Corporate Presentation - Golden Minerals

NYSE American & TSX: AUMN

Corporate Presentation – May 10, 2022

NYSE American & TSX: AUMN1

CAUTIONARY STATEMENTS

Cautionary Note Regarding Forward Looking Statements: Statements made regarding matters which are not historical facts, are “forward looking statements” within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 and Canadian securities legislation. These include statements relating to the Rodeo property, including projected production, the estimated life of the Rodeo mine, operational and financial projections for Rodeo, and anticipated timing of the resource expansion drill program results; the Velardeña Properties, including plans to restart production at Velardeña, projected production at Velardeña, timing of bio-oxidation studies and operational and financial projections for the Velardeña project; the potential expansion of the El Quevar project; expected timing of results from the phase 2 drilling program at Yoquivo; anticipated timing of the Sarita Este drill program results; and Golden’s business strategy and financial plans and projections. These statements are subject to risks and uncertainties, including, but not limited to, the timing duration and overall impact of the COVID-19 pandemic (including the potential future re-suspension of non-essential activities in Mexico, including mining), reasonability of the economic assumptions at the basis of the results of the Rodeo PEA, Velardeña PEA, El Quevar PEA and Santa Maria PEA; changes in interpretations of geological, geostatistical, metallurgical, mining or processing information and interpretations of the information resulting from future exploration, analysis or mining and processing experience; new information from drilling programs or other exploration or analysis; unexpected variations in mineral grades, types and metallurgy; fluctuations in silver and gold metal prices; failure of mined material or veins mined to meet expectations; fluctuations in exchange rates and changes in political conditions, in tax, royalty, environmental and other laws in the United States, Mexico and Argentina; and financial market conditions and the availability of external financing, if required.

Exploration Results: This presentation includes information regarding selected drill and sampling results on certain of our exploration properties. Complete drill and sampling results may be viewed by visiting our website at www.goldenminerals.com.

Cautionary Note to Investors Regarding Estimates of Mineral Resources:Estimates of “measured ", "indicated " and "inferred “ mineral resources shown in this presentation with regard to the Rodeo property and the Velardeña properties are defined in Subpart 1300 of Regulation S-K promulgated by the U.S. Securities and Exchange Commission (“S-K 1300”). Estimates of mineral resources shown in this presentation with regard to the El Quevar property and the Santa Maria property have been prepared in accordance with Canadian National Instrument 43-101. We advise U.S. investors that while the calculation of mineral resources under S-K 1300 and NI 43-101 are similar, there is no assurance that they are identical. Accordingly, an estimate of mineral resources prepared under NI 43-101 may not be identical to an estimate of mineral resources prepared under S-K 1300. The estimation of measured resources and indicated resources involves greater uncertainty as to their existence and economic feasibility than the estimation of proven and probable mineral reserves. The estimation of inferred resources involves far greater uncertainty as to their existence and economic viability than the estimation of other categories of resources. Investors are cautioned not to assume that any or all of the mineral resources are economically or legally mineable or that these mineral resources will ever be converted into mineral reserves. None of our properties have established the existence of mineral reserves, whether under NI 43-101 or S-K 1300. Investors are urged to consider closely the disclosure in our Form 10-K and other SEC filings. You can review and obtain copies of these filings from the SEC’s website at http:www.sec.gov/edgar.shtml

http://www.goldenminerals.com/


BUSINESS STRATEGY

► SUSTAINED PROFITABLE PRODUCTION

► GROWTH: TWO MINES PRODUCING 2022-2023

► CONTINUED EXPLORATION SUCCESS

WE ARE A GOLD AND SILVER COMPANY HEADQUARTERED IN GOLDEN, COLORADO AND WE WILL INCREASE

SHAREHOLDER VALUE THROUGH OUR PLANS FOR:


► Gold and silver focused

► Premier mining jurisdictions on two continents

► Colorado (USA) headquarters

► Common stock trades on NYSE American and TSX

AT A GLANCE

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DiversificationGold and silver assets in Mexico,

Argentina and Nevada (USA)

GrowthOne mine producing gold-silver since January 2021; targeting two mines producing in 2022-2023.

