Golden Tag Resources Ltd. announced that, pursuant to the asset purchase agreement dated December 7, 2022, as amended on May 29, 2023 and August 14, 2023, among the Company, First Majestic Silver Corp. and First Majestic Plata, S.A. de C.V. the Company has completed the acquisition of a 100% interest in the La Parrilla Silver Mine Complex located in San Jose de la Parrilla, Durango, Mexico, as described in the Company's news releases dated December 7, 2022, April 14, 2023, May 30, 2023, and July 19, 2023. As consideration for the Transaction, the Company issued 143,673,684 common shares of Golden Tag to First Majestic.

Additional deferred payments of up to US$13.5M are comprised of the following: USD 2.7M on the earlier of 18 months post-closing, or upon receipt of certain approvals from the Mexican government; USD 5.75M when either (a) 5 million ounces of Ag.Eq reserves are declared from the La Parrilla claims, or (b) 22 million ounces of Ag.Eq of measured and indicated resources are declared, from the La Parrilla claims; and USD 5.05M when a new zone is discovered on the La Parrilla claims inclusive of a NI 43-101 resource of 12.5 million ounces of Ag.Eq.