Ms. Karen Winkler reports

GOLDEN MINERALS BEGINS MINING OPERATIONS AT VELARDENA SILVER-GOLD PROPERTIES

On Dec. 18, 2023, Golden Minerals Company began silver-gold mining operations at its Velardena properties, located in Durango state, Mexico.

The company has begun mining in six stopes and is steadily ramping up daily production to reach a rate of approximately 150 tonnes per day (tpd) in March, and ultimately a full production rate of approximately 325 tpd in the second quarter.

The restart of mining operations follows the company's announcement in November, 2023, that it had also begun producing gold-rich pyrite flotation concentrates from Velardena. The concentrates come from material that has been stockpiled at the Velardena properties since the fourth quarter of 2015, when the mines were last operational. At that point, mining activities were suspended when a combination of low metals prices, mining dilution and metallurgical challenges rendered operations unprofitable. The company elected to preserve the asset for future use, and since that time has evaluated a number of mining methods and processing alternatives that could enable sustainable profitable operations. The December, 2023, restart of mining represents the culmination of that work. The company anticipates continuing to produce the pyrite concentrates until such time that mine production can sustain continuous operation of the flotation plant to produce the three concentrates, lead-silver, zinc and pyrite-gold from newly mined material.

About Golden Minerals Company

Golden Minerals is a gold and silver mining company based in Golden, Colo. The company is primarily focused on ramping up 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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