ) said it does not have enough resources to meet its expected cash needs for 2024. To meet its liquidity needs, the company plans to sell assets, collect VAT receivables, seek equity financing and reduce costs.

The amount of cash needed to be raised to cover 2024 expenditures is between US$7.6 million and US$8.6 million.

There is no assurance that the company will be able to raise enough capital. In the absence of funding, the company's cash balance is expected to be depleted in the second quarter.

Golden Minerals ( AUMN ) at last look rose 5.0% in US pre-market trading on Tuesday.