An anonymous director reports

GOLDEN MINERALS ANNOUNCES FORMATION OF SAND CANYON JOINT VENTURE

Golden Minerals Company has completed the formation of Sand Canyon Explorations LLC, a Delaware limited liability company established as a joint venture with Golden Gryphon USA Inc. (GGUSA) to advance the exploration of the parties' mining claims located in Humboldt county, Nevada.

In connection with the formation of Sand Canyon, Golden and GGUSA have executed the definitive limited liability company agreement and transferred their respective mining claims to Sand Canyon pursuant to quitclaim deeds. Golden holds an initial 60-per-cent ownership interest in Sand Canyon and will serve as the initial manager of the joint venture. GGUSA, a wholly owned subsidiary of Golden Gryphon Explorations Inc., a private Canadian company domiciled in British Columbia, holds the remaining 40-per-cent interest.

The company expects exploration activities to continue in accordance with the initial program and budget approved under the LLC agreement. The objective of the 2026 program is to enhance the geological understanding of the property, continue to evaluate its exploration potential and support the planning of future exploration programs. Additional updates regarding exploration activities will be provided as work progresses.

Sand Canyon is an exploration-stage gold-silver project located in Humboldt county, northwestern Nevada, approximately 18 miles northwest of the historic Sleeper gold mine. Surface work has identified a widespread system of narrow epithermal veins hosted in Miocene volcanics. Geochemical anomalies in trace elements commonly associated with high-level epithermal gold and silver mineralization have been identified in rocks, soils and plants in a number of areas. The anomalies are associated with high-level quartz veining, breccias and iron oxides on fractures and other structures. Moderate to strong silicification, in places including barite, is observed in Permian clastic and carbonate rocks. Historic workings expose mercury mineralization in silicified limestones in the northeastern portion of the property.

In the first quarter of 2020, Golden financed an initial diamond drilling program managed by Golden Gryphon comprising four holes totalling approximately 1,800 metres and targeting surface geochemical and geophysical anomalies associated with epithermal veining observed in outcrops. The three holes drilled in the Sand Canyon target area intersected narrow vein and breccia structures with low anomalous values of silver, arsenic, antimony and molybdenum; no potentially economic concentrations of precious metals were encountered in any of the four holes. The company continues to review historical exploration data to inform future exploration data, and the joint venture intends to undertake additional exploration work over the next 12 months, including geophysical surveys.

The technical information contained in this news release has been reviewed and approved by Warren M. Rehn, a qualified person as defined by National Instrument 43-101. Mr. Rehn is a former president and chief executive officer of the company and is a consultant to the company.

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