Mr. David Watkins reports

GOLDEN MINERALS COMMENCES DRILLING AT ITS DESIERTO PROPERTY, ARGENTINA

Golden Minerals Company has commenced a 1,250-metre drill program, with an estimated budget of $1,088,000, to test the Sico, Cobre and Iceberg targets, three of the multiple known gold and copper targets on its Desierto exploration concessions in Salta province, Argentina. This four- to six-week drill program is expected to be completed during Q4 2026, with full results available during Q1 2027, and will consist of:

1. Sico -- Four holes to test the down-dip extension of a large gold bearing alteration system drilled by Golden on its adjacent Sarita property.
2. Cobre -- One hole to test the below-surface potential of an outcropping, high-grade gold-bearing epithermal quartz vein.
3. Iceberg -- One hole to test an alunite/pyrophyllite alteration zone that is contiguous with the alteration zone associated with First Quantum Minerals Ltd.'s neighbouring Taca Taca deposit.

Golden's 2,505-hectare Desierto property is located approximately 3.5 kilometres southwest of the Taca Taca Cu-Mo (copper-molybdenum) deposit and approximately 50 kilometres north of Fortuna Mining Corp.'s Lindero gold mine. The Desierto concessions are held jointly by Golden Minerals (66.66 per cent, of which half this interest is subject to Golden completing an option to purchase agreement) and Salta Geothermal (33.33 per cent), a subsidiary of Cascadero Copper. On Sept. 1, 2026, Cascadero Copper Corp. announced the sale of its interests in the Desierto concessions and other properties in Argentina to Lumina Copper Corp., a wholly owned affiliate of First Quantum Minerals, Ltd.

The Desierto concessions host numerous surface gold occurrences, porphyry copper/gold style alteration and significant magnetic anomalies, including the three targets being tested in this initial drill program as described below.

The Sico gold target was initially discovered by drilling geochemical anomalies on the Sarita property, which is held jointly by Golden (51 per cent) and Cascadero (49 per cent). Near-surface oxidized gold mineralization at Sarita included drill intersections of:

• DDH SE 22038 15.8 metres at 2.76 grams per tonne gold from 32.5 metres depth;
• DDH SE 22035 12.5 m at 2.11 g/t gold from 27.0 metres depth;
• DDH SE 22012 28.2 m at 1.37 g/t gold from 19.5 metres depth.

Gold mineralization at Sarita occurs as oxidized quartz-limonite (after pyrite) micro veinlets within an intermediate sulphidation epithermal alteration zone and may be related to nearby porphyry systems. Importantly, the Sarita mineralization strikes east-west and appears to dip approximately 40 degrees south onto the Desierto concessions.

The Cobre target includes an outcropping two-plus-metre-wide gold-bearing quartz vein, the exposed portion of which strikes roughly north-south, forming a pronounced rib that dips moderately to the west. Grab samples collected over a 200-metre strike length of this outcropping target have returned consistently high gold values, including fire-assay results of 45.8, 10.2, 10.1 and 6.5 g/t of gold (a total of eight samples were collected and range from 0.2 to 45.8 g/t Au). This vein has never been drill tested.

The Iceberg target will be tested with a 600-metre drill hole to evaluate a strong advanced-argillic alunite/pyrophyllite alteration zone that projects four kilometres northwest to the nearby Taca Taca deposit. This alteration zone is interpreted to represent the upper portions of a porphyry copper system, near the base of the epithermal alteration zone, similar to Taca Taca. The Iceberg target area is marked by a strongly leached cap that may have an associated supergene copper blanket at depth, as is the case at Taca Taca.

Chief executive officer David Watkins stated: "We are very excited to again be in a position to focus on Golden's organic growth through exploration. The highly prospective Desierto concessions host numerous gold and copper-porphyry-type targets, many with geological, geophysical, and geographical association to nearby mines and other known mineralization, and we look forward to announcing the results of our initial Desierto drilling in due course."

About Golden Minerals Company

Golden Minerals is a precious metals exploration company holding a 66.66-per-cent majority interest in the Desierto 1 and 2 concessions, and a 51-per-cent joint venture interest in the Sarita Este concession, each adjacent to the gold-silver-copper Taca Taca project owned by First Quantum Minerals located in northwest Salta province, Argentina. Golden Minerals also holds a 60-per-cent interest in Sand Canyon, an exploration-stage gold-silver project in northwestern Nevada.

National Instrument 43-101 disclosure

Keith Laskowski (MSc), Golden Mineral's executive vice-president, exploration, is a qualified professional (No. 01221QP) of the Mining and Metallurgical Society of America and a qualified person as defined by Canadian National Instrument 43-101. Mr. Laskowski has reviewed and approved the technical information in this press release.

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