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

300

1.8

440

1,610

10

2,370
New

118,000

560

1.6

680

2,130

6

2,570
Esperanza

120,000

150

1.8

290

570

7

1,130

Total

937,000

410

2.1

570

12,300

64

17,230

Mineral Resource table notes:

  1. Mineral Resources have been classified using the 2014 CIM Definition Standards and have an effective date of February 24, 2023.
  2. The Qualified Person for the resource estimate is Edward J.C. Orbock III, RM SME, an Associate Principal Geologist with MTS. Reported Inferred Mineral Resource estimates include crown pillar portions, assumed to be fully recoverable, defined as:
    1. Pertenencia Vein 24,000 tonnes @ 1,680 g/t Ag, 6.2 g/t Au and 2,160 g/t AgEq for 1,310 koz Ag, 5 koz Au and 1,690 koz AgEq.
    2. New Vein 15,000 tonnes @ 420 g/t Ag, 2.2 g/t Au and 590 g/t AgEq for 210 koz Ag, 1 koz Au and 290 koz AgEq.
    3. Esperanza Vein 22,000 tonnes @ 130 g/t Ag, 1.8 g/t Au and 270 g/t AgEq for 90 koz Ag, 1 koz Au and 190 koz AgEq.
  3. Mineral Resources assume a traditional underground cut-and-fill mining method; a silver price of US $24/oz, a gold price of US $1,840/oz, a minimum mining width of 1 m; assumed silver and gold metallurgical recovery of 85%; an average mining cost of US $75/t mined; average processing and general and administrative cost of US $50/t processed; transportation and selling cost of US $0.95/oz Ag and US $15/oz Au; and a gold and silver royalty of 2%.
  4. Mineral Resources are reported in situ within a grade shell constructed from composites above a cut-off grade of 200 g/t silver equivalent (AgEq), where AgEq = Ag g/t + Au g/t * (1,840/24), where the price per ounce for gold and silver in U.S. dollars is $1,840 and $24 respectively.
  5. All tonnage, grade and contained metal content estimates have been rounded; rounding may result in apparent summation differences between tonnes, grade, and contained metal content.

Metallurgical Recovery Estimates and Metallurgical Testwork

Two composite samples for preliminary testwork were collected from coarse rejects of Yoquivo core samples. These composites were designed to represent low grade and medium grade mineralized material at Yoquivo. Our personnel designed and conducted metallurgical tests at the Velardea metallurgical laboratory.

The samples responded very well to flotation. Gold recoveries were between 84% and 95% and silver recoveries were between 82% and 89%.

Recoveries of 85% for gold and silver were recommended for use in assessing reasonable prospects of eventual economic extraction when performing the Mineral Resource estimate.

Qualified Persons, Technical Information and Quality Control Notes

A technical report for the Yoquivo project will be filed under the Company's profile on SEDAR at www.sedar.com within 45 days of this news release.

Mr. Edward J.C. Orbock III, RM SME, an Associate Principal Geologist with MTS is the independent Qualified Person responsible for the Mineral Resource estimate in this news release. Other scientific and technical information in this news release has been reviewed and approved by Mr. Warren M. Rehn, MMSA (QP), the Company’s President and Chief Executive Officer.