Document:

Exhibit 4.1

 

THESE WARRANTS AND THE
SECURITIES ISSUABLE UPON EXERCISE OF THESE WARRANTS HAVE NOT BEEN REGISTERED
UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “U.S.
SECURITIES ACT”) OR ANY STATE SECURITIES LAWS, AND MAY BE OFFERED,
SOLD OR OTHERWISE TRANSFERRED ONLY (A) TO THE COMPANY, (B) PURSUANT
TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE U.S. SECURITIES ACT, (C) OUTSIDE
THE UNITED STATES IN COMPLIANCE WITH REGULATION S UNDER THE U.S. SECURITIES
ACT, (D) IN COMPLIANCE WITH THE EXEMPTION FROM REGISTRATION UNDER THE U.S.
SECURITIES ACT PROVIDED BY RULE 144 THEREUNDER, IF AVAILABLE, AND IN COMPLIANCE
WITH ANY APPLICABLE STATE SECURITIES LAWS, OR (E) IN A TRANSACTION THAT
DOES NOT REQUIRE REGISTRATION UNDER THE U.S. SECURITIES ACT OR ANY APPLICABLE
STATE LAWS AND REGULATIONS GOVERNING THE OFFER AND SALE OF SECURITIES, AND, IN
THE CASE OF (C), (D) OR (E), THE HOLDER HAS PRIOR TO SUCH TRANSFER
FURNISHED TO THE CORPORATION AN OPINION OF COUNSEL OF RECOGNIZED STANDING IN FORM AND
SUBSTANCE SATISFACTORY TO THE CORPORATION.

 

COMMON STOCK PURCHASE
WARRANT

 

Void after 5:00 p.m.
(Denver time) on the 7th day of January, 2013 (“Expiry Time”)

 

	
  Number of Warrants: 300,000

  	
  Warrant Certificate No.  2010-1

  

 

GOLDEN MINERALS COMPANY

 

This is to certify that, for
value received, MH ARGENTINA S.A., a sociedad anonima organized
under the laws of Argentina (the “Holder”), shall
have the right to purchase from Golden Minerals Company, a corporation
organized under the laws of the State of Delaware (the “Corporation”),
at any time and from time to time up to the Expiry Time, one fully paid and
non-assessable share of common stock, par value US$0.01 per share (“Common Share”) for each Warrant (individually, a “Warrant”) represented hereby at a price of US$15.00 per
share (the “Exercise Price”), subject to the terms
and conditions set forth herein.

 

Nothing contained herein
shall confer any right upon the Holder to subscribe for or purchase any Common
Shares at any time after the Expiry Time and from and after the Expiry Time the
Warrants and all rights under this Warrant Certificate shall be void and of no
effect or value.

 

1.                                       Exercise.

 

1.1                                 If the Holder desires to exercise the
right to purchase Common Shares conferred hereby, the Holder shall:

 

(a)                                  Complete to the extent possible in the
manner indicated and execute an exercise form in the form attached as (i) Schedule
A to this Warrant Certificate if the Holder is not a “U.S. person” (as such
term is defined in Regulation S (a “U.S. Person”)
promulgated under the U.S. Securities Act), not resident in the United States,
or not otherwise subject to the securities laws of the United States, or (ii) Schedule
B to this Warrant Certificate if the Holder is a U.S. Person, resident in
the United States or otherwise subject to the securities laws of the United
States;

 

(b)                                 Surrender this Warrant Certificate to the
Corporation; and

 

 

(c)                                  Unless the Cashless Exercise option
provided in Section 1.2 hereof is elected, pay the Exercise Price on the
exercise of this Warrant in respect of the Common Shares subscribed for either
by wire transfer or check payable to the Corporation.

 

1.2                                 By indicating its election on the
applicable exercise form attached to this Warrant Certificate, in lieu of
making payment of the Exercise Price in cash or wire transfer, the Holder may
elect instead to receive upon such exercise the “Net Number” of Shares
determined according to the following formula (the “Cashless
Exercise”):

 

	
   

  	
  Net Number = (A x B) – (A x C)

  	
   

  
	
   

  	
   

  	
  B

  	
   

  
				

 

For purposes of the foregoing formula:

 

A  =  The
total number of Common Shares with respect to which this Warrant is then being
exercised.

 

B  = The VWAP on the date of such election.

 

C  =  The Exercise Price then in effect at the time
of such exercise.

 

“VWAP” means,
for any date, the price determined by the first of the following clauses that
applies: (i) the volume weighted average price of the Common Shares for
the 10 consecutive trading days immediately preceding the date of delivery of
the exercise form, on the principal U.S. national securities exchange on which
the Common Shares are listed for trading, (ii) if the Common Shares are
not listed for trading on a U.S. national securities exchange, the volume
weighted average price of the Common Shares for the 10 consecutive trading days
immediately preceding the date of delivery of the exercise form on the Toronto
Stock Exchange, (iii) if the Common Shares are not listed for trading on a
U.S. national securities exchange or the Toronto Stock Exchange, the average of
the highest reported bid and lowest reported asked prices on the date preceding
the date of delivery of the exercise form as reported on the OTC Bulletin
Board, or if not applicable, in the “Pink Sheets” published by Pink OTC Markets, Inc.
(or a similar organization or agency succeeding to its functions of reporting
prices), or (v) in all other cases, the fair market value of one Common
Share as determined in good faith by the Company’s board of directors.

 

1.3                                 The Holder shall be deemed for all
purposes to be the holder of record of the number of Common Shares to be so
issued as of the close of business on the date on which this Warrant
Certificate shall have been surrendered and payment made for such Common Shares
as set forth in Section 1.1 or Cashless Exercise elected pursuant to Section 1.2,
as applicable.  The Holder shall be
entitled to delivery of a certificate or certificates representing such Common
Shares and the Corporation shall cause such certificate or certificates to be
delivered to the Holder at the address specified in the exercise form within
three business days after such surrender and payment as aforesaid.  No fractional Common Shares will be issuable
upon any exercise of this Warrant and the Holder will not be entitled to any
cash payment or compensation in lieu of a fractional Common Share.

 

2.                                       Partial Exercise. 
The Holder may from time to time subscribe for and purchase any lesser
number of Common Shares than the total number of Common Shares set forth in
this Warrant Certificate.  If the Holder
subscribes for and purchases any such lesser number of Common Shares prior to
the Expiry Time, the Holder shall be entitled to receive a replacement
certificate representing the unexercised balance of the Warrants.

 

2

 

3.                                       Not a Stockholder.  The
holding of the Warrants shall not constitute the Holder a stockholder of the
Corporation nor entitle the Holder to any right or interest in respect thereof
except as expressly provided in this Warrant Certificate.

 

4.                                       Covenants and Representations. 
The Corporation hereby represents and warrants that  it is authorized to issue and that it will
cause the Common Shares from time to time subscribed for and purchased in the manner
provided in this Warrant Certificate and the certificate representing such
Common Shares to be issued and that it has reserved, and at all times prior to
the Expiry Time, it will reserve and there will remain unissued, a sufficient
number of Common Shares to satisfy the right of purchase provided in this
Warrant Certificate. The Corporation hereby further covenants and agrees that
it will at its expense expeditiously use its best efforts to obtain the listing
of such Common Shares (subject to issue or notice of issue) on each stock
exchange or over-the-counter market on which the Common Shares may be listed
from time to time. All Common Shares which are issued upon the exercise of the
right of purchase provided in this Warrant Certificate, upon payment therefor
of the Exercuse Price pursuant to the provisions of this Warrant Certificate,
or election of Cashless Exercise pursuant to Section 1.2, if applicable,
shall be and be deemed to be fully paid and non-assessable shares and free from
all taxes, liens and charges with respect to the issue thereof. The Corporation
hereby represents and warrants that this Warrant Certificate is a valid and
enforceable obligation of the Corporation, enforceable in accordance with the
provisions of this Warrant Certificate.

 

5.                                       Certain Adjustments.

 

5.1                                 The number and kind of Common Shares
purchasable upon the exercise of this Warrant and the Exercise Price shall be
subject to adjustment from time to time as follows:

 

(a)                                  Stock Dividends. 
If at any time after the date of the issuance of this Warrant the
Corporation shall fix a record date for the issuance of any stock dividend or
distribution payable to the holders of all or substantially all of the Common
Shares in Common Shares or securities or rights convertible or exchangeable
into Common Shares then, on the record date fixed for the determination of
holders of Common Shares entitled to receive such dividend or distribution (or
on the dividend distribution date if no record date is set) or immediately
after the effective date of subdivision or split-up, as the case may be, the
number of shares to be delivered upon exercise of this Warrant will be
increased so that the Holder will be entitled to receive the number of Common
Shares that such Holder would have owned (or been entitled to receive in the
case of convertible or exchangeable securities) immediately following such
action had this Warrant been exercised immediately prior to such record date,
and the Exercise Price will be adjusted as provided below in paragraph (e).

 

(b)                                 Combination of Stock. 
If the number of Common Shares outstanding at any time after the date of
the issuance of this Warrant shall have been increased or decreased by a
combination, subdivision or split of the outstanding Common Shares, then,
immediately after the effective date of such combination, subdivision or split
the number of Common Shares to be delivered upon exercise of this Warrant will
be increased or decreased so that the Holder thereafter will be entitled to
receive the number of Common Shares that such Holder would have owned
immediately following such action had this Warrant been exercised immediately
prior thereto, and the Exercise Price will be adjusted as provided below in
paragraph (e).

 

(c)                                  Reorganization, etc. 
If any capital reorganization of the Corporation, any reclassification of
the Common Shares, any consolidation of the Corporation with or merger or
amalgamation of the Corporation with or into any other person, or any sale or
lease or other transfer of all or substantially all of the assets of the
Corporation to any other person, shall be effected in such a way 

 

3

 

that the holders of Common Shares shall be entitled to receive stock,
other securities or assets (whether such stock, other securities or assets are
issued or distributed by the Corporation or another person) with respect to or
in exchange for Common Shares, then, upon exercise of this Warrant, the Holder
shall have the right to receive the kind and amount of stock, other securities
or assets receivable upon such reorganization, reclassification, consolidation,
merger, amalgamation, sale, lease or other transfer by a holder of the number
of  Common Shares that such Holder would
have been entitled to receive upon exercise of this Warrant had this Warrant
been exercised immediately prior to the effective date of such reorganization,
reclassification, consolidation, merger or sale, lease or other transfer.

