Property, Plant and Equipment, Net

3 Months Ended

Mar. 31, 2024

Property, Plant and Equipment, Net

Property, Plant and Equipment, Net

8. Property, Plant and Equipment, Net

The components of property, plant and equipment are as follows:

	March 31,		December 31,
	2024		2023
	(in thousands)
Exploration properties	$	2,418	$	2,418
Royalty properties		200		200
Buildings		2,520		2,520
Mining equipment and machinery		2,069		2,089
Other furniture and equipment		924		924
		8,131		8,151
Less: Accumulated depreciation and amortization		(5,373)		(5,362)
	$	2,758	$	2,789

El Quevar Earn-In Agreement

On April 9, 2020, we entered into an earn-in agreement with Barrick (the “Earn-In Agreement”), pursuant to which Barrick acquired an option to earn a 70% interest in the Company’s El Quevar project located in the Salta Province of Argentina. As of December 31, 2021, Barrick had met the $1 million in work expenditures that would permit them to withdraw from the Earn-in Agreement.

In March 2024, Barrick notified the Company that it was withdrawing from the Earn-In Agreement. The termination was effective on April 20, 2024 and the El Quevar project reverted back to full control of the Company.