San Diego Project

A 100%-owned advanced exploration property held through subsidiary Golden Tag Mexico S.A. de C.V., among the largest undeveloped silver assets in Mexico. It comprises four mining concessions (91.65 hectares) in the Municipality of Cuencame, Durango State, approximately 75 km southwest of Torreon and 12 km northeast of Penoles' Velardena mine, within the prolific Velardena Mining District which has produced silver, zinc, lead and gold for over a century. Mineralization occurs as quartz-calcite veins and the bulk-tonnage Fernandez Zone, typical of polymetallic intrusive-related skarn and low-sulfidation epithermal systems carrying silver, lead, zinc, gold and copper. The property has been advanced through seven phases of surface diamond drilling totalling 43,491 m to the end of 2022. A mineral resource estimate was completed by SGS Canada in an NI 43-101 technical report published in April 2013; SGS also recognized additional target potential of 20-50 million tonnes grading 100-150 g/t silver-equivalent, a conceptual target that is not a mineral resource. Golden Minerals Company retains a 2% NSR royalty. The Company intends to conduct in-fill drilling and to evaluate potential synergies with La Parrilla. Mineral resources are not mineral reserves and do not have demonstrated economic viability.