Golden Minerals Company · TSX:AUMN
Golden Minerals — Investor Presentation (September 2025)
17 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: 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 9
Slide 10: 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 10
Slide 11: 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 12: 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 12
Slide 13: 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 14: 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 15: 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 16: 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 17: 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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