 

(d)                                 Distributions to All Holders of Common
Shares.  If the Corporation shall, at any time after
the date of issuance of this Warrant, fix a record date to distribute (or
distribute without a record date) to all holders of its Common Shares, any
shares of capital stock of the Corporation (other than Common Shares or
securities or rights convertible or exchangeable into Common Shares) or
evidences of its indebtedness or assets or rights or warrants to subscribe for
or purchase any of its securities or securities issued in connection with a
spin-off, then the Holder shall be entitled to receive, upon exercise of the
Warrant, on a pro rata basis, that portion of such distribution to which it
would have been entitled had the Holder exercised its Warrant immediately prior
to the record date for such distribution. 
At the time it fixes the record date for such distribution (or prior to
any distribution if no record date is fixed), the Corporation shall allocate
sufficient reserves to ensure the timely and full performance of the provisions
of this Section 5.1(d).  The
Corporation shall promptly (but in any case no later than five business days
prior to the record date of such distribution) send by internationally
recognized courier, postage prepaid, to the Holder, notice that such
distribution will take place.

 

(e)                                  Exercise Price Adjustment. 
Whenever the number of Common Shares purchasable upon the exercise of
this Warrant is adjusted pursuant to Sections 5.1(a) or (b), the Exercise
Price payable upon the exercise of this Warrant shall be adjusted by
multiplying such Exercise Price immediately prior to such adjustment by a
fraction, of which the numerator shall be the number of Common Shares
purchasable upon the exercise of the Warrant immediately prior to such
adjustment, and of which the denominator shall be the number of Common Shares
purchasable immediately thereafter.  In
the case of any adjustment that results in the Warrant becoming exercisable for
securities other than, or in addition to, Common Shares, this provision shall
be effected so that the aggregate Exercise Price for all of the securities or
other assets for which this Warrant is exercisable is divided pro rata among
such securities and other assets.

 

(f)                                    Application of Adjustment Provisions to
Warrant Shares Other than Common Shares.  If, at any
time, as a result of the application of this Section 5.1, the Warrant becomes
exercisable for securities or assets other than Common Shares, then any further
adjustment pursuant to this Section 5.1 shall be applied, as nearly as may
be, to any such other securities or assets so as to prevent any dilution or
increase in the rights represented by this Warrant.

 

5.2                                 Notice of Adjustments. 
Whenever the number of Common Shares to be issued upon exercise of the
Warrant or the Exercise Price of such Common Shares is to be adjusted, as
herein provided, the Corporation shall, at least ten (10) business days
prior to such adjustment, send by internationally recognized courier, postage
prepaid, to the Holder, notice of such adjustment or adjustments and a
certificate of the Corporation setting forth the number of Common Shares and
the Exercise Price of such Common Shares after such adjustment, a detailed
statement of the facts requiring such adjustment, and the computation by which
such adjustment was made.

 

5.3                                 Notice of Extraordinary Corporate Events.                  In case the Corporation after the date hereof shall propose to (i) distribute
any dividend (whether stock or cash or otherwise) to the holders 

 

4

 

of  Common Shares or to make any
other distribution to the holders of 
Common Shares, (ii) offer to all of the holders of  Common Shares rights to subscribe for or
purchase any additional shares of any class of stock or any other rights or
options, or (iii) effect any reclassification of the Common Shares (other
than a reclassification involving merely the subdivision or combination of
outstanding  Common Shares), any capital
reorganization, any amalgamation, arrangement or merger, any sale, transfer or
other disposition of all or substantially all of its property, assets and
business, or the liquidation, dissolution or winding up of the Corporation,
then, in each such case, the Corporation shall mail to each Holder notice of
such proposed action, which notice shall specify the date on which (a) the
books of the Corporation shall close, or (b) a record shall be taken for
determining the holders of Common Shares entitled to receive such stock
dividends or other distribution or such rights or options, or (c) such
reclassification, reorganization, amalgamation, arrangement, merger, sale,
transfer, other disposition, liquidation, dissolution or winding up shall take
place or commence, as the case may be, and the date, if any, as of which it is
expected that holders of record of Common Shares shall be entitled to receive
securities or other property deliverable upon such action.  Such notice shall be mailed in the case of
any action covered by clause (i) or (ii) above at least ten (10) days
prior to the record date for determining holders of Common Shares for purposes
of receiving such payment or offer, or in the case of any action covered by
clause (iii) above at least twenty (20) days prior to the date upon which
such action takes place and at least ten (10) days prior to any record
date to determine holders of Common Shares entitled to receive such securities or
other property.

 

5.4                                 Effect of Failure to Notify. 
Failure to file any certificate or notice or to mail any notice, or any
defect in any certificate or notice, pursuant to Sections 5.2 and 5.3
shall not affect the requirement to adjust the Exercise Price, the calculation
of the number of shares purchasable upon exercise of this Warrant, or the
legality or validity of any transaction giving rise thereto, without
prejudicing the Holder’s rights to seek damages for such failure.

 

5.5                                 Other Dilutive Events.  If the Corporation takes any action affecting
its Common Shares to which the foregoing provisions of this clause 5, in the
opinion of the board of directors of the Corporation, acting in good faith, are
not strictly applicable, or if strictly applicable would not fairly adjust the
rights of the Holder against dilution in accordance with the intent and
purposes hereof, or would otherwise materially affect the rights of the Holder
of the Warrants hereunder, then the Corporation shall execute and deliver to the
Holder an amendment hereto providing for an adjustment in the application of
such provisions so as to adjust such rights as aforesaid in such manner as the
board of directors of the Corporation may determine to be equitable in the
circumstances, acting in good faith, and, if applicable, subject to the
approval of the Toronto Stock Exchange (“TSX”). The failure of the taking of
action by the board of directors of the Corporation to so provide for any
adjustment on or prior to the effective date of any action or occurrence giving
rise to such state of facts will be conclusive evidence that the board of
directors has determined that it is equitable to make no adjustment in the
circumstances.

 

5.6                                 Common Shares. 
For the purpose of this Warrant, the term “Common
Shares” means Golden Minerals Company’ common stock, par value $0.01
per share, as constituted on the date hereof; provided that in the event of a
change, subdivision, re-division, reduction, combination or consolidation
thereof or any other adjustment under Section 5 hereof, or such successive
changes, subdivisions, re-divisions, reductions, combinations, consolidations
or other adjustments, then subject to the adjustments, if any, having been made
in accordance with the provisions of this Warrant,  “Common Shares” shall thereafter mean the shares or other
securities resulting from such change, subdivision, re-division, reduction,
combination or consolidation or other adjustment.

 

5

 

6.                                       Amendments.  Any provision
of this Warrant may be amended and the observance thereof may be waived (either
generally or in a particular instance and either retroactively or
prospectively), only with the written consent of the Corporation and the
Holder, and, if applicable, the approval of the TSX.  Any amendment or waiver effected in
accordance with this Section 6 shall be binding upon such Holder and the
Corporation.  A failure on any particular
occasion of the Corporation or the Holder to exercise any right under this
Warrant Certificate shall not be deemed to constitute a waiver of any other
right or of that right on any other occasion.

 

7.                                       Further Assurances. 
The Corporation hereby covenants and agrees that it will do, execute,
acknowledge and deliver, or cause to be done, executed, acknowledged and
delivered, all and every such other act, deed and assurance as the Holder shall
reasonably require for the better accomplishing and effectuating of the
intentions and provisions of this Warrant Certificate.

 

8.                                       Time of Essence.  Time is of the essence with respect to this
Warrant Certificate.

 

9.                                       Governing Law. 
This Agreement shall be governed by and construed in accordance with the
internal laws (as opposed to the conflicts of law provisions) of the State of
New York.

 

10.                                 Submission to Jurisdiction. 
The parties hereby submit to the non-exclusive jurisdiction of any court
of the State of New York or the United States District Court for the Southern
District of the State of New York for the purpose of any suit, action, or other
proceeding arising out of this Agreement, and waive any and all objections to
jurisdiction that they may have under the laws of the State of New York or the
United States and any claim or objection that any such court is an inconvenient
forum.

 

11.                                 Notices. All notices or other communications required or
permitted hereunder shall be in writing and shall be deemed given or delivered (i) when
delivered personally, (ii) if transmitted by facsimile, when confirmation
of transmission is received, unless it is not during normal business hours in
the place of receipt, in which case it shall be deemed delivered on the next
business day, or (iii) if sent by registered or certified mail, return
receipt requested, or by private courier, when received; and shall be addressed
as follows:

 

	
  The Corporation:

  
	
   

  
	
  Golden
  Minerals Company

  
	
  350
  Indiana Street, Suite 800

  
	
  Golden,
  Colorado 80401

  
	
  USA

  
	
  Attention:
  President

  
	
  Telephone:

  	
  (303) 839-5060

  
	
  Fax No.:

  	
  (303) 839-5907

  
	
   

  
	
  Holder:

  
	
   

  
	
  MH Argentina S.A.

  
	
  c/o Hochschild Mining PLC

  
	
  Calle La Colonia
  No. 180, Urb. El Vivero, Santiago de Surco

  
	
  Lima, Peru

  
	
  Attention: Jose Augusto
  Palma

  
	
  Attention: Isac Burstein

  

 

 

6

 

12.                                 Legends on Common Shares: 
Any certificate representing Common Shares issued upon the exercise of
this Warrant will bear the following legend:

 

“THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE
UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “U.S. SECURITIES ACT”)
OR ANY STATE SECURITIES LAWS, AND MAY BE OFFERED, SOLD OR OTHERWISE
TRANSFERRED ONLY (A) TO THE COMPANY, (B) PURSUANT TO AN EFFECTIVE
REGISTRATION STATEMENT UNDER THE U.S. SECURITIES ACT, (C) OUTSIDE THE
UNITED STATES IN COMPLIANCE WITH REGULATION S UNDER THE U.S. SECURITIES ACT, (D) IN
COMPLIANCE WITH THE EXEMPTION FROM REGISTRATION UNDER THE U.S. SECURITIES ACT
PROVIDED BY RULE 144 THEREUNDER, IF AVAILABLE, AND IN COMPLIANCE WITH ANY
APPLICABLE STATE SECURITIES LAWS, OR (E) IN A TRANSACTION THAT DOES NOT
REQUIRE REGISTRATION UNDER THE U.S. SECURITIES ACT OR ANY APPLICABLE STATE LAWS
AND REGULATIONS GOVERNING THE OFFER AND SALE OF SECURITIES, AND, IN THE CASE OF
(C), (D) OR (E), THE HOLDER HAS PRIOR TO SUCH TRANSFER FURNISHED TO THE
CORPORATION AN OPINION OF COUNSEL OF RECOGNIZED STANDING IN FORM AND
SUBSTANCE SATISFACTORY TO THE CORPORATION.

