08:06 AM EDT, 05/23/2024 (MT Newswires) -- SSR Mining ( SSRGF ) said Thursday that it has closed the sale of the San Luis project in Peru to Highlander Silver ( HLSCF ) for US$5 million in cash and up to US$37.5 million in contingent payments.

SSR said it expects to receive the contingent payments in five installments beginning with the commencement of an initial drilling program at the project and ending on the second anniversary of commercial production.

SSR said it was also granted a 4% net smelter royalty on the project, which can be halved for US$15 million.

The miner's share price fell 2.7% yesterday to $7.55.