An anonymous director reports

GOLDEN MINERALS ANNOUNCES US$4.2 MILLION PUBLIC OFFERING

Golden Minerals Company has priced its public offering of an aggregate of six million shares of its common stock (or common stock equivalents in lieu thereof), Series A warrants to purchase up to six million shares of common stock and Series B warrants to purchase up to three million shares of common stock, at a public offering price of 70 cents per share of common stock (or common stock equivalent in lieu thereof) and accompanying warrants. The Series A warrants will have an exercise price of 70 cents per share, will be exercisable immediately and will expire five years after the initial exercise date, and the Series B warrants will have an exercise price of 70 cents per share, will be exercisable immediately and will expire 18 months after the initial exercise date. The offering is expected to close on or about Nov. 8, 2023, subject to the satisfaction of customary closing conditions.

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

The gross proceeds from the offering are expected to be approximately $4.2-million (U.S.), prior to deducting the 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 securities described herein are being offered pursuant to a registration statement on Form S-1 (file No. 333-274403) that was initially filed with the United States Securities and Exchange Commission (SEC) on Sept. 7, 2023, and declared effective on Nov. 6, 2023. The offering of securities described herein is being made only by means of a prospectus forming part of the effective registration statement relating to the offering. A preliminary prospectus relating to the offering has been filed with the SEC and is available on the SEC's website. Electronic copies of the final prospectus, 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 mining company based in Golden, Colo. The company is primarily focused on resuming production at its Velardena properties and advancing its Yoquivo property in Mexico, and, through partner-financed exploration, advancing its El Quevar silver property in Argentina. The company is also focused on acquiring and advancing selected mining properties in Mexico, Nevada and Argentina.

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