 

THE SECURITIES REPRESENTED BY THIS CERTIFICATE ARE LISTED ON THE
TORONTO STOCK EXCHANGE (“TSX”); HOWEVER, SUCH SECURITIES CANNOT BE
TRADED THROUGH THE FACILITIES OF TSX SINCE THEY ARE NOT FREELY TRANSFERABLE,
AND CONSEQUENTLY ANY CERTIFICATE REPRESENTING SUCH SECURITIES IS NOT “GOOD
DELIVERY” IN SETTLEMENT OF TRANSACTIONS ON THE TSX.”

 

provided, the legend
may be removed by delivery to the registrar and transfer agent and the
Corporation of an opinion of counsel of recognized standing in form and
substance satisfactory to the Corporation, that such legend is no longer
required under applicable requirements of the U.S. Securities Act or state
securities laws.

 

13.                                 Lost Certificate. 
If this Warrant Certificate or any replacement hereof becomes stolen,
lost, mutilated or destroyed, the Corporation shall, on such terms as it may in
its discretion impose, acting reasonably, issue and deliver a new certificate,
in form identical hereto but with appropriate changes, representing any
unexercised portion of the subscription rights represented hereby to replace
the certificate so stolen, lost, mutilated or destroyed.

 

14.                                 Language.  The parties
hereto acknowledge and confirm that they have requested that this Warrant
Certificate as well as all notices and other documents contemplated hereby be
drawn up in the English language.

 

15.                                 Transfer.  The Warrants
shall not be transferred by the Holder without the consent of the Corporation, provided
however, that the Holder may transfer all, but not less than all, of the
Warrants to any Affiliate of the Holder without the consent of the
Corporation.  For the purpose of this
Warrant, the term “Affiliate”
shall mean any other Person that directly or indirectly controls, is controlled
by or is under common control with such Person. 
“Person” shall mean a
natural person, partnership, corporation, limited liability company, business
trust, joint stock company, trust, unincorporated association, joint venture,
governmental entity or other entity or organization. The term “Holder” shall mean and include 

 

7

 

any successor, transferee or permitted assignee of the current or any
future Holder. The Warrants may be transferred by the Holder completing and
delivering to the Corporation the transfer form attached hereto as Schedule C.

 

16.                                 Successors and Assigns. 
This Warrant Certificate shall enure to the benefit of the Holder and
the successors and permitted assignees thereof and shall be binding upon the
Corporation and the successors thereof.

 

* * * * *

 

8

 

 

 

IN WITNESS WHEREOF, the
Corporation has caused this Warrant Certificate to be signed by its duly
authorized officer as of the 7th day of January, 2010.

 

GOLDEN MINERALS COMPANY

 

 

	
  By:

  	
  /s/ Robert P. Vogels

  	
   

  
	
   

  	
  Name: Robert P. Vogels

  	
   

  
	
   

  	
  Title: Senior Vice President and Chief Financial Officer

  	
   

  

 

9

 

SCHEDULE A

 

TO:                            GOLDEN MINERALS
COMPANY

 

EXERCISE FORM

(Non-U.S. Holders)

 

The undersigned hereby
exercises the right to acquire and subscribes for
                        
shares of common stock (“Common Shares”) of Golden Minerals Company (the
“Corporation”) (or such other number of Common Shares or other
securities to which such exercise entitles the undersigned in lieu thereof or
in addition thereto) pursuant to the provisions of the certificate (the “Warrant
Certificate”) dated as of the 7th day of January, 2010 issued by the
Corporation to the Holder (as defined in the Warrant Certificate) at the
purchase price of U.S.$15.00 per Common Share if exercised on or before 5:00 p.m.
(Denver time) on the 7th day of January, 2013 (“Expiry Time”),
(or at such other purchase price as may then be in effect under the provisions
of the Warrant Certificate) and on and subject to the other terms and
conditions specified in the Warrant Certificate and [Initial
one]:

 

o                                    Encloses
herewith a check or has transmitted good same day funds by wire or other
similar transfer in lawful money of the United States payable to or to the
order of the Corporation in payment of the exercise price, or

 

o                                    Elects to
acquire the Common Shares pursuant to the Cashless Exercise option set forth in
Section 1.2 of the Warrant Certificate; the undersigned acknowledges that
it will receive the “Net Number” of Common Shares calculated in accordance with
Section 1.2, which shall be less than the number of shares set forth
above.

 

By executing this exercise
form, the undersigned represents and warrants that the undersigned (i) is
outside the United States (as defined in Regulation S promulgated by the
United States Securities Exchange Commission under the United States Securities
Act of 1933, as amended, (the “U.S. Securities Act”)) and not a U.S.
person (as defined in Regulation S (a “U.S. Person”), at the time of
execution and delivery of this notice; (ii) is not exercising the right
provided for herein for the account or benefit of a person in the United States
or a U.S. Person; (iii) is not exercising Warrants with the intent to
distribute either directly or indirectly any of the securities acquirable upon
exercise in the United States, except in compliance with the
U.S. Securities Act; and (iv) has in all other respects complied with
the terms of Regulation S of the U.S. Securities Act.

 

The undersigned hereby
directs that the Common Shares subscribed for be registered and delivered as
follows:

 

	
  Name in Full

  	
   

  	
  Address
  (include Postal Code)

  	
   

  	
  Number
  of Common Shares

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  

 

DATED this
              
day of
                                      ,
20      .

 

 

	
  By:

  	
   

  	
   

  
	
   

  	
  Authorized
  Signatory

  	
   

  

 

 

SCHEDULE B

 

TO:                            GOLDEN MINERALS
COMPANY

 

EXERCISE FORM

(U.S. Holders)

 

The undersigned hereby
exercises the right to acquire and subscribes for
                        
shares of common stock (“Common Shares”) of  Golden Minerals Company (the “Corporation”)
(or such other number of Common Shares or other securities to which such
exercise entitles the undersigned in lieu thereof or in addition thereto)
pursuant to the provisions of the warrant certificate (the “Warrant
Certificate”) dated as of the 7th day of January, 2010, issued by the
Corporation to the Holder (as defined in the Warrant Certificate) at the
purchase price of U.S.$15.00 per Common Share if exercised on or before 5:00 p.m.
(Denver time) on the 7th day of January, 2013 (“Expiry Time”), (or at
such other purchase price as may then be in effect under the provisions of the
Warrant Certificate) and on and subject to the other terms and conditions
specified in the Warrant Certificate and [Initial one]:

 

o                                    Encloses
herewith a check or has transmitted good same day funds by wire or other
similar transfer in lawful money of the United States payable to or to the
order of the Corporation in payment of the exercise price, or

 

o                                    Elects to
acquire the Common Shares pursuant to the Cashless Exercise option set forth in
Section 1.2 of the Warrant Certificate; the undersigned acknowledges that
it will receive the “Net Number” of Common Shares calculated in accordance with
Section 1.2, which shall be less than the number of shares set forth
above.

 

The undersigned (or any
beneficial purchaser on whose behalf the Holder is acting) is a resident of the
United States or is otherwise subject to the securities laws of the United
States and certifies [Initial, as appropriate]:

 

o                                    (a)                                  the undersigned
(or any beneficial purchaser on whose behalf the Holder is acting):

 

(i)                                     purchased the
Warrants directly from the Corporation for its own account or the account of
another “accredited investor”, as that term is defined in Rule 501(a) (a
“U.S. Accredited Investor”) of Regulation D promulgated under the United
States Securities Act of 1933, as amended (the “U.S. Securities Act”);

 

(ii)                                  is exercising
the Warrants solely for its own account or the account of such other U.S.
Accredited Investor;

 

(iii)                               was a U.S.
Accredited Investor on the date the Warrants were purchased from the
Corporation and continues to be a U.S. Accredited Investor on the date of the
exercise of the Warrants; and

 

(iv)                              if the Warrants
are being exercised on behalf of another person, represents, warrants and certifies
such person was a U.S. Accredited Investor, on the date the Warrants were
purchased from the Corporation and continues to be a U.S. Accredited Investor
on the date of the exercise of the Warrants; or

 

o                                    (b)                                 the undersigned
(or any beneficial purchaser on whose behalf the Holder is acting) has provided
to the Corporation a written opinion of counsel of recognized standing in form
and substance satisfactory to the Corporation to the effect that an exemption
from the registration requirements of the U.S. Securities Act and applicable
state securities laws is available for the issue of the Warrant Shares.

 

 

If the Holder has indicated
that the Holder (and, if applicable, any beneficial purchaser on whose behalf
the Holder is acting) is a U.S. Accredited Investor by marking alternative (a) above,
the Holder has completed and delivered to the Corporation the form of
Accredited Investor Certificate attached to this Exercise Form as Appendix
B-1.

 

	
  Name in Full

  	
   

  	
  Address (include Postal Code)

  	
   

  	
  Number of Common Shares

  

  

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  

 

DATED this
              
day of
                                      ,
20    .

 

 

	
  By:

  	
   

  	
   

  
	
   

  	
  Authorized
  Signatory

  	
   

  

 

2

 

APPENDIX B-1

 

UNITED STATES SUBSCRIBERS

 

TO:                            GOLDEN MINERALS
COMPANY

 

CERTIFICATE

 

In connection with the purchase by the
undersigned or the disclosed principal, the undersigned (the “Purchaser”)
hereby represents and warrants that the Purchaser (and, if the Purchaser is
acting on behalf of a beneficial purchaser, such beneficial purchase) is an “Accredited
Investor”, as defined in Rule 501(a) of Regulation D under the
United States Securities Act of 1933, as amended (the “U.S. Securities Act”)
as a result of satisfying the requirements of the paragraphs below to which the
undersigned has affixed his or her initials.

