Golden Minerals Company
PROJECTS – Project Pipeline

Golden Minerals owns mine operations in Durango State, Mexico. The Velardeña Properties were acquired in September 2011 and contain a significant high-grade silver and gold resource with lead and zinc base metals, and the resource remains open at depth. Velardeña achieved payable production of approximately 843,000 silver equivalent ounces during 2012 and 395,000 silver equivalent ounces in 2013 through the quarter ending June 30, 2013. (Production figures include silver and gold, with equivalents calculated using a 60:1 ratio for gold to silver.) Production was suspended in June 2013 subsequent to the sharp drop in precious metals prices and the property was put onto care and maintenance. Golden used the operating down time to conduct a 9,000-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 2015. Golden resumed mining activity on July 1, 2014, started processing on November 3, 2014 and is focused on executing its new mining plan at Velardeña.

Further production potential comes from the Advanced Exploration stage El Quevar project in the Salta Province of Argentina, a 100 percent-controlled, 55,000-hectare silver project with District potential. Golden believes El Quevar's drill results to date indicate the possibility of a new emerging silver district. The company is seeking a partner with whom to conduct additional drilling and further advance the project. In addition, Golden controls a portfolio of roughly 30 exploration properties located in or near historical precious metals mining areas in Mexico and Argentina.

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