AUMN Golden Minerals Company

Golden Minerals Company (“Golden Minerals”, “Golden” or the “Company”) (NYSE American and TSX: AUMN) is pleased to report payable production for the second quarter 2021 of 3,634 gold equivalent ounces (“AuEq””) consisting of 3,452 gold ounces and 12,323 silver ounces from the first full quarter of production at its Rodeo gold-silver mine located in Durango State, Mexico. Compared to the first quarter 2021, payable AuEq production increased by 2,075 ounces or 133%. Gold equivalents are calculated at the realized metals prices shown below. Average Au grade processed during the second quarter increased to 3.6 g/t Au from 3.0 g/t in the first quarter 2021.

Golden Minerals’ President and Chief Executive Officer, Warren Rehn, added, “We are very pleased to report the first full quarter of production data from Rodeo. We completed the planned ramp-up of production during the second quarter, and after the regrind mill was installed at the end of April, plant throughput averaged over 500 tonnes per day in May and June combined. The Company remains on track to achieve our production guidance of between 12,000-14,000 oz gold and 25,000-30,000 oz silver for full year 2021.”

	Rodeo Operations Statistics (in thousands,except per unit amounts)				Three MonthsEnded June 30,2021	Three MonthsEnded March31, 2021	Six MonthsEnded June 30,2021
Total tonnes mined (1)					164,954	171,905	336,859
Total tonnes in stockpiles awaiting processing (2)					9,215	5,108	9,215
Total tonnes in low grade stockpiles (3)					49,552	26,410	49,552
Tonnes processed					38,814	18,791	57,605
Tonnes per day processed					427	209	318
Gold grade processed (grams per tonne)					3.6	3.0	3.4
Silver grade processed (grams per tonne)					10.0	14.3	11.4
Plant recovery - gold (%)					78.0	84.3	80.0
Plant recovery - silver (%)					83.9	86.6	84.8
Payable gold produced in dore (ounces)					3,452	1,390	4,841
Payable silver produced in dore (ounces)					12,323	11,289	23,612
Payable gold equivalent produced in dore (ounces) (4)					3,634	1,559	5,186
Gold sold in dore (ounces)					3,064	909	3,973
Silver sold in dore (ounces)					11,225	9,698	20,923
Gold equivalent sold in dore (ounces) (4)					3,230	1,054	4,284
Realized price, before refining and selling costs
		Gold (dollar per ounce)			1,843	1,721	1,815
		Silver (dollar per ounce)			27.20	25.76	26.53

(1) Includes all mined material transported to the plant, stockpiled or designated as waste

(2) Includes mined material stockpiled at the mine or transported to the plant awaiting processing in the plant

(3) Material grading between 2 g/t (current cut-off grade) and 1 g/t Au held for possible future processing

(4) Gold equivalents based on realized $ Au and $ Ag price

Production began at Rodeo in January 2021, with a second ball mill installed and operating at the end of April which enabled the Company to easily exceed its targeted processing rate of 450 tonnes per day (“tpd”). As production ramped up in the second quarter, the Company saw a temporary drop in gold recovery from 84% in Q1 to 78% in Q2 related primarily to higher than planned throughput, which in turn yielded slightly coarser grind and lower gold recovery. The Company believes it will be able to improve gold recovery as it targets 550 tpd throughput and optimizes the operation of the leach and extraction circuits at the plant during the third quarter. Target recovery for gold as indicated in metallurgical test results is 85%.

About Golden Minerals

Golden Minerals is a growing gold and silver producer based in Golden, Colorado. The Company is primarily focused on producing gold and silver from its Rodeo Mine and advancing its 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, Nevada and Argentina.

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 projections related to production at the Rodeo operation for the full year 2021 and expectations regarding future improvements in gold recoveries. These statements are subject to risks and uncertainties, including the overall impact of the COVID-19 pandemic, including the potential future re-suspension of non-essential activities in Mexico, including mining; lower than anticipated revenue or higher than anticipated costs at the Rodeo mine; declines in general economic conditions; changes in political conditions, in tax, royalty, environmental and other laws in the United States, Mexico or Argentina and other market conditions; and fluctuations in silver and gold prices. 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, 2020.

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

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