Golden Minerals Announces 570 g/t Ag Eq. Initial Mineral Resource Estimate for Yoquivo Silver-Gold Project

Golden Minerals Company (“Golden Minerals”, “Golden”, the “Company”, “we” or “our”) (NYSE-A: AUMN and TSX: AUMN) is pleased to announce the results of an initial Mineral Resource estimate and Technical Report (the “Report”) prepared for its Yoquivo silver-gold project located in northwest Chihuahua state, Mexico.

Warren M. Rehn, Golden’s President and Chief Executive Officer, commented, “We are very pleased to announce the first mineral resource ever reported for the Yoquivo district. At 570 g/t silver equivalent, this is an exceptionally high-grade initial Mineral Resource estimate. We believe there is excellent potential for Yoquivo to ultimately develop into a producing property. The resource was not initially classified beyond Inferred. We believe that a significant portion will be updated to Measured & Indicated in the next resource update. In addition, we note this initial resource estimate covers just a small portion of the strike length of the veins included in the estimate and a fraction of the total number of veins at Yoquivo, at least some of which have potentially economic intervals already drilled but with insufficient drilling to include in the estimate.”

The Mineral Resource estimate is reported in accordance with the Canadian Institute of Mining, Metallurgy and Petroleum (“CIM”) Definition Standards for Mineral Resources and Mineral Reserves using the 2019 edition of the CIM Estimation of Mineral Resources and Mineral Reserves Best Practice Guidelines. The estimate was prepared by the independent engineering firm Mine Technical Services (“MTS”), with an effective date of February 24, 2023.

Yoquivo Inferred Mineral Resource Statement

Vein	Tonnes	Ag g/t	Au g/t	AgEq g/t	Ag (koz)	Au (koz)	AgEq (koz)
Pertenencia	244,000	630	2.9	850	4,930	23	6,690
Camila	285,000	330	2.0	490	3,070	18	4,470
Camila Hanging Wall	170,000