Ms. Karen Winkler reports

GOLDEN MINERALS BEGINS PRODUCING GOLD-BEARING PYRITE CONCENTRATE AT VELARDENA

Golden Minerals Company has begun producing gold-bearing pyrite flotation concentrate from its Velardena properties in Durango state, Mexico.

The company is processing material that has been stockpiled at Velardena since the mines last operated in 2015. The material was only partially processed during past operations, and a gold- and silver-bearing pyrite concentrate has not previously been separated from the material. During periods of past operations, concentrate sales terms were uneconomic for the gold-bearing pyrite concentrate that comes from Velardena. However, recent and notably more favourable market terms offered for these concentrates mean Velardena's gold pyrite/arsenopyrite concentrates are now economic to process and sell (see the company's press release dated April 4, 2023).

The company began processing last week and estimates its first shipment of concentrates will take place this week. The company plans to continue processing this previously stockpiled material until sufficient newly mined material from Velardena is available for processing at full capacity, which is anticipated to occur within the next several months. The company plans to start mining at Velardena in December. The mining contractor is mobilizing now and will be on site the first week of December.

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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