 

	
  o

  	
  Any natural person whose individual net worth, or joint net worth
  with that person’s spouse, at the time of his purchase exceeds US$1,000,000;

  
	
   

  	
   

  
	
  o

  	
  Any natural person who had an individual income in excess of
  US$200,000 in each of the two most recent years or joint income with that
  person’s spouse in excess of US$300,000 in each of those years and has a
  reasonable expectation of reaching the same income level in the current year;

  
	
   

  	
   

  
	
  o

  	
  Any bank as defined in Section 3(a)(2) of the U.S.
  Securities Act or any savings and loan association or other institution as
  defined in Section 3(a)(5)(A) of the U.S. Securities Act whether
  acting in its individual or fiduciary capacity; any or dealer registered pursuant
  to Section 15 of the United States Securities Exchange Act of 1934; any
  insurance company as defined in Section 2(a)(13) of the U.S. Securities
  Act; any investment company registered under the United States Investment
  Company Act of 1940 or a business development company as defined in
  Section 2(a)(48) of that Act; any Small Business Investment Company
  licensed by the U.S. Small Business Administration under
  Section 301(c) or (d) of the United States Small Business
  Investment Act of 1958; any plan established and maintained by a state, its
  political subdivisions, or any agency or instrumentality of a state or its
  political subdivisions, for the benefit of its employees, if such plan has
  total assets in excess of US$5,000,000; any employee benefit plan within the
  meaning of the United States Employee Retirement Income Security Act of 1974,
  if the investment decision is made by a plan fiduciary, as defined in
  Section 3(21) of such Act, which is either a bank, savings and loan
  association, insurance company, or registered investment adviser, or if the
  employee benefit plan has total assets in excess of US$5,000,000, or, if a
  self-directed plan, with investment decisions made solely by persons that are
  Accredited Investors;

  
	
   

  	
   

  
	
  o

  	
  Any private business development company as defined in
  Section 202(a)(22) of the Investments Advisers Act of 1940;

  

 

3

 

	
  o

  	
  Any organization described in section 501(c)(3) of the Internal
  Revenue Code, corporation, Massachusetts or similar business trust, or
  partnership not formed for the specific purpose of acquiring the Units, with
  total assets in excess of US$5,000,000;

  
	
   

  	
   

  
	
  o

  	
  Any director or executive officer of Golden Minerals Company;

  
	
   

  	
   

  
	
  o

  	
  Any trust with total assets in excess of US$5,000,000, not formed for
  the specific purpose of acquiring the Units, whose purchase is directed by a
  sophisticated person, being defined as a person who has such knowledge and
  experience in financial and business matters that he or she is capable of evaluating
  the merits and risks of the prospective investment;

  
	
   

  	
   

  
	
  o

  	
  Any entity in which all of the equity owners are Accredited
  Investors;

  

 

4

 

SCHEDULE C

FORM OF TRANSFER

 

FOR VALUE RECEIVED, the
undersigned hereby sells, assigns and transfers unto                                                                  
                                                               (include
name and address of the transferee) Warrants exercisable for shares of common stock
of Golden Minerals Company (the “Corporation”) registered in the name of
the undersigned on the register of the Corporation maintained therefor, and
hereby irrevocably appoints                                                 the
attorney of the undersigned to transfer the said securities on the books
maintained by the Corporation with full power of substitution.

 

DATED this
              
day of
                                      ,
20      .

 

 

	
   

  	
  Signature of Transferor

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Address of Transferor

  

 

The undersigned transferee
hereby certifies that:

 

(check one)

 

	
  o

  	
  said transferee was not
  offered the Warrants in the United States and is not in the United States or
  a “U.S. Person” (as defined in Regulation S under the United States Securities Act of 1933, as amended (the “U.S.
  Securities Act”)), and is not acquiring the Warrants for the account or
  benefit of a person in the United States or a U.S. Person; or

  
	
   

  	
   

  
	
  o

  	
  enclosed herewith is an
  opinion of counsel of recognized standing (which the transferee understands
  must be satisfactory to the Corporation) to the effect that no violation of
  the U.S. Securities Act or applicable securities laws will result from
  transfer, exercise or deemed exercise of the Warrants.

  

 

 

It is understood that the Corporation may require
additional evidence necessary to verify the foregoing.

	
  DATED:

  	
   

  	
   

  	
   

  	
   

  

 

	
  Address
  of Transferee: .

  	
   

  	
  X

  	
   

  
	
   

  	
   

  	
  Signature of individual
  (if Transferee is an individual)

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  X

  	
   

  
	
   

  	
   

  	
  Authorized signatory (if
  Transferee is not an individual)

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Name of Transferee (please print)

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Name of authorized
  signatory (please print)

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Official capacity of
  authorized signatory (please print)

  

 

2Exhibit 10.1

 

EXECUTION VERSION

 

REGISTRATION RIGHTS AGREEMENT

 

THIS REGISTRATION RIGHTS AGREEMENT (this “Agreement”) is made and entered into as of January 7,
2010 by and among GOLDEN MINERALS COMPANY, a Delaware corporation (the “Company”), and MH ARGENTINA S.A., a sociedad
anonima organized under the laws of Argentina (“Hochschild”).

 

RECITALS

 

A.            In connection with the Purchase
and Sale Agreement by and among the Company, Hochschild and certain other
parties dated December 30, 2009 (the “Purchase
Agreement”), the Company has agreed, upon the terms and subject to
the conditions of the Purchase Agreement, to issue to Hochschild 400,000 shares
of the Company’s authorized but unissued Common Stock (the “Shares”) and to deliver warrants to purchase 300,000 shares
of Common Stock at an exercise price of US$15.00 (the “Warrant
Shares”).

 

B.            To induce Hochschild to execute and deliver the Purchase
Agreement, the Company has agreed to provide certain registration rights under
the Securities Act of 1933, as amended, and the rules and regulations
thereunder, and applicable state securities laws.

 

NOW, THEREFORE, in consideration of the
recitals and the mutual promises, representations, warranties, and covenants
set forth in this Agreement and for other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the parties agree as
follows:

 

AGREEMENT

 

SECTION 1.         Definitions.

 

In addition to the terms that are defined elsewhere in
this Agreement, the following terms shall have the following meanings:

 

“Affiliate” with
respect to any specified person, has the meaning specified in Rule 144.

 

“Common Stock”
means the Company’s common stock, par value $0.01 per share.

 

“Deferral Notice”
has the meaning specified in Section 3(d) hereof.

 

“Deferral Period”
has the meaning specified in Section 3(d) hereof.

 

“Delay Period”
has the meaning set forth in Section 2(g).

 

“Delayed Filing Date”
has the meaning set forth in Section 2(c).

 

“Demand Notice”
has the meaning set forth in Section 2(a).

 

“Demand Registration”
has the meaning set forth in Section 2(a).

 

 

“Effectiveness Period”
means the period commencing on the on the date the Registration Statement
becomes effective and ending on the date on which the Company terminates the
Registration Statement following the period of effectiveness required pursuant
to Section 2(d), or until all Registrable Securities have ceased to be
Registrable Securities, whichever is earlier.

 

“Exchange Act”
means the United States Securities Exchange Act of 1934, as amended, and the rules and
regulations of the SEC promulgated thereunder.

 

“Filing Date”
has the meaning set forth in Section 2(c).

 

“Holder” of “Holders”
means Hochschild, any transferee or assignee thereof to whom Hochschild
assigns its rights under this Agreement and who agrees to become bound by the
provisions of this Agreement in accordance with Section 8(a), and any
transferee or assignee thereof to whom a transferee or assignee assigns its
rights under this Agreement and who agrees to become bound by the provisions of
this Agreement in accordance with Section 8(a).

 

“Material Event”
has the meaning specified in Section 3(d) hereof.

 

“Notice and Questionnaire”
means a written notice delivered to the Company containing substantially the
information called for by the Selling Securityholder Notice and Questionnaire
attached as Annex A to this Agreement.

 

“Notice Holder”
means on any date, any Holder that has delivered a Notice and Questionnaire to
the Company on or prior to such date.

 

“Outstanding Registrable
Securities” means the securities of the Company that qualify as
Registrable Securities at the time of delivery of a Demand Notice.

 

“Prospectus”
means the prospectus included in any Registration Statement (including, without
limitation, a prospectus that discloses information previously omitted from a
prospectus filed as part of an effective registration statement in reliance
upon Rule 415 promulgated under the Securities Act), as amended or
supplemented by any amendment or prospectus supplement, including
post-effective amendments, and all materials incorporated by reference or
explicitly deemed to be incorporated by reference in such Prospectus.

 

“Purchase Agreement”
has the meaning set forth in the Recitals.

 

“Registrable Securities”
means the (i) Shares issued to Hochschild under the Purchase Agreement, (ii) the
Warrant Shares, and (iii) any security issued with respect thereto upon
any stock dividend, split, merger or similar event until, in the case of any
such security, the earlier of (1) the sale pursuant to Rule 144 under
the Securities Act or a registration statement of such Registrable Securities,
or (2) the first date on which the Registrable Securities may be sold
pursuant to Rule 144 without being subject to the volume restrictions set
forth in Rule 144(e).

 

2

 

“Registration Statement”
means any registration statement of the Company that covers any of the
Registrable Securities pursuant to the provisions of this Agreement, including
the Prospectus, amendments and supplements to such registration statement,
including post-effective amendments, all exhibits, and all materials
incorporated by reference or explicitly deemed to be incorporated by reference
in such registration statement.

 

“Requesting Holder” has the meaning set forth in
Section 2(a).

 

“Rule 144”
means Rule 144 under the Securities Act, as such Rule may be amended
from time to time, or any similar or successor rule or regulation
hereafter adopted by the SEC having substantially the same effect as such Rule.

 

“SEC” means the
United States Securities and Exchange Commission and any successor agency.

 

“Securities Act”
means the United States Securities Act of 1933, as amended, and the rules and
regulations promulgated by the SEC thereunder.

 

“Shares” has the
meaning set forth in the Recitals.

 

“Warrant Shares”
has the meaning set forth in the Recitals.

 

SECTION 2.       Demand
Registration Right.

