Ms. Karen Winkler reports

GOLDEN MINERALS COMPLETES SALE OF SANTA MARIA GOLD-SILVER PROPERTY

On Dec. 1, 2023, Golden Minerals Company completed the previously announced sale of its interests in the Santa Maria gold-silver property located in Chihuahua state, Mexico, to Transformaciones y Servicios Metalurgicos SA de CV (TSM).

Upon closing, the company has received (all figures in U.S. dollars) $1.5-million plus $240,000 in value-added tax (VAT). The company is permitted to keep the VAT and use it to offset its current VAT receivable.

In addition, sales terms include:

• TSM has granted Golden a 1.5-per-cent net smelter return (NSR) royalty on the Santa Maria concession, capped at $1-million.
• TSM may purchase from Golden the right to receive the NSR royalty for $500,000 at any time prior to TSM beginning commercial production at Santa Maria.

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.