Golden Minerals (AUMN) files Form 4 for 175K RSU Award to Director

Rhea-AI Filing Summary

Golden Minerals Co. (AUMN) – Form 4 insider filing

Director Kevin R. Morano reported the grant of 175,000 restricted stock units (RSUs) on 24 June 2025 under the company’s Amended and Restated 2023 Equity Incentive Plan. The RSUs were issued at a stated price of $0 and are classified as an acquisition (transaction code “A”).

After the award, Morano’s total beneficial ownership rose to 304,773 shares/units, comprised of the newly granted 175,000 RSUs, 129,493 previously reported RSUs, and 280 shares of common stock held directly.

No open-market purchases, sales, or derivative exercises were disclosed, and the filing does not reference any 10b5-1 trading plan. As this is a routine compensation grant rather than a cash-funded purchase, the signalling value for outside investors is limited. Nevertheless, the additional equity modestly increases management–shareholder alignment without causing dilution beyond what was already authorized in the equity plan.

Positive

• Director ownership increases by 175,000 RSUs, marginally improving management–shareholder alignment.

Negative

• Grant is compensation-based; no personal capital committed, so signalling value is limited.

Insights

Securities Analyst

TL;DR: Routine RSU grant; raises director’s stake but offers little market signal.

The Form 4 shows a standard equity-compensation award, not an open-market buy or sell. Morano’s ownership climbs to 304,773 units, yet the transaction involves no cash outlay and therefore conveys minimal conviction about valuation. From a governance perspective, the added exposure incrementally tightens alignment, but there is no immediate earnings, cash-flow, or dilution impact beyond plan limits already approved by shareholders. Overall, I view the filing as informational and not materially impactful to valuation or trading dynamics.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

MORANO KEVIN R

(Last) (First) (Middle)

1312 17TH STREET, UNIT 2136

(Street)

DENVER CO 80202

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Golden Minerals Co [ AUMN ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
06/24/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	06/24/2025		A		175,000	A	$0	304,773(1)	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. The reported transaction involves the reporting person's receipt of a grant of 175,000 restricted stock units under Golden Minerals Company's Amended and Restated 2023 Equity Incentive Plan. The reporting person has reported prior awards of restricted stock units in Table II of Form 4. The total reported in Column 5 includes the 175,000 newly awarded restricted stock units,129,493 restricted stock units previously reported in Table II, and 280 shares of common stock.

	/s/ Kevin R. Morano	06/26/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

How many RSUs did Golden Minerals (AUMN) grant to Director Kevin R. Morano?

The Form 4 reports a grant of 175,000 restricted stock units on 24 Jun 2025.

What is Kevin R. Morano’s total Golden Minerals ownership after the transaction?

His beneficial ownership stands at 304,773 shares/units (175,000 new RSUs, 129,493 prior RSUs, 280 common shares).

Was any cash paid for the RSUs granted to the director?

No. The RSUs were awarded at a reported price of $0 as part of the company’s equity incentive plan.

Does the filing indicate any open-market buying or selling by the director?

No open-market purchases, sales, or option exercises were disclosed in this Form 4.

Is the transaction linked to a 10b5-1 trading plan?

The form does not indicate that the grant was made under a Rule 10b5-1(c) plan.