# EDGAR Filing Document

**Accession Number:** 0001011509
**File Stem:** 0001176256-25-000069
**Filing Date:** 2025-8
**Character Count:** 490920
**Document Hash:** 09db90f4bcd2b43778ca311e556b62c4
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001176256-25-000069.hdr.sgml**: 20250814

**ACCESSION NUMBER**: 0001176256-25-000069

**CONFORMED SUBMISSION TYPE**: 10-Q

**PUBLIC DOCUMENT COUNT**: 473

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250814

**DATE AS OF CHANGE**: 20250813

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Golden Minerals Co
- **CENTRAL INDEX KEY:** 0001011509
- **STANDARD INDUSTRIAL CLASSIFICATION:** GOLD & SILVER ORES [1040]
- **ORGANIZATION NAME:** 01 Energy & Transportation
- **EIN:** 841363747
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 10-Q
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-13627
- **FILM NUMBER:** 251213454

**BUSINESS ADDRESS:**
- **STREET 1:** 1312 17TH ST
- **STREET 2:** UNIT 2136
- **CITY:** DENVER
- **STATE:** CO
- **ZIP:** 80202
- **BUSINESS PHONE:** 3038395060

**MAIL ADDRESS:**
- **STREET 1:** 1312 17TH ST
- **STREET 2:** UNIT 2136
- **CITY:** DENVER
- **STATE:** CO
- **ZIP:** 80202

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** APEX SILVER MINES LTD
- **DATE OF NAME CHANGE:** 19970825

?xml version='1.0' encoding='ASCII'?

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, DC 20549**

**FORM 10-Q**

**(MARK ONE)**

☒ **QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**

**FOR THE QUARTERLY PERIOD ENDED JUNE 30, 2025.**

**OR**

☐ **TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**

**FOR THE TRANSITION PERIOD FROM&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TO &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**

**COMMISSION FILE NUMBER 1-13627**

**GOLDEN MINERALS COMPANY**

(EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)

---

| | |
|:---|:---|
| **DELAWARE** | **26-4413382** |
| (STATE OR OTHER JURISDICTION OF | (I.R.S. EMPLOYER |
| INCORPORATION OR ORGANIZATION) | IDENTIFICATION NO.) |

---

---

| | |
|:---|:---|
| **1312 17th St., Unit 2136**<br>**Denver, Colorado** | **80202** |
| (ADDRESS OF PRINCIPAL EXECUTIVE OFFICES) | (ZIP CODE) |

---

**(303) 839-5060**

(REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE)

Securities registered pursuant to Section 12(b) of the Act: None

Securities registered pursuant to Section 12(g) of the Act:

---

| |
|:---|
| &nbsp;&nbsp;Common Stock, $0.01 par value |
| &nbsp;&nbsp;(Title of Class) |

---

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days: Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer ☐ Accelerated filer ☐ <br> Non-accelerated filer ☒ Smaller reporting company ☒ <br> Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes ☐&nbsp;&nbsp;&nbsp;&nbsp;No ☒

At August 13, 2025, 15,053,048 shares of common stock, $0.01 par value per share, were issued and outstanding.

GOLDEN MINERALS COMPANY

FORM 10-Q

QUARTER ENDED JUNE 30, 2025

INDEX

---

| | | |
|:---|:---|:---|
|  |  | **PAGE** |
| [PART I – FINANCIAL INFORMATION](#g_001) | [PART I – FINANCIAL INFORMATION](#g_001) |  |
| ITEM 1. | [FINANCIAL STATEMENTS (Unaudited)](#g_002) | 1 |
| ITEM 2. | [MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS](#g_003) | 14 |
| ITEM 3. | [QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK](#g_005) | 20 |
| ITEM 4. | [CONTROLS AND PROCEDURES](#g_006) | 20 |
| [PART II – OTHER INFORMATION](#g_007) | [PART II – OTHER INFORMATION](#g_007) |  |
| ITEM 1. | [LEGAL PROCEEDINGS](#g_008) | 21 |
| ITEM 1A. | [RISK FACTORS](#g_009) | 22 |
| ITEM 2. | [UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS](#g_010) | 22 |
| ITEM 3. | [DEFAULTS UPON SENIOR SECURITIES](#g_011) | 22 |
| ITEM 4. | [MINE SAFETY DISCLOSURES](#g_012) | 22 |
| ITEM 5. | [OTHER INFORMATION.](#g_013) | 22 |
| ITEM 6. | [EXHIBITS](#g_014) | 23 |
| [SIGNATURES](#g_015) | [SIGNATURES](#g_015) | 24 |

---

i

**PART I. FINANCIAL INFORMATION**

 **Item 1. Financial Statements**

**GOLDEN MINERALS COMPANY**

**CONDENSED CONSOLIDATED BALANCE SHEETS**

**(Expressed in United States dollars)**

---

| | | |
|:---|:---|:---|
|  | **June 30,**<br>**2025**<br>**(unaudited)** | **December 31,**<br>**2024**<br>**(audited)** |
|  | **(in thousands, except share data)** | **(in thousands, except share data)** |
| Assets |  |  |
| Current assets |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | $2501 | $3175 |
| &nbsp;&nbsp;&nbsp;&nbsp;Value added tax receivable, net (Note 6) |  | 314 |
| &nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other assets (Note 5) | 216 | 364 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current assets | 2717 | 3853 |
| Property, plant and equipment, net (Note 7) | 22 | 22 |
| Investments | 265 | 265 |
| Right-of-use assets |  | 9 |
| Assets held for sale (Note 3) | 667 | 667 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | $3671 | $4816 |
| Liabilities and equity (deficit) |  |  |
| Current liabilities |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts payable and other accrued liabilities (Note 8) | $1157 | $1625 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other current liabilities (Note 9) |  | 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;Current liabilities held for sale (Note 3) | 3118 | 1970 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current liabilities | 4275 | 3637 |
| Liabilities held for sale (Note 3) | 3404 | 3281 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 7679 | 6918 |
| Commitments and contingencies (Note 13) |  |  |
| Equity (deficit) (Note 12) |  |  |
| &nbsp;&nbsp;&nbsp;Common stock, $.01 par value, 100,000,000 shares authorized; 15,053,048 and 15,053,048 shares issued and outstanding, respectively | 150 | 150 |
| &nbsp;&nbsp;&nbsp;&nbsp;Additional paid-in capital | 552709 | 552536 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulated deficit | (556867) | (554788) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shareholders' equity (deficit) | (4008) | (2102) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities and equity (deficit) | $3671 | $4816 |

---

The accompanying notes form an integral part of these interim condensed consolidated financial statements.

**GOLDEN MINERALS COMPANY**

**CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS**

**(Expressed in United States dollars)**

**(Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** | **Six Months Ended** | **Six Months Ended** |
|  | **June 30,** | **June 30,** | **June 30,** | **June 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
|  | **(in thousands except per share data)** | **(in thousands except per share data)** | **(in thousands, except per share data)** | **(in thousands, except per share data)** |
| Costs and expenses: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Exploration expense | $(81) | (165) | $(152) | (257) |
| &nbsp;&nbsp;&nbsp;&nbsp;Administrative expense | (748) | (1099) | (1463) | (2145) |
| &nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation | (99) | (184) | (173) | (257) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other operating income (expense), net | (5) |  | (5) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization |  | (1) |  | (1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total costs and expenses | (933) | (1449) | (1793) | (2660) |
| Loss from operations | (933) | (1449) | (1793) | (2660) |
| Other income (expense): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest and other income (expense), net | 52 | 6 | 78 | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gain (loss) on foreign currency transactions | (42) | (69) | (42) | (94) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total other income (expense) | 10 | (63) | 36 | (73) |
| Loss from operations before income taxes and discontinued operations | (923) | (1512) | (1757) | (2733) |
| Income taxes (Note 11) |  |  |  |  |
| Loss from continuing operations | (923) | (1512) | (1757) | (2733) |
| Income (loss) from discontinued operations, net of taxes (Note 3) | 83 | (1235) | (319) | (4579) |
| Net loss | $(840) | $(2747) | $(2076) | $(7312) |
| Net loss per common share - basic <sup>(1)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Continuing operations | $(0.06) | $(0.10) | $(0.12) | $(0.19) |
| &nbsp;&nbsp;&nbsp;&nbsp;Discontinued operations | 0.00 | (0.09) | (0.02) | (0.32) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net loss per common share - basic <sup>(1)</sup> | $(0.06) | $(0.19) | $(0.14) | $(0.51) |
| Weighted-average shares outstanding - basic | 15053048 | 14596928 | 15052713 | 14391575 |

---

(1) Potentially dilutive shares have not been included for loss
periods because to do so would be anti-dilutive. Potentially dilutive shares at June 30, 2025, consist of 2,470,079 equivalent shares
related to stock compensation and 7,481,587 equivalent shares related to outstanding warrants. Potentially dilutive shares at June 30,
2024, consist of 1,050,409 equivalent shares related to stock compensation and 10,819,742 equivalent shares related to outstanding warrants.
See Note 12 for a discussion of stock-based compensation and warrants.

The accompanying notes form an integral part of these interim condensed consolidated financial statements.