Value- Technical report-estimated values1 --• Velardeña -$119M NPV (2022 TRS,

MII Plan) or $48M (2022 TRS, MI Plan)

• El Quevar - $44.9M NPV (2018 PEA) • Rodeo - $23M NPV (2022 TRS)- Velardeña mine & 300 tpd sulfide mill on stand-by.- AUMN trading at ~$0.68/AgEq oz vs. ~$2.47 producers’ average and $0.74 explorers’ average .2

Strong LeadershipExperienced management

and board of directors possess breadth and depth of

industry knowledge.

Cash Generation$12.3M net operating margin

from Rodeo in 2021; $3.2M net operating margin Q1

2022.

INVESTMENT HIGHLIGHTS

1 See Appendix/Resource Footnotes for Technical Report/Resource information. 2 Source: Fundamental Research Corp., Mar. 31, 2022.

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STRONG PROJECT PIPELINE

Exploration - Drilling

Greenfield

PEA

Development

Production

Velardeña

El Quevar, Santa Maria1

Yoquivo, Sarita Este, Sand Canyon

Rodeo

1 El Quevar: currently under option to Barrick (see p. 17). Santa Maria: under 2020 option, Fabled Silver Gold can acquire 100% interest in the property upon final payment of $2M to Golden by Dec. 2022.

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9 additional projects (Mexico, Argentina)


PRINCIPAL PRODUCTION ASSETS - MEXICO

Sulfide Mill –On standby

4

Rodeo Mine –Operating

Velardeña Mine -Development

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Oxide Mill –Processing Rodeo

Material

3


Rodeo is a cash-generating open pit mine. Production activities began in late December 2020, with full production achieved in April 2021. This volcanic-

hosted epithermal gold-silver deposit is located 115km via road west of Velardeña, where material is trucked for processing at our oxide mill. Rodeo is

currently expected to be operational through Q3 2023.

RODEO GOLD MINE – IN PRODUCTION

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RODEO’S PRODUCTION SUCCESS

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* Net of by-product credits

-

10,000

20,000

30,000

40,000

50,000

60,000

Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022

Tonnes processed

1,390

3,452

4,777 4,780

3,608

-

1,000

2,000

3,000

4,000

5,000

6,000

Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022

Payable gold produced in doré (oz)

1.8

5.9

8.59.5

7.5

0.2

2.5

4.2

5.3

3.2

$0$1$2$3$4$5$6$7$8$9

$10

Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022

Revenue and Net Operating Margin

Revenue ($M) Net Operating Margin ($M)

$1,876

$915 $865 $754

$1,164

$-

$200

$400

$600

$800

$1,000

$1,200

$1,400

$1,600

$1,800

$2,000

Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022

Total Cash Costs per Au oz (net)*


A Technical Report Summary1 (“TRS”) for Rodeo was completed in March 2022. It uses a LOM2 starting date of Nov. 1, 2021 and estimates the mine will operate profitably

through Q3 2023. NPV8% = $22.9 million.

1 Tetra Tech, Mar. 2022 TRS. See Appendix for Resource and TR footnotes.2 Life of mine

RODEO MINE – 2022 TECHNICAL REPORT SUMMARY

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DescriptionUnit Cost Total Value

($/t-milled) ($000s)NSR $141.70 $49,767

Net Revenue $141.70 $49,767 Operating Costs

Mining $10.79 ($3,790)Processing 3 $52.04 ($18,278)G&A $3.85 ($1,352)

Operating Costs $66.68 ($23,421)Operating Margin $75.01 $26,346

Capital CostsMining - $0 Process Plant $0 Infrastructure - $0 Closure - ($447)

Capital Costs - ($447)LCI Royalty - ($995)

Mexcio Precious Metals Royalty - ($249)

Pre-Tax Cash Flow - $24,655 Pre-Tax NPV 8% - $22,928 3 Includes $13/t haulage to mill


► Golden plans to process the low-grade stockpiled material after the high-grade material has been mined, but thismaterial has not been included in the economic analysis in the TRS.

