Golden Minerals Signs Earn-In Agreement With Barrick Gold Corporation at El Quevar

Golden Minerals Signs Earn-In Agreement With Barrick Gold Corporation at El

Quevar

GOLDEN, Colo., April 13, 2020 -- Golden Minerals Company (NYSE American and TSX: AUMN) (“Golden Minerals”, “Golden”

or “the Company”) announced today that it has entered into an earn-in agreement (the “Agreement”) with Barrick Gold

Corporation (“Barrick”) (TSX: ABX and NYSE: GOLD) whereby Barrick has acquired an option to earn a 70% interest in

Golden’s El Quevar project located in the Salta Province of Argentina.

As part of the Agreement, Barrick will purchase US$1.0 million of Golden Minerals shares pursuant to a private placement

transaction at a price of $0.21 per share, which is equal to the 20-day VWAP of the Company’s common shares on the NYSE

American exchange on the date of the agreement. The shares will be subject to applicable restrictions on transfer under U.S.

and Canadian securities laws.

In order to earn an undivided 70% interest in the El Quevar project, Barrick must:

1. Spend US$10 million on exploration,

2. Deliver an NI 43-101-compliant Pre-Feasibility Study (“PFS”) describing a potentially profitable operation with mineral

resources of not less than 2 million gold equivalent ounces, and

3. Deliver a written notice of exercise to Golden within eight years.

Barrick’s US$10 million in defined work expenditures must be incurred over a total of 8 years. Requirements include US$0.5

million per year in years 1 and 2; US$1.0 million per year in years 3, 4 and 5; and US$2.0 million per year in years 6, 7 and 8,

although amounts may be spent earlier than required. The PFS must be delivered by Barrick by the end of year 8.

Barrick may withdraw from the Agreement at any time after spending US$1.0 million in work expenditures, upon providing 30

days notice.

During the earn-in period, in addition to the exploration spending, Barrick will fund the holding costs of the property, which will

qualify as work expenditures. Barrick will reimburse Golden for expenses related to maintaining the exploration camp which

will initially be run by Golden under a service agreement, which will also qualify as work expenditures.

Golden will form a new entity (“NewCo”) that will hold the El Quevar properties.  Upon earn-in by Barrick, the NewCo will be

70% owned by Barrick and 30% owned by Golden. Funding of NewCo will be split in proportion to ownership of each

shareholder, and industry standard dilution mechanisms will apply in the case of funding shortfalls by either shareholder.

Dilution below 10% interest will result in conversion to a 1.5% NSR royalty applicable to all recovered products, excluding

silver during the term of the Silver Royalty. Golden will retain a 5% NSR Silver Royalty payable on the recovered silver from

production from the project, capped at the 29 million total payable silver ounces as estimated in Golden Minerals’ 2018

Preliminary Economic Assessment (Amec Foster Wheeler E&C Services Inc., a Wood company, NI 43-101 Technical Report

on Preliminary Economic Assessment, September 4, 2018).

Golden Minerals’ President and Chief Executive Officer, Warren Rehn, notes, “We are very pleased to have Barrick as a

partner in this exploration agreement. Barrick’s interest in exploring the El Quevar district underscores, as we have long

maintained, the excellent potential of the high sulfidation epithermal systems at El Quevar to host additional important

discoveries. Barrick has a long history of success in discovering, developing and mining world-class gold deposits in the

Andes and elsewhere. This agreement sets a reasonable base value on our existing asset and allows for substantial upside if

Barrick is successful in its exploration efforts at El Quevar.”

About Golden Minerals

Golden Minerals is a Delaware corporation based in Golden, Colorado. The Company is primarily focused on advancing its

Velardeña Properties in Mexico and its El Quevar silver property in Argentina, as well as acquiring and advancing mining

properties in Mexico and Nevada.

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 transaction with Barrick, including the anticipated exercise of the option by

Barrick with respect to the El Quevar project. These statements are subject to risks and uncertainties, including Barrick’s

fulfillment of deliverables required to exercise the option for the El Quevar project; early termination of the Agreement by

Barrick; increases in costs and declines in general economic conditions; changes in political conditions, in tax, royalty,

environmental and other laws in the United States 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, 2019.

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

Golden Minerals Company

Karen Winkler

Director of Investor Relations

(303) 839-5060

SOURCE: Golden Minerals Company