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Subsequent Events
3 Months Ended
Mar. 31, 2024
Subsequent Events  
Subsequent Events

19.Subsequent Events

Unifin Litigation

Subsequent to March 31, 2024, the Company paid Unifin the balance owed to them per the settlement agreement. Unifin and Minera William requested the Court to rule on Unifin’s withdrawal of its lawsuit against Minera William. The Judge ruled that Minera William fulfilled the payment obligation of the settlement agreement. On April 30, 2024, the Court published a writ stating that the parties complied with the settlement agreement and declared that Unifin has withdrawn the lawsuit against Minera William (see Notes 5, 11 and 16).

Asset Sale Agreement

Subsequent to March 31, 2024, the Company entered into certain asset purchase and sale agreements with a privately held Mexican company. Pursuant to the terms of the sale agreements, Minera William and Minera Labri agreed to sell certain mining concessions, equipment, land parcels and other assets in exchange for an aggregate purchase price of $5.5 million in cash, plus VAT. The assets being sold include the Velardeña and Chicago mines, both oxide and sulfide processing plants and related equipment. Pursuant to the terms of the sales agreements (i) on April 29, 2024, the buyer paid a non-refundable advance payment of $1.0 million in cash to the Company; (ii) on May 20, 2024, the buyer shall pay $2.0 million in cash, plus VAT (including VAT on the advance payment), to the Company; and (iii) on July 1, 2024, the buyer shall pay $2.5 million in cash, plus VAT, to the Company (see Note 3).