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RODEO MINE – 2022 TRS RESOURCES

As of Dec. 31, 20211 Cutoff Au (g/t) Tonnes Au (g/t) Au (oz) Ag (g/t) Ag (oz)

Low-Grade (Stockpile)

Measured 1 201,100 1.24 8,000 10.18 65,800

Indicated 1 55,500 1.18 2,100 5.21 9,300

Measured + Indicated 1 256,500 1.23 10,100 9.11 75,100

Inferred 1 1,500 1.21 100 4.10 200

High-Grade

Measured 1.6 286,100 3.00 27,600 13.37 123,000

Indicated 1.6 43,500 3.17 4,400 10.66 14,900

Measured + Indicated 1.6 329,600 3.02 32,000 13.02 137,900

1 Mineral resources were calculated by Tetra Tech with an effective date of October 31, 2021 as shown in the Technical ReportSummary (March 2022). After adjusting for mineral extraction at Rodeo for November and December 2021, the estimate ofmineral resources at the Rodeo Property at December 31, 2021 is shown in the table above. Aaron Amoroso, an employee ofthe Company and “qualified person” pursuant to S-K 1300, prepared the estimate. Numbers reported as mineral resource areconstrained to a mine design of 1 g/t.


Grades Ounces

Resource* Tonnes Silver Gold Silver (M) Gold (k)

Measured 385,000 327 5.58 4.05 69

Indicated 883,800 316 4.88 8.98 139

M&I 1,268,800 319 5.09 13.03 208

Inferred 1,709,200 362 4.80 19.89 264

VELARDEÑA PROPERTIES - OVERVIEW

► Evaluating plans to restart production in 2022-2023; formal decision not yet made

► Ramp access Ag/Au epithermal-mesothermal underground vein mine

► All mining equipment & infrastructure in place

► Oxide mill currently processing Rodeo material; sulfide mill on standby

* Per 2022 TRS, resource effective date Feb. 28, 2022. See Appendix for details.

Past-producing, 316-ha development property with two underground silver-gold mines (Pb/Zn byproducts) and two processing plants


• MII Plan► $119M pre-tax NPV8% ► 114% IRR► 11-year mine life, with potential to extend► Avg. production 1.9M oz Ag eq/year 2;

avg. LOM grades 344 g/t Ag, 5.3 g/t Au► Total pre-production capital cost

including contingency and tailings expansion provision - $17M

• MII Plan► $48M pre-tax NPV8% ► 101% IRR► 4-year mine life, with potential to extend► Total pre-production capital cost including

contingency - $15M► Avg. production 1.9M oz Ag eq/year 2

• Bio-oxidation & subsequent leaching of pyrite concentrates from Velardeña achieved 91% Au & 92% Ag recovery from pyrite–arsenopyrite concentrates in 2019 and 2021 testing.

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VELARDEÑA – 2022 TRS

1 See Appendix/Resource Footnotes. The MII Plan includes Measured, Indicated & Inferred resources, while the MI Plan excludes Inferred resources.

2 Au and Ag production only, as Ag eq based on $1744/oz Au, $23.70/oz Ag. Excludes Pb and Zn production.

The 2022 TRS1 includes updated cost assumptions for both the bio-oxidation plant and metals prices, compared to the 2020 PEA.


