Barrick terminates Earn-In Agreement; El Quevar silver project returns to Golden Minerals

Golden Minerals Co

Barrick notified Golden Minerals of election to terminate the Earn-In Agreement on El Quevar; effective April 20, 2024.
Barrick spent over $6M on work expenditures, including a 5-hole, 1,300-meter drill program that identified a gold prospect.
Golden Minerals CEO calls return fortuitous as company pivots from production to exploration and development.
El Quevar is one of the largest high sulfidation alteration systems in northern Argentina, with high-grade Yaxtché silver deposit.
Original earn-in required $10M in spending over 8 years and an NI 43-101 compliant pre-feasibility study.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Golden Minerals Co terminated Earn-In Agreement with Barrick Gold Corporation valued at $10 million in work expenditures (effective 2024-04-20).

Action: termination
Counterparty: Barrick Gold Corporation
Value: $10 million in work expenditures
Effective: 2024-04-20

Exact text from the filing

On March 21, 2024, Golden Minerals Company (the "Company") received written notice from Barrick Gold Corporation ("Barrick"), notifying the Company of Barrick's election to terminate the Earn-In Agreement, dated as of April 9, 2020, by and among the Company, several of the Company's directly and indirectly wholly owned subsidiaries, and Barrick (the "Earn-In Agreement") under which Barrick acquired an option to earn a 70% interest in the Company's El Quevar project located in the Salta Province of Argentina.

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Source: SEC EDGAR

accession 0001104659-24-039495

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