Mr. Warren Rehn reports

GOLDEN MINERALS ANNOUNCES RETURN OF EL QUEVAR SILVER PROJECT

Barrick Gold Corp. has notified Golden Minerals Company that it is withdrawing from an earn-in agreement on the El Quevar silver project (Salta province, Argentina) which the two parties signed in April, 2020. The termination will be effective on April 20, 2024.

Golden Minerals president and chief executive officer, Warren Rehn, commented today: "The timing of the return of the El Quevar project is fortuitous and quite favourable to the company as we pivot from production to exploration and development. The El Quevar property is one of the largest contiguous high sulphidation alteration systems in northern Argentina and presents a very prospective opportunity to the company in further advancing the high-grade Yaxtche silver deposit as well as advancing the newly identified gold prospect just to the south."

To date, Barrick has spent more than $6.0-million of work expenditures at El Quevar and has completed a five-hole, 1,300-metre drill program that identified a potential gold prospect in the central Eastern part of Quevar's land package. That report noted the presence of vuggy silica alteration, which is commonly associated with high sulfidation epithermal gold-silver deposits, in all holes. Final assays confirmed potentially economic gold values in vuggy silica in one of the drill holes.

The agreement offered Barrick the opportunity to earn an undivided 70-per-cent interest in the El Quevar project by spending $10.0-million on work expenditures over a total of eight years, which included spending $500,000 per year in years 1 and 2, $1.0-million per year in years 3, 4 and 5, and $2.0-million per year in years 6, 7 and 8. Additional earn-in terms under the agreement required Barrick to deliver a National Instrument 43-101-compliant prefeasibility study describing a potentially profitable operation with mineral resources of not less than two million gold equivalent ounces, also within eight years.

About El Quevar and next steps

Golden Minerals has previously defined a high-grade silver deposit at El Quevar's Yaxtche deposit, totalling 2.9 million tonnes of indicated material containing 45.3 million ounces of silver at an average grade of 482 grams per tonne, plus 300,000 tonnes of inferred material containing 4.1 million oz of silver at an average grade of 417 gpt. The Yaxtche deposit encompasses less than 1 per cent of Quevar's vast 57,000-hectare land area. Most of the area outside the Yaxtche deposit has yet to be explored and the Yaxtche deposit itself is open to both the east and west.

The company views the return of the El Quevar project very positively. Quevar's land package now holds a potential gold prospect whose drilling was financed by Barrick. Meanwhile, most of Quevar's holding costs have been financed by Barrick since April, 2020, as well.

Golden Minerals intends to further advance the El Quevar project and update its resource, subject to the availability of capital. The company's focus will be on updating the preliminary economic assessment for the Yaxtche silver deposit and in stepout drilling to follow up on the gold intercept drilled in 2022 by Barrick.

About Golden Minerals Company

Golden Minerals is a precious metals mining exploration company based in Golden, Colo. The company is primarily focused on advancing its Yoquivo property in Mexico and advancing its El Quevar silver property in Argentina. The company is also focused on acquiring and advancing selected mining properties in North America and Argentina.

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