 

(a)                                  Right to Demand.  Upon the terms and subject to the conditions
of this Agreement, Holders (the “Requesting Holders”)
shall have the right, by written notice delivered to the Company (the “Demand Notice”), to request that the Company register for
resale under and in accordance with the provisions of the Securities Act the
number of Registrable Securities designated by such Holders (a “Demand Registration”). 
Promptly following its receipt of a Demand Notice, the Company will
notify other Holders, if any, of the proposed registration and allow them the
opportunity to include Registrable Securities in such registration.  Holders that elect to participate in such
registration shall provide written notice of such election to the Company
within ten business days of their receipt of notice from the Company.

 

(b)                                 Limits on Demand Registration.

 

	
  (i)

  	
  The Company
  shall not be required to register any Registrable Securities pursuant to this
  Section 2 unless the anticipated aggregate offering price to the public
  in the relevant offering is expected to be at least $2 million.

  
	
   

  	
   

  
	
  (ii)

  	
  The Company shall not be obligated to effect more
  than one Demand Registration and shall not be obligated to file a
  Registration Statement with respect to a Demand Registration prior to
  May 31, 2010.

  

 

3

 

	
  (iii)

  	
   

  	
  The Company
  shall not be obligated to file a Registration Statement with respect to a
  Demand Registration within 90 days of the completion of any underwritten
  offering of the Company’s securities.

  
	
   

  	
   

  	
   

  
	
  (iv)

  	
   

  	
  The Company
  shall not be obligated to file a Registration Statement with respect to any
  Demand Notice submitted after the date that is three years after the date
  hereof.

  
	
   

  	
   

  	
   

  
	
  (v)

  	
   

  	
  The Company shall not be obligated to file a
  Registration Statement with respect to the distribution of the Registrable
  Securities in an underwritten offering.

  

 

(c)                                  Filing of Registration
Statement.  Subject to Sections 2(b) and 2(g), as
soon as practicable, but in any event within 60 days of the date on which the
Company receives a Demand Notice (the “Filing Date”)
(unless a Delay Period is in effect, in which case within 60 days of the
termination of the Delay Period, the “Delayed Filing Date”),
the Company shall file with the SEC a Registration Statement on the appropriate
form for the registration and sale of the Registrable Securities specified in
such Demand Notice, together with the number of Registrable Securities
requested to be included in the Demand Registration by other Holders, if any.

 

(d)                                 Effectiveness of Registration
Statement.  The Company shall use its commercially
reasonable efforts to (i) cause a Registration Statement filed pursuant to
Section 2(c) to be declared effective by the SEC as soon as
reasonably practicable, and (ii) subject to Section 8(l), keep such
Registration Statement continuously effective and usable for the sale of
Registrable Securities for a period of up to two hundred seventy (270) days or,
if earlier, until the distribution contemplated in the Registration Statement
has been completed.  If the Company has
an effective Registration Statement on Form S-1 filed pursuant to Section 2(c) and
becomes eligible to use Form S-3 or such other short-form registration
statement form under the Securities Act, the Company shall promptly give notice
of such eligibility to the Holders covered thereby and may, or at the request
of such Holders with a majority of such Registrable Securities shall, promptly
convert such Registration Statement on Form S-1 to a Registration
Statement on Form S-3 or such other short-form registration statement by
means of a post-effective amendment or otherwise, unless any Holder notifies
the Company within 10 business days of receipt of the Company’s notice that
such conversion would interfere with its distribution of Registrable Securities
already in progress and provides a reasonable explanation therefor, in which
case the Company will delay the conversion of the Registration Statement for a
reasonable time after receipt of the first such notice, not to exceed 30 days
in the aggregate (unless the Company, at such time as the conversion from Form S-1
to Form S-3 or such other short-form registration statement may occur,
would otherwise be required to amend the Registration Statement on Form S-1
and require that Holders suspend sales).

 

4

 

(e)                                  Holders’ Withdrawal.  Holders of a majority of the Registrable
Securities to be included in a Demand Registration may, at any time prior to
the effective date of the Registration Statement relating thereto, revoke such
request by providing a written notice to the Company of such revocation.  If such revocation request is received more
than fifteen (15) business days after delivery of the Demand Notice, Holders’
right to request a further Demand Registration shall terminate.

 

(f)                                    Preemption of Demand
Registration.  Notwithstanding anything to the contrary contained herein,
after receiving a Demand Notice, the Company may elect to effect an
underwritten primary registration in lieu of the Demand Registration if the
Company’s Board of Directors believes that such primary registration would be
in the best interests of the Company.  In
the event the Company elects to effect a primary registration after receiving a
Demand Notice, the Company shall use its commercially reasonable efforts to
have the registration statement relating to the primary registration declared
effective by the Commission as soon as reasonably practicable. In addition, the
request for a Demand Registration shall be deemed to have been withdrawn and
such primary registration shall not be deemed to be a Demand Registration for
the purposes of Section 2(b).

 

(g)                                 Delay Period.  Notwithstanding anything to the contrary set
forth herein, the Company shall have the right to delay the filing of any
Registration Statement otherwise required to be filed pursuant to Section 2,
or to suspend the use of any Registration Statement, for a period not in excess
of 60 consecutive days and no more than 90 days in any consecutive 12-month
period (a “Delay Period”), if (i) the Company
is pursuing an acquisition, merger, reorganization, disposition or other
similar transaction and the Company determines in good faith that the Company’s
ability to pursue or consummate such a transaction would be materially
adversely affected by any required disclosure of such transaction in any Registration
Statement, (ii) the Company has experienced some other material non-public
event the disclosure of which at such time, in the good faith judgment of the
Company, would materially adversely affect the Company, or (iii) the
Company determines in good faith that the filing or the inability to suspend
the use of the Registration Statement would otherwise be detrimental to the
Company or its stockholders, or would substantially interfere with the Company’s
ability to timely file a Form 10-Q or 10-K.

 

SECTION 3.       Registration
Procedures.

 

In connection with the registration obligations of the
Company under Section 2 hereof, the Company shall:

 

(a)                                  Prepare and file with the SEC
such amendments and post-effective amendments to the Registration Statement as
may be necessary to keep such Registration Statement continuously effective for
the applicable period specified in Section 2(d); cause the related
Prospectus to be supplemented by any required Prospectus supplement, and as so
supplemented to be filed pursuant to Rule 424 (or any similar provisions
then in force) under the Securities Act; and use commercially

 

5

 

                                                reasonable efforts to comply
with the provisions of the Securities Act applicable to it with respect to the
disposition of all securities covered by such Registration Statement during the
Effectiveness Period in accordance with the intended methods of disposition by
the sellers thereof set forth in such Registration Statement as so amended or such
Prospectus as so supplemented.

 

(b)                                 Submit to the SEC, within two (2) Business
Days after the Company learns that no review of the Registration Statement will
be made by the staff of the SEC or that the staff has no further comments on a
particular Registration Statement, as the case may be, a request for
acceleration of effectiveness of such Registration Statement to a time and date
not later than 48 hours after the submission of such request.

 

(c)                                  Use commercially reasonable
efforts to obtain the withdrawal of any order suspending the effectiveness of a
Registration Statement or the lifting of any suspension of the qualification
(or exemption from qualification) of any of the Registrable Securities for sale
in any jurisdiction in which they have been qualified for sale, in either case
at the earliest possible moment or, if any such order or suspension is made
effective during any Deferral Period, at the earliest possible moment after the
expiration of such Deferral Period.

 

(d)                                 Upon (A) the issuance by
the SEC of a stop order suspending the effectiveness of the Registration
Statement or the initiation of proceedings with respect to the Registration
Statement under Section 8(d) or 8(e) of the Securities Act, (B) the
occurrence of any event or the existence of any fact (a “Material
Event”) as a result of which any Registration Statement shall
contain any untrue statement of a material fact or omit to state any material
fact required to be stated therein or necessary to make the statements therein
not misleading, or any Prospectus shall contain any untrue statement of a
material fact or omit to state any material fact necessary to make the
statements therein, in light of the circumstances under which they were made,
not misleading (including, in any such case, as a result of the
non-availability of financial statements), or (C) the occurrence or
existence of any development, event, fact, situation or circumstance relating
to the Company that, in the discretion of the Company, makes it appropriate to
suspend the availability of the Registration Statement and the related
Prospectus, (i) in the case of clause (B) above, subject to the next
sentence, as promptly as is reasonably practicable prepare and file a
post-effective amendment to such Registration Statement or a supplement to the
related Prospectus or any document incorporated therein by reference or file
any other required document that would be incorporated by reference into such
Registration Statement and Prospectus so that such Registration Statement does
not contain any untrue statement of a material fact or omit to state any
material fact required to be stated therein or necessary to make the statements
therein not misleading, and such Prospectus does not contain any untrue
statement of a material fact or omit to state any material fact necessary to
make the statements therein, in the light of the circumstances under which they
were made, not misleading, as thereafter delivered to the purchasers of the
Registrable Securities being sold thereunder,

 

6

 

                                                and, in the case of a
post-effective amendment to a Registration Statement, subject to the next
sentence, use commercially reasonable efforts to cause it to be declared
effective as promptly as is reasonably practicable, and (ii) give notice
(via facsimile, telephone or electronic mail followed by a written notice by
internationally recognized overnight courier) to the Notice Holders that the
availability of the Registration Statement is suspended (a “Deferral Notice”) and, upon receipt of any Deferral Notice,
each Notice Holder agrees not to sell any Registrable Securities pursuant to
the Registration Statement until such Notice Holder’s receipt of copies of the
supplemented or amended Prospectus provided for in clause (i) above, or
until it is advised in writing by the Company that the Prospectus may be used,
and has received copies of any additional or supplemental filings that are
incorporated or deemed incorporated by reference in such Prospectus. The Company
will use commercially reasonable efforts to ensure that the use of the
Prospectus may be resumed (x) in the case of clause (A) above, as
promptly as is reasonably practicable, (y) in the case of clause (B) above,
as soon as, in the sole reasonable judgment of the Company, public disclosure
of such Material Event would not be prejudicial to or contrary to the interests
of the Company or, if necessary to avoid unreasonable burden or expense, as
soon as reasonably practicable thereafter and (z) in the case of clause (C) above,
as soon as, in the reasonable discretion of the Company, such suspension is no
longer appropriate. The period during which the availability of the
Registration Statement and any Prospectus is suspended (the “Deferral Period”) is not to exceed (i) 60 consecutive
days at any one time; (ii) 30 days in the aggregate in any three-month
period; or (iii) 60 days in the aggregate during any 12-month period, or
as otherwise required by applicable regulatory authority; provided that, the
number of days the Company is required to keep the Registration Statement
effective shall be extended by the number of days equal to the aggregate
Deferral Period(s). The first day of any Deferral Period must be at least two (2) trading
days after the last day of any prior Deferral Period.

