AUMN.TO · 2023-01-11 12:00:00

Golden Minerals Company Reports Q4 and FY 2022 Gold Production

Corporate Updates

GOLDEN, Colo.--(BUSINESS WIRE)--January 11, 2023--Golden Minerals Company (“Golden

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

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

quarter ending December 31, 2022 and full year 2022. Summary highlights include the

following:

 Payable gold production: 2,398 oz Au in Q4 and 11,982 oz Au in FY 2022

 Payable silver production: 13,560 oz Ag in Q4 and 52,179 oz in FY 2022

 Payable gold equivalent production: 2,568 AuEq oz in Q4 and 12,616 AuEq oz in FY

2022

 Average gold grade: 2.0 g/t Au in Q4 and 2.6 g/t in FY 2022

 Throughput (tonnes per day processed): 573 tpd in Q4 and 536 g/t in FY 2022

 Gold recovery: 73.3% in Q4 and 74.7% in FY 2022

 Silver recovery: 82.0% in Q4 and 81.2% in FY 2022

 Realized gold/silver prices (before selling and refining costs): $1,729/oz Au and

$21.69/oz Ag in Q4; $1,805/oz Au and $21.93/oz Ag in FY 2022

Rodeo Operations Statistics

Q1 2022 Q2 2022 Q3 2022 Q4 2022 FY 2022

Tonnes mined (1)

203,591 213,925 192,545 161,424 771,485

Tonnes in stockpiles awaiting processing (2) 10,898 21,713 23,618 31,381 31,381

Tonnes in low grade stockpiles (3) 88,559 95,932 121,202 193,479 193,479

Tonnes processed 47,437 47,479 47,947 52,736 195,599

Average tonnes per day processed 527 522 521 573 536

Average gold grade processed (grams per tonne) 3.1 2.6 2.6 2.0 2.6

Average silver grade processed (grams per tonne) 11.6 10.4 10.4 10.2 10.6

Plant recovery - gold (%) 75.4 75.1 74.6 73.3 74.7

Plant recovery - silver (%) 82.8 82.3 77.6 82.0 81.2

Payable gold produced in dore (ounces) 3,608 3,004 2,972 2,398 11,982

Payable silver produced in dore (ounces) 13,944 12,768 11,907 13,560 52,179

Payable gold equivalent produced in dore (ounces) (4) 3,787 3,158 3,103 2,568 12,616

Gold sold in dore (ounces) 3,855 3,060 3,018 2,518 12,451

Silver sold in dore (ounces) 14,481 13,180 11,609 14,217 53,486

Gold equivalent sold in dore (ounces) (4) 4,040 3,219 3,145 2,696 13,101

Average realized price, before refining and selling costs

Gold (dollar per ounce) $ 1,887.65 $ 1,864.99 $ 1,703.10 $ 1,729.40 $ 1,805.34

Silver (dollar per ounce) $ 24.24 $ 22.49 $ 18.72 $ 21.69 $ 21.93

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

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.

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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