07:12 AM EDT, 08/14/2024 (MT Newswires) -- Golden Minerals ( AUMN ) on Wednesday said its second-quarter net loss widened and that it will run out of funds in September if it doesn't manage to generate cash.

The second-quarter net loss jumped to US$2.7 million, or US$0.19 per share, from from a loss of US$1.5 million, or US$0.21 per share.

Golden Minerals ( AUMN ), which is considering bankruptcy filings for several of its Mexican subsidiaries, said that without additional cash inflows it expects to run out of cash in September, forcing it to cease operations and liquidate its assets.

To satisfy its projected general, administrative, exploration and other expenses through June 2025, the company needs about $6 million to $8 million in capital inflows, Golden Minerals ( AUMN ) said.

As of June 30, the company had assets of about $2.5 million and accounts payable and other current liabilities of about $4.8 million.

Because the company has ceased mining at the Velardena mine, its only near-term opportunity to generate cash flow is from a sale of assets and equity or other external financings. Golden Minerals ( AUMN ) is seeking buyers for its El Quevar and Yoquivo projects.