Golden Minerals Co. announced it has closed on the sale of its Yoquivo gold-silver project located in Chihuahua State, Mexico. The buyer is Advance Metals Ltd., an ASX-listed entity focused on acquiring and advancing high-quality metals projects.
According to the sales agreement announced last month, AVM has purchased 100% of the Yoquivo Project from Minera de Cordilleras S. de R.L. de C.V., a wholly owned subsidiary of Golden-based Golden Minerals, for a total consideration of $570,000, to be paid in cash, plus value added tax (VAT).
The payment structure includes a one-time, non-refundable cash payment of $20,000, plus VAT, for AVM to conduct due diligence during a seven-day exclusive period beginning on Oct. 24, 2024. On Nov. 1, 2024, AVM made a cash payment of $275,000, plus VAT, to Golden. A final cash payment of $275,000, plus VAT, was made by AVM on Nov. 21, 2024.
Golden Minerals will complete the transfer of the Yoquivo concessions once AVM establishes a Mexican subsidiary.