VELARDEÑA – 2022 TR ECONOMIC ANALYSIS

ItemTotal Pb Zn

Doré($000s) Concentrate Concentrate

Gross Payable $556,905 $311,680 $59,772 $185,453 TCs, RCs and penalties ($35,939) ($19,791) ($14,663) ($1,485)Freight & Insurance ($14,512) ($5,885) ($5,195) ($3,432)

NSR $506,454 $286,004 $39,914 $180,536 Operating Costs

Mining Costs - Stoping ($131,261)

Mining Costs -Development ($33,653)

Milling costs ($105,234)

Contingency and Other ($27,015)

Federal Mining Royalty ($2,532)

($299,695)

$/t-milled ($242)

Operating Margin $206,759

Capital Costs Full LOM Pre-Production LOM

Pre-Production Development ($788) ($788) $0

Process Plant and Infrastructure ($17,248) ($14,498) ($2,750)

Contingency and Other ($3,130) ($1,755) ($1,375)

Cash Flow $185,594

Pre-Tax NPV8% $118,933

IRR 114%

Payback (years) 1


YOQUIVO - OVERVIEW

► 1,975 hectares in 7 claims; Golden has made the final payment to acquire the concessions. Transfer of title is in progress.

► Past producing, bonanza grade epithermal vein gold and silver district

► Under-explored district showing similar mineralization to adjacent Ocampo mining district

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Gold-silver exploration-stage property near the Ocampo mining district in Chihuahua State, Mexico; a large, low-sulfidation epithermal vein system with

limited historic production

► Two successful drill programs completed in 2020 and 2021; began third drill program in April 2022


YOQUIVO – 2021 EXPLORATION ACTIVITY

- See website for complete drill results

012: 2.4m @ 3.90 g/t Au and 328.0 g/t Ag

006: 6.2m @ 17.19 g/t Au and 2,403.5 g/t Ag

002: 2.4m @ 0.51 g/t Au and 706.0 g/t A

004: 1.5m @ 4.02 g/t Au and 1,473.2 g/t Ag

Strong results from 2021 drill program – 21 holes, 3,949m -exploring the Pertenencia, Esperanza and Dolar vein systems


EL QUEVAR – SIGNIFICANT EXPANSION POTENTIAL

• High-grade silver project in Salta Province; 57,000 ha

• NI 43-101 NPV5 $44.9M1 from 2018 PEA showing 4.8M oz per year Ag production at Yaxtché deposit

• Most of the area outside Yaxtché remains unexplored. Deposit open to the east & west.

• Additional high-grade silver targets have been identified by drilling and through geophysical studies

• Signed earn-in agreement with Barrick Gold, April 2020

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1 at $16.66/oz Ag. See Appendix for details.


Partnering with a premier gold company that has demonstrated success in finding & developing major gold projects. Barrick carries costs while we

maintain upside discovery potential.

• Barrick carries Golden through pre-feasibility, covering all costs. Targeting a 5M+ oz gold deposit.

• Golden retains 30% interest + 5% NSR Ag royalty on the first 29Moz Ag produced (worth $36M at $25/oz Ag).

• Barrick may earn a 70% interest by spending $10M+ on exploration & completing a Pre-Feasibility study demonstrating a profitable operation with 2M+ AuEq oz, both within 8 years.

• As of YE 2021, Barrick had met the $1M in expenditures that allows them to withdraw from the agreement.

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EL QUEVAR EARN-IN WITH BARRICK GOLD


SARITA ESTE

• We hold an option to acquire 51% from Cascadero Minerals Corp. (Dec. 2019 agreement).

• Agreement calls for us to spend $2.5M by YE2023, including $0.3M in exploration expenditures and completion of a 2,000m drill program by YE2021.

• Following up on a discovery hole in the gold system at Sico. Targeting a copper porphyry system with some similarities to Taca Taca.

• Initial drill program completed Q42021: ~2500m in 10 holes. Results reported Jan 2022.

• Starting second drill program in Q2 2022.

Gold/copper exploration project located in NW Salta Province, Argentina near First Quantum’s Taca Taca project.


