AUMN.TO · 2023-07-20 12:00:00

Golden Minerals Company Reports Q2 2023 Gold Production

Corporate Updates

GOLDEN, Colo.--(BUSINESS WIRE)--July 20, 2023--Golden Minerals Company (“Golden

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

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

three- and six- month periods ended June 30, 2023. The Company concluded open pit mining at

the Rodeo mine during the month of June and moved to processing of stockpiled material.

Rodeo Operations Statistics

Qtr. Ended

Mar. 31, 2023

Qtr. Ended

Jun. 30, 2023

Six Months

Ended

Jun. 30, 2023

Tonnes mined (1) 154,371 72,525 226,896

Tonnes in stockpiles awaiting processing (2) 18,467 10,669 10,669

Tonnes in low grade stockpiles (3) 133,349 111,422 111,422

Tonnes processed 54,272 50,787 105,059

Average tonnes per day processed 603 558 580

Average gold grade processed (grams per tonne) 1.6 1.6 1.6

Average silver grade processed (grams per tonne) 9.0 5.8 7.4

Plant recovery - gold (%) 72.6 71.6 72.2

Plant recovery - silver (%) 75.5 85.6 80.4

Payable gold produced in dore (ounces) 2,081 1,828 3,909

Payable silver produced in dore (ounces) 11,535 7,742 19,277

Payable gold equivalent produced in dore (ounces) (4) 2,219 1,923 4,142

Gold sold in dore (ounces) 2,112 1,726 3,838

Silver sold in dore (ounces) 11,369 7,745 19,114

Gold equivalent sold in dore (ounces) (4) 2,248 1,821 4,069

Average realized price, before refining and selling costs

Gold (dollar per ounce) $ 1,891.24 $ 1,976.45 $ 1,929.56

Silver (dollar per ounce) $ 22.60 $ 24.34 $ 23.31

Notes:

(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 1.6 g/t (current cutoff grade) and 1 g/t Au held for possible future

processing

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

In addition, the Company sold approximately 656 tonnes of gold-rich pyrite concentrate, 118

tonnes of silver-rich lead concentrate and 63 tonnes of zinc concentrate during the second quarter

2023. The concentrate was produced from mineralized material from the Velardeña Properties

that was mined and stockpiled during 2022 as part of the test-mining program.

About Golden Minerals

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

primarily focused on producing gold and silver from its Rodeo Mine, advancing its Velardeña

and Yoquivo 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.

https://twitter.com/Golden_Minerals

Contacts

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

Golden Minerals Company

Karen Winkler, Director of Investor Relations

(303) 839-5060

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