AUMN Golden Minerals Company

Golden Minerals Company (NYSE American and TSX: AUMN) (“Golden Minerals”, “Golden” or “the Company”) is pleased to announce it has completed a 3,400-meter, 15-hole drill campaign at its Yoquivo gold-silver district-scale property in Chihuahua, Mexico.

Yoquivo covers a large, low-sulfidation epithermal vein system with limited historic production. The Company has identified four separate vein systems in which surface sampling has returned grades up to 4,050 g/t silver and 27.7 g/t gold from surface. See Golden Minerals’ press release dated Oct. 31, 2018 for details: AUMN Identifies High-Grade Veins at Yoquivo.

A photo accompanying this announcement is available at:https://www.globenewswire.com/NewsRoom/AttachmentNg/d33a38f4-019b-4ddb-bcca-5fd885fb64c4

Golden Minerals drilled approximately 3,400 meters in 15 core holes exploring the principal veins at Yoquivo. The drilling targeted the silver-gold Pertenencia, San Francisco and Esperanza vein systems to better understand the nature and distribution of the high-grade mineralization. The Company expects to be able to announce results from the drilling program within the next few months.

Warren Rehn, President and Chief Executive Officer of Golden Minerals, noted, "Yoquivo represents one piece of our longer-term strategy; namely, increasing shareholder value through continued exploration success that will build long-term company profitability. Meanwhile, we remain focused on achieving profitable near-term gold and silver production at Rodeo and Velardeña, with Rodeo slated to begin production in early 2021. We have been waiting for the right time to complete a drill program at Yoquivo to test its potential to host high-grade silver and gold mineralization, and we look forward to announcing results from this program."

Additionally, the Company has compiled historic drilling data from a program drilled in 2007 by West Timmins Resources that intersected multiple mineralized structures, including the following:

Hole ID	Core length(m)	Au(g/t)	Ag(g/t)
YO-07-01	0.7	2.18	289.0
YO-07-03	1.0	3.01	565.5
YO-07-03	0.6	1.61	262.0
YO-07-03	0.5	1.33	210.0
YO-07-05	1.15	2.66	101.0
YO-07-05	0.5	2.08	345.0

Table I: Summary drill results from 2007 Yoquivo drill program (compiled from West Timmins 2007 Internal summary report).¹

About Yoquivo

Golden holds an option to purchase seven concessions that comprise the Yoquivo property, totalling 1,974.8 hectares located in western Chihuahua State in northern Mexico, for payments totalling $0.75 million over four years and subject to a 2% net smelter return royalty on production capped at $2 million. The claims cover an underexplored epithermal precious metals district that shows similar mineralization to the adjacent Ocampo mining district, and the Company, through systematic exploration, hopes to identify significant high-grade mineralization.

¹ References: West Timmins – Proyecto Yoquivo Informe Geologico y de Barrenacion – 2007 Internal Summary report. Disclaimer: The West Timmins drill results are historical in nature. The data has been compiled from summary drill reports and has not been confirmed or verified by Golden Minerals. However, Golden Minerals has been able to rescue approximately 90% of the historic drill-core that was stored at site and has recently relogged it.

Review by Qualified Person and Quality Control

The technical contents of this press release have been reviewed by Matthew Booth, a Qualified Person for the purposes of NI 43-101. Mr. Booth has over 17 years of mineral exploration experience and is a Qualified Person member of the American Institute of Professional Geologists (CPG 12044).

To ensure reliable sample results, Golden Minerals uses a quality assurance/quality control program that monitors the chain of custody of samples and includes the insertion of blanks, duplicates, and reference standards in each batch of samples. Core is photographed and sawn in half with one half retained in a secured facility for verification purposes. Sample preparation (crushing and pulverizing) is performed at an independent ISO 9001:2001 certified laboratory in Chihuahua or Zacatecas, Mexico. Prepared samples are direct shipped to an ISO 9001:2001 certified laboratory in Canada.

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 mining properties in Mexico, Argentina, and Nevada.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended, and applicable Canadian securities legislation, including statements regarding expectations surrounding the timing of announcement of the results from the Yoquivo drilling campaign, the geologic potential of the Yoquivo property and its anticipated profitability, and the timing of production at the Rodeo property. These statements are subject to risks and uncertainties, including the reasonability of the economic assumptions at the basis of the West Timmins Resources drilling data; changes in interpretations of geological, geostatistical, metallurgical, mining or processing information; interpretations of the information resulting from exploration, analysis or mining and processing experience; fluctuations in exchange rates and changes in political conditions, tax, royalty, environmental or other laws in Mexico; fluctuations in silver or gold prices; and the timing duration and overall impact of the COVID-19 pandemic, including the potential future re-suspension of non-essential activities in Mexico, including mining. Golden Minerals assumes no obligation to update this information. Additional risks relating to Golden Minerals may be found in the periodic and current reports filed with the SEC by Golden Minerals, including the Company’s Annual Report on Form 10-K for the year ended December 31, 2019.

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

Golden Minerals CompanyKaren WinklerDirector of Investor Relations(303) 839-5060

SOURCE: Golden Minerals Company