Ms. Karen Winkler reports

GOLDEN MINERALS ANNOUNCES CLOSING OF US$2.1 MILLION REGISTERED DIRECT OFFERING

Golden Minerals Company has closed its previously announced registered direct offering 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 per share (or common stock equivalents in lieu thereof) in a registered direct offering. In a concurrent private placement, the company issued unregistered warrants to purchase up to 1,427,587 shares of common stock with an exercise price of $1.90 per share, which are exercisable six months from the date of issuance and for a period of five years following initial exercise date.

H.C. Wainwright & Co. LLC acted as the exclusive placement agent for the offering.

The gross proceeds from the offering were approximately $2.1-million, prior to deducting placement agent's fees and other offering expenses payable by Golden Minerals. Golden Minerals 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 were offered pursuant to a shelf registration statement on Form S-3 (file No. 333-249218) that was filed with the Securities and Exchange Commission 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) was 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 was filed with the SEC. Electronic copies of the prospectus supplement 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.

The warrants described above were offered in a private placement under Section 4(a)(2) of the Securities Act of 1933, as amended, and/or Regulation D promulgated thereunder and, along with the shares of common stock underlying the warrants, have not been registered under the securities act or applicable state securities laws. Accordingly, the warrants and underlying shares of common stock may not be offered or sold in the United States except pursuant to an effective registration statement or an applicable exemption from the registration requirements of the securities act and such applicable state securities laws.

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, and 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.