Golden Minerals Company (“Golden Minerals”, “Golden” or the “Company”) (NYSE-A: AUMN and TSX: AUMN) is pleased to report assay results from the first 10 holes of a 22-hole, second phase diamond drill (“DD”) program recently completed at its Sarita Este property in Salta Province, Argentina.

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Completed Diamond Drill Holes at Sarita Este. Location - Salta, Argentina. (Graphic: Business Wire)

The Company has drilled 22 DD holes totaling 1,286m, focusing on exploration drilling following up on the ‘Sico’ epithermal target drilled in 2021 as part of an option agreement with Cascadero Copper Corp. (“CCD”). Drill results for 2021 were reported on January 19, 2022 [Link]. The recent diamond drilling campaign was completed in late June 2022. Highlights from the recent DD holes drilled in the Sico epithermal targets include:

• 52.5m @ 1.49 g/t Au and 5.2 g/t Ag from 0m, including 3.7m @ 7.27 g/t Au and 12.1 g/t Ag
• 2.2m @ 27.47 g/t Au and 3.1 g/t Ag from 14.8m, including 0.6m @ 102.50 g/t Au and 10.6 g/t Ag
• 20.6m @ 1.37 g/t Au and 3.0 g/t Ag from 19.5m, including 10.9m @ 2.01 g/t Au and 4.1 g/t Ag
• 5.2m @ 1.65 g/t Au and 1.5 g/t Ag from 0m

Drilling at Sico followed up on the positive results reported from hole SE21008 in early 2022 which intersected 9.9m grading 1.91 g/t Au and 5.0 g/t Ag from 16.4m depth. The recent 2022 results confirm mineralization extends to the east, west and south of hole SE21008. The Company is waiting for results of the remaining 12 holes drilled in the current program and planning a follow-up campaign which is due to begin in mid-August.

Mineralization at Sico is hosted in shallow iron-oxide bearing veins, veinlets and fractures within Tertiary volcanic rocks. The prospect lies approximately 3km southwest of the Taca Taca copper porphyry deposit (owned by First Quantum Minerals) and 55km directly north of the currently producing Lindero gold mine (owned by Fortuna Silver). The mineralization at the Sarita Este prospect extends south onto the Desierto I & II concessions (2,498 hectares) where Golden is a controlling shareholder with an agreement in place to form a JV with Cascadero Copper.

Significant results are summarized in the tables below, with complete results available on the Company website at Golden Minerals - Sarita Este Property.

Table 1 : Significant results drilled at Sico epithermal target

Note: Intervals in the table represent drilled length. Intervals and grades have been rounded to either one or two decimal places. Columns may not total due to rounding.

Table 2: Drill hole collar locations

Coordinates are in POSGAR 94 zone Argentina 2

“Initial results for the second drill campaign at the Sico epithermal deposit continue to show strong potential for a shallow economic oxide gold deposit. Assays are pending on the results from drilling to the west of the discovery hole and we are planning a follow-up drill campaign to start in mid-August to continue delineating the deposit,” said Warren Rehn, President and Chief Executive Officer of Golden Minerals.

About Sarita Este

Sarita Este is a gold-silver prospect located in the Puna region in Salta province, north-west Argentina. The property is 100% owned by Cascadero Copper Corporation (CCD) through its subsidiary Salta Geothermal S.A. Golden Minerals is conducting exploration activities at Sarita Este as a part of a 2019 option agreement whereby it can acquire 51% of the 830-hectare property by spending $2.5M over four years and forming a JV with Cascadero Copper.

Review by Qualified Person and Quality Control

The technical contents of this press release have been reviewed by Aaron Amoroso, a Qualified Person for the purposes of NI 43-101. Mr. Amoroso has over 15 years of mineral exploration experience and is a Qualified Person member of the American Institute of Professional Geologists (QP Geology & Ore Reserves, 01548QP).

To ensure reliable sample results, Golden Minerals uses a quality assurance/quality control program that monitors the chain of custody of samples and includes the insertion of blanks, duplicates, and reference standards in each batch of samples.

Quality Assurance / Quality Control

DD drilling was conducted with a CSD 1800 diamond drill rig provided by Eco Drilling S.A. Holes were drilled azimuths ranging from 0 to 315 degrees and a dip of -60 degrees. Drill holes were drilled to depths ranging FROM 40.5m to 99m. Local fresh water was used to flush, condition and recirculate within the holes. Holes were positioned with a hand-held GPS (accuracy +/- 5 meters) and will be surveyed with a Differential GPS once the campaign is completed. Sampling was conducted by qualified field assistants under the supervision of a geologist. The drilled core was photographed, measured, marked and cut into half and quarter core samples in lengths ranging from 30 centimeters to 2 meters. Diamond core was collected from the drill rig and logged by a geologist on site at the core shack

Drill-core was shipped to ALS Chemex’s sample preparation facility in Godoy Cruz, Mendoza, Argentina for sample preparation and for analysis at the ALS laboratory in Lima, Peru. The ALS Mendoza and Lima facilities are ISO 9001 and ISO/IEC 17025 certified.

The samples were crushed to 70% passing 2mm (PREP-31) and a split of up to 250 grams pulverized to 85% passing 75 micrometers (-200 mesh). The sample pulps and crushed splits were transferred internally to ALS Global’s Lima, Peru analytical facility for gold and multi-element analysis. Pulps (30gram split) are submitted for Au analysis by Fire Assay with Atomic Absorption finish (Au-AA23) and silver samples were analyzed by an atomic absorption (Ag-AA62).

Over-limit Au and Ag samples are analyzed by Fire Assay with Gravimetric Finish Ore Grade (Au-GRA21 and Ag-GRA22). Overlimit base metals are analyzed by Four Acid Digestion followed by Ore Grade Inductively Coupled Plasma Atomic Emission Spectrometry (ICP-AES) for Cu, Pb and Zn (Cu-OG62, Pb-OG62, Zn-OG62).

In-house quality control samples (blanks, standards, duplicates, preparation duplicates) were inserted into the sample set by Golden Minerals. ALS Global conducts its own internal QA/QC program of blanks, standards and duplicates, and the results were provided with the Company sample certificates. The results of the ALS control samples were reviewed by Golden Minerals and the Company’s QP and evaluated for acceptable tolerances.

All sample and pulp rejects are stored at the Company’s secure warehouse in El Quevar, Salta province, Argentina pending full review of the analytical data, and future selection of pulps for independent third-party check analyses, if required.

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 plans to conduct a follow-up drilling campaign on the Sarita Este property. These statements are subject to risks and uncertainties, including the reasonability of the economic assumptions at the basis of the results of the Rodeo project Preliminary Economic Assessment and technical report; changes in interpretations of geological, geostatistical, metallurgical, mining or processing information; and interpretations of the information resulting from exploration, analysis or mining and processing experience. 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, 2021.

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