0001104659-11-051180 Sample Contracts

SUPPLEMENTAL WARRANT INDENTURE

Supplemental Warrant Indenture • September 9th, 2011 • Golden Minerals Co • Gold and silver ores • Quebec

• Contract Type
  Supplemental Warrant Indenture
• Filed
  September 9th, 2011
• Company
  Golden Minerals Co
• Industry
  Gold and silver ores
• Jurisdiction
  Quebec

WHEREAS on December 9, 2009, ECU entered into a warrant indenture (the “Indenture”), with the Warrant Agent pursuant to which 8,473,000 warrants of ECU to purchase common shares in the capital of ECU (“ECU Common Shares”) at a price of $0.90 per ECU Common Share until 5:00 p.m. (Toronto time) on December 9, 2011 were created and authorized to be issued (the “Warrants”);

THIRD SUPPLEMENTAL WARRANT INDENTURE

Third Supplemental Warrant Indenture • September 9th, 2011 • Golden Minerals Co • Gold and silver ores • Ontario

• Contract Type
  Third Supplemental Warrant Indenture
• Filed
  September 9th, 2011
• Company
  Golden Minerals Co
• Industry
  Gold and silver ores
• Jurisdiction
  Ontario

WHEREAS on February 20, 2009, ECU entered into a warrant indenture as amended and supplemented on March 26, 2009 and May 8, 2009 (collectively, the “Indenture”), with the Warrant Agent pursuant to which ECU may issue up to 40,388,576 warrants to purchase common shares in the capital of ECU (“ECU Common Shares”) at a price of $0.95 per ECU Common Share until 5:00 p.m. (Toronto time) on February 20, 2014 (the “Warrants”);