Transformaciones y Servicios Metalurgicos S.A. De C.V. acquired Santa Maria mining claims located in Chihuahua, Mexico from Golden Minerals Company (NYSEAM:AUMN) for $1.5 million on December 1, 2023. Upon closing, the Company has received (all figures in USD) $1.50 million plus $0.24 million in Value Added Tax (VAT). The Company is permitted to keep the VAT and use it to offset its current VAT receivable. In addition, sales terms include: TSM has granted Golden a 1.5% net smelter return royalty on the Santa Maria concession, capped at $1 million. TSM may purchase from Golden the right to receive the NSR royalty for $0.5 million at any time prior to TSM beginning commercial production at Santa Maria.

Transformaciones y Servicios Metalurgicos S.A. De C.V. completed the acquisition of Santa Maria mining claims located in Chihuahua, Mexico from Golden Minerals Company (NYSEAM:AUMN) on December 1, 2023.