The Gold Report

Golden Minerals Company TICKER: AUMN:CA Visit Company Website Golden Minerals Company is a junior silver producer with a strong growth profile. The company is focused on the ramp-up and expansion of existing production at the Velardeña Mining District in Mexico, which contains a significant high-grade silver and gold resource with associated base metals. It remains open laterally and at depth. Golden Minerals also has a robust portfolio of exploration projects, including the project-evaluation stage El Quevar project in the Salta province in northwestern Argentina and the advanced-drilling stage project in Zacatecas, Mexico. The company's experienced management team has proven ability to explore, develop and operate mining projects.

The information provided below is from analysts, newsletters and other contributors. Please contact the company and visit its website before making an investment decision.

Expert Analysis

Jay Taylor, Gold, Energy & Tech Stocks (1/13/12) "Golden Minerals Company reported significant operation improvements at the Velardeña project since its merger with ECU Silver Mining Inc. on Sept. 2, 2011. . .the company has enormous growth potential , and I believe the kind of values these shares reached in 2010 can be reached again and that a liftoff may well be just getting underway now. . .the acquisition of this property by this management team that is highly competent in mine operations has enabled the company to generate positive cash flows from which to develop its very strong portfolio of mining projects."

Chen Lin, What Is Chen Buying? What Is Chen Selling? (1/13/12) "This morning Golden Minerals Company announced excellent news. Its Q411 production far exceed guidance. . .I think this news is likely the company's turning point since the brutal sell off last year. I've followed the company for a long time; the management team has a lot of experience in operating mines. This shows that they are finally turning the mine around. I read a report on silver mining, and Golden Minerals right now is probably one of the most undervalued silver producers in term of silver ounces in the ground."

Daniel Earle, TD Securities (1/12/12) "Golden Minerals Company provided a comprehensive update for its Velardena operations in Mexico and announced plans to rationalize the company's large exploration portfolio; following Golden Mineral's merger with ECU Silver in September, production at Velardena has significantly exceeded both company guidance and our expectations. Golden Minerals produced 90 Koz silver and 1.3 Koz gold compared with our forecast of 22 Koz silver and 0.5 Koz gold and guidance of 42 Koz silver and 1 Koz gold."

Wayne Atwell, Edison Investment Research (1/12/12) "Golden Minerals Company reported operational improvements at Velardeña. . .payable silver produced from September to December (four months) ran 90 Koz vs. previous company guidance of 42 Koz, with gold production running 1,300 oz vs. previous company guidance of 1,000 oz. . .the company has made significant progress improving the head grade supplied to the oxide mill; it increased 70% over the grade in August. . .we are increasing our price target to $14.55/share from $13.63/share."

Jay Taylor, Gold, Energy & Tech Stocks (12/31/11) "Golden Minerals Company is in production and has a strong operating team that can be counted on to improve operations and produce efficiently going forward. Total resources (all categories) are as follows: 212 Moz silver, 2.1 Moz gold, slightly over 1 Blb lead and 1.2 Blb zinc. On a valuation basis, this looks like one of the least expensive new silver-gold producers, despite the fact that it has this very significant resource base, a very strong and proven management team and a very solid balance sheet with more than ample cash and no debt. For all of the above reasons, I am ranking this my number one silver stock pick for 2012."

• Corporate Presentation (2/23/12)

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