 

(e)                                  During the Effectiveness
Period (except during such periods that a Deferral Notice is outstanding and
has not been revoked), deliver to each Notice Holder in connection with any
sale of Registrable Securities pursuant to a Registration Statement, without
charge, as many copies of the Prospectus or Prospectuses relating to such
Registrable Securities and any amendment or supplement thereto as such Notice
Holder may reasonably request; and the Company hereby consents (except during
such periods that a Deferral Notice is outstanding and has not been revoked) to
the use of such Prospectus or each amendment or supplement thereto by each
Notice Holder in connection with any offering and sale of the Registrable
Securities covered by such Prospectus or any amendment or supplement thereto in
the manner set forth therein.

 

(f)                                    Subject to Section 3(d),
prior to any public offering of the Registrable Securities pursuant to the
Registration Statement, use commercially reasonable efforts to register or
qualify or cooperate with the Notice Holders in connection with the
registration or qualification (or exemption from such registration or
qualification) of such Registrable Securities for offer and sale under the
securities or Blue Sky

 

7

 

                                                laws of such jurisdictions
within the United States as any Notice Holder reasonably requests in writing
(which request may be included in the Notice and Questionnaire), it being
agreed that no such registration or qualification will be made unless so
requested; prior to any public offering of the Registrable Securities pursuant
to the Registration Statement, use commercially reasonable efforts to keep each
such registration or qualification (or exemption therefrom) effective during
the Effectiveness Period in connection with such Notice Holder’s offer and sale
of Registrable Securities pursuant to such registration or qualification (or
exemption therefrom) and do any and all other acts or things necessary to
enable the disposition in such jurisdictions of such Registrable Securities in
the manner set forth in the relevant Registration Statement and the related
Prospectus; provided, that the Company will not be required to (i) qualify
as a foreign corporation or as a dealer in securities in any jurisdiction where
it is not otherwise qualified or (ii) take any action that would subject
it to general service of process in suits or to taxation in any such
jurisdiction where it is not then so subject.

 

SECTION 4.       Holder’s
Obligations.

 

(a)                                  Each Holder of Registrable
Securities agrees that if such Holder wishes to sell Registrable Securities
pursuant to a Registration Statement and related Prospectus, it will do so only
in accordance with Section 3(d) and this Section 4. Each Holder
of Registrable Securities wishing to sell Registrable Securities pursuant to
any Registration Statement and related Prospectus agrees to deliver a Notice
and Questionnaire to the Company promptly upon becoming a Holder and notify the
Company of any change in such information at least five (5) business days
prior to the filing of the Registration Statement. From and after the date the
Registration Statement is declared effective, the Company shall, as promptly as
is reasonably practicable after the date a fully completed and legible Notice
and Questionnaire is received by the Company, (i) if required by
applicable law, file with the SEC a post-effective amendment to the
Registration Statement or prepare and, if required by applicable law, file a
supplement to the related Prospectus or a supplement or amendment to any
document incorporated therein by reference or file any other document required
by the SEC so that the Holder delivering such Notice and Questionnaire is named
as a selling security holder in the Registration Statement and the related
Prospectus in such a manner as to permit such Holder to deliver such Prospectus
to purchasers of the Registrable Securities in accordance with applicable law
(other than laws not generally applicable to all Holders of Registrable
Securities wishing to sell Registrable Securities pursuant to the Registration
Statement and related Prospectus) and using the manner of sale specified in the
Notice and Questionnaire, and, if the Company shall file a post-effective
amendment to the Registration Statement, use commercially reasonable efforts to
cause such post-effective amendment to be declared effective under the
Securities Act as promptly as is reasonably practicable; (ii) provide such
Holder copies of any documents filed pursuant to this Section; and (iii) notify
such Holder as promptly as is reasonably practicable after the effectiveness
under the Securities Act of any post-effective amendment filed pursuant to this
Section.

 

8

 

(b)                                 Each Holder agrees, by
acquisition of the Registrable Securities, that no Holder of Registrable
Securities shall be entitled to sell any of such Registrable Securities
pursuant to a Registration Statement or to receive a Prospectus relating
thereto, unless such Holder has furnished the Company with a properly completed
Notice and Questionnaire as required pursuant to this Section 4 (including
the information required to be included in such Notice and Questionnaire) and
the information set forth in the next sentence. 
Each Notice Holder agrees promptly to furnish to the Company in writing
all information required to be disclosed in order to make the information
previously furnished to the Company by such Notice Holder not misleading, any other
information regarding such Notice Holder and the distribution of such
Registrable Securities as may be required to be disclosed in the Registration
Statement under applicable law or pursuant to SEC comments and any information
otherwise required by the Company to comply with applicable law or regulations.
Each Holder further agrees, following termination of the Effectiveness Period,
to notify the Company, within ten (10) Business Days of a request, of the
amount of Registrable Securities sold pursuant to the Registration Statement
and, in the absence of a response, the Company may assume that all of the
Holder’s Registrable Securities were so sold.

 

SECTION 5.       Registration
Expenses.

 

The Company shall bear all fees and expenses incurred
in connection with the performance by the Company of its obligations under
Sections 2, 3 and 4 of this Agreement whether or not any of the Registration
Statements are declared effective. Such fees and expenses shall include,
without limitation, (i) all registration and filing fees (including,
without limitation, fees and expenses (x) with respect to filings required
to be made with the Toronto Stock Exchange and any U.S. national securities
exchange on which the Company’s Common Stock is then listed and (y) of
compliance with U.S. federal and state securities or “Blue Sky” laws to the
extent such filings or compliance are required pursuant to this Agreement
(including, without limitation, reasonable fees and disbursements of the
counsel specified in the next sentence in connection with Blue Sky
qualifications of the Registrable Securities under the laws of such
jurisdictions as the Notice Holders of a majority of the Registrable Securities
being sold pursuant to a Registration Statement may designate)), (ii) printing
expenses, (iii) duplication expenses relating to copies of any
Registration Statement or Prospectus delivered to any Holders hereunder, and (iv) fees
and disbursements of counsel for the Company in connection with the
Registration Statement, provided, however, that the Company shall not be
responsible for any brokers’ fees, commissions or discounts in connection with
the sale of Registrable Securities or the fees and expenses of legal counsel
for the Holders.

 

SECTION 6.       Information
Requirements.

 

The Company covenants that, if at any time before the
end of the Effectiveness Period the Company is not subject to the reporting
requirements of the Exchange Act, it will cooperate with any Holder of
Registrable Securities and take such further reasonable action as any Holder of
Registrable Securities may request in writing (including, without limitation,
making such reasonable representations as any such Holder may request), all to
the extent required from time to time to enable such Holder to sell Registrable
Securities without registration under and in 

 

9

 

compliance with the Securities Act and customarily
taken in connection with sales pursuant to such exemptions. Upon the written
request of any Holder of Registrable Securities, the Company shall deliver to
such Holder a written statement as to whether it has complied with the filing
requirements of Rule 144.

 

SECTION 7.       Indemnification
and Contribution.

 

(a)                                  The Company agrees to
indemnify and hold harmless each Holder of Registrable Securities covered by
the Registration Statement, the directors, officers, employees, Affiliates and
agents of each such Holder and each person who controls any such Holder within
the meaning of either the Securities Act or the Exchange Act against any and
all losses, claims, damages or liabilities, joint or several, to which they or
any of them may become subject under the Securities Act, the Exchange Act or
other federal or state statutory law or regulation, at common law or otherwise,
insofar as such losses, claims, damages or liabilities (or actions in respect
thereof) arise out of or are based upon any untrue statement or alleged untrue
statement of a material fact contained in the Registration Statement or in any
amendment thereof, in each case at the time such became effective under the
Securities Act, or in any preliminary Prospectus or the Prospectus, or in any
amendment thereof or supplement thereto, or arise out of or are based upon the
omission or alleged omission to state therein a material fact required to be
stated therein or necessary to make the statements therein (in the case of any
preliminary Prospectus or the Prospectus, in the light of the circumstances
under which they were made) not misleading, and agrees to reimburse each such
indemnified party, as incurred, for any legal or other expenses reasonably
incurred by it in connection with investigating or defending any such loss,
claim, damage, liability or action; provided, however, that the
Company will not be liable in any such case to the extent that any such loss,
claim, damage or liability arises out of or is based upon any such untrue
statement or alleged untrue statement or omission or alleged omission made
therein in reliance upon and in conformity with written information furnished
to the Company by or on behalf of the party claiming indemnification
specifically for inclusion therein. This indemnity shall be in addition to any
liability that the Company may otherwise have.

 

(b)                                 Each Holder of securities
covered by the Registration Statement severally and not jointly agrees to
indemnify and hold harmless the Company, each of its directors, each of its
officers who signs the Registration Statement and each person who controls the
Company within the meaning of either the Securities Act or the Exchange Act, to
the same extent as the foregoing indemnity from the Company to each such
Holder, but only with reference to information relating to such Holder
furnished to the Company in writing by or on behalf of such Holder specifically
for inclusion in the documents referred to in the foregoing indemnity. This
indemnity agreement shall be acknowledged by each Notice Holder that is not
Hochschild in such Notice Holder’s Notice and Questionnaire and shall be in
addition to any liability that any such Notice Holder may otherwise have.

