Golden Minerals Reports Full Year 2022 Results - Seite 3

To meet its liquidity needs during the year, Golden Minerals plans to sell non-core assets and seek equity financing, including through the use of its at-the-market (ATM) program or otherwise. The combined amount of cash needed to be raised from asset sales, the ATM program, or other equity raises to cover forecast expenditures during the 12 months ended December 31, 2023, is between $4.5 million and $5.5 million.

On February 28, 2023, the Company’s aggregate cash and cash equivalents totaled approximately $1.8 million. In the absence of sufficient asset sales, equity financing or other external funding, the Company’s cash balance is expected to be depleted in the second quarter of 2023.

Annual Report on Form 10-K

The Company’s consolidated audited financial statements and management’s discussion and analysis, as well as other important disclosures, may be found in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022. This Form 10-K is available on the Company’s website at Golden Minerals Company - SEC Filings. It has also been filed with the U.S. Securities and Exchange Commission on EDGAR at www.sec.gov./edgar.shtml and with the Canadian securities regulatory authorities on SEDAR at www.sedar.com.

Footnotes

¹ Cash cost per payable gold ounce is a non-GAAP financial measure. “Total cash costs, net of by-product credits, per payable gold ounce,” includes all direct and indirect operating cash costs associated with the physical activities that would generate doré products for sale to customers, including mining to gain access to mineral resources, mining of mineral resources and waste, milling, third-party related treatment, refining and transportation costs, on-site administrative costs and royalties. Total 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. “Total cash costs, net of by-product credits” are divided by the number of payable gold ounces produced by the plant for the period to arrive at “Total cash costs, net of by-product credits, per payable gold ounce.”