Mr. Nolan Watson, an investor, reports

EARLY WARNING REPORT ISSUED PURSUANT TO NI 62-103 ACQUISITION OF SECURITIES OF GOLDEN MINERALS COMPANY

On May 22, 2026, Streamline Metals Capital Ltd., a corporation that is 100 per cent beneficially owned and controlled by Nolan Watson, purchased 3.74 million common shares of Golden Minerals Company pursuant to a non-brokered private placement at a price of 31.62 cents per common share for aggregate consideration of $1,182,690.

Prior to the acquisition, the acquiror held no common shares. After giving effect to the acquisition, the acquiror holds a total of 3.74 million common shares, representing approximately 19.9 per cent of the total issued and outstanding common shares of the company.

The common shares were acquired for investment purposes only. The acquiror may, from time to time, increase or decrease his shareholding or continue to hold common shares of the company as he may determine appropriate in the normal course of investment activity. In the future, the acquiror may, directly or indirectly, acquire additional common shares of Golden Minerals Company or dispose of such shares subject to a number of factors, including, without limitation, general market and economic conditions, and other investment and business opportunities available.

A copy of the early warning report to be filed by the acquiror will be available on SEDAR+ under Golden Minerals Company's profile on SEDAR+. This early warning news release is issued under the early warning provisions of Canadian securities legislation, including National Instrument 62-104, Take-Over Bids and Issuer Bids, and National Instrument 62-103, The Early Warning System and Related Take-Over Bid and Insider Reporting Issues.