Welcome To The Golden Minerals HUB On AGORACOM

Golden Minerals is a junior silver producer with a strong growth profile, listed on both the NYSE Amex and TSX.

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Message: nice to see TD picking Golden Minerals in it's top 2 juniors

Top Picks – Among producers, our top picks are Goldcorp, Barrick, Eldorado and

B2Gold. Within the junior gold companies, we like Canaco and Golden Minerals.

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From: TD Securities Equity Research [mailto:TDSecurities.EquityResearch@tdsecurities.com]
Sent: Tuesday, February 07, 2012 2:41 PM
To: undisclosed-recipients:
Subject: Green, Barnes, Earle: Precious Metals Outlook - How Much Cash is Really Being Generated - Cash Flows Adjusted for Sustaining Capex

IMPORTANT DISCLOSURE INFORMATION:

https://www.tdsresearch.com/equities/disclosures

Gold & Precious Minerals

Precious Metals Outlook

How Much Cash is Really Being Generated

Cash Flows Adjusted for Sustaining Capex

Steven Green, CFA, 416 307 6304, steven.green@tdsecurities.com

Scott Parsons, CFA, 416 308 3404, scott.parsons@tdsecurities.com

Greg Barnes, 416 983 9588, greg.barnes@tdsecurities.com

Carey MacRury, CFA, (Associate), 416 307 8932, carey.macrury@tdsecurities.com

Daniel Earle, 416 308 7906, daniel.earle@tdsecurities.com

Shey Ylonen, CFA (Associate), 416 308 2360, shey.ylonen@tdsecurities.com

All figures in C$, unless otherwise specified.

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