Golden Minerals

[10nisman]

On April 13, 2011, Hochschild Mining Holdings Limited exercised the Common Stock Purchase Warrant on a cashless
exercise basis as permitted by the Common Stock Purchase Warrant, which resulted in the issuance to Hochschild Mining Holdings Limited of 104,889 shares of the Company's common stock on April 15, 2010. Following the exercise of the Common Stock
Purchase Warrant, the Company has no remaining warrants outstanding.

You forgot to bold cashless exercise. Hochschild accepted shares equal to the outstanding gain in the warrants thus AUMN received no cash but results in less dilution.