Golden Minerals Files Updated PEA for Velardeña Project

Golden Minerals Company (“Golden Minerals”, “Golden” or the “Company”) (NYSE American: AUMN and TSX: AUMN) announced today that it has filed an updated technical report for its Velardeña Properties. The report is entitled “Preliminary Economic Assessment Update NI 43-101 Technical Report of the Velardeña Project” with an issue date of August 18, 2023. The technical report is available for review on SEDAR at SEDAR+ - Landing Page (sedarplus.ca) and on the Company’s website at https://www.goldenminerals.com/projects/technical-reports/.

Qualified Persons

The report was prepared by the following Qualified Persons as defined by NI 43-101:

• Dr. Guillermo Dante Ramírez-Rodríguez, PhD, MMSAQP- Tetra Tech
• Mr. Randolph P. Schneider, MMSAQP – Tetra Tech
• Ms. Kira Lyn Johnson, MMSAQP – Tetra Tech

The contents of this press release have been reviewed and approved by Mr. Warren Rehn, QP MMSA, President and Chief Executive Officer of Golden Minerals Company.

About Golden Minerals

Golden Minerals is a gold and silver producer based in Golden, Colorado. The Company is primarily focused on initiating production at its Velardeña Properties (Mexico), advancing its Yoquivo gold-silver property (Mexico), advancing its El Quevar silver property (Argentina) through partner-funded exploration and on acquiring and advancing selected mining properties in Mexico, Nevada and Argentina.

Follow us at www.linkedin.com/company/golden-minerals-company/ and https://twitter.com/Golden_Minerals.

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

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Golden Minerals Company Karen Winkler, Director of Investor Relations [phone]