 

10

 

(c)                                  Promptly after receipt by an
indemnified party under this Section 7 of notice of the commencement of
any action, such indemnified party will, if a claim in respect thereof is to be
made against the indemnifying party under this Section 7, notify the
indemnifying party in writing of the commencement thereof; but the failure so
to notify the indemnifying party (i) will not relieve it from liability
under paragraph (a) or (b) above unless such failure results in the
forfeiture by the indemnifying party of substantial rights and defenses or
otherwise materially prejudices the indemnifying party; and (ii) will not,
in any event, relieve the indemnifying party from any obligations to any
indemnified party other than the indemnification obligation provided in
paragraph (a) or (b) above. The indemnifying party shall be entitled
to appoint counsel (including local counsel) of the indemnifying party’s choice
at the indemnifying party’s expense to represent the indemnified party in any
action for which indemnification is sought (in which case the indemnifying
party shall not thereafter be responsible for the fees and expenses of any
separate counsel, other than local counsel if not appointed by the indemnifying
party, retained by the indemnified party or parties except as set forth below);
provided, however, that such counsel shall be reasonably
satisfactory to the indemnified party. Notwithstanding the indemnifying party’s
election to appoint counsel (including one local counsel) to represent the
indemnified party in an action, the indemnified party shall have the right to
employ separate counsel (including local counsel), and the indemnifying party
shall bear the reasonable fees, costs and expenses of such separate counsel if (i) the
use of counsel chosen by the indemnifying party to represent the indemnified
party would present such counsel with a conflict of interest; (ii) the
actual or potential defendants in, or targets of, any such action include both
the indemnified party and the indemnifying party and the indemnified party
shall have reasonably concluded that there may be legal defenses available to
it and/or other indemnified parties that are different from or additional to
those available to the indemnifying party; (iii) the indemnifying party
shall not have employed counsel reasonably satisfactory to the indemnified
party to represent the indemnified party within a reasonable time after notice
of the institution of such action; or (iv) the indemnifying party shall
authorize the indemnified party to employ separate counsel at the expense of
the indemnifying party. An indemnifying party will not, without the prior
written consent of the indemnified parties, settle or compromise or consent to
the entry of any judgment with respect to any pending or threatened claim,
action, suit or proceeding in respect of which indemnification or contribution
may be sought hereunder (whether or not the indemnified parties are actual or
potential parties to such claim or action) unless such settlement, compromise
or consent includes an unconditional release of each indemnified party from all
liability arising out of such claim, action, suit or proceeding.

 

(d)                                 If the indemnification to
which an indemnified party is entitled under this Section 7 is for any
reason unavailable to or insufficient although applicable in accordance with
its terms to hold harmless an indemnified party in respect of any losses,
liabilities, claims, damages or expenses referred to therein, then each
indemnifying party shall contribute to the aggregate amount of such losses,

 

11

 

                                                liabilities, claims, damages
and expenses incurred by such indemnified party, as incurred, in such
proportion as is appropriate to reflect the relative fault of the indemnifying
party or parties on the one hand and of the indemnified party on the other hand
in connection with the statements or omissions which resulted in such losses,
liabilities, claims, damages or expenses, as well as any other relevant
equitable considerations.

 

The relative fault of the Company on the one hand and
the Holders of the Registrable Securities on the other hand shall be determined
by reference to, among other things, whether any such untrue or alleged untrue
statement of a material fact or omission or alleged omission to state a
material fact relates to information supplied in writing by the Company or in
writing by the Holder of the Registrable Securities and the parties’ relative
intent, knowledge, access to information and opportunity to correct or prevent
such statement or omission.

 

The parties hereto agree that it would not be just and
equitable if contribution pursuant to this Section 7(d) were
determined by pro rata allocation or by any other method of allocation which
does not take account of the equitable considerations referred to above in this
Section 7(d). The aggregate amount of losses, liabilities, claims,
damages, and expenses incurred by an indemnified party and referred to above in
this Section 7(d) shall be deemed to include any out-of-pocket legal
or other expenses reasonably incurred by such indemnified party in
investigating, preparing or defending against any litigation, or any
investigation or proceeding by any governmental agency or body, commenced or
threatened, or any claim whatsoever based upon any such untrue or alleged
untrue statement or omission or alleged omission.

 

Notwithstanding the provisions of this Section 7,
no Holder of any Registrable Securities shall be required to indemnify or
contribute any amount in excess of the amount by which the proceeds received
from the sale of the Registrable Securities by such Holder of Registrable
Securities exceeds the amount of any damages that such Holder of Registrable
Securities has otherwise been required to pay by reason of such untrue or
alleged untrue statement or omission or alleged omission.

 

No person guilty of fraudulent misrepresentation
(within the meaning of Section 11(f) of the Securities Act) shall be
entitled to contribution from any person who was not guilty of such fraudulent
misrepresentation.

 

For purposes of this Section 7(d), each person,
if any, who controls Hochschild or any Holder of Registrable Securities within
the meaning of Section 15 of the Securities Act or Section 20 of the
Exchange Act shall have the same rights to contribution as Hochschild or such
Holder, and each person, if any, who controls the Company within the meaning of
Section 15 of the Securities Act or Section 20 of the Exchange Act
shall have the same rights to contribution as the Company.

 

12

 

(e)                                  The provisions of this Section 7
shall remain in full force and effect, regardless of any investigation made by
or on behalf of any Holder or the Company or any of the indemnified persons
referred to in this Section 7, and shall survive the sale by a Holder of
Registrable Securities covered by the Registration Statement.

 

SECTION 8.                        Miscellaneous

 

(a)                                  Successors and
Assigns.  Neither this Agreement nor any
of the rights, interests or obligations hereunder shall be assigned by any of
the parties hereto without the prior written consent of the other parties, provided
however that this Agreement may be assigned by the Holder in connection
with the transfer of all, but not less than all, of the Registrable Securities
to any Affiliate of the Holder.  Subject
to the preceding sentence, this Agreement shall be binding upon, inure to the
benefit of, and be enforceable by, the parties and their respective permitted
successors and assigns.  If any permitted
transferee of any Holder shall acquire Registrable Securities, such Registrable
Securities shall be subject to all of the terms of this Agreement and by taking
and holding such Registrable Securities such person shall be conclusively
deemed to have agreed to be bound by and to perform all of the terms and provisions
of this Agreement.  Nothing in this
Agreement is intended to confer upon any party other than the parties hereto or
their respective permitted successors and assigns any rights, remedies,
obligations, or liabilities under or by reason of this Agreement, except as
expressly provided in this Agreement.

 

(b)                                 Notices.  All notices or other communications required or
permitted hereunder shall be in writing and shall be deemed given or delivered (i) when
delivered personally, (ii) if transmitted by facsimile, when confirmation
of transmission is received, unless it is not during normal business hours in
the place of receipt, in which case it shall be deemed delivered on the next
business day, or (iii) if sent by registered or certified mail, return
receipt requested, or by private courier, when received; and shall be addressed
as follows:

 

	
  Company:

  	
   

  	
  Golden Minerals Company

  350 Indiana Street, Suite 800

  Golden, Colorado 80401

  Attn: President

  Fax: (303) 839-5907

   

  
	
  with a copy
  to:

  	
   

  	
  Davis
  Graham & Stubbs LLP

  1550 17th Street, Suite 500

  Denver, Colorado 80202

  Attn: Deborah J. Friedman

  Fax: (303) 892-7400

   

  

 

13

 

	
  Hochschild:

  	
   

  	
  Hochschild Mining PLC

  Calle La Colonia No. 180, Urb. El Vivero, Santiago de Surco

  Lima, Peru

  Attention: Jose Augusto Palma

  Attention: Isac Burstein

  Fax No.: 51 1 437-5009

   

  

 

or to such other address
as such party may indicate by a notice delivered to the other parties hereto.

 

(c)                                  Amendments and Waivers.  The provisions of this Agreement, including the
provisions of this sentence, may not be amended, modified or supplemented, and
waivers or consents to departures from the provisions hereof may not be given,
without the written consent of the Company and the Holders of a majority of the
then outstanding Registrable Securities. Notwithstanding the foregoing, a
waiver or consent to depart from the provisions hereof with respect to a matter
that relates exclusively to the rights of Holders of Registrable Securities
whose securities are being sold pursuant to a Registration Statement and that
does not directly or indirectly affect the rights of other Holders of
Registrable Securities may be given by Holders of at least a majority of the
Registrable Securities being sold by such Holders pursuant to such Registration
Statement; provided, that the provisions of this sentence may not be
amended, modified, or supplemented except in accordance with the provisions of
the immediately preceding sentence. Each Holder of Registrable Securities
outstanding at the time of any such amendment, modification, supplement, waiver
or consent or thereafter shall be bound by any such amendment, modification,
supplement, waiver or consent effected pursuant to this Section 8(c),
whether or not any notice, writing or marking indicating such amendment,
modification, supplement, waiver or consent appears on the Registrable
Securities or is delivered to such Holder.

 

(d)                                 Severability.  Any term or provision of this Agreement that
is held by a court of competent jurisdiction or other authority to be invalid,
void or unenforceable in any situation in any jurisdiction shall not affect the
validity or enforceability of the remaining terms and provisions hereof or the
validity or enforceability of the offending term or provision in any other situation
or in any other jurisdiction.  If the
final judgment of a court of competent jurisdiction or other authority declares
that any term or provision hereof is invalid, void or unenforceable, the
parties agree that the court making such determination shall have the power to
reduce the scope, duration, area or applicability of the term or provision, to
delete specific words or phrases, or to replace any invalid, void or
unenforceable term or provision with a term or provision that is valid and
enforceable and that comes closest to expressing the intention of the invalid
or unenforceable term or provision.

 

14

 

(e)                                  Governing Law.  This Agreement shall be governed by and
construed in accordance with the internal laws (as opposed to the conflicts of
law provisions) of the State of New York.

 

(f)                                    Submission to
Jurisdiction.  The parties
hereby submit to the non-exclusive jurisdiction of any court of the State of
New York or the United States District Court for the Southern District of the
State of New York for the purpose of any suit, action, or other proceeding
arising out of this Agreement, and waive any and all objections to jurisdiction
that they may have under the laws of the State of  New York or the United States and any claim
or objection that any such court is an inconvenient forum.

 

(g)                                 Entire Agreement.  This Agreement
constitutes the full and entire understanding and agreement between the parties
with regard to the subjects hereof and thereof.

 

(h)                                 Counterparts.  This Agreement may
be executed in two or more counterparts (including by facsimile or similar
means of electronic communication), each of which shall be deemed an original,
but all of which together shall constitute one and the same instrument.

