Golden Minerals Prices $3.0 Million Registered Direct Offering

GOLDEN, April 20, 2020 - Golden Minerals Company (NYSE American and TSX: AUMN) (“Golden Minerals”, “Golden” or “the Company”) today announced it has entered into definitive agreements with several resource interested institutional investors for the purchase and sale of 15,000,000 shares of the Company’s common stock, par value $0.01 per share, pursuant to a registered direct offering. The Company has also agreed to issue to those investors unregistered common stock purchase warrants to purchase 11,250,000 shares of the Company’s common stock. The warrants will be exercisable on the six-month anniversary of issuance and will have a five-year term from their initial date of exercise and an exercise price of $0.30 per share. The gross proceeds of the offering will be approximately $3.0 million before deducting placement agent fees and other estimated offering expenses. The Company intends to use the net proceeds for working capital and for other general corporate purposes, including continuing to advance its Rodeo and Velarde?a properties in Durango, Mexico. The closing of the registered direct offering is expected to take place on or about April 22, 2020, subject to the satisfaction of customary closing conditions.

A.G.P./Alliance Global Partners is acting as sole placement agent for the offering.

This offering is being made pursuant to an effective shelf registration statement on Form S-3 (File No. 333-220461) previously filed with the U.S. Securities and Exchange Commission (the “SEC”) and made effective on September 28, 2017. A prospectus supplement describing the terms of the proposed offering will be filed with the SEC and will be available on the SEC’s website located at http://www.sec.gov. Electronic copies of the prospectus supplement may be obtained, when available, from A.G.P./Alliance Global Partners, 590 Madison Avenue, 36th Floor, New York, NY 10022, or by telephone at (212) 624-2060, or by email at prospectus@allianceg.com. Before investing in this offering, interested parties should read in their entirety the prospectus supplement and the accompanying prospectus and the other documents that the Company has filed with the SEC that are incorporated by reference in such prospectus supplement and the accompanying prospectus, which provide more information about the Company and such offering.

The warrants and the shares of common stock underlying the warrants issued in the offering have not been registered under the Securities Act of 1933, as amended (the “Securities Act”), or applicable state securities laws. Accordingly, the warrants and underlying shares of common stock may not be offered or sold in the United States except pursuant to an effective registration statement or an applicable exemption from the registration requirements of the Securities Act and such applicable state securities laws. The shares of common stock, as well as the warrants and the shares of common stock underlying the warrants, issuable pursuant to the offering have not been qualified for distribution in any jurisdiction of Canada and, unless a prospectus is filed in Canada or an exemption from such requirement is available, may not be traded or resold into or to any person resident in any jurisdiction of Canada until the day that is four months and one day after the closing date of the offering.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

Neither the Toronto Stock Exchange nor the NYSE American has approved nor disapproved the contents of this press release.

About Golden Minerals

Golden Minerals is a Delaware corporation based in Golden, Colorado. The Company is primarily focused on advancing its Velarde?a Properties in Mexico, as well as acquiring and advancing mining properties in Mexico, Argentina and Nevada.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act and applicable Canadian securities legislation, including statements regarding the satisfaction of the closing conditions, the approval of the offering by the Toronto Stock Exchange or the NYSE American, anticipated completion of the offering and the intended use of proceeds from the offering. These statements are subject to risks and uncertainties, including: whether the proposed offering is completed, whether required approvals are received, disruptions in the financial markets, changes in the use of proceeds due to unanticipated developments and other factors that may cause actual results, performance or achievements to be materially different than those expressed or implied. Additional risks relating to Golden may be found in the periodic and current reports filed with the Securities Exchange Commission by Golden, including the Company's Annual Report on Form 10-K for the year ended December 31, 2019.

For additional information please visit http://www.goldenminerals.com/ or contact:

Golden Minerals Company
Karen Winkler, Director of Investor Relations
(303) 839‐5060
SOURCE: Golden Minerals Company