Golden Minerals Company · TSX:AUMN
Golden Minerals — Investor Presentation (September 2025)
19 slides from Golden Minerals's investor presentation, September 2025
Slide 1: Unlocking Gold/Copper Opportunities in Argentina and USA
Unlocking Gold/Copper Opportunities in Argentina and USA 1
Slide 2: Cautionary Statements
Cautionary Statements Cautionary Note Regarding Forward-Looking Statements: Statements made regarding matters which are not historical facts are “forward-looking statements” within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 and Canadian securities legislation. These inc
Slide 3: At A Glance
At A Glance ► Gold and silver focused exploration-stage company ► Projects in Salta, Argentina and Nevada, USA ► Common stock trades TSX and OTCQB • Stock Symbol: AUMN • Shares O/S: 14.6M • Shares F/D: 26.9M • Warrants O/S: 7.5M 3
Slide 4: Investment Highlights
Investment Highlights Prospective Exploration Projects 1. Sarita Este/Desierto I & II (Argentina) Shallow oxidized epithermal gold zone with potential economic grades identified Porphyry copper/gold target similar to First Quantum’s Taca Taca deposit 2. Sand Canyon (Nevada) 60% JV interest in Sleepe
Slide 5: Sarita Este - Desierto
Sarita Este - Desierto • The Sarita Este/Desierto project covers 3,335 hectares on the western side of Salar de Arizaro in the altiplano of Salta, Argentina • Access is good with well-maintained paved and gravel roads to Salta city • The project comprises the Sarita Este and Desierto I & II concessi
Slide 6: Sarita Este - Desierto
Sarita Este - Desierto • Ownership: o Sarita Este: 51% and operator of JV o Desierto I & II: operator and 67% control. Discussions ongoing. No formal joint venture has been executed • Sarita Este and Desierto I & II collectively cover 3,335 hectares • Golden drilling in the Sico zone on Sarita Este
Slide 7: Sarita Este - Desierto Geology
Sarita Este - Desierto Geology Geology of the Sarita Este – Desierto project is permissive for shallow Tertiary epithermal gold deposits similar to the nearby Lindero deposit and deeper copper porphyry deposits similar to the adjacent Taca Taca deposit • Taca Taca is a 2.9 billion tonne copper porph
Slide 8: Defined Drill Targets
Defined Drill Targets • Sico South - Southern extension of shallow gold zone discovered on Sarita Este • Centro - Ag-Au veins drilled by Mansfield (4 holes) • Iceberg - Alunite/pyrophyllite alteration in host rocks similar to Taca Taca • Vero - Vein zone with Au and Ag values • Alunita - Alunite/pyr
Slide 9: Taca Taca Alto Drill Target Overview
Taca Taca Alto Drill Target Overview Showing location of advanced argillic alteration, aeromagnetic low anomalies, and areas of anomalous Taca Taca gold from surface rock samples Advanced argillic alteration Interpreted from Aster data RTP magnetic low anomaly Proposed drill holes 7 proposed holes 1
Slide 10: Proposed Drill Program
Proposed Drill Program Existing drill hole 51 drill holes 3,672 meters Proposed drill hole Sarita Este • 7 proposed holes o Five 100 meter drill holes at Sico South o 600 meter drill hole at Iceberg o 150 meter drill hole at Cobre • 1250 meters total Proposed drill holes • Sico South Desierto 1 o Te
Slide 11: Sico South Target
Sico South Target Limit of strongly anomalous gold in rock samples >100 ppb Au Mineral inventory: 289K oz Au @ 0.58 g/t Existing drill holes (46 ddh 3152 m) Proposed drill holes (5 holes, 500 m) Au in rock samples ppm RTP magnetic low anomaly 200 m 11
Slide 12: Sico South Target
Sico South Target Limit of strongly anomalous gold in rock samples >100 ppb Au Mineral inventory: 289K oz Au @ 0.58 g/t Existing drill holes (46 ddh 3152 m) Proposed drill holes (5 holes, 500 m) RTP magnetic low anomaly 200 m 12
Slide 13: Iceberg Target
Iceberg Target Strong alunite-pyrophyllite alteration from Aster image Strongly leached Proposed hole is 600 meters at -75° Surface trace is 155 m (564 m vertical reach) Supergene copper blanket at Taca Taca starts at 300 to 400 m depth below surface 300 m leached zone Supergene Cu zone Taca Taca se
Slide 14: Cobre Target
Cobre Target Advanced argillic alteration Interpreted from Aster data Limit of strongly anomalous gold in rock samples >100 ppb Au Au in rock samples, ppm Proposed drill hole 100 m Cobre Vein looking south 1 to 2 meters width 14
Slide 15: Argentina Update
Argentina Update Political Update • The new regime came into power in December 2023, replacing the Peronist Alberto Fernandez • Javier Milei is an economist who supports free markets, a minimalist state and fiscal responsibility • Recently passed a bill with the largest reforms in Argentine history
Slide 16: Sand Canyon Project – NV, USA
Sand Canyon Project – NV, USA • Option to earn 60% has been exercised and JV documents are in the process of being finalized to formalize ownership and operational structure Sand Canyon • JV has 8079 acres of mining claims located in productive Miocene Au/Ag mineral belt • Historic mercury prospects
Slide 17: Sand Canyon Geology
Sand Canyon Geology Miocene volcanics overly Permian limestone and clastic rocks in a complexly faulted area with ample evidence of hydrothermal activity including mercury showings. A A’ Geophysical evidence for alteration (resistivity lows) along the Tertiary/Paleozoic unconformity is strong. Targe
Slide 18: Sand Canyon Targets
Sand Canyon Targets Proposed Targeting Program 1 IP lines crossing the northern target areas Additional geochemical sampling to further Proposed IP lines delineate anomalous Ag, Au and pathfinder elements 2 Target Areas 1. The north target area is the site of historic Hg mining Inferred regional fau
Slide 19: Positioned for Growth
Positioned for Growth Drilling 2025: Advancing a targeted drilling program at our Desierto Project in Argentina Strategic Exit from Mexico: Streamlined operations to sharpen geographic and financial focus Strong Financial Position: •Debt-Free •Cash on Hand •Reduced Liabilities •Clean Balance Sheet C
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