 

(i)                                     Specific
Performance.  Hochschild
and the Company each agree that irreparable damage would occur in the event
that any of the provisions of this Agreement were not performed by them in
accordance with the terms hereof and that each party shall be entitled to
specific performance of the terms hereof, in addition to any other remedy at
law or equity.  Each party hereto
expressly waives any requirement that any other party hereto obtain any bond or
provide any indemnity in connection with any action seeking injunctive relief
or specific enforcement of the provisions of the Agreement.

 

(j)                                     Expenses.  All reasonable, documented out-of-pocket
costs and expenses  incurred by the
parties in connection with the negotiation, preparation, execution and delivery
of this Agreement, including the fees, expenses and disbursements of legal
counsel and accountants, shall be paid by the Company.  Except as otherwise set forth in this
Agreement, costs and expenses incurred by the parties in connection with the
performance of its obligations under this Agreement shall be paid by the party
incurring such expenses.

 

(k)                                  Approval of Holders.  Whenever the consent or approval of Holders
of a specified percentage of Registrable Securities is required hereunder,
Registrable Securities held by the Company or its Affiliates (other than
Hochschild or subsequent Holders of Registrable Securities if such subsequent
Holders are deemed to be Affiliates solely by reason of their holdings of such
Registrable Securities) shall not be counted in determining whether such
consent or approval was given by the Holders of such required percentage.

 

15

 

(l)                                     Termination.  This Agreement and the obligations of the
parties hereunder shall terminate upon the earlier to occur of (i) the
expiration of the Effectiveness Period or (ii) such time as there shall be
no Registrable Securities.

 

* * * * *

 

16

 

IN WITNESS WHEREOF, the
parties have executed this REGISTRATION RIGHTS AGREEMENT as of the
date first written above.

 

 

	
  GOLDEN
  MINERALS COMPANY

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  /s/
  Robert P. Vogels

  	
   

  	
   

  
	
  Name:

  	
  Robert
  P. Vogels

  	
   

  	
   

  
	
  Title:

  	
  SVP &
  CFO

  	
   

  	
   

  

 

 

	
  MH
  ARGENTINA S.A.

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  /s/ Isac Burstein

  	
   

  	
   

  
	
  Name:

  	
   Isac Burstein

  	
   

  	
   

  
	
  Title:

  	
  V.P.
  Business Development

  	
   

  	
   

  

 

 

ANNEX A

 

FORM OF SELLING SECURITYHOLDER NOTICE
AND QUESTIONNAIRE.

 

The undersigned beneficial owner (the “Selling Securityholder”)
of Registrable Securities hereby gives notice to the Company of its intention
to sell or otherwise dispose of Registrable Securities beneficially owned by it
and listed below in Item 3 (unless otherwise specified under such Item 3)
pursuant to the Registration Statement. The undersigned, by signing and
returning this Notice and Questionnaire, understands that it will be bound by
the terms and conditions of this Notice and Questionnaire and the Registration
Rights Agreement.

 

Pursuant to the Registration Rights Agreement, the
undersigned has agreed to indemnify and hold harmless the Company’s directors
and officers and each person, if any, who controls the Company within the
meaning of either Section 15 of the Securities Act or Section 20 of the
Securities Exchange Act of 1934, as amended (the “Exchange Act”), from and
against certain losses arising in connection with statements concerning the
undersigned made in the Company’s Registration Statement or the related
prospectus in reliance upon the information provided in this Notice and
Questionnaire.

 

If the Selling Securityholder transfers all or any
portion of the Registrable Securities listed in Item 3 below after the date on
which such information is provided to the Company, the Selling Securityholder
agrees to notify the transferee(s) at the time of the transfer of its
rights and obligations under the registration Rights Agreement and that the
transferee must complete this Notice and Questionnaire in order to avail itself
of the rights under the Registration Rights Agreement.

 

[CONTINUED NEXT PAGE]

 

 

QUESTIONNAIRE

 

Please respond to every item, even if your response is
“none.” If you need more space for any response, please attach additional
sheets of paper. Please be sure to indicate your name and the number of the
item being responded to on each such additional sheet of paper, and to sign
each such additional sheet of paper before attaching it to this Questionnaire.
Please note that you may be asked to answer additional questions depending on
your responses to the following questions.

 

COMPLETED QUESTIONNAIRES SHOULD BE RETURNED
TO

GOLDEN MINERALS COMPANY AS FOLLOWS:

 

ONE (1) COPY BY FACSIMILE TO FAX:
(303) 839-5907

 

WITH THE
ORIGINAL COPY TO FOLLOW TO:

 

GOLDEN MINERALS COMPANY

 

 

ATTENTION: CHIEF FINANCIAL OFFICER

 

The undersigned hereby provides the following
information to the Company and represents and warrants that such information is
accurate and complete:

 

1.                                       Your Identity and Background
as the Beneficial Owner of The Registrable Securities.

 

(a)                                  Your full legal name:

 

 

(b)                                 Your business address
(including street address) (or residence if no business address), telephone
number and facsimile number:

 

Address:

 

 

Telephone No.:

 

Fax No.:

 

(c)                                  Are you a broker-dealer
registered pursuant to Section 15 of the Exchange Act?

 

o   Yes.

 

o   No.

 

 

(d)                                 If your response to Item 1(c) above
is no, are you an “affiliate” of a broker-dealer registered pursuant to Section 15
of the Exchange Act?

 

o   Yes.

 

o   No.

 

For the purposes of this Item 1(d), an “affiliate” of
a registered broker-dealer shall include any company that directly, or
indirectly through one or more intermediaries, controls, or is controlled by,
or is under common control with, such broker-dealer, and does not include any
individuals employed by such broker-dealer or its affiliates.

 

(e)                                  Full legal name of person or
entity in whose name you hold the Registrable Securities—(i.e. name of your
broker, if applicable, through which your Registered Securities are held):

 

Record Stockholder:

 

Name of broker:

 

Contact person:

 

Telephone No.:

 

2.                                       Your Relationship With Golden
Minerals Company

 

(a)                                  Have you or any of your
affiliates, officers, directors or principal equity holders (owners of 5% or
more of the equity securities of the undersigned) held any position or office
or have you had any other material relationship with Golden Minerals Company
(or its predecessors or affiliates) within the past three years?

 

o   Yes.

 

o   No.

 

(b)                                 If your response to Item 2(a) above
is yes, please state the nature and duration of your relationship with Golden
Minerals Company:

 

3.                                       Your Interest in the
Registrable Securities.

 

(a)                                  State the number of such
Registrable Securities beneficially owned by you.

 

 

(b)                                 Other than as set forth in
your response to Item 3(a) above, do you beneficially own any other
securities of Golden Minerals Company?

 

o   Yes.

 

o   No.

 

 

(c)                                  If your answer to Item 3(b) above
is yes, state the type, the aggregate amount and CUSIP No. (if applicable)
of such other securities of Golden Minerals Company beneficially owned by you:

 

Type:

 

Aggregate amount:

 

CUSIP No.:

 

(d)                                 Did you acquire the securities
listed in Item 3(a) above in the ordinary course of business?

 

o   Yes.

 

o   No.

 

(e)                                  At the time of your purchase
of the securities listed in Item 3(a) above, did you have any agreements
or understandings, directly or indirectly, with any person to distribute the
securities?

 

o   Yes.

 

o   No.

 

(f)                                    If your response to Item 3(e) above
is yes, please describe such agreements or understandings:

 

4.                                       Nature of Your Beneficial
Ownership.

 

(a)                                  If the name of the beneficial
owner of the Registrable Securities set forth in your response to Item 1(a) above
is that of a limited partnership or corporation, state the names of the general
partners of such limited partnership or the officers and directors of such
corporation:

 

 

(b)                                 With respect to each general
partner listed in Item 4(a) above who is not a natural person, and is not
publicly held, name each shareholder (or holder of partnership interests, if
applicable) of such general partner. If any of these named shareholders are not
natural persons or publicly held entities, please provide the same information.
This process should be repeated until you reach natural persons or a publicly
held entity.

 

 

 

(c)                                  Name your controlling
shareholder(s) or other person or entity who has the ability to exercise
control over you (the “Controlling Entity”). If the Controlling Entity is not a
natural person and is not a publicly held entity, name each shareholder of such
Controlling Entity. If any of these named shareholders are not natural persons
or publicly held entities, please provide the same information. This process
should be repeated until you reach natural persons or a publicly held entity.

 

	
  (A)(i)

  	
   

  	
  Full legal
  name of Controlling Entity(ies) or natural person(s) with who have sole
  or shared voting or dispositive power over the Registrable Securities:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Business
  address (including street address) (or residence if no business address),
  telephone number and facsimile number of such person(s):

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Address:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Telephone:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Fax:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Name of
  Shareholder:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  (B)(i)

  	
   

  	
  Full legal
  name of Controlling Entity(ies):

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Business
  address (including street address) (or residence if no business address),
  telephone number and facsimile number of such person(s):

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Address:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Telephone:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Fax:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Name of
  Shareholders:

  

 

 

If you need more space for this response, please
attach additional sheets of paper. Please be sure to indicate your name and the
number of the item being responded to on each such additional sheet of paper,
and to sign each such additional sheet of 

 

 

paper before attaching it to this Questionnaire.
Please note that you may be asked to answer additional questions depending on
your responses to the following questions.

 

5.                                       Plan of Distribution.

 

The undersigned (including its donees or
pledgees) intends to distribute the Registrable Securities listed above in Item
3 pursuant to the Registration Statement only as follows (if at all): Such
Registrable Securities may be sold from time to time directly by the
undersigned or, alternatively, through underwriters, broker-dealers or agents.
If the Registrable Securities are sold through underwriters, broker-dealers or
agents, the Selling Securityholder will be responsible for underwriting
discounts or commissions or agents’ commissions. Such Registrable Securities
may be sold in one or more transactions at fixed prices, at prevailing market
prices at the time of sale, at varying prices determined at the time of sale or
at negotiated prices. Such sales may be effected in transactions (which may
involve block transactions) (i) on any national securities exchange or
quotation service on which the Registrable Securities may be listed or quoted
at the time of sale, (ii) in the over-the-counter market, or (iii) in
transactions otherwise than on such exchanges or services or in the
over-the-counter market.

 

DATED this          day
of                                   ,          

 

	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Signature of Holder

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  (Print name)

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