Golden Minerals Company (NYSE American:AUMN) (TSX: AUMN) is pleased to announce initial results from its ongoing expansion drill program at its Rodeo open pit gold mine in Durango State, Mexico.

The Company announced in March 2021 it was beginning a program encompassing approximately 2,000 meters of exploration drilling at selected near-surface targets located immediately adjacent to the current open pit, as well as additional near-site surface targets. The program is being conducted to outline possible extension of the life of the Rodeo mine well beyond the currently estimated life of around 2.5 years. To date the exploration program has drilled 606 meters through the first ten holes.

Highlights of the program’s initial results include the following:

RDO_021_009

• 14.65m grading 3.94 g/t Au and 8.0 g/t Ag including
• 9.30m grading 5.38 g/t Au and 9.8 g/t Ag;
• 3.70m grading 7.02 g/t Au and 21.5 g/t Ag including
• 0.90m grading 21.09 g/t Au and 50.4 g/t Ag

RDO_021_003

• 13.75m grading 2.64 g/t Au and 10.5 g/t Ag including
• 1.60m grading 9.17 g/t Au and 18.5 g/t Ag;
• 6.35m grading 1.41 g/t Au and 36.4 g/t Ag including
• 2.70m grading 1.94 g/t Au and 58.5 g/t Ag

RDO_021_010

• 3.80m grading 2.69 g/t Au and 26.0 g/t Ag including
• 2.35m grading 3.31 g/t Au and 32.2 g/t Ag

Warren Rehn, President and Chief Executive Officer of Golden Minerals, commented, “We are pleased with the first results of the near-pit exploration drilling program, as these intercepts indicate that we should be able to expand the currently modelled high-grade zone to the north. The intercept in hole 10 is a newly discovered zone that is open up and down dip and to the northwest. These encouraging results demonstrate that the current pit can likely be expanded with additional drilling which could lead to an increase in the life of mine.”

A photo accompanying this announcement is available at

https://www.globenewswire.com/NewsRoom/AttachmentNg/c6d60e47-7231-41b7-b890-8e27b20f4980

Note: Historic drill holes are not shown in the location map. Prior drilling is at about a 25-meter spacing throughout the high-grade mineralized area.

The continuation of the exploration program will include additional near-pit targets, as well as other surface targets within a few hundred meters of the currently planned open pit, with the goal of finding additional high-grade mineralization to extend the life of mine.

Summary assay results are shown as follows:

Note: Estimated true widths range from 70% to 90% of drilled widths depending on dip of the vein and inclination of the hole. Intervals and grades have been rounded to either one or two decimal places.

About Rodeo

Rodeo is a gold-silver open pit mine located in Durango State, Mexico. Production began in January 2021, with material being trucked to the Company’s oxide mill at the Velardeña Properties located around 115 kilometers away via road. Rodeo’s current expected life per the terms of an independently prepared, NI 43-101-compliant Preliminary Economic Assessment (April 2020) is 2.5 years.

Review by Qualified Person and Quality Control

The technical contents of this press release have been reviewed by Aaron Amoroso, a Qualified Person for the purposes of NI 43-101. Mr. Amoroso has over 13 years of mineral exploration and mining industry experience and is a Qualified Person member of the Mining and Metallurgical Society of America (QP Geology & Ore Reserves, 01548QP).

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 operations at its Rodeo property in Mexico, advancing its Velardeña property 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.