Company Overview - Golden Minerals is a gold and silver focused company with assets in Mexico, Argentina, and Nevada (USA)[6, 10] - The company aims to increase shareholder value through sustained profitable production, growth with two mines producing in 2023, and continued exploration success[5] Financial Performance & Valuation - Rodeo mine generated a net operating margin of $12.3 million in 2021 and $4.5 million through June 30, 2022[7] - Technical reports estimate the following Net Present Values (NPV): Velardeña - $119 million (MII Plan) or $48 million (MI Plan), El Quevar - $44.9 million, Rodeo - $23 million[10] - As of August 2, 2022, the company had $9.5 million in cash and no debt[53] Rodeo Mine - A Technical Report Summary (TRS) for Rodeo was completed in March 2022, estimating profitable operation through Q3 2023, with an NPV8% of $22.9 million[24] - Rodeo's measured and indicated high-grade resources as of December 31, 2021, were 329,600 tonnes with 3.02 g/t Au, containing 32,000 ounces of gold and 13.02 g/t Ag, containing 137,900 ounces of silver[26] - Rodeo's measured and indicated low-grade (stockpile) resources as of December 31, 2021, were 256,500 tonnes with 1.23 g/t Au, containing 10,100 ounces of gold and 9.11 g/t Ag, containing 75,100 ounces of silver[26] Velardeña Properties - Velardeña has measured and indicated resources of 1,268,800 tonnes with 319 g/t silver and 5.09 g/t gold, containing 13.03 million ounces of silver and 208,000 ounces of gold[30] - The 2022 TRS for Velardeña estimates a pre-tax NPV8% of $119 million (MII Plan) with average production of 1.9 million ounces of silver equivalent per year or $48 million (MI Plan) with average production of 1.9 million ounces of silver equivalent per year[31] El Quevar Project - El Quevar has an NI 43-101 NPV5 of $44.9 million from a 2018 PEA, projecting 4.8 million ounces of silver production per year at the Yaxtché deposit[39] - Barrick Gold has an earn-in agreement with Golden Minerals, targeting a 5 million+ ounce gold deposit[40]

Golden Minerals Co (NYSE:AUMN) Q3 2021 Earnings Conference Call November 9, 2021 11:00 AM ET Company Participants Karen Winkler - Director, IR & Assistant Corporate Secretary Robert Vogels - SVP, Corporate Secretary & CFO Warren Rehn - President, CEO & Director Conference Call Participants Jacob Sekelsky - Alliance Global Partners Heiko Ihle - H.C. Wainwright & Co. Siddharth Rajeev - Fundamental Research Corp. Operator Greetings. Welcome to the Golden Minerals Company Third Quarter 2021 Earnings Webcast. [O ...

Financial Data and Key Metrics Changes - The company reported a narrow net loss of approximately $800,000 for Q2 2021, despite improved operating margins from the Rodeo operation, which increased to about $2.5 million [12][13] - Cash operating costs net of silver byproduct credits declined to just over $900 per payable ounce of gold produced, with expectations to maintain or slightly improve this cost level for the remainder of the year [11][12] - The company ended the quarter with approximately $7 million in cash and projected cash balances to grow to around $9.5 million to $11.5 million over the next 12 months [13][14] Business Line Data and Key Metrics Changes - The Rodeo goldmine has been operating well, with throughput exceeding expectations by nearly 100 tonnes per day since the commissioning of the new ball mill [6][11] - The company expects to produce between 12,000 and 14,000 ounces of gold this year from Rodeo, with plans for an average throughput of at least 500 tonnes per day [6][10] - Velardeña is progressing towards a potential restart by the end of 2021, with positive results from bulk sampling and precision mining tests [7][10] Market Data and Key Metrics Changes - Exploration at Rodeo has returned positive results, leading to the addition of a second drill rig to accelerate the drill program [8] - The company is also exploring the Sarita Este property in Argentina, adjacent to a significant copper deposit, with initial results expected soon [9] Company Strategy and Development Direction - The company plans for production growth and sustainable profitability, with Velardeña expected to produce about one million ounces of silver in 2022 [10] - The completion of the bio-oxidation facility is projected to add another one million silver equivalent ounces produced per year from gold in pyrite [10] - The company is focused on internal resource updates rather than a formal PEA update, with expectations for resource expansion based on ongoing drilling results [18][40] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving positive net income in the second half of 2021, driven by improved operating margins and cash flow from Rodeo [12][13] - The company anticipates a positive decision on the restart of Velardeña in Q4 2021, with a ramp-up to full production expected to take about three to six months [22][23] - Management noted that recovery rates at Rodeo were slightly lower than PEA estimates but expressed confidence in improving these rates moving forward [42] Other Important Information - The company is experiencing delays in VAT refund claims in Mexico due to COVID-19, but expects to collect all existing VAT receivables within a year [14] - The company has not yet made a go-ahead decision on Velardeña, with development capital expenditures still pending [44][45] Q&A Session Summary Question: When will broader updates on the Rodeo exploration program be available? - Management expects to have additional results in the next few weeks and anticipates an internal resource update by Q4 [18][20] Question: What is the ramp-up timeline for Velardeña after a positive restart decision? - A ramp-up to full production is expected to take about three to six months, with full production capacity around 300 tons per day [22][23] Question: What are the capital expenditures incurred during the quarter? - The company incurred approximately $700,000 in capital expenditures related to the reground mill circuit, with no significant additional costs anticipated [26][28] Question: What is Barrick looking for at the El Quevar project? - Barrick is conducting surface exploration and preparing for a drill program, targeting a world-class gold deposit of about five million ounces [35] Question: What is the expected development CapEx for Velardeña? - The estimated development CapEx for Velardeña is around $10 million, with costs spread over 2022 [45][46] Question: What is the analyst price target range for the company's stock? - Analysts have set price targets between $0.91 and $1.10 per share, indicating a valuation higher than the current market price [57]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ⌧ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2020 OR ◻ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 1-13627 GOLDEN MINERALS COMPANY (Exact Name of Registrant as Specified in its Charter) DELAWARE 26-4413382 (State of Incorporation or Org ...