Ms. Karen Winkler reports

GOLDEN MINERALS ANNOUNCES CLOSING OF US$4.2 MILLION PUBLIC OFFERING

Golden Minerals Company has closed its previously announced 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 $0.70 per share of common stock (or common stock equivalent in lieu thereof) and accompanying warrants. The Series A warrants have an exercise price of $0.70 per share, are exercisable immediately and will expire five years after the initial exercise date, and the Series B warrants have an exercise price of $0.70 per share, are exercisable immediately and will expire 18 months after the initial exercise date.

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

The gross proceeds from the offering were approximately $4.2 million, 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 securities described above were offered pursuant to a registration statement on Form S-1 (File No. 333-274403) that was initially filed with the Securities and Exchange Commission (the "SEC") on September 7, 2023, and declared effective on November 6, 2023. The offering of the securities described above was 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 at http://www.sec.gov. Electronic copies of the final prospectus may be obtained on the SEC's website at http://www.sec.gov and may also be obtained by contacting H.C. Wainwright & Co., LLC at 430 Park Avenue, 3rd Floor, New York, NY 10022, by phone at (212) 856-5711 or e-mail at placements@hcwco.com

This press release shall not constitute an offer to sell or a solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or other jurisdiction.

About Golden Minerals

Golden Minerals is a gold and silver mining company based in Golden, Colorado. The Company is primarily focused on resuming production at its Velardena Properties and advancing its Yoquivo property in Mexico, and, through partner-funded 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.