El Quevar Project Salta Province, Argentina NI 43-101 Technical Report on Preliminary Economic Assessment John E. Thompson LLC Prepared for: Golden Minerals Effective Date: Prepared by: 4 September, 2018 Mr Gordon Seibel, RM SME, Wood Mr John E. Thompson, QP MMSA, John E. Thompson LLC Project Number: Mr Al Kustermeyer, RM SME, Samuel Engineering 196410 Mr Steven Pozder, P.E., Samuel Engineering CERTIFICATE OF QUALIFIED PERSON I, Gordon Seibel, RM SME, am employed as a Principal Geologist with Amec Foster Wheeler E&C Services Inc., a Wood company (Wood), located at 10615 Professional Circle, Suite 100, Reno, NV 89521. This certificate applies to the technical report titled “El Quevar Project Salta Province, Argentina, NI 43- 101 Technical Report on Preliminary Economic Assessment” that has an effective date of 4 September, 2018 (the “technical report”). I am a Registered Member of the Society for Mining, Metallurgy and Exploration (#2894840). I graduated from the University of Colorado with a Bachelor of Arts degree in Geology in 1980. In addition, I obtained a Masters of Science degree in Geology from Colorado State University in 1991. I have practiced my profession for 35 years, during which time I have been directly involved in the development of resource models and mineral resource estimation for precious metals mineral projects in North America, South America, Africa, and Australia since 1991. As a result of my experience and qualifications, I am a Qualified Person as defined in National Instrument 43–101 Standards of Disclosure for Mineral Projects (NI 43–101). I visited the El Quevar Project from 20 to 23 March 2018. I am responsible for Sections 1.1 to 1.8, 1.10, 1.11, 1.16, 1.22.1, 1.24, Section 2; Sections 3.1, 3.2, 3.3, Section 4; Section 5; Section 6; Section 7; Section 8; Section 9; Section 10; Section 11; Section 12; Section 14; Section 20; Section 23; Section 24.1.1; Sections 25.1 to 25.4, 25.6, 25.10, 25.15.1; Sections 26.1, 26.2.1 to 26.2.4, 26.3.1 and Section 27 of the technical report. I am independent of Golden Minerals Company as independence is described by Section 1.5 of NI 43–101. I have previously co-authored a technical report on the project, entitled: • Seibel, G., Colquhoun, W., and Rehn, W, 2018: El Quevar Project, Salta Province, Argentina, NI 43-101 Technical Report on Updated Mineral Resource Estimate: technical report prepared by Amec Foster Wheeler for Golden Minerals Company, effective date 26 February, 2018 I have read NI 43–101 and the sections of the technical report for which I am responsible have been prepared in compliance with that Instrument. As of the effective date of the technical report, to the best of my knowledge, information and belief, the sections of the technical report for which I am responsible contain all scientific and technical information that is required to be disclosed to make the technical report not misleading. Dated: 17 October, 2018 “Signed and stamped” Gordon Seibel, RM SME Amec Foster Wheeler E&C Services, Inc., a Wood company 10615 Professional Circle, Suite 100 Reno, NV 89521 www.woodplc.com Tel: 775 331 2375 Fax: 775-331-4153 CERTIFICATE OF QUALIFIED PERSON I, John E Thompson, QP MMSA, am an independent mining consultant with John E Thompson LLC, with an office at 2622 Driftwood Lane, Rock Springs, Wyoming, 82901. This certificate applies to the technical report titled “El Quevar Project Salta Province, Argentina, NI 43-101 Technical Report on Preliminary Economic Assessment” that has an effective date of 4 September, 2018 (the “technical report”). I am a member of the Mining and Metallurgical Society of America, #1448 QP. I graduated from the New Mexico Institute of Mining and Technology with a Bachelor of Science degree in Mining Engineering in 1968. I have practiced my profession for 50 years. I have been directly involved in the base and precious metals mining industry in positions of responsibility at the executive level, operations and management consulting, operations management, construction management, and engineering in underground and surface mining operations in the US, Canada, Argentina, Mexico, Russia, Peru and Brazil. As a result of my experience and qualifications, I am a Qualified Person as defined in National Instrument 43–101 Standards of Disclosure for Mineral Projects (NI 43–101). I have not visited the El Quevar property. I am responsible for Sections 1.1, 1.2, 1.12, 1.14, 1.17.1, 1.17.3 to 1.17.5, 1.18.1, 1.18.3 to 1.18.5, 1.22.2, 1.23.1, 1.24; Sections 2.1, 2.2, 2.3, 2.6; Section 3; Section 15; Section 16; Section 18; Sections 21.1.1, 21.1.3 to 21.2.1, 21.2.3 to 21.2.6, 