**GOLDEN MINERALS COMPANY**

**CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS**

**(Expressed in United States dollars)**

**(Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
|  | **2025** | **2024** |
|  | **(in thousands)** | **(in thousands)** |
| Cash flows provided by (used in) operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net loss | $(2076) | $(7312) |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss from discontinued operations | 319 | 4579 |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjustments to reconcile net loss to net cash used in operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization |  | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gain on sale of assets | (600) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loss on trading securities |  | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation | 173 | 257 |
| &nbsp;&nbsp;&nbsp;&nbsp;Changes in operating assets and liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable |  | (107) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value added tax receivable, net | 314 | 2863 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other assets | 148 | 288 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Right-of-use assets | 9 | 49 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable and other accrued liabilities | (468) | (826) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred revenue |  | 373 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other current liabilities | (42) | (147) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other long-term liabilities |  | (12) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by (used in) operating activities - continuing operations | (2223) | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net cash used in operating activities - discontinued operations | (199) | (4838) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash used in operating activities | (2422) | (4821) |
| Cash flows provided by (used in) investing activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from sale of assets |  | 40 |
| &nbsp;&nbsp;&nbsp;&nbsp;Acquisition of property, plant and equipment |  | (28) |
| Net cash provided by investing activities - continuing operations |  | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by investing activities - discontinued operations | 1748 | 2500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by investing activities | 1748 | 2512 |
| Cash flows provided by (used in) financing activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Common stock shares relinquished to pay taxes |  | (19) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by (used in) financing activities - continuing operations |  | (19) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by (used in) financing activities - discontinued operations |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by (used in) financing activities |  | (19) |
| Net decrease in cash and cash equivalents | (674) | (2328) |
| Cash and cash equivalents, beginning of period | 3175 | 3766 |
| Cash and cash equivalents, end of period | $2501 | $1438 |
| Supplemental disclosure: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest paid | $— | $11 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income taxes paid | $— | $— |

---

The accompanying notes form an integral part of these interim condensed consolidated financial statements.

**GOLDEN MINERALS COMPANY**

**CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (DEFICIT)**

**(Expressed in United States dollars)**

**(Unaudited)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Common Stock** | **Common Stock** | | | |
|  | **Shares** | **Amount** | **Additional**<br>**Paid-in**<br>**Capital** |<br>**Accumulated**<br>**Deficit** |<br>**Total**<br>**Equity** |
|  | (in thousands except share data) | (in thousands except share data) | (in thousands except share data) | (in thousands except share data) | (in thousands except share data) |
| Balance, December 31, 2023 | 14084680 | $141 | $552160 | $(547188) | $5113 |
| Stock compensation accrued (Note 12) | (1067) |  | 73 |  | 73 |
| Warrants exercised (Note 12) | 488572 | 5 | (5) |  |  |
| Net loss |  |  |  | (4565) | (4565) |
| Balance, March 31, 2024 | 14572185 | $146 | $552228 | $(551753) | $621 |
| Stock compensation accrued (Note 12) |  |  | 184 |  | 184 |
| KELTIP and RSU shares issued net of shares relinquished to cover withholding taxes (Note 12) | 433370 | 4 | (23) |  | (19) |
| Net loss |  |  |  | (2747) | (2747) |
| Balance, June 30, 2024 | 15005555 | $150 | $552389 | $(554500) | $(1961) |
| Balance, December 31, 2024 | 15053048 | $150 | $552536 | $(554788) | $(2102) |
| Stock compensation accrued (Note 12) |  |  | 74 |  | 74 |
| Net loss |  |  |  | (1239) | (1239) |
| Balance, March 31, 2025 | 15053048 | $150 | $552610 | $(556027) | $(3267) |
| Stock compensation accrued (Note 12) |  |  | 99 |  | 99 |
| Net loss |  |  |  | (840) | (840) |
| Balance, June 30, 2025 | 15053048 | $150 | $552709 | $(556867) | $(4008) |

---

The accompanying notes form an integral part of these interim condensed consolidated financial statements.

**GOLDEN MINERALS COMPANY**

**NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS** 

**(Expressed in United States dollars)**

**(Unaudited)**

**1.** **Basis of Preparation of Financial Statements and** N **ature of Operations** 

Golden Minerals Company (the "Company" "we" "our" or "us"), a Delaware corporation, has prepared these unaudited interim condensed consolidated financial statements in accordance with accounting principles generally accepted in the United States ("GAAP") and the rules and regulations of the Securities and Exchange Commission ("SEC"). The interim condensed consolidated financial statements do not include all disclosures required by GAAP for annual financial statements, but in the opinion of management, include all adjustments necessary for a fair presentation. Certain prior period amounts may have been reclassified to conform to current classifications. Interim results are not necessarily indicative of results for a full year; accordingly, these interim condensed consolidated financial statements should be read in conjunction with the annual financial statements included in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2024, filed with the SEC on April 15, 2025 (the "2024 Annual Report").

The Company is considered an exploration stage issuer under the criteria set forth by the SEC under Subpart 1300 of Regulation S-K ("S-K 1300") as the Company has not yet demonstrated the existence of mineral reserves at any of the Company's properties. As a result, and in accordance with GAAP for exploration stage companies, all expenditures for exploration and evaluation of the Company's properties are expensed as incurred. As such, the Company's financial statements may not be comparable to the financial statements of mining companies that have proven and probable mineral reserves. Such companies would typically capitalize certain development costs including infrastructure development and mining activities to access the ore. The capitalized costs would be amortized on a units-of-production basis as reserves are mined. The amortized costs are typically allocated to inventory and eventually to cost of sales as the inventories are sold. As the Company does not have proven and probable mineral reserves, all project cost were charged to cost of metals sold or project expense during the period depending on the nature of the costs. The Company cannot be certain that any deposits at any of its properties will ever be confirmed or converted into S-K 1300 compliant "reserves."

*Operating Segments and Related Disclosures*

We manage our company as one reportable operating segment, exploration activities. The segment information aligns with how the Company's Chief Operating Decision Maker ("CODM") reviews and manages our business. The Company's CODM is the Company's Chief Executive Officer. Financial information and annual exploration plans and forecasts are prepared and reviewed by the CODM at a consolidated level. The CODM assesses performance for the exploration activities segment and decides how to better allocate resources based on consolidated net income or loss that is reported on the interim Condensed Consolidated Statements of Operations. The Company's objective in making resource allocation decisions is to optimize the consolidated financial results. The accounting policies of our exploration activities segment are the same as those described in the summary of significant accounting policies. Refer to Note 3 to the financial statements included in the Company's 2024 Annual Report for a description of our Significant Accounting Policies.

**2.** **Liquidity, Capital Resources and Going Concern** 

We do not currently have sufficient resources to meet our expected cash needs for a period of twelve months beyond the filing date of this 2025 Quarterly Report on Form 10-Q. At June 30, 2025, we had current assets of approximately $2.7 million, including cash and cash equivalents of approximately $2.5 million. On the same date, we had accounts payable and other current liabilities of approximately $4.3 million, which includes $2.97 million in deferred revenue for the sale of the Velardeña oxide plant and water wells recorded within *Current liabilities held for sale* on the interim Condensed Consolidated Balance Sheets. As previously disclosed, the Company ceased mining at the Velardeña mines in Mexico in the first quarter 2024 and subsequently sold the mines and certain related assets. As of June 30, 2025, the Company was owed $32,000 plus $5,000 value-added tax ("VAT") of the $3.0 million purchase price plus VAT for the Velardeña oxide plant and water wells and other minor remaining Velardeña assets (see Note 15).

The Company's only near-term opportunity to generate cash flow to meet its expected cash requirements is from the sale of assets, equity or other external financing. The Company is evaluating and pursuing alternatives, including the potential sale of the Company, finalizing the sale of its assets at the Velardeña Properties, seeking buyers or partners for the Company's other assets or obtaining equity or other external financing. In the absence of additional cash inflows, the Company anticipates that its cash resources will be exhausted in approximately the first quarter of 2026. If we are unable to obtain additional cash resources or sell the Company, we will be forced to cease operations and liquidate.

These interim condensed consolidated financial statements have been prepared on a going concern basis under which an entity is considered to be able to realize its assets and satisfy its liabilities in the normal course of business. However, as noted above, our continuing long-term operations will be dependent upon our ability to secure sufficient funding to generate future profitable operations. The underlying value and recoverability of the amounts shown as property, plant and equipment in our consolidated financial statements are dependent on our ability to generate positive cash flows from operations and to fund general administrative, and exploration activities that would lead to additional profitable mining and processing activities or to generate proceeds from the disposition of property, plant and equipment.

The ability of the Company to maintain a positive cash balance for a period of twelve months beyond the filing date of this 2025 Quarterly Report on Form 10-Q is dependent upon its ability to generate sufficient cash flow from selling assets, reducing expenses, and raising sufficient funds through equity financings or other external sources. These material uncertainties cast significant doubt on the Company's ability to continue as a going concern. Therefore, the Company cannot conclude that substantial doubt does not exist as to the Company's ability to continue as a going concern for the twelve months following the filing date of this Quarterly Report for the six months ended June 30, 2025 on Form 10-Q. The financial statements do not include any adjustments relating to the recoverability and classification of recorded assets or liabilities which might be necessary should the Company not continue as a going concern.

**3.** **Assets Held for Sale and Discontinued Operations** 

We classify long-lived assets, or disposal groups comprised of assets and liabilities, as held for sale in the period in which the following six criteria are met, (i) management, having the authority to approve the action, commits to a plan to sell the property; (ii) the property is available for immediate sale in its present condition, subject only to terms that are usual and customary; (iii) an active program to locate a buyer and other actions required to complete the plan to sell have been initiated; (iv) the sale of the property is probable and is expected to be completed within one year; (v) the property is being actively marketed for sale at a price that is reasonable in relation to its current fair value; and (vi) actions necessary to complete the plan of sale indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn, in accordance with ASC 360, *Property, Plant and Equipment*. A business classified as held for sale is recorded at the lower of its carrying amount or estimated fair value less cost to sell. If the carrying amount of the business exceeds its estimated fair value less cost to sell, a loss is recognized. Assets and liabilities related to a business classified as held for sale are segregated in the current and prior balance sheets in the period in which the business is classified as held for sale, resulting in changes to the presentation of certain prior period amounts. The Company ceases depreciation and amortization on long-lived assets (or disposal groups) classified as held for sale and measures them at the lower of carrying value or estimated fair value less cost to sell.

