Golden Minerals Commences Drilling at its Desierto Property, Argentina

DENVER, CO / ACCESS Newswire / October 6, 2026 / Golden Minerals Company ("Golden Minerals," "Golden" or the "Company") (OTCQB:AUMN)(TSX:AUMN) is pleased to announce that it has commenced a 1,250-meter drill program, with an estimated budget of $1.088 million, to test the Sico, Cobre and Iceberg targets, three of the multiple known gold and copper targets on its Desierto exploration concessions in Salta Province, Argentina. This four- to six-week drill program is expected to be completed during Q4 2026, with full results available during Q1 2027, and will consist of:

1. Sico - Four holes to test the down dip extension of a large gold bearing alteration system drilled by Golden on its adjacent Sarita property.
2. Cobre - One hole to test the below-surface potential of an outcropping, high-grade gold bearing epithermal quartz vein.
3. Iceberg - One hole to test an alunite/pyrophyllite alteration zone that is contiguous with the alteration zone associated with First Quantum Minerals Ltd.'s neighboring Taca Taca deposit.

Golden's 2,505-hectare Desierto property is located approximately 3.5 kilometres southwest of the Taca Taca Cu-Mo deposit and approximately 50 kilometers north of Fortuna Mining Corp.'s Lindero gold mine. The Desierto concessions are held jointly by Golden Minerals (66 2/3%, of which half this interest is subject to Golden completing an option to purchase agreement ⁽¹⁾) and Salta Geothermal (33 1/3%), a subsidiary of Cascadero Copper. On September 1, 2026, Cascadero Copper Corporation announced the sale of its interests in the Desierto concessions and other properties in Argentina to Lumina Copper Corporation, a wholly owned affiliate of First Quantum Minerals, Ltd.

The Desierto concessions host numerous surface gold occurrences, porphyry copper/gold style alteration and significant magnetic anomalies, including the three targets being tested in this initial drill program as described below.

The Sico gold target was initially discovered by drilling geochemical anomalies on the Sarita property, which is held jointly by Golden (51%) and Cascadero (49%). Near surface oxidized gold mineralization at Sarita included drill intersections ⁽²⁾ of:

DDH SE 22038 15.8 m @ 2.76 g/t gold from 32.5 meters depth

DDH SE 22035 12.5 m @ 2.11 g/t gold from 27.0 meters depth

DDH SE 22012 28.2 m @ 1.37 g/t gold from 19.5 meters depth

Gold mineralization at Sarita occurs as oxidized quartz-limonite (after pyrite) micro veinlets within an intermediate sulfidation epithermal alteration zone and may be related to nearby porphyry systems. Importantly, the Sarita mineralization strikes east-west and appears to dip approximately 40 degrees south onto the Desierto concessions.

The Cobre target includes an outcropping +2 meter-wide gold-bearing quartz vein, the exposed portion of which strikes roughly north-south, forming a pronounced rib that dips moderately to the west. Grab samples collected over a 200-meters strike length of this outcropping target have returned consistently high gold values, including fire-assay results of 45.8, 10.2, 10.1, and 6.5 g/t of gold (a total of 8 samples were collected and range from 0.2 - 45.8 g/t Au). This vein has never been drill-tested.

The Iceberg target will be tested with a 600-meter drill hole to evaluate a strong advanced-argillic alunite/pyrophyllite alteration zone that projects 4 km northwest to the nearby Taca Taca deposit. This alteration zone is interpreted to represent the upper portions of a porphyry copper system, near the base of the epithermal alteration zone, similar to Taca Taca. The Iceberg target area is marked by a strongly leached cap that may have an associated supergene copper blanket at depth, as is the case at Taca Taca.

CEO David Watkins stated, "We are very excited to again be in a position to focus on Golden's organic growth through exploration. The highly prospective Desierto concessions host numerous gold and copper-porphyry-type targets, many with geological, geophysical, and geographical association to nearby mines and other known mineralization, and we look forward to announcing the results of our initial Desierto drilling in due course."

About Golden Minerals

Golden Minerals is a precious metals exploration company holding a 66 2/3% majority interest in the Desierto 1 & 2 concessions and a 51% joint venture interest in the Sarita Este concession, each adjacent to the gold-silver-copper Taca Taca project owned by First Quantum Minerals located in northwest Salta Province, Argentina. Golden Minerals also holds a 60% interest in Sand Canyon, an exploration-stage gold-silver project in northwestern Nevada.

National Instrument 43-101 Disclosure

Keith Laskowski (MSc), Golden Mineral's Executive Vice President Exploration, is a Qualified Professional (#01221QP) of the Mining and Metallurgical Society of America and a Qualified Person as defined by Canadian National Instrument 43-101. Mr. Laskowski has reviewed and approved the technical information in this press release.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Securities Act of 1933, as amended, and the Securities Exchange Act of 1934, as amended, and forward-looking information with the meaning of applicable Canadian securities legislation (collectively, "forward-looking statements"), including statements regarding: the Desierto drill program estimated budget, completion timeline and results timeline; the prospectivity of mineralization targets on the Desierto and Sarita concessions and their continuity onto, or underground within, the Desierto concessions; the proposed sale of the Company's Desierto joint venture partner, inclusive of its interest in the Desierto and other concessions; geological interpretations of indirect indications of potential mineralization; and the potential for the Company's exploration initiatives to support the Company's future growth. Readers are cautioned that these forward-looking statements are subject to risks and uncertainties, including the risks that: budget and timing expectations may be exceeded; known mineralization, or indirect evidence thereof, may not continue in substantive amounts at surface or below ground; the sale of Cascadero Copper Corporation may not proceed as expected; and the Company's exploration initiatives may not result in any substantive mineral discoveries. Golden Minerals assumes no obligation to update this information. Additional risks relating to Golden Minerals may be found in the periodic and current reports filed with the U.S. Securities and Exchange Commission by Golden Minerals and under the Company's profile on SEDAR+ at www.sedarplus.ca, including the Company's Annual Report on Form 10-K for the year ended December 31, 2025.

1. See Golden's Annual Report on Form 10-K filing for the year ended December 31, 2024.
2. See Golden's news releases dated August 3, 2022 and December 15, 2022.

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

Golden Minerals Company (303) 839-5060

SOURCE: Golden Minerals Company

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