AUMN Golden Minerals Company

Golden Minerals Company (NYSE American and TSX: AUMN) (“Golden Minerals”, “Golden” or “the Company”) announced today the closing of its previously announced public underwritten offering of 20,535,714 shares of common stock of the Company, including the exercise in full by the underwriter of its option to purchase an additional 2,678,571 shares of common stock, at a price to the public of $0.42 per share. The gross proceeds to Golden from the offering, before deducting underwriting discounts and commissions and other offering expenses payable by Golden, were approximately $8.6 million.

H.C. Wainwright & Co. acted as the sole book-running manager for the offering.

The shares of common stock described above were offered by the Company pursuant to a "shelf" registration statement on Form S-3 (File No. 333-220461) filed with the Securities and Exchange Commission (SEC) and declared effective on September 28, 2017 and the accompanying prospectus contained therein. The offering of the shares of common stock was made only by means of a prospectus, including a prospectus supplement, forming a part of the effective registration statement. A final prospectus supplement and the accompanying prospectus relating to this offering were filed with the SEC on July 22, 2020 and may be obtained on the SEC's website at http://www.sec.gov or by contacting H.C. Wainwright & Co., LLC at 430 Park Avenue, 3rd Floor, New York, NY 10022, by e-mail at placements@hcwco.com or by calling 646-975-6996.

Neither the Toronto Stock Exchange nor the NYSE American have approved or disapproved the contents of this press release.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or other jurisdiction.

About Golden Minerals

Golden Minerals is a Delaware corporation based in Golden, Colorado. The Company is primarily focused on advancing its Rodeo and Velardeña properties in Mexico and, through partner-funded exploration, its El Quevar silver property in Argentina, as well as acquiring and advancing selected mining properties in Mexico, Argentina and Nevada.

For additional information please visit http://www.goldenminerals.com/ or contact:

Golden Minerals Company Karen Winkler, Director of Investor Relations (303) 839‐5060 SOURCE: Golden Minerals Company