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.

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.

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