Golden Minerals Company announced that it has begun producing gold-bearing pyrite flotation concentrate from its Velardeña Properties in Durango State, Mexico. The Company is processing material that has been stockpiled at Velardeña since the mines last operated in 2015. The material was only partially processed during past operations and a gold and silver bearing pyrite concentrate has not previously been separated from the material.

During periods of past operations, concentrate sales terms were uneconomic for the gold-bearing pyrite concentrate that comes from Velardeña. However, recent and notably more favorable market terms offered for these concentrates mean Velardeña's gold pyrite/arsenopyrite concentrates are now economic to process and sell. The Company began processing last week and estimates its first shipment of concentrates will take place this week. The Company plans to continue processing this previously stockpiled material until sufficient newly-mined material from Velardeña is available for processing at full capacity, which is anticipated to occur within the next several months.

The Company plans to start mining at Velardeña in December 2023. The mining contractor is mobilizing now and will be on site the first week of December 2023.