2021-01-13 07:05 ET - News Release

Ms. Karen Winkler reports

GOLDEN MINERALS COMPANY BEGINS GOLD PRODUCTION

Golden Minerals Company has begun gold production at its Rodeo gold project located in Durango state, Mexico, roughly two weeks ahead of schedule and on budget.

The company transported the first loads of Rodeo's gold-containing material by road to its nearby Velardena oxide mill for processing last week. The mill has begun processing the material and anticipates a first pour of gold-silver dore bars within two weeks.

Initially, Rodeo material will be processed at a rate of about 200 tonnes per day, running through the currently operational 10.5-foot-by-13-foot ball mill. Golden is in the process of installing an additional eight-foot-by-22-foot ball mill at Velardena, as previously communicated, which is designed to increase processing throughput by increasing grinding capacity for the silicified material from Rodeo. This second ball mill will operate in series after the primary ball mill. The company estimates the regrind mill will be complete and ready to run near the end of the first quarter 2021, at which point daily mill throughput is expected to increase to about 450 tpd.

Golden Minerals president and chief executive officer Warren Rehn commented: "I'm very pleased to announce that Golden Minerals has officially transitioned to gold-silver producer from exploration company. Despite the COVID-19-related uncertainties of the past year, we've been able to develop this project and put it into production ahead of schedule and on budget. Rodeo is expected to generate significant free cash flow for us that will be used, in part, to further work at our larger, silver-gold Velardena properties. Rodeo's production is the first step toward the company achieving sustainable, long-term profitability."

About Golden Minerals Company

Golden Minerals is a Delaware corporation based in Golden, Colo. The company is primarily focused on advancing its Rodeo and Velardena properties in Mexico and, through partner-financed exploration, its El Quevar silver property in Argentina, as well as acquiring and advancing mining properties in Mexico, Argentina and Nevada.

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