Golden Minerals Receives Final Environmental Permits for Rodeo Gold Project; Company on Track for January 2021 Gold Production - Seite 3

Total Payable Production

Year	Tonnes Produced	Ag (oz)	Au (oz)
2021	148,000	43,700	13,200
2022	162,000	47,800	14,400
2023	104,000	30,600	9,200

After-Tax Cash Flow

Year	Estimated After-tax Cash Flow
2020	-$1.3 million
2021	$12.6 million
2022	$14.5 million
2023	$9.5 million

Sensitivity Analysis

The Rodeo project shows high sensitivity to movements in the underlying market price of gold. An increase in gold price from the PEA base case ($1,622/oz) to $2,000/oz changes after-tax net present value (8% discount rate) by an estimated 50%, to $33.4 million.

Non-GAAP Financial Measures

Cash costs per payable gold ounce, net of by-product credits, and all-in sustainable costs per payable gold ounce, net of by-product credits, are non-GAAP financial measures calculated by the Company as set forth below and may not be comparable to similar measures reported by other companies.

Cash costs per payable gold ounce, net of by-product credits, include all direct and indirect costs associated with the physical activities that would generate concentrate and doré products for sale to customers, including mining to gain access to mineralized materials, mining of mineralized materials and waste, milling, third-party related treatment, refining and transportation costs, on-site administrative costs and royalties. Cash costs do not include depreciation, depletion, amortization, exploration expenditures, reclamation and remediation costs, sustaining capital, financing costs, income taxes, or corporate general and administrative costs not directly or indirectly related to the Rodeo project. By-product credits include revenues from silver contained in the products sold to customers during the period. Cash costs, after by-product credits, are divided by the number of payable gold ounces generated by the plant for the period to arrive at cash costs, after by-product credits, per payable ounce of gold. All-in sustainable costs per payable gold ounce, net of by-product credits, begins with cash costs per payable gold ounce, net of by-product credits, and also includes pre and post-production capital and sustaining capital.