UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
Current Report
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| Item 1.02 | Termination of a Material Definitive Agreement. |
On March 21, 2024, Golden Minerals Company (the “Company”) received written notice from Barrick Gold Corporation (“Barrick”), notifying the Company of Barrick’s election to terminate the Earn-In Agreement, dated as of April 9, 2020, by and among the Company, several of the Company’s directly and indirectly wholly owned subsidiaries, and Barrick (the “Earn-In Agreement”) under which Barrick acquired an option to earn a 70% interest in the Company’s El Quevar project located in the Salta Province of Argentina.
Pursuant to the terms of the Earn-In Agreement, in order to earn the undivided 70% interest in the El Quevar project, Barrick must: (A) incur a total of $10 million in work expenditures over a total of eight years ($0.5 million per year in years one and two, $1 million per year in years three, four and five, and $2 million per year in years six, seven and eight); (B) deliver to the Company a National Instrument 43-101 compliant pre-feasibility study pursuant to the parameters set forth in the Earn-In Agreement; and (C) deliver a written notice to exercise the Option to the Company within the term of the Earn-In Agreement. Additionally, Barrick may terminate the Earn-In Agreement at any time after spending a minimum of $1 million in work expenditures (the “Expenditure Commitment”) and upon providing 30 days’ notice to the Company.
Barrick has performed the Expenditure Commitment and the termination of the Earn-In Agreement will become effective on April 20, 2024.
The foregoing description of the Earn-In Agreement does not purport to be complete and is qualified in its entirety by reference to the text of the Earn-In Agreement, which was filed as Exhibit 10.1 to the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2020.
| Item 7.01 | Regulation FD Disclosure. |
On March 27, 2024, the Company issued a press release announcing the termination of the Earn-In Agreement. A copy of the press release is attached hereto as Exhibit 99.1.
The information contained in Item 7.01 of this Form 8-K, including Exhibit 99.1, is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing by the company under the Securities Act of 1933 or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.
| Item 9.01 | Financial Statements and Exhibits. |
(d) Exhibits.
| Exhibit No. | Description | |
| 99.1 | Press release of Golden Minerals Company, dated March 27, 2024, announcing that Barrick has elected to terminate the Earn-In Agreement. | |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Date: March 27, 2024
| Golden Minerals Company | |||
| By: | /s/ Julie Z. Weedman | ||
| Name: | Julie Z. Weedman | ||
| Title: | Senior Vice President and Chief Financial Officer | ||