05:20 PM EST, 11/22/2024 (MT Newswires) -- Golden Minerals Company ( AUMN ) announced after trade Friday it has closed on the sale of its Yoquivo gold-silver project (located in Chihuahua State, Mexico). The buyer is Advance Metals Limited , an ASX-listed entity focused on the acquisition, discovery, and advancement of high-quality metals projects.

Pursuant to the sales agreement that the company 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 Minerals ( AUMN ), for total consideration of US$570,000, which was paid in cash, plus value added tax, as follows: a one-time, non-refundable cash payment of US$20,000, plus VAT, for AVM to have the right to carry out due diligence for a seven-day exclusive period, beginning on October 24, 2024.

Also, on November 1, 2024, AVM made a US$275,000 cash payment, plus VAT, to Golden.

On November 21, 2024, AVM made a final US$275,000 cash payment, plus VAT, to Golden.

Golden Minerals ( AUMN ) said it will finalize the transfer of the Yoquivo concessions upon establishment of a Mexican subsidiary by AVM.