Ms. Karen Winkler reports

GOLDEN MINERALS ANNOUNCES US$2.1 MILLION REGISTERED DIRECT OFFERING

Golden Minerals Company has entered into definitive agreements for the purchase and sale of an aggregate of 1,427,587 shares of common stock (or common stock equivalents in lieu thereof) at a purchase price of $1.45 (U.S.) per share (or common stock equivalents in lieu thereof) in a registered direct offering. In a concurrent private placement, the company will issue unregistered warrants to purchase up to 1,427,587 shares of common stock with an exercise price of $1.90 (U.S.) per share which will be exercisable six months from the date of issuance and for a period of five years following initial exercise date. The offering is expected to close on or about June 29, 2023, subject to the satisfaction of customary closing conditions.

H.C. Wainwright & Co. is acting as the exclusive placement agent for the offering.

The gross proceeds from the offering are expected to be approximately $2.1-million (U.S.), prior to deducting placement agent's fees and other offering expenses payable by Golden. Golden intends to use the net proceeds from the offering for working capital and other general corporate purposes.

The shares of common stock (and common stock equivalents) described above (but not the warrants issued in the private placement or the shares of common stock underlying such warrants) described above are being offered pursuant to a shelf registration statement on Form S-3 (file No. 333-249218) that was filed with the Securities and Exchange Commission (the SEC) on Oct. 1, 2020, and declared effective on Oct. 14, 2020. The offering of the shares of common stock (or common stock equivalents in lieu thereof) is made only by means of a prospectus, including a prospectus supplement, forming a part of the effective registration statement. A final prospectus supplement and accompanying prospectus relating to the registered direct offering will be filed with the SEC. Electronic copies of the prospectus supplement, when available, may be obtained on the SEC's website and may also be obtained by contacting H.C. Wainwright & Co. at 430 Park Ave., third floor, New York, N.Y., 10022, by phone at 212-856-5711 or e-mail at placements@hcwco.com.

About Golden Minerals Company

Golden Minerals is a gold and silver producer based in Golden, Colo. The company is primarily focused on producing gold and silver from its Rodeo mine, advancing its Velardena and Yoquivo properties in Mexico, and, through partner-financed exploration, its El Quevar silver property in Argentina, as well as acquiring and advancing selected mining properties in Mexico, Nevada and Argentina.

We seek Safe Harbor.