Golden Minerals Company has provided updates related to ongoing work at several of its Mexican gold-silver mining properties, in advance of the CompanyÆs participation and presentation at the Precious Metals Summit in Beaver Creek, Colorado from September 13-16, 2022. The Company reported assay results of holes 10 through 24 from its third drill program at the Yoquivo gold-silver project in Chihuahua state, Mexico. The 2022 program began in May 2022 and to date 24 holes totaling 5,693 meters have been drilled.

Drilling was designed to follow up on high-grade intercepts reported in earlier drill campaigns and to explore the Pertenencia vein system with sufficient drill density to enable a maiden resource estimate in First Quarter 2023. Highlights include: 3.7m @ 4.5 g/t Au, 767 g/t Ag,9.3m @ 0.3 g/t Au and 209 g/t Ag,including 3.4m @ 0.2 g/t Au, 448 g/t Ag, 4.6m @ 11.4 g/t Au and 155 g/t Ag, including 2.3m @ 21 g/t Au, 261 g/t Ag, 1.9m @ 2.0 g/t Au, 315 g/t Ag, 5.3m @ 2.5 g/t Au, 379 g/t Ag, 35.4m @ 0.3 g/t Au, 66.4 g/t Ag, 2.9m @ 6.7 g/t Au, 339 g/t Ag. A follow-up drill program of about 2,500 meters is planned to start in late September to further delineate new veins and high-grade intercepts encountered on the Pertenencia, San Francisco, and Dolar vein systems. Further review of the results from the CompanyÆs test-mining activities at Velarde±a over the summer and a review of the mine plans have led Golden to the decision to undertake a development and exploration drill program at Velarde±a prior to proposing the restart of mining.

The drilling is required to further delineate alternative veins to replace portions of the San Mateo vein in the CompanyÆs mine plan. The eastern portion of the San Mateo vein did not meet expectations in the recently-completed test mining due to vein-parallel fractures in the host rock which led to unacceptably high mining dilution. The drill program, which will include both underground and surface drilling, will target veins that have not been mined recently at Velarde±a but which show historical evidence of potential economic grades and widths.

The Company anticipates starting the program in the fourth quarter, with results becoming available during the first quarter of 2023. During the balance of 2022, the Company is also evaluating screening and ore sorting alternatives to improve mine head grade, processing material mined during the test mining to confirm recovery expectations and completing a budget level capital study for the project. These activities are not expected to be completed until the first quarter of 2023 and therefore any decision on a potential restart of mining operations at Velarde±a will be deferred until at least the end of the first quarter of 2023, and potentially later.

Rodeo continues to perform in line with its plan as near the end of the third quarter 2022. Golden remains on schedule to meet its forecasted production range of 12,000 to 14,000 ounces of gold and 42,000 to 47,000 ounces of silver in 2022. Drilling and blasting at Rodeo have advanced ahead of plan in Phase I, which allows for maximum mining flexibility as the pit continues to develop and transition into Phase II.

Golden is very pleased with the safety record at Rodeo where the Company recently completed over one year and eight months without a lost-time accident and the past two quarters without an incident. This record demonstrates GoldenÆs value of safety and its employeesÆ commitment to work safely.