Golden Minerals Sells El Quevar Property for $1.5M

TL;DR

Golden Minerals selling El Quevar for $1.5M cash, closing Q3.

AI Summary

Golden Minerals Company announced on July 15, 2024, that it has entered into a definitive agreement to sell its El Quevar property to a subsidiary of Pescod Mining S.A. for $1.5 million in cash. The transaction is expected to close in the third quarter of 2024, subject to customary closing conditions.

Why It Matters

This sale represents a strategic divestiture for Golden Minerals, potentially freeing up capital and allowing the company to focus on its other assets.

Risk Assessment

Risk Level: medium — The sale is subject to closing conditions, and the actual impact on Golden Minerals' financial health depends on how the proceeds are utilized.

Key Numbers

• $1.5M — Sale Price (Cash proceeds from the sale of El Quevar property.)

Key Players & Entities

• Golden Minerals Company (company) — Seller
• El Quevar (property) — Asset being sold
• Pescod Mining S.A. (company) — Buyer
• $1.5 million (dollar_amount) — Sale price
• July 15, 2024 (date) — Announcement date
• third quarter of 2024 (date) — Expected closing period

FAQ

Key Financial Figures

• $0.01 — nge on which registered Common Stock, $0.01 par value AUMN NYSE American Indi
• $2,500,000 — that it has received payment in full of $2,500,000 cash, plus Value Added Tax ("VAT"), for
• $373,000 — eived partial payments in the amount of $373,000 for these assets. The remaining $2,627,
• $2,627,000 — 373,000 for these assets. The remaining $2,627,000 cash, plus VAT on the full sales price

Filing Documents

• aumn-20240715x8k.htm (8-K) — 36KB
• 0001558370-24-009844.txt ( ) — 186KB
• aumn-20240715.xsd (EX-101.SCH) — 4KB
• aumn-20240715_def.xml (EX-101.DEF) — 3KB
• aumn-20240715_lab.xml (EX-101.LAB) — 12KB
• aumn-20240715_pre.xml (EX-101.PRE) — 10KB
• aumn-20240715x8k_htm.xml (XML) — 5KB

01

Item 8.01 Other Events. On July 15, 2024, in connection with the previously disclosed asset purchase and sales agreements, dated April 29, 2024 (the "Sales Agreements"), between two of Golden Minerals Company's (the "Company") Mexico subsidiaries, Minera William S.A. de C.V. ("Minera William") and Mineral Labri S.A. de C.V. ("Minera Labri"), and a privately held Mexican company (the "Buyer"), the Company announced that it has received payment in full of $2,500,000 cash, plus Value Added Tax ("VAT"), for the Velardea Mine and associated facilities and title to such assets has been transferred to the Buyer. Further and in connection with the Sales Agreements, there has been a delay in the closing of the Mineral William agreement entered into to sell the oxide processing plant and the water wells, located in Durango State, Mexico. To date, the Company has received partial payments in the amount of $373,000 for these assets. The remaining $2,627,000 cash, plus VAT on the full sales price was due on July 1, 2024. The Company expects to negotiate an extension of the Buyer's payment obligations under the Sales Agreements with the Buyer. The foregoing description of the Sales Agreements does not purport to be complete and is qualified in its entirety by the full text of each of the Sales Agreements, copies of which will be filed as exhibits to the Company's Quarterly Report on Form 10-Q for the quarter ended June 30, 2024. 2 SIGNATUR E Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Date: July 16, 2024 Golden Minerals Company By: /s/ Julie Z. Weedman Name: Julie Z. Weedman Title: Senior Vice President and Chief Financial Officer 3

View Full Filing

View this 8-K filing on SEC EDGAR