Golden Minerals Company has today released financial results and a business summary for the quarter ending March 31, 2023.

Greg McKenzie, President and CEO commented: “Concurrent with the growth in our asset base, we are experiencing growth in our investor base from European investors, a market that has traditionally experienced a strong demand for silver.”

The Company intends to use the proceeds from the Offering for exploration work, including drilling on its recently acquired Quitovac Mine Project, and for general working capital purposes.

Entitled “Enriched By Our Past, Engaged In Our Future”, the Company’s 10th Sustainability Report has been prepared in accordance with the Global Reporting Initiative Standards and the Sustainability Accounting Standards Board framework, as well as with reference to the United Nations Sustainable Development Goals.

Chief Executive Officer Daniel Kunz commented, “With a current cash balance of $45.5 million, we are now positioned to increase our exploration activities at Los Reyes this year and next. We expect to increase the total planned drilling from 45,000 to 60,000 metres for 2023 and to undertake a similar-sized drill program in 2024.”

The Company has experienced delays in preparing the Financial Documents following the acquisition of the Bolivian assets and is working diligently to finalize and file such Financial Documents, at which point the Company will seek to have the CTO revoked.

Beyond the New Bill’s goals to shorten concession durations, restrict concessions to a single type of mineral, eliminate the mining industry’s preferential status and establish new grounds for concession revocation, it may also create several unintended consequences and challenges for the sector.

Fresnillo continues to analyse the Reform in detail; however, at this stage, the Company does not believe it will have any material impact on its current operations or advance exploration projects.