AUMN.TO · 2022-01-12 12:00:00

Golden Minerals Company Produces 14,449 oz Gold During 2021, Exceeding Guidance

Production Results

Golden Minerals Company Produces 14,449 oz Gold During 2021, Exceeding

Guidance

GOLDEN, Colo.--(BUSINESS WIRE)--January 12, 2022--Golden Minerals Company (“Golden

Minerals”, “Golden” or the “Company”) (NYSE American: AUMN and TSX: AUMN) has

today reported production data from its Rodeo gold-silver mine (Durango State, Mexico) for the

fourth quarter and full year (“FY”) 2021.

Rodeo’s operation came online in mid-January 2021 and reached a steady state of throughput in

April 2021. Summary production figures are as follows:

 Payable gold production: 4,831 oz Au in Q4 and 14,449 oz Au in FY 2021 Au, beating

annual production guidance of 12,000 - 14,000 oz Au

 Payable silver production: 15,250 oz in Q4 and 51,058 oz in FY 2021, beating annual

guidance of 25,000 - 30,000 oz Ag

 Payable gold equivalent production: 5,028 AuEq oz in Q4 and 15,156 AuEq oz in FY

2021

 High average gold grades: 4.6 g/t Au in Q4 and 4.1 g/t in FY 2021, vs. Preliminary

Economic Assessment [link] life of mine average grade of 3.3.g/t

 Throughput (tonnes per day (“tpd”) processed): 466 tpd in Q4 and 409 tpd in FY 2021

 Gold recovery: 76.5% in Q4 and 74.9% for FY 2021

 Realized gold/silver prices (before selling and refining costs): $1,784/oz Au in Q4 and

$1,793/oz for FY 2021; $23.08/oz Ag in Q4 and $24.83/oz Ag in FY 2021

Warren Rehn, Golden’s President and Chief Executive Officer, commented, “2021 was an

exciting and successful year for Golden Minerals, as it marked our progression to junior gold-

silver producer from exploration company based on our Rodeo Mine start-up and excellent

production record. Exceeding our production guidance for the year is a testament to the success

of our very capable mining team through the planning and execution stages of the mine start-up

and into full production. We are well positioned to continue our growth strategy in 2022 based

on our forecasted continued production from Rodeo and from the possible re-start of our

Velardeña mining operation.”

Full production data for 2021 is shown in the table below.

Three Months Ended

Dec. 31, 2021

Twelve Months Ended

Dec. 31, 2021

Total tonnes mined (1) 145,205 661,102

Total tonnes in stockpiles awaiting processing (2) 14,068 14,068

Total tonnes in low grade stockpiles (3) 69,567 69,567

Tonnes processed 42,827 149,411

Tonnes per day processed 466 409

Gold grade processed (grams per tonne) 4.6 4.1

Silver grade processed (grams per tonne) 13.8 12.2

Plant recovery - gold (%) 76.5 74.9

Plant recovery - silver (%) 82.6 89.9

Payable gold produced in dore (ounces) 4,831 14,449

Payable silver produced in dore (ounces) 15,250 51,058

Payable gold equivalent produced in dore (ounces) (4) 5,028 15,156

Gold sold in dore (ounces) 5,164 13,772

Silver sold in dore (ounces) 15,552 48,970

Gold equivalent sold in dore (ounces) (4) 5,366 14,454

Realized price, before refining and selling costs

Gold (dollars per ounce) 1,784 1,793

Silver (dollars per ounce) 23.08 24.83

(1) Includes all mined material transported to the plant, stockpiled or designated as waste

(2) Includes mined material stockpiled at the mine or transported to the plant awaiting processing in the plant

(3) Material grading between 2 g/t (current cut off grade) and 1 g/t Au held for possible future processing

(4) Gold equivalents based on realized $ Au and $ Ag price

About Golden Minerals

Golden Minerals is a growing gold and silver producer based in Golden, Colorado. The

Company is primarily focused on producing gold and silver from its Rodeo Mine and advancing

its Velardeña Properties in Mexico and, through partner funded exploration, its El Quevar silver

property in Argentina, as well as acquiring and advancing selected mining properties in Mexico,

Nevada and Argentina.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the

Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as

amended, and applicable Canadian securities legislation, including statements regarding the

Company’s growth strategy for 2022 and projections related to production at the Rodeo and the

potential re-start of the Velardeña mining operation. These statements are subject to risks and

uncertainties, including the overall impact of the COVID-19 pandemic and the possible future re-

suspension of non-essential activities in Mexico, including mining; higher than anticipated costs

at the Rodeo mine or at Velardeña; declines in general economic conditions; changes in political

conditions, in tax, royalty, environmental and other laws in the United States, Mexico or

Argentina and other market conditions; and fluctuations in silver and gold prices. Golden

Minerals assumes no obligation to update this information. Additional risks relating to Golden

Minerals may be found in the periodic and current reports filed with the SEC by Golden

Minerals, including the Company’s Annual Report on Form 10-K for the year ended December

31, 2020.

https://twitter.com/Golden_Minerals

For additional information please visit http://www.goldenminerals.com/

Contacts

Golden Minerals Company

Karen Winkler, Director of Investor Relations

(303) 839-5060

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