The Company reports the results of operations of a business as discontinued operations if a disposal represents a strategic shift that has (or will have) a major effect on the Company's operations and financial results when the business is classified as held for sale, in accordance with ASC 360, and ASC 205-20, *Presentation of Financial Statements – Discontinued Operations*. Under ASC 360, assets may be classified as held for sale even though discontinued operations classification is not met. The results of discontinued operations are reported in *Net loss from discontinued operations, net of tax* in the accompanying Consolidated Statements of Operations for current and prior periods, including any gain or loss recognized on closing or adjustment of the carrying amount to fair value less cost to sell. All other notes to these consolidated financial statements present the results of continuing operations and exclude amounts related to discontinued operations for all periods presented.

*Velardeña Properties*

In December 2023, the Company restarted operations at the Velardeña Properties. In February 2024, it was determined that the initial performance of both the mine and the processing plant did not achieve the expected results. On February 29, 2024, the Company announced that it had elected to discontinue operations at the Velardeña Properties and hold them for sale. Following that date, the Company shut down the Velardeña Properties and has held them for sale.

We have entered into sales agreements pursuant to which a privately held Mexican company (the "Velardeña Buyer") has purchased the Velardeña and Chicago mines, mining equipment and the sulfide plant, and agreed to purchase the oxide processing plant and water wells.

The sale of the Velardeña and Chicago mines, the sulfide processing plant and various related equipment pursuant to three of the sales agreements was completed on June 20, 2024, for $2.5 million plus VAT.

The fourth agreement related to the sale of the Velardeña Properties covers the oxide plant and water wells, and the Velardeña Buyer agreed to complete total payments of $3.0 million plus VAT on July 1, 2024. The agreement has not closed, and the Buyer is in default. In accordance with ASC 360, on June 30, 2024, the Company recorded an asset impairment charge of $411,000 to write down the remaining book value to the amount received through June 30, 2024 from the Velardeña Buyer of $373,000.

Since June 30, 2024, the Velardeña Buyer has continued to make periodic payments to the Company; however, it has not paid the entire sale price and remains in default. As a result, the Company has not transferred title to the oxide plant and the water wells to the Velardeña Buyer. During June 2025, the Company transferred the related environmental permits to the Velardeña Buyer in anticipation of completing the sale during the third quarter of 2025.

As of June 30, 2025, the Company has received $2.97 million from the sale of oxide plant and the water wells. The amount is recognized as deferred revenue within *Current liabilities held for sale* on the interim Condensed Consolidated Balance Sheets. The Velardeña Buyer has had operational control of the oxide plant since mid-year 2024, and we are no longer operating the property. We continue to hold our interests in the oxide plant at Velardeña as assets held for sale. The Velardeña Buyer has been making periodic payments and the Company believes at this time that it will eventually collect the final amounts owed during the third quarter of 2025, at which time the Company will record the sale under the fourth and final sales agreement. See Note 15.

*Rodeo Property*

 

We hold 100% interest in the Rodeo gold mine (the "Rodeo Property") in Durango state, Mexico. We believe the mineral resource at the Rodeo Property is depleted and is no longer considered to have reasonable prospects for economic extraction. Mining activities at the Rodeo Property therefore concluded during 2023. The Company has a remaining asset retirement obligation for which it has accrued approximately $450,000.

 

*Minera Labri*

On August 28, 2024, the Company sold its wholly owned Mexican subsidiary, Minera Labri S.A. de C.V. ("Minera Labri"), to a private Mexican company for approximately $445,000. Minera Labri previously owned the Velardeña Properties' sulfide plant, which together with the Velardeña mines, was sold to the Velardeña Buyer, as described above. At consummation of that sale, Minera Labri held no assets but held net operating losses and inflation-adjusted capital contributions.

*Silex Argentina*

On August 30, 2024, the Company entered into a binding letter agreement with Butte Energy Inc. ("Butte") pursuant to which Butte would acquire 100% of the issued and outstanding shares of Silex Argentina S.A. (the "Silex Shares"), the Company's wholly owned subsidiary that owns the El Quevar Project, located in Argentina. The $3.5 million purchase price of the Silex Shares was paid in cash, as follows: (1) $500,000, as a non-refundable deposit, paid to the Company on September 3, 2024; (2) $500,000 paid to the Company upon execution of the Acquisition Agreement on September 27, 2024; and (3) $2.5 million paid to the Company when the transaction closed on October 24, 2024.

*Yoquivo Project*

On November 22, 2024, the Company completed the sale of its Yoquivo gold-silver project located in Chihuahua State, Mexico to Advance Metals Limited for total cash consideration of $570,000, plus VAT.

*Minera de Cordilleras*

In April 2025 the Company, through its subsidiaries, completed the sale of Minera de Cordilleras, a Mexican subsidiary holding tax losses and five minor mining concessions, for $600,000.

The following table summarizes the major line items for all of our subsidiaries and assets noted above, that are included in *Loss from discontinued operations, net of taxes* in the interim Condensed Consolidated Statements of Operations:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** | **Six Months Ended** | **Six Months Ended** |
|  | **June 30,** | **June 30,** | **June 30,** | **June 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
|  | (in thousands) | (in thousands) | (in thousands) | (in thousands) |
| Sale of metals | $— | $87 | $— | $1312 |
| Cost of metals sold |  | (2519) |  | (5443) |
| Exploration | (608) | (308) | (806) | (821) |
| Reclamation expense | (62) | (77) | (123) | (153) |
| Asset impairment expense |  | (411) |  | (411) |
| Other operating income | 153 | 2086 | 10 | 1148 |
| Gain on sale of assets held for sale | 600 |  | 600 |  |
| Depreciation and amortization |  | (93) |  | (211) |
| Income (loss) from discontinued operations before income taxes | 83 | (1235) | (319) | (4579) |
| Income taxes |  |  |  |  |
| Income (loss) from discontinued operations, net of taxes | $83 | $(1235) | $(319) | $(4579) |

---

The following table summarizes the carrying amounts of major classes of assets and liabilities of discontinued operations for each of the periods presented:

---

| | | |
|:---|:---|:---|
|  | **June 30,**<br>**2025** | **December 31,**<br>**2024** |
|  | (in thousands) | (in thousands) |
| Assets |  |  |
| Property, plant and equipment, net<sup>(1)</sup> | 667 | 667 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total assets held for sale | $667 | $667 |
| Liabilities |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred revenue<sup>(2)</sup> | 2968 | 1820 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other current liabilities<sup>(3)</sup> | 150 | 150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current liabilities held for sale | 3118 | 1970 |
| Asset retirement and reclamation liabilities<sup>(4)</sup> | 3404 | 3281 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total liabilities held for sale | $6522 | $5251 |

---

(1) Property, plant and equipment, net at June 30, 2025 and December 31, 2024 consisted of the remaining Velardeña Properties assets.

(2) Deferred revenue at June 30, 2025 and December 31, 2024 represents cash received for the sale of the Velardeña oxide plant.

(3) Other current liabilities at June 30, 2025 and December 31, 2024 consisted of the current portion of ARO.

(4) Asset retirement and reclamation liabilities at June 30, 2025 and December 31, 2024 relate to the Rodeo Property and Velardeña
Properties.

**4.** **New Accounting Pronouncements** 

In December 2023, the FASB issued ASU 2023-09, *Income Taxes (Topic 740): Improvements to Income Tax Disclosures*. The amendments in this update are intended to enhance the transparency and decision usefulness of income tax disclosures primarily related to the rate reconciliation and income taxes paid information. This update is effective for annual periods beginning after December 15, 2024. Early adoption is permitted and should be applied on a prospective basis, however retrospective application is permitted. We are currently evaluating the impact of adopting ASU 2023-09 on our consolidated financial statements.

In November 2024, the FASB issued ASU 2024-03, *Disaggregation of Income Statement Expenses*, which is intended to improve financial reporting by requiring disaggregated disclosure of certain costs and expenses. ASU 2024-03 is effective for fiscal years beginning after December 15, 2026, and for interim periods within fiscal years beginning after December 15, 2027, with early adoption permitted, and may be applied on either a prospective or retrospective basis. The Company is currently evaluating the impact of this guidance on its consolidated financial statements.

In March 2025, the FASB issued ASU 2025-02, *Liabilities (405): Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin No. 122*, which, in light of SEC SAB 122, removes the SAB 121 interpretive guidance regarding crypto-asset safeguarding obligations. The guidance is effective immediately and is applied retrospectively for periods after December 15, 2024. The ASU did not have any impact on the Company's condensed consolidated financial statements.

**5.** **Prepaid Expenses and Other Assets** 

Prepaid expenses and other current assets consist of the following:

---

| | | |
|:---|:---|:---|
|  | **June 30,**<br>**2025** | **December 31,**<br>**2024** |
|  | (in thousands) | (in thousands) |
| Prepaid insurance | $162 | $109 |
| Recoupable deposits and other | 54 | 255 |
|  | $216 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 364 |

---

**6.** **Value Added Tax Receivable, Net** 

VAT incurred in Mexico and other jurisdictions, primarily in connection with exploration projects, has been fully allowed for as of June 30, 2025, due to uncertainty regarding its recoverability.