21.3.1, 21.3.3 to 21.2.6, 21.3; Sections 24.1.2, 24.2.1; Sections 25.1, 25.7, 25.9, 25.12, 25.13, 25.15.1, 25.15.2; Sections 26.1, 26.3.2; and Section 27 of the technical report. I am independent of Golden Minerals Company as independence is described by Section 1.5 of NI 43–101. I have previous involvement with the El Quevar Project and authored a preliminary internal study to investigate mining methods in 2012. I have read NI 43–101 and the sections of the technical report for which I am responsible have been prepared in compliance with that Instrument. As of the effective date of the technical report, to the best of my knowledge, information and belief, the sections of the technical report for which I am responsible contain all scientific and technical information that is required to be disclosed to make the technical report not misleading. Dated: 17 October, 2018 “Signed and sealed” John E Thompson QP MMSA CERTIFICATE OF QUALIFIED PERSON I, Alva L. Kuestermeyer, Registered Member SME (“RM”), am employed as a Senior Process Engineer with Samuel Engineering, Inc. This certificate applies to the technical report titled “El Quevar Project Salta Province, Argentina, NI 43-101 Technical Report on Preliminary Economic Assessment” that has an effective date of 4 September, 2018 (the “technical report”). I am a RM of the Society of Mining, Metallurgy and Exploration (SME #1802010). I graduated from the South Dakota School of Mines and Technology with a Bachelor of Science degree in Metallurgical Engineering in 1973 and from the Colorado School of Mines with a Masters of Science degree in Mineral Economics in 1982. I have practiced my profession for 45 years during which time I have been directly involved in mineral processing, metallurgical consulting and engineering studies in Europe, Africa, Russia, Australia, Dominican Republic, North and South America including Argentina. As a result of my experience and qualifications, I am a Qualified Person as defined in National Instrument 43–101 Standards of Disclosure for Mineral Projects (NI 43–101). I have not visited the El Quevar Project, Salta Province, Argentina. I am responsible for Sections 1.9, 1.13, 1.15, 1.17.2, 1.18.2, 1.23.2, Section 13; Section 17; Section 19; Sections 21.1.2, 21.2.2, 24.2.2, 25.1, 25.5, 25.8, 25.11, 26.2.5; and Contributed to Sections 1.1, 1.2, 1.17.5, 1.18.5, 1.24, 2.1, 2.2, 2.6, 3.1, 3.2, 25.1, 25.12, 25.13, 25.15.2, 26.1 and 27 of the technical report. I am independent of Golden Minerals Company as independence is described by Section 1.5 of NI 43–101. I was previously involved with the El Quevar Project as the QP mineral processing engineer for the preparation of the NI 43-101 technical report entitled, “NI 43-101 Technical Report on Resources for Apex Silver Mines Corporation El Quevar Project, Argentina” prepared by SRK Consulting, with an effective date of 31 January 2009, and a report date of 27 February 2009. I have read NI 43–101 and the sections of the technical report for which I am responsible have been prepared in compliance with that Instrument. At the effective date of the technical report, to the best of my knowledge, information and belief, the sections of the technical report for which I am responsible contain all scientific and technical information that is required to be disclosed to make the technical report not misleading. Dated: 17 October, 2018 “Signed and Stamped” Alva L. Kuestermeyer, RM SME. 8450 E. Crescent Parkway, Suite 200 Greenwood Village, Colorado, USA 80111 Main: (303) 714-4840 l Fax: (303) 714-4800 Direct: (303) 714-4848 Ext 7599 CERTIFICATE OF QUALIFIED PERSON I, Steven A. Pozder, Professional Engineer (Colorado #29144), am employed as a Senior Director with Samuel Engineering, Inc. This certificate applies to the technical report titled “El Quevar Project Salta Province, Argentina, NI 43- 101 Technical Report on Preliminary Economic Assessment” that has an effective date of 4 September, 2018 (the “technical report”). I am a graduate of the University of Denver with a B.S. in Mechanical Engineering in 1988. I am a graduate of the University of Denver with an M.B.A. in General Business in 1994. I am registered as a Professional Engineer (P.E.) with the State of Colorado, Registration Number 29144. I have practiced my profession as a Mechanical Engineer and Project Manager in mineral processing and mining for over 30 years. My relevant experience for the purpose of the Technical Report is: • I have worked as a consulting engineer on mining projects in roles such a mechanical engineer, project engineer, area manager, study manager, and project manager.