COMPANY CATALYSTS - 2022

Rodeo

► Additional resource update Q3

Velardeña

► Results of final bio-oxidation studies – Q2

► Formal decision on the resumption of operations – mid-year 2022

Sarita Este

► Field campaign at Sico and Ari Sarutargets– drilling to start again in Q2 to follow up on gold discovery.

Yoquivo

► Third drill program, following on success of 2020 and 2021 programs – resume drilling in Q2


RODEO & VELARDEÑA RESOURCES: PREPARED UNDER SEC S-K 1300

• Velardeña resources per Tetra Tech March 2022 TRS. Resources effective as of Feb. 28, 2022. See Appendix for details.• Rodeo resources calculated by Tetra Tech, March 2022 TRS, as updated with an effective date of Dec. 31, 2021. See

Appendix for details.

Amount tonnes

Grade g/t Quantity oz Amount tonnes



Grade g/t Quantity oz

Gold

Mexico

Rodeo mine

High-grade 286,100 3.00 27,600 43,500 3.17 4,400 329,600 3.02 32,000

Low-grade (stockpile)

201,100 1.24 8,000 55,500 1.18 2,100 256,500 1.23 10,100 1,500 1.21 100

Velardeña properties

385,000 5.58 69,000 883,800 4.88 138,500 1,268,800 5.09 207,500 1,709,200 4.80 263,800

Total oz 104,600 145,000 249,600 263,900

Silver

Mexico

Rodeo mine

High-grade 286,100 13.4 123,000 43,500 10.7 14,900 329,600 13.0 138,000

Low-grade(stockpile)

201,100 10.2 65,800 55,500 5.2 9,300 256,500 9.1 75,100 1,500 4.1 200

Velardeñaproperties

385,000 327 4,050,800 883,800 316 8,980,600 1,268,800 319 13,031,400 1,709,200 362 19,893,600

Total oz 4,239,600 9,004,800 13,244,500 19,893,800

Measured Mineral Resources Indicated Mineral ResourcesMeasured + Indicated Mineral

ResourcesInferred Mineral Resources


• El Quevar resources per Amec Foster Wheeler E&C Services, Inc., a Wood Group PLC company. NI 43-101, 02/26/2018. Cutoff grade 250 g/t Ag. See Appendix for details.

• Santa Maria resources per Tetra Tech NI 43-101 & PEA, 09/14/2018. Cutoff grade 180 g/t. See Appendix for details.

EL QUEVAR & SANTA MARIA RESOURCES: PREPARED UNDER CANADIAN NI-43-101 GUIDELINES

Tonnes Silver Gold Silver Gold(M) (Moz) (koz) g/t g/t

EL QUEVAR Indicated 2.9 45.3 - 482 n/a

Inferred 0.3 4.1 - 417 n/a

SANTA MARIA Measured 0.0 0.4 1.1 271 0.8

Indicated 0.2 1.6 5.7 291 1.0

Inferred 0.3 2.3 7.6 272 0.9

3.1 47.3 6.8

Grade

Total M&I


KEY FACTS

Data is current as of May 6, 2022 unless otherwise noted. Figures may not sum due to rounding.

1 Key Employee Long-Term Incentive Plan 2 NYSE consolidated volume only; excludes Canadian volumes. Source – NYSE Connect.

Stock Symbol NYSE American & TSX: AUMN

Share Price, 52-Wk Hi/Lo (US) $0.42 ($0.83/$0.31)

3-Month Avg. Daily Volume2 0.8 M

Shares Outstanding 164 M

Warrant Shares 13 M

Restricted Stock Units 4 M

KELTIP1 Units 4 M

Shares Outstanding - Fully Diluted 185 M

Cash (3/31/22) $11.7 M

Debt (3/31/22) none


AUMN SHARE PRICE PERFORMANCE

Golden Minerals’ share price has outperformed underlying gold and silver metals prices in the period beginning Jan. 1, 2019.

As of April 29, 2022Sources: Kitco, NYSE

AUMN +69%

Silver +52%

Gold +49%

-50%

0%

50%

100%

150%

200%

250%

300%

350%

AUMN vs. Gold & Silver - % chg.2019 - present

Gold Silver AUMN


STRONG SHAREHOLDER BASE

• Figures per most recent public filings or other available records, as of May 1, 2022• Figures exclude holdings of KELTIP units, restricted stock units, warrants & spousal holdings

Sentient23.0%

Remaining Float66.2%

Vanguard Group3.6%

ETF Managers Group2.7%

Global X Management1.5%

Hecla Mining Company1.1%

Management & Directors0.7%

Sector Investment Managers

0.7%

Geode Capital Mgmt0.5%


Appendix

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VELARDEÑA: March 2022, “Velardeña Project Technical Report Summary” prepared by Tetra Tech. Initial Assessment for the property as defined under U.S. SEC Regulation S-K 1300. Two economic models were prepared for the Project: one includes Inferred Mineral Resources (MII Plan) in the analysis, and the second excludes the Inferred material (MI Plan). The economic model results are based on Mineral Resources that, by definition, are not Mineral Reserves, and do not have demonstrated economic viability. The TRS assumes prices of $1,744/oz gold, $23.70/oz silver, $0.97/pound (“lb”) lead (“Pb”) and $1.15/lb zinc (“Zn”). Mineral resources were calculated having an effective date of February 28, 2022, as diluted to a minimum of 0.7 meters and are reported at a $175 NSR cutoff.

RODEO: March 2022. “Rodeo Project Technical Report Summary” prepared by Tetra Tech. Initial Assessment for the property as defined under U.S. SEC Regulation S-K 1300. The Rodeo mine is currently in operation and the Rodeo TRS assumes a life of mine (“LOM”) starting point of November 1, 2021. The TRS assumes prices of $1,800/oz Au and $25.00/oz Ag. Mineral resources were calculated by Tetra Tech with an effective date of October 31, 2021as shown in the Technical Report Summary. After adjusting for mineral extraction at Rodeo for November and December 2021, the estimate of mineral resources at the Rodeo Property at December 31, 2021 is shown in the Total Company Resources table. Aaron Amoroso, an employee of the Company and “qualified person” pursuant to S-K 1300, prepared the estimate. The resources are reported at a cutoff of 1 g/t for stockpiling and 1.6 g/t for processing. Numbers reported as mineral resource are constrained to a mine design of 1 g/t.

EL QUEVAR: February 2018. Resources prepared in accordance with Canadian National Instrument 43-101 - Standards of Disclosure of Mineral Projects (“NI 43-101”). Amec Foster Wheeler E&C Services, Inc., a Wood Group PLC company. "NI 43-101 Technical Report on Updated Mineral Resource Estimate", February 26, 2018. Cutoff grade 250 g/t.

SANTA MARIA: September 2018. Resources prepared in accordance with Canadian National Instrument 43-101 - Standards of Disclosure of MineralProjects (“NI 43-101”). Tetra Tech. "Technical Report & Updated Preliminary Economic Assessment", September 14, 2018. Silver equivalents calculated at 74:1. Cutoff grade 180 g/t.

RESOURCE & TECHNICAL REPORT FOOTNOTES


CONTACT INFORMATION

INVESTOR RELATIONS

Karen WinklerDirector of Investor RelationsTele: [email protected]

CORPORATE HEADQUARTERS

350 Indiana Street, Suite 650Golden, Colorado 80401Tele: [email protected]

ONLINE

www.goldenminerals.com

www.linkedin.com/company/golden-minerals-company/

https://twitter.com/Golden_Minerals

TRANSFER AGENT

ComputershareTele: 1.800.962.4284 or 1.781.575.3120www.computershare.com

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