**7.** **Property, Plant and Equipment, Net** 

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

---

| | | |
|:---|:---|:---|
|  | **June 30,**<br>**2025** | **December 31,**<br>**2024** |
|  | (in thousands) | (in thousands) |
| Mining equipment and machinery | $158 | $158 |
| Other furniture and equipment | 350 | 350 |
|  | 508 | 508 |
| Less: Accumulated depreciation | (486) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(486) |
|  | $22 | $22 |

---

**8.** **Accounts Payable and Other Accrued Liabilities** 

The Company's accounts payable and other accrued liabilities consist of the following:

---

| | | |
|:---|:---|:---|
|  | **June 30,**<br>**2025** | **December 31,**<br>**2024** |
|  | (in thousands) | (in thousands) |
| Accounts payable and accruals | $1041 | $1226 |
| Accrued employee compensation and benefits | 116 | 399 |
|  | $1157 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1625 |

---

**9.** **Other Current Liabilities** 

The following table sets forth the Company's other current liabilities:

---

| | | |
|:---|:---|:---|
|  | **June 30,**<br>**2025** | **December 31,**<br>**2024** |
|  | (in thousands) | (in thousands) |
| Insurance premium financing | $— | $24 |
| Operating lease liability |  | 18 |
|  | $— | $42 |

---

**10.** **Fair Value Measurements** 

Financial assets and liabilities and nonfinancial assets and liabilities are measured at fair value on a recurring basis under a framework of a fair value hierarchy that prioritizes the inputs into valuation techniques used to measure fair value into three broad levels. This hierarchy gives the highest priority to quoted prices (unadjusted) in active markets and the lowest priority to unobservable inputs. Further, financial assets and liabilities should be classified by level in their entirety based upon the lowest level of input that was significant to the fair value measurement. The three levels of the fair value hierarchy per ASC Topic 820 are as follows:

**Level 1:** Unadjusted quoted market prices in active markets for identical assets or liabilities that are accessible at the measurement date.

**Level 2:** Quoted prices in inactive markets for identical assets or liabilities, quoted prices for similar assets or liabilities in active markets, or other observable inputs either directly related to the asset or liability or derived principally from corroborated observable market data.

**Level 3:** Unobservable inputs due to the fact that there is little or no market activity. This entails using assumptions in models that estimate what market participants would use in pricing the asset or liability.

The following table summarizes the Company's financial assets and liabilities measured on a recurring basis at fair value by respective level of the fair value hierarchy:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  | (in thousands) | (in thousands) | (in thousands) | (in thousands) |
| At June 30, 2025 |  |  |  |  |
| &nbsp;&nbsp;Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | $2501 | $— | $— | $2501 |
|  | $2501 | $— | $— | $2501 |
| At December 31, 2024 |  |  |  |  |
| &nbsp;&nbsp;Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | $3175 | $— | $— | $3175 |
|  | $3175 | $— | $— | $3175 |

---

The Company's cash equivalents, comprised principally of U.S. treasury securities, are classified within Level 1 of the fair value hierarchy.

At June 30, 2025 and December 31, 2024, the Company did not have any financial assets or liabilities classified within Level 2 or Level 3 of the fair value hierarchy.

**11.** **Income Taxes** 

The Company accounts for income taxes in accordance with the provisions of ASC Topic 740, *Income Taxes* ("ASC 740"), on a tax jurisdictional basis. In accordance with ASC 740, the interim provision for taxes was calculated by using the estimated annual effective tax rate applied to the year-to-date income or losses on a jurisdictional basis. Although the Company has generated ordinary losses on a year-to-date basis, the Company may have projected taxable income by year end in certain tax jurisdictions, for which an annual effective tax rate has been calculated. For the three and six months ended June 30, 2025 and 2024, the Company recorded zero income tax expense.

In accordance with ASC 740, the Company presents deferred tax assets net of its deferred tax liabilities on a tax jurisdictional basis on its interim Condensed Consolidated Balance Sheets. As of June 30, 2025 and December 31, 2024, the Company had no deferred tax assets and no deferred tax liability on the interim Condensed Consolidated Balance Sheets due to a valuation allowance offsetting the net deferred tax assets of the Company.

The Company, a Delaware corporation, and its subsidiaries file tax returns in the United States and in various foreign jurisdictions. The tax rules and regulations in these countries are highly complex and subject to interpretation. The Company's income tax returns are subject to examination by the relevant taxing authorities and in connection with such examinations, disputes can arise with the taxing authorities over the interpretation or application of certain tax rules within the country involved. In accordance with ASC 740, the Company identifies and evaluates uncertain tax positions and recognizes the impact of uncertain tax positions for which there is less than a more-likely-than-not probability of the position being upheld upon review by the relevant taxing authority. Such positions are deemed to be "unrecognized tax benefits," which require additional disclosure and recognition of a liability within the financial statements. The Company had no unrecognized tax benefits at June 30, 2025 and December 31, 2024.

**12.** **Equity** 

*Equity Incentive Plans*

*Restricted Stock Grants*

The following table summarizes the status and activity of the Company's restricted stock grants at June 30, 2025 and 2024:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Six Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
| | **2025** | **2025** | **2024** | **2024** |
| <br>**Restricted Stock Grants** |<br><br>**Number of**<br>**Shares** | **Weighted**<br>**Average**<br>**Grant Date**<br>**Fair Value**<br>**Per Share** |<br><br>**Number of**<br>**Shares** | **Weighted**<br>**Average**<br>**Grant Date**<br>**Fair Value**<br>**Per Share** |
| Outstanding at beginning of period | 666 | $6.00 | 5800 | $8.89 |
| Restrictions lifted during the period | (666) | 6.00 | (3936) | 9.75 |
| Forfeited during the period |  |  | (534) | 9.75 |
| Outstanding at end of period |  | $— | 1330 | $6.00 |

---

*Restricted Stock Units*

The following table summarizes the status and activity of the Company's restricted stock units at June 30, 2025 and 2024:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Six Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
| | **2025** | **2025** | **2024** | **2024** |
| <br>**Restricted Stock Units** |<br><br>**Number of**<br>**Shares** | **Weighted**<br>**Average**<br>**Grant Date**<br>**Fair Value**<br>**Per Share** |<br><br>**Number of**<br>**Shares** | **Weighted**<br>**Average**<br>**Grant Date**<br>**Fair Value**<br>**Per Share** |
| Outstanding at beginning of period | 1070079 | $2.36 | 272409 | $13.09 |
| Granted during the period | 1500000 | 0.18 | 1100000 | 0.41 |
| Shares issued during the period |  |  | (340000) | 1.54 |
| Restrictions lifted during the period | (100000) | 0.35 |  |  |
| Outstanding at end of period | 2470079 | $1.12 | 1032409 | $3.38 |

---

The new grants were valued based on the market price of the Company's shares as of the grant date.

*Stock-Based Compensation*

Stock-based compensation expense for the periods presented is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
|  | (in thousands) | (in thousands) | (in thousands) | (in thousands) |
| Restricted stock grants | $2 | $7 | $3 | $19 |
| Restricted stock units | 97 | 177 | 170 | 235 |
| KELTIP units |  |  |  | 3 |
|  | $99 | $184 | $173 | $257 |

---

*Common Stock Warrants*

The following table summarizes the activity of the Company's common stock warrants for the six months ended June 30, 2025 and 2024.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Six Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
| | **2025** | **2025** | **2024** | **2024** |
| <br>**Common Stock Warrants** |<br>**Number of**<br>**Underlying**<br>**Shares** | **Weighted**<br>**Average**<br>**Exercise**<br>**Price**<br>**Per Share** |<br>**Number of**<br>**Underlying**<br>**Shares** | **Weighted**<br>**Average**<br>**Exercise**<br>**Price**<br>**Share** |
| Outstanding at beginning of period | 10819742 | $1.14 | 11308314 | $1.09 |
| Expired during the period | (3338155) | 1.52 | (488572) | 0.0001 |
| Outstanding at end of period | 7481587 | $0.98 | 10819742 | $1.14 |

---

The common stock warrants relate to prior registered offerings and private placements of the Company's stock.

Common stock warrants outstanding as of June 30, 2025 are as follows:

---

| | | | |
|:---|:---|:---|:---|
| <br>**Common Stock Warrants** | **Number of**<br>**Warrants** | **Exercise**<br>**Price** | <br>**Expiration Date** |
| April 2020 Series A Warrants | 44000 | $7.50 | October 22, 2025 |
| April 2020 Series B Warrants | 10000 | $7.50 | October 22, 2025 |
| June 2023 Warrants | 1427587 | $1.90 | December 26, 2028 |
| November 2023 Series A Warrants | 6000000 | $0.70 | November 6, 2028 |
|  | 7481587 |  |  |

---

All outstanding common stock warrants are recorded in equity at June 30, 2025 and December 31, 2024, following the guidance established by ASC Topic 815-40. The Company's common stock warrants allow for potential settlement in cash if certain extraordinary events are affected by the Company, including a 50% or greater change of control in the Company's common stock. Since those events have been deemed to be within the Company's control, the Company continues to apply equity treatment for these common stock warrants.

**13.** **Commitments and Contingencies** 

*Unifin Lawsuit*

During April 2021, the Company became aware of a lawsuit in Mexico against one of the Company's Mexican subsidiaries, Minera William, S.A. de C.V. ("Minera William"). The plaintiff in the matter was Unifin Financiera, S.A.B de C.V. ("Unifin"). The lawsuit was assigned to the Fifth Specialized Commercial District Court. In November 2022, the Company was formally served with the complaint in connection with the lawsuit and in December 2022 the Company filed its answer to the complaint. As a preemptive measure, Unifin obtained a preliminary court order freezing Minera William's bank accounts in Mexico, which limited the Company's and Minera William's ability to access approximately $153,000.

