Golden Minerals Reports Full Year 2022 Results

Golden Minerals Company (“Golden Minerals,” “Golden” or the “Company”) (NYSE-A: AUMN and TSX: AUMN) has today released financial results and a business summary for the full fiscal year ending December 31, 2022. (All figures are in approximate U.S. dollars.)

Business Summary

• At the Rodeo mine, 2022 payable production was 11,982 ounces (“oz.”) gold in doré and 52,179 oz. silver, with average realized sales prices of $1,805/oz. gold and $21.93/oz. silver. Total cash costs per payable gold oz.¹ were $1,362, while plant recovery for gold averaged 74.7% for the full year 2022.
• At the Velardeña Properties, the Company continued to evaluate modified mine plans and mining techniques. Work studies are designed to address dilution issues encountered in the first half of 2022 and include new test work on automated ore sorting, which shows potential to allow for upgrading mined material by rejecting waste rock after crushing. The results of these studies are expected in mid-2023.
• At the district-scale Yoquivo silver-gold project, the Company has reported the first ever mineral resource estimate for the project.
• The Company completed second and third drill programs at the Sarita Este gold-silver prospect in Salta, Argentina, and released results that point toward a potentially economic shallow oxidized gold system.

Financial Summary

• Revenue of $23.3 million related to the sale of metals from the Company’s Rodeo mine in 2022, vs. $25.6 million in 2021.
• Net operating margin (defined as revenue from the sale of metals less cost of metals sold) of $5.7 million related to Rodeo mine operations in 2022 vs. $12.3M in 2021.
• $4.0 million cash and equivalents balance as of December 31, 2022, compared to $12.2 million on December 31, 2021.
• Zero debt as of December 31, 2022, unchanged from December 31, 2021.
• Exploration expenses of $9.6 million in 2022 vs. $5.3 million in 2021.
• Net loss of $9.9 million or $0.06 per share in 2022 compared to a net loss of $2.1 million or $0.01 per share in 2021.

2022 Cash Inflows and Expenditures

Cash inflows during 2022 totaled $7.9 million and included:

• $5.7 million of net operating margin from the Rodeo operation;
• $1.0 million from the exercise of outstanding warrants;
• $0.8 million, net of fees from the sale of common stock under the ATM Program; and
• $0.4 million related to changes in working capital.

2022 expenditures totaled $16.1 million and included the following: