Golden Minerals Company

Golden Minerals Company is a Delaware corporation and our common stock is publicly traded on the Toronto and the New York MKT Stock Exchanges. Golden Minerals owns the Velardeña and Chicago precious metals mining properties (the "Velardeña Properties") in the State of Durango, Mexico, the El Quevar advanced exploration silver property in the Salta province of northwestern Argentina, and a diversified portfolio of precious metals exploration properties located in or near historical precious metals producing regions of Mexico and Argentina. Our total company resources are estimated at approximately *4.6 million silver equivalent ounces in the Measured and Indicated category, plus an additional *5.8 million silver equivalent ounces in the Inferred category.*

The Velardeña Properties were acquired in September ***1 and consist of two mines and two processing facilities. Velardeña contains high-grade silver and gold plus lead and zinc base metals, and the resource remains open at depth. During ***2, payable production reached approximately **3,**0 silver equivalent ounces, consisting of approximately **7,**0 ounces silver and 6,**0 ounces gold (using a *0:1 ratio for gold to silver). Additionally, the company produced approximately 1.0 million pounds of payable lead and 1.4 million pounds of payable zinc. In the first half of ***3, payable production reached approximately **5,**0 silver equivalent ounces, consisting of **1,**0 ounces silver and 2,**0 ounces gold. Due primarily to continuing depressed market prices of silver and gold, the company suspended mining operations at Velardeña on June *9, ***3 and placed the properties on a care and maintenance program. The suspension of production was carried out in order to best conserve the asset until operating plans and silver and gold prices indicate a sustainable cash margin for operations. Golden used the operating down time to conduct a 9,***-meter drilling program and to develop a new mining plan that indicates positive net cash flow from the Velardeña Properties after production is ramped up through the second quarter ***5. Golden resumed mining activity on July 1, ***4 and is now focused on executing its new mining plan at Velardeña.

Golden also retains **0 percent control over the El Quevar pure silver, *5,***-hectare project located in the Salta Province of northwest Argentina that remains open to both the east and west. A June ***2 NI *****1 compliant technical report shows a silver resource of *2.0 million ounces Indicated and *0.2 million ounces Inferred. A late****2 drilling program conducted in areas outside the scope of the June ***2 technical report produced positive results that reinforced our thesis that El Quevar exhibits characteristics of an emerging new silver district. Golden Minerals is actively seeking a partner with whom to conduct further drilling and analysis and to advance the El Quevar project.

Golden has no debt and no hedging on its books. With the care and maintenance program in place, the Company reported a balance of approximately $*0.4 million cash and equivalents as of June *0, ***4.

The Golden Minerals management team has a proven track record in all areas of mineral resource development, including acquisition and exploration, permitting, construction, ramp-up and optimization of production, commissioning all aspects of operations, mine reclamation and closure. Our executive team has held positions with major mining companies throughout the world.