The Company and Unifin agreed to settle the dispute in late 2023. During the first quarter of 2024, the Court unfroze the Minera William bank accounts, and the bank remitted the funds to Unifin as per the settlement agreement. The court also published a writ stating that the parties had complied with the settlement agreement and declared that Unifin has withdrawn the lawsuit against Minera William.

On June 13, 2024, the Trial Court published the judgment in the commercial oral proceeding initiated by Unifin against Minera William, Procesadora de Minerales de Durango, and Jorge Alberto Samaniego Mota. Since Unifin and Minera William had previously settled the dispute and Unifin desisted or withdrew its action against Minera William, the company was not condemned in the judgment. Procesadora de Minerales de Durango and Jorge Alberto Samaniego Mota were ordered to pay all the amounts claimed by Unifin. However, the judgment states that Minera William, Procesadora de Minerales de Durango, and Jorge Samaniego Mota are jointly and severally liable to Unifin. The Company believes the Judge should not have ruled on whether or not Minera William was jointly and severally liable. Moreover, the Judge did not assess Minera William's arguments that it was not jointly and severally liable to Unifin. Minera William appealed that ruling as it is clearly contrary to the settlement agreement between Unifin and Minera William.

On June 11, 2025, the Appellate Court dismissed Minera Williams appeal, on the grounds that it lacks legal standing, as the judgment issued in the original proceeding does not cause it any harm. Regarding the risk raised by Minera William concerning a potential repetition action by the co-defendants Procesadora and Samaniego, the Appellate Court found such risk to be unfounded, as it is merely a hypothetical scenario that, to date, has not resulted in any harm to Minera William. The Company currently believes that it is unlikely any future liability will arise from this judgement.

*Claims Related to Shutdown or Reduction of Operations*

One former employee of one of the Company's Mexican subsidiaries has a pending labor claim filed in 2024 claiming the Company had not compensated him properly for his termination. A severance accrual has been estimated and recorded in connection with this lawsuit for $46,000.

One supplier of some of the Mexican subsidiaries filed a lawsuit in 2024 against the subsidiary companies for non-payment for services rendered. In total, the supplier is seeking approximately $42,000 and this amount is recorded in accounts payable as of June 30, 2025.

Early in 2025, we received two labor claims against our Argentina subsidiary from former employees seeking compensation that we believe is unsupported. The first employee has filed a claim for approximately $99,000, while the second employee has not yet specified the amount of compensation sought. We are assessing the merits of these claims and at this time do not believe they are valid claims.

As a result of the Company's reduced or ceased operations in the US, Mexico, Argentina and Peru, the Company has been and may in the future be exposed to claims from former employees, labor unions, suppliers, consultants or contractors and tax and environmental claims, which may individually or in the aggregate be material.

**14.** **Related Party Transactions** 

The following sets forth information regarding transactions between the Company (and its subsidiaries) and its officers, directors and significant stockholders.

*Accounting and Financial Reporting Services*

The Company has outsourced certain aspects of its accounting functions to Avisar Everyday Solutions Ltd. ("Avisar"). The Chief Financial Officer of the Company, effective June 1, 2025, is a director, an officer, and a principal shareholder of Avisar. During the month of June 2025, the Company incurred $16,109 for consulting services provided by Avisar. This amount includes payment for CFO services and the Company is not paying the CFO directly. *(See Exhibit # 10.1 for this Quarterly Report)*.

**15.** **Subsequent Events** 

 

*Velardeña Sales Agreement*

 

Subsequent to June 30, 2025, the Velardeña Buyer made additional payments of approximately $5,000 plus VAT bringing the total amounts paid through August 13, 2025 to approximately $2.97 million under the fourth sales agreement; however the Buyer remains in default. As of August 13, 2025, the Company is still owed approximately $28,000 plus VAT of the $3.0 million plus VAT purchase price for the Velardeña oxide plant and water wells and other minor remaining Velardeña assets.

 **Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations**

**Our Company**

We were incorporated in Delaware in March 2009 under the Delaware General Corporation Law. We are an exploration company holding majority joint venture interests in the Desierto and Sarita Este concessions, adjoining gold-silver-copper exploration projects located in northwest Salta Province Argentina, a 60% joint venture interest in Sand Canyon, an exploration-stage, gold-silver project in northwestern Nevada, and interests in other mineral exploration properties located primarily in or near historical precious metals producing regions in Argentina and Mexico. We are primarily focused on advancing exploration activities at the Sarita Este/Desierto project.

We restarted mining at our Velardeña Properties in December 2023 and continued through the end of February 2024 when it was determined that the initial performance of both the mine and the plant did not achieve expected results. We processed all the mineralized material that had been mined, shut down the sulfide processing plant at the end of March 2024 and held the Velardeña Properties for short-term sale as we evaluated options to realize value from the assets. We entered into the Velardeña Sales Agreements to sell the Velardeña and Chicago mines, both sulfide and oxide processing plants, water wells, and related equipment of the Velardeña Properties to the Velardeña Buyer in exchange for an aggregate purchase price of $5.5 million in cash, plus VAT. The first three of the Velardeña Sales Agreements which include the combined sales of the Velardeña and Chicago mines, the sulfide processing plant and various related equipment were completed on June 20, 2024, and the titles to the assets were transferred to the Velardeña Buyer. The Velardeña Buyer agreed to pay $3.0 million plus VAT on July 1, 2024, to complete the fourth and final of the Velardeña Sales Agreements which covered the oxide processing plant and water wells. The Velardeña Buyer has made payments of approximately $2.97 million through August 13, 2025, and is currently in default. While we retain title to the plant, the Velardeña Buyer has had operational control of the plant, and we have not had access to the property, since mid-year 2024. During June 2025, we transferred all environmental permits to the Velardeña Buyer. We continue to hold our remaining interests in the oxide plant at Velardeña as assets held for sale. The Velardeña Buyer has been making periodic payments and the Company believes at this time that it will eventually collect the full amount, at which time the Company will record the sale under the fourth and final Velardeña Sales Agreement.

In October 2024, we completed the sale of Silex Argentina, which is the sole owner of El Quevar, our advanced exploration property in Argentina for $3.5 million. We also completed the sale of our Yoquivo exploration property in Mexico in November 2024 for $570,000 plus VAT and the sale of a Mexican subsidiary holding tax losses for $445,000. In April 2025 the Company completed the sale of an additional Mexican subsidiary holding tax losses and 5 minor property concessions for $600,000. The Company continues to hold an interest in several remaining exploration properties, including Sarita Este/Desierto, a gold-silver-copper exploration project located in northwest Salta Province Argentina and Sand Canyon, an exploration stage, gold-silver project in northwestern Nevada.

Because we have ceased production at the Velardeña Properties, our only near-term opportunity to generate cash flow is from the sale of assets or new sources of debt or equity capital. The Company is evaluating and pursuing alternatives to obtain funds to continue as a going concern, including the potential sale of the Company, finalizing the sale of its assets at the Velardeña Properties, seeking buyers or partners for certain of the Company's other assets or obtaining equity or other external financing. In the absence of additional cash inflows, the Company anticipates that its cash resources will be exhausted in the first quarter of 2026. If we are unable to obtain additional cash resources or sell the Company, we will be forced to cease operations and liquidate.

**2025 Highlights** 

The Company has achieved a significant reduction in liabilities and a significant decrease in its cost structure through its restructuring efforts in 2024 which continued into the first half of 2025. These combined actions allowed us to strengthen our balance sheet and preserve capital, enabling us to shift focus toward our most promising exploration assets as further described below. We expect the restructuring actions to be completed once the remaining sales agreement for the Velardeña assets is completed, which we anticipate in the third quarter of 2025.

*Sarita Este / Desierto Project*

The Desierto project, located in the Puna geological region of Salta Province, Argentina, has been the subject of surface exploration that identified zones of alteration, including clay and silica-rich areas typically associated with precious metal systems. The Company controls 67% of the Desierto Project. The Company has completed joint venture agreements for the Sarita Este property with Cascadero Copper Corporation ("Cascadero"), and remains in negotiation with Cascadero regarding joint venture arrangements for Desierto. The Company anticipates initiating a Phase I drill program designed to test extensions of gold mineralization observed at the adjacent Sarita Este property. Data obtained from the initial drilling program is expected to support refinement of the Desierto geological model and further evaluation of potential synergies with the Sarita Este project.

*Sand Canyon Project*

In January 2025, the Company exercised its option to earn a 60% interest in the Sand Canyon project, located in Humboldt County, Nevada, pursuant to its agreement with Golden Gryphon Explorations, Inc. The parties are currently working to finalize joint venture documentation. While no drilling is planned for 2025, the Company is continuing to review and integrate historical exploration data and technical studies to inform future exploration plans.

*Sale of Minera de Cordilleras*

In April 2025, the Company completed the sale of its wholly owned subsidiary, Minera de Cordilleras S. de R.L. de C.V., for total consideration of $600,000. The subsidiary held five non-core mining concessions in Mexico and accumulated tax loss carryforwards and inflation-adjusted capital contributions.

**Financial Results of Operations** 

For the results of operations discussed below, we compare the results of operations during 2025 to the corresponding period from 2024.

*Three months Ended June 2025*

*Exploration expense.* We recorded a nominal amount of exploration expense, including property holding costs and allocated administrative expenses, for the three months ended June 30, 2025 and 2024.

 

*Administrative expense.* Administrative expenses totaled $0.7 million for the three months ended June 30, 2025, compared to $1.1 million for the three months ended June 30, 2024. Administrative expenses, including costs associated with being a public company, are incurred primarily by our corporate activities in support of our exploration portfolio. The lower administrative expense we incurred during 2025 is primarily related to our cost reduction efforts.

*Stock-based compensation.* During the three months ended June 30, 2025 and 2024, we incurred approximately $0.1 million and $0.2 million, respectively, of expense related to stock-based compensation. Stock-based compensation varies from period to period depending on the number and timing of shares granted, the type of grant, the market value of the shares on the date of grant and other variables.

*Interest and other income, net.* We recorded a nominal amount of interest and other income, net for the three months ended June 30, 2025 and 2024.

*Loss on foreign currency transactions.* We recorded a nominal amount of loss on foreign currency transactions for the three months ended June 30, 2025 and 2024. Foreign currency gains and losses are primarily related to the effect of currency fluctuations on monetary assets net of liabilities held by our foreign subsidiaries that are denominated in currencies other than U.S. dollars.

*Income Taxes.* We recorded zero income tax expense for the three months ended June 30, 2025 and 2024.

*Loss from discontinued operations, net of taxes.* In 2024, certain businesses were classified as assets held for sale and discontinued operations, including the Rodeo and Velardeña Properties in Mexico and the El Quevar property in Argentina. We recorded an income from discontinued operations, net of taxes of $0.08 million for the three months ended June 30, 2025 and a loss from discontinued operations of $1.2 million for the three months ended June 30, 2024.

Income (loss) from discontinued operations, net of taxes included the following major components:

● *Sale of metals*. Revenue from the sale of metals decreased from $0.08 million for the three months ended June 30, 2024 to zero for the three months ended June 30, 2025 primarily due to ceasing mining operations at the Rodeo and Velardeña Properties in 2023 and 2024, respectively.

● *Cost of metals sold*. For the three months ended June 30, 2025 and 2024, we recorded zero and $2.5 million of cost of metals sold, respectively. The decrease in costs was due to the discontinuation of mining operations.

● *Exploration*. These costs pertain to the cost of minor exploration as well as cost related to the care and maintenance of the projects held for sale. Exploration costs increased from $0.3 million for the three months ended June 30, 2024 to 0.6 million for the three months ended June 30, 2025 primarily due additional consulting charges in Mexico as we continue to wind down the operations.

● *Reclamation and accretion expense.* During the three months ended June 30, 2025 and 2024, we incurred a nominal amount of reclamation expense related to the accretion of an asset retirement obligation at the Velardeña and Rodeo properties.

● *Asset impairment expense.* During the three months ended June 30, 2024, in accordance with ASC 360, the Company recorded an asset impairment expense of $0.4 million in order to write down the remaining book value of the oxide plant and water wells to the salvage value.

● *Other operating income, net*. We recorded $0.2 million of other operating income for the three months ended June 30, 2025 related to the reimbursement of certain cost from the Velardeña Buyer. We recorded $2.1 million of other operating income for the three months ended June 30, 2024 primarily related to the sale of the Velardeña mine, sulfide plant and related equipment.

● *Gain on sale of assets held for sale.* We recorded $0.6 million from the sale of Minera de Cordilleras for the three months ended June 30, 2025.

● *Depreciation and amortization*. For the three months ended June 30, 2025 and 2024, we recorded zero and a nominal amount of depreciation and amortization, respectively.

*Six months Ended June 2025*

*Exploration expense.* Our exploration expense, including property holding costs and allocated administrative expenses, totaled $0.2 million and $0.3 million for the six months ended June 30, 2025 and 2024, respectively. The lower exploration expense for 2025 is primarily related to reduced activity in 2025 on the Company's Sand Canyon project, as described above.

 

*Administrative expense.* Administrative expenses totaled $1.5 million for the six months ended June 30, 2025, compared to $2.1 million for the six months ended June 30, 2024. Administrative expenses, including costs associated with being a public company, are incurred primarily by our corporate activities in support of our exploration portfolio. The lower administrative expense we incurred during 2025 is primarily related to our cost reduction efforts.

*Stock-based compensation.* During the six months ended June 30, 2025 and 2024, we incurred approximately $0.2 million and $0.3 million, respectively, of expense related to stock-based compensation. Stock-based compensation varies from period to period depending on the number and timing of shares granted, the type of grant, the market value of the shares on the date of grant and other variables.

*Interest and other income, net.* We recorded a nominal amount of interest and other income, net for the six months ended June 30, 2025 and 2024.

*Loss on foreign currency transactions.* We recorded a nominal amount of loss on foreign currency transactions for the six months ended June 30, 2025 and 2024. Foreign currency gains and losses are primarily related to the effect of currency fluctuations on monetary assets net of liabilities held by our foreign subsidiaries that are denominated in currencies other than U.S. dollars.

*Income Taxes.* We recorded zero income tax expense for the six months ended June 30, 2025 and 2024.

*Loss from discontinued operations, net of taxes.* In 2024, certain businesses were classified as assets held for sale and discontinued operations, including the Rodeo and Velardeña Properties in Mexico and the El Quevar property in Argentina. Loss from discontinued operations, net of taxes was $0.3 million and $4.6 million for the six months ended June 30, 2025 and 2024, respectively.

Loss from discontinued operations, net of taxes included the following major components:

● *Sale of metals*. Revenue from the sale of metals decreased from $1.3 million for the six months ended June 30, 2024 to zero for the six months ended June 30, 2025 primarily due to ceasing mining operations at the Rodeo and Velardeña Properties in 2024 and 2025, respectively.

● *Cost of metals sold*. For the six months ended June 30, 2025 and 2024, we recorded zero and $5.4 million of cost of metals sold, respectively. The decrease in costs was due to the discontinuation of mining operations.

● *Exploration*. These costs pertain to the cost of minor exploration as well as cost related to the care and maintenance of the projects held for sale. Exploration costs were $0.8 million for the six months ended June 30, 2025 and 2024 as we continue to wind down the operations.

● *Reclamation and accretion expense.* During the three months ended June 30, 2025 and 2024, we incurred approximately $0.1 and $0.2 of reclamation expense, respectively, related to the accretion of an asset retirement obligation at the Velardeña and Rodeo properties.

● *Asset impairment expense.* During the six months ended June 30, 2024, in accordance with ASC 360, the Company recorded an asset impairment expense of $0.4 million in order to write down the remaining book value of the oxide plant and water wells to the salvage value.

● *Other operating income, net*. We recorded a nominal amount of other operating income for the six months ended June 30, 2025. We recorded $1.2 million of other operating income for the six months ended June 30, 2024 primarily related to the sale of certain Velardeña assets offset by severance expenses paid to and accrued for employees who were terminated during the six months ended June 30, 2024 in connection with the cessation of operations at the Velardeña Properties.

● *Gain on sale of assets held for sale.* We recorded $0.6 million from the sale of Minera de Cordilleras for the six months ended June 30, 2025.

● *Depreciation and amortization*. For the six months ended June 30, 2025 and 2024, we recorded zero and $0.2 million of depreciation and amortization, respectively.

For additional details on the major components of the loss from discontinued operations, please refer to "*Item 1 Financial Statements—Note 3. Assets Held for Sale and Discontinued Operations*" in this Form 10-Q.

**Liquidity, Capital Resources and Going Concern** 

*2025 Liquidity Forecast and Going Concern Qualification*

We do not currently have sufficient resources to meet our expected cash needs for a period of twelve months beyond the filing date of this 2025 Quarterly Report on Form 10-Q. At June 30, 2025, we had current assets of approximately $2.7 million, including cash and cash equivalents of approximately $2.5 million. On the same date, we had accounts payable and other current liabilities of approximately $4.3 million, which includes $2.97 million in deferred revenue for the sale of the Velardeña oxide plant and water wells recorded within *Current liabilities held for sale* on the interim Condensed Consolidated Balance Sheets. As previously disclosed, the Company ceased mining at the Velardeña mines in Mexico in the 2024 and subsequently sold the mines and certain related assets. As of June 30, 2025, the Company was owed $32,000 plus $5,000 VAT of the $3.0 million purchase price for the Velardeña oxide plant and water wells and other minor remaining Velardeña assets (*see Item I Financial Statements - Note 15*).

The Company's only near-term opportunity to generate cash flow to meet its expected cash requirements is from the sale of assets, equity or other external financing. The Company is evaluating and pursuing alternatives, including the potential sale of the Company, finalizing the sale of its assets at the Velardeña Properties, seeking buyers or partners for the Company's other assets or obtaining equity or other external financing. In the absence of additional cash inflows, the Company anticipates that its cash resources will be exhausted in approximately the first quarter of 2026. If we are unable to obtain additional cash resources or sell the Company, we will be forced to cease operations and liquidate.

The Company's interim condensed consolidated financial statements have been prepared on a going concern basis under which an entity is considered to be able to realize its assets and satisfy its liabilities in the normal course of business. However, as noted above, our continuing long-term operations will be dependent upon our ability to secure sufficient funding to generate future profitable operations. The underlying value and recoverability of the amounts shown as property, plant and equipment in our consolidated financial statements are dependent on our ability to generate positive cash flows from operations and to fund general administrative, and exploration activities that would lead to additional profitable mining and processing activities or to generate proceeds from the disposition of property, plant and equipment.

The ability of the Company to maintain a positive cash balance for a period of twelve months beyond the filing date of this 2025 Quarterly Report on Form 10-Q is dependent upon its ability to generate sufficient cash flow from selling assets, reducing expenses, and raising sufficient funds through equity financings or other external sources. These material uncertainties cast significant doubt on the Company's ability to continue as a going concern. Therefore, the Company cannot conclude that substantial doubt does not exist as to the Company's ability to continue as a going concern for the twelve months following the filing date of this Quarterly Report on Form 10-Q. The financial statements do not include any adjustments relating to the recoverability and classification of recorded assets or liabilities which might be necessary should the Company not continue as a going concern.

 

*2025 Liquidity Discussion* 

At June 30, 2025, our aggregate cash and cash equivalents totaled $2.5 million, compared to the $3.2 million in similar assets held at December 31, 2024. This decrease is the result of the following expenditures and cash inflows for the six months ended June 30, 2025.

● $0.2 million cash spent on discontinued operations, primarily related to care and maintenance cost of the Velardeña properties;

● $2.2 million in general and administrative and exploration expenditures.

The above expenditures were partially offset by cash inflows of $1.8 million from the following:

● $1.2 million of proceeds received from the sale of Velardeña Plant 2 and water wells; and

● $0.6 million from the sale of Minera de Cordilleras.

**Recent Accounting Pronouncements** 

In March 2025, the FASB issued ASU 2025-02, *Liabilities (405): Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin No. 122*, which, in light of SEC SAB 122, removes the SAB 121 interpretive guidance regarding crypto-asset safeguarding obligations. The guidance is effective immediately and is applied retrospectively for periods after December 15, 2024. The ASU did not have any impact on the Company's condensed consolidated financial statements.

**Forward-Looking Statements**

Some information contained in or incorporated by reference into this Quarterly Report on Form 10-Q (this "Form 10-Q") may contain forward-looking statements and forward-looking information (collectively, "forward-looking statements") within the meaning of the United States Private Securities Litigation Reform Act of 1995 and other applicable securities laws. We use the words "anticipate," "continue," "likely," "estimate," "expect," "may," "could," "will," "project," "should," "believe" and similar expressions (including negative and grammatical variations) to identify forward- looking statements. These statements include comments relating to (i) our anticipated near-term capital needs and potential sources of capital; (ii) our plans regarding exploration activities at the Sarita Este/Desierto project and the completion of the related joint venture documents and formation of the joint venture with Cascadero (iii) plans regarding our Sand Canyon exploration property in Nevada; (iv) expectations pertaining to the collection of receivables from the sale of the Velardeña Properties; (iv) projected spending for the twelve months from this Quarterly Report; and (v) statements concerning our financial condition, business strategies, business and legal risks, and our financial outlook for 2025 and beyond, including anticipated expenditures and cash inflows. Although we believe the expectations and assumptions reflected in those forward-looking statements are reasonable, we cannot assure you that these expectations and assumptions will prove to be correct. Our actual results could differ materially from those expressed or implied in these forward-looking statements as a result of various factors described in this Form 10-Q, including:

● The Company's expected near-term cash needs, including the need to raise additional cash in the near-term and whether we are able to raise the necessary capital required to continue our business on terms acceptable to us or at all;

● Higher than anticipated exploration, maintenance, general and administrative costs;

● Whether we will receive the full amount of receivables from the sale of the Velardeña Properties and whether the timing of such collections will be delayed;

● Plans regarding further advancement of the Sarita Este/Desierto project, including completion of the joint venture documents with Cascadero;

● Plans regarding further advancement of the Sand Canyon project, including completion of the joint venture with Golden Gryphon Explorations, Inc.;

● Decreases in silver and gold prices;

● Risks related to our exploration properties, including unfavorable results from exploration and whether we will be able to advance our exploration properties;

● Variations in the nature, quality and quantity of any mineral deposits that are or may be located at our exploration properties, changes in interpretations of geological information, and unfavorable results of drilling, metallurgical and other tests;

● Potential delays in our exploration activities or other activities to advance properties towards mining resulting from environmental consents or permitting delays or problems, accidents, problems with contractors, disputes under agreements related to exploration properties, unanticipated costs and other unexpected events;

● Our ability to retain key management and exploration personnel necessary to successfully operate and grow our business;

● Economic and political events negatively affecting the market prices for gold, silver, zinc, lead and other minerals that may be found on our exploration properties;

● Political and economic instability in Argentina and other countries in which we conduct our business, and future actions of any of these governments with respect to nationalization of natural resources or other changes in mining or taxation policies;

● Adverse technological changes and cybersecurity threats;

● Volatility in the market price of our common stock; and

● The factors discussed under "*Risk Factors*" in our 2024 Annual Report.

These factors are not intended to represent a complete list of the general or specific factors that could affect us. Many of these factors are beyond our ability to control or predict. Although we believe that the expectations reflected in our forward-looking statements are based on reasonable assumptions, such expectations may prove to be materially incorrect due to known and unknown risks and uncertainties. You should not unduly rely on any of our forward-looking statements. These statements speak only as of the date of this Quarterly Report on Form 10-Q. We undertake no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise.

 **Item 3. Quantitative and Qualitative Disclosures About Market Risk**

**Interest Rate Risk**

We invest substantially all of our excess cash in U.S. government and debt securities rated "investment grade" or better. The rates received on such investments may fluctuate with changes in economic conditions. Based on the average cash and investment balances outstanding during the first six months of 2025, a 1% decrease in interest rates would have resulted in only a nominal reduction in interest income for the period.

**Foreign Currency Exchange Risk**

Although most of our expenditures are in U.S. dollars, certain purchases of labor, services, supplies and capital assets are denominated in other currencies, primarily in Mexico and Argentina. As a result, currency exchange fluctuations may impact the costs of our exploration and mining activities. To reduce this risk, we maintain minimum cash balances in foreign currencies and complete most of our purchases in U.S. dollars.

**Commodity Price Risk**

We are primarily engaged in the exploration of properties containing gold, silver, copper, zinc, lead and other minerals. As a result, decreases in the price of any of these metals have the potential to negatively impact our ability to establish reserves and mine on our properties. We currently hold no commodity derivative positions.

 **Item 4. Controls and Procedures** 

**Evaluation of Disclosure Controls and Procedures**

Our Chief Executive Officer (principal executive officer) and Chief Financial Officer (principal financial officer) have evaluated the effectiveness of our disclosure controls and procedures (as such term is defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended (the "Exchange Act")) as of June 30, 2025, (the "Evaluation Date"). Based on such evaluation, such officers have concluded that, as of the Evaluation Date, our disclosure controls and procedures are effective to ensure that information required to be disclosed by us in the reports that we file or submit under the Exchange Act are recorded, processed, summarized and reported within the time periods specified in the SEC's rules and forms and to ensure that information required to be disclosed by us in the reports that we file or submit under the Exchange Act is accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer to allow timely decisions regarding required disclosure.

**Changes in Internal Control over Financial Reporting**

There have been no changes in our internal control over financial reporting that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

**PART II. OTHER INFORMATION**

 **Item 1. Legal Proceedings.**

*Unifin Lawsuit*

During April 2021, the Company became aware of a lawsuit in Mexico against one of the Company's Mexican subsidiaries, Minera William, S.A. de C.V. ("Minera William"). The plaintiff in the matter was Unifin Financiera, S.A.B de C.V. ("Unifin"). The lawsuit was assigned to the Fifth Specialized Commercial District Court. In November 2022, the Company was formally served with the complaint in connection with the lawsuit and in December 2022 the Company filed its answer to the complaint. As a preemptive measure, Unifin obtained a preliminary court order freezing Minera William's bank accounts in Mexico, which limited the Company's and Minera William's ability to access approximately $153,000.

The Company and Unifin agreed to settle the dispute in late 2023. During the first quarter of 2024, the Court unfroze the Minera William bank accounts, and the bank remitted the funds to Unifin as per the settlement agreement. The court also published a writ stating that the parties had complied with the settlement agreement and declared that Unifin has withdrawn the lawsuit against Minera William.

On June 13, 2024, the Trial Court published the judgment in the commercial oral proceeding initiated by Unifin against Minera William, Procesadora de Minerales de Durango, and Jorge Alberto Samaniego Mota. Since Unifin and Minera William had previously settled the dispute and Unifin desisted or withdrew its action against Minera William, the company was not condemned in the judgment. Procesadora de Minerales de Durango and Jorge Alberto Samaniego Mota were ordered to pay all the amounts claimed by Unifin. However, the judgment states that Minera William, Procesadora de Minerales de Durango, and Jorge Samaniego Mota are jointly and severally liable to Unifin. The Company believes the Judge should not have ruled on whether or not Minera William was jointly and severally liable. Moreover, the Judge did not assess Minera William's arguments that it was not jointly and severally liable to Unifin. Minera William appealed that ruling as it is clearly contrary to the settlement agreement between Unifin and Minera William.

On June 11, 2025, the Appellate Court dismissed Minera Williams appeal, on the grounds that it lacks legal standing, as the judgment issued in the original proceeding does not cause it any harm. Regarding the risk raised by Minera William concerning a potential repetition action by the co-defendants Procesadora and Samaniego, the Appellate Court found such risk to be unfounded, as it is merely a hypothetical scenario that, to date, has not resulted in any harm to Minera William. The Company currently believes that it is unlikely any future liability will arise from this judgement.

*Claims Related to Shutdown or Reduction of Operations*

One former employee of one of the Company's Mexican subsidiaries has a pending labor claim filed in 2024 claiming the company had not compensated him properly for his termination. A severance accrual has been estimated and recorded in connection with this lawsuit for $46,000.

One supplier of some of the Mexican subsidiaries filed a lawsuit in 2024 against the subsidiary companies for non-payment for services rendered. In total, the supplier is seeking approximately $42,000 and this amount is recorded in accounts payable as of June 30, 2025.

Early in 2025, we received two labor claims against our Argentina subsidiary from former employees seeking compensation that we believe is unsupported. The first employee has filed a claim for approximately $99,000, while the second employee has not yet specified the amount of compensation sought. We are assessing the merits of these claims and at this time do not believe they are valid claims.

As a result of the Company's reduced or ceased operations in the US, Mexico, Argentina and Peru, the Company has been and may in the future be exposed to claims from former employees, labor unions, suppliers, consultants or contractors and tax and environmental claims, which may individually or in the aggregate be material.

 **Item 1A. Risk Factors**

The risk factors for the six months ended June 30, 2025, are substantially the same as those set forth in Part I, Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2024.

 **Item 2. Unregistered Sales of Equity Securities and Use of Proceeds**

None.

 **Item 3. Defaults Upon Senior Securities**

None.

 **Item 4. Mine Safety Disclosures**

Not applicable.

 **Item 5. Other Information**

None.

 **Item 6. Exhibits** 

---

| | |
|:---|:---|
| 3.1 | [Amended and Restated Certificate of Incorporation of Golden Minerals Company (incorporated by reference to Exhibit 3.1 to the Company's Current Report on Form 8-K filed on March 30, 2009).](https://www.sec.gov/Archives/edgar/data/1011509/000110465909021389/a09-8934_1ex3d1.htm) |
| 3.2 | [First Amendment to the Amended and Restated Certificate of Incorporation of Golden Minerals Company dated September 2, 2011 (incorporated by reference to Exhibit 3.1 to the Company's Current Report on Form 8-K filed on September 9, 2011).](https://www.sec.gov/Archives/edgar/data/1011509/000110465911051180/a11-25489_3ex3d1.htm) |
| 3.3 | [Second Amendment to the Amended and Restated Certificate of Incorporation of Golden Minerals Company dated May 19, 2016 (incorporated by reference to Exhibit 3.1 to the Company's Current Report on Form 8-K filed on May 20, 2016).](https://www.sec.gov/Archives/edgar/data/1011509/000110465916122322/a16-11863_1ex3d1.htm) |
| 3.4 | [Third Amendment to the Amended and Restated Certificate of Incorporation of Golden Minerals Company dated June 15, 2021 (incorporated by reference to Appendix A of the Company's Proxy Statement on Schedule 14A filed on March 25, 2021).](https://www.sec.gov/Archives/edgar/data/1011509/000119312521094462/d80409ddef14a.htm#toc80409_12) |
| 3.5 | [Certificate of Amendment to the Amended and Restated Certificate of Incorporation of Golden Minerals Company (incorporated by reference to Exhibit 3.1 to the Company's Current Report on Form 8-K filed on May 30, 2023).](https://www.sec.gov/Archives/edgar/data/1011509/000110465923066093/tm2317253d1_ex3-1.htm) |
| 3.6 | [Certificate of Amendment to the Amended and Restated Certificate of Incorporation of Golden Minerals Company (incorporated by reference to Exhibit 3.1 to the Company's Current Report on Form 8-K filed on May 14, 2024).](https://www.sec.gov/Archives/edgar/data/1011509/000110465924061147/tm2414223d1_ex3-1.htm) |
| 3.7 | [Amended and Restated Bylaws of Golden Minerals Company (incorporated by reference to Exhibit 3.1 to the Company's Current Report on Form 8-K filed on March 1, 2023).](https://www.sec.gov/Archives/edgar/data/1011509/000110465923027312/tm238126d1_ex3-1.htm) |
| 4.1 | [Form of Series A Warrant (incorporated by reference to Exhibit 10.2 to the Company's Current Report on Form 8-K filed on July 19, 2019).](https://www.sec.gov/Archives/edgar/data/1011509/000110465919041134/a19-12939_3ex10d2.htm) |
| 4.2 | [Form of Series A Warrant (incorporated by reference to Exhibit 10.2 to the Company's Current Report on Form 8-K filed on April 23, 2020).](https://www.sec.gov/Archives/edgar/data/1011509/000110465920050067/tm2016656d1_ex10-2.htm) |
| 4.3 | [Form of Series B Warrant (incorporated by reference to Exhibit 10.3 to the Company's Current Report on Form 8-K filed on April 23, 2020).](https://www.sec.gov/Archives/edgar/data/1011509/000110465920050067/tm2016656d1_ex10-3.htm) |
| 4.4 | [Form of Common Warrant (incorporated by reference to Exhibit 10.2 to the Company's Current Report on Form 8-K filed on June 29, 2023).](https://www.sec.gov/Archives/edgar/data/1011509/000110465923076292/tm2319814d2_ex10-2.htm) |
| 4.5 | [Form of Series A Warrant (incorporated by reference to Exhibit 10.2 to the Company's Current Report on Form 8-K filed on November 9, 2023).](https://www.sec.gov/Archives/edgar/data/1011509/000110465923116038/tm2330277d1_ex10-2.htm) |
| 4.6 | [Form of Series B Warrant (incorporated by reference to Exhibit 10.3 to the Company's Current Report on Form 8-K filed on November 9, 2023).](https://www.sec.gov/Archives/edgar/data/1011509/000110465923116038/tm2330277d1_ex10-3.htm) |
| 10.1 | [Engagement letter with Avisar Everyday Solutions Ltd.\*](ea025194801ex10-1_golden.htm) |
| 10.2 | [English Translation (Unsigned) and Original Signed Spanish Version of the Purchase and Sale Agreement of Minera de Cordilleras between GOLDEN MINERALS SERVICES CORPORATION and the buyer, EMPRESA Y CAPITAL, S.A.P.I. DE C.V.\*#+](ea025194801ex10-2_golden.htm) |
| 10.3 | [English Translation (Unsigned) and Original Signed Spanish Version of the Purchase and Sale Agreement of Minera de Cordilleras between APEX MINING PARTNERS LTD. and the buyer, VISIÓN Y PROYECCIÓN DE NEGOCIOS, S.A. DE C.V. \*#+](ea025194801ex10-3_golden.htm) |
| 10.4 | [English Translation (Unsigned) and Original Signed Spanish Version of the Purchase and Sale Agreement of Minera de Cordilleras between SERVICIOS VELARDEÑA, S.A. DE C.V and the buyer, EMPRESA Y CAPITAL, S.A.P.I. DE C.V. \*#+](ea025194801ex10-4_golden.htm) |
| 10.5 | [English Translation (Unsigned) and Original Signed Spanish Version of the Purchase and Sale Agreement of Minera de Cordilleras between MINERA WILLIAM, S.A. DE C.V. and the buyer, EMPRESA Y CAPITAL, S.A.P.I. DE C.V. \*#+](ea025194801ex10-5_golden.htm) |
| 31.1 | [Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act.\*](exhibit31-1.htm) |
| 31.2 | [Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act.\*](exhibit31-2.htm) |
| 32 | [Certification of Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C. 1350 (Section 906 of the Sarbanes-Oxley Act).\*\*](exhibit32.htm) |
| 101.INS | Inline XBRL Instance Document\* |
| 101.SCH | Inline XBRL Taxonomy Extension Schema Document\* |
| 101.CAL | Inline XBRL Taxonomy Calculation Linkbase Document\* |
| 101.DEF | Inline XBRL Taxonomy Definition Document\* |
| 101.LAB | Inline XBRL Taxonomy Label Linkbase Document\* |
| 101.PRE | Inline XBRL Taxonomy Presentation Linkbase Document\* |
| 104 | Cover Page Interactive Data File (the cover page XBRL tags are embedded in the Inline XBRL document) |

---

\* Filed herewith

\*\* Furnished herewith

# Certain of the exhibits and schedules to this exhibit have been omitted in accordance with Regulation S-K Item 601(a)(5). The Registrant agrees to furnish a copy of all omitted exhibits and schedules to the SEC upon its request.

+ Certain portions of this exhibit have been omitted pursuant to Regulation S-K, Item 601(b)(10).

**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 thereunto duly authorized.

---

| | | | |
|:---|:---|:---|:---|
|  |  | GOLDEN MINERALS COMPANY | GOLDEN MINERALS COMPANY |
| Date: | August 13, 2025 | By: | /s/ Pablo Castaños |
|  |  |  | Pablo Castaños |
|  |  |  | President and Chief Executive Officer |
| Date: | August 13, 2025 | By: | /s/ Anil Jiwani |
|  |  |  | Anil Jiwani |
|  |  |  | Chief Financial Officer |

---

## Exhibit 10.1

**Exhibit 10.1**

![](ex10-1_001.jpg)

**[\*\*\*] CERTAIN INFORMATION IN THIS DOCUMENT HAS BEEN EXCLUDED PURSUANT TO REGULATION S-K, ITEM 601(B)(10). SUCH EXCLUDED INFORMATION IS BOTH NOT MATERIAL AND IS THE TYPE THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL.**

**Private & Confidential**

Mr. Pablo Castanos

President and Chief Executive Officer

Golden Minerals Company

350 Indiana Street, Suite 650

Golden, Colorado

80401,

January 3, 2025

Dear Mr. Castanos:

Thank you for engaging Avisar Everyday Solutions Ltd. ("Avisar"), to provide business advisory services relating to Accounting and Financial Reporting ("the Engagement") for Golden Minerals Company ("the Company"). Our professional standards oblige us to obtain an engagement letter that clarