First Full Quarter Of Production At Rodeo Gold-Silver Mine

GOLDEN,CO - Golden Minerals Company reported production for the second quarter 2021 of 3,634 gold equivalent ounces (AuEq) consisting of 3,452 gold ounces and 12,323 silver ounces from the first full quarter of production at its Rodeo gold-silver mine located in Durango State, Mexico. Compared to the first quarter 2021, payable AuEq production increased by 2,075 ounces or 133%. Gold equivalents are calculated at the realized metals prices shown below. Average Au grade processed during the second quarter increased to 3.6 g/t Au from 3.0 g/t in the first quarter 2021.

Golden Minerals’ President and Chief Executive Officer, Warren Rehn, said, “We are very pleased to report the first full quarter of production data from Rodeo. We completed the planned ramp-up of production during the second quarter, and after the regrind mill was installed at the end of April, plant throughput averaged over 500 tonnes per day in May and June combined. The Company remains on track to achieve our production guidance of between 12,000-14,000 oz gold and 25,000-30,000 oz silver for full year 2021.”

Production began at Rodeo in January 2021, with a second ball mill installed and operating at the end of April which enabled the Company to easily exceed its targeted processing rate of 450 tonnes per day (“tpd”). As production ramped up in the second quarter, the Company saw a temporary drop in gold recovery from 84% in Q1 to 78% in Q2 related primarily to higher than planned throughput, which in turn yielded slightly coarser grind and lower gold recovery. The Company believes it will be able to improve gold recovery as it targets 550 tpd throughput and optimizes the operation of the leach and extraction circuits at the plant during the third quarter. Target recovery for gold as indicated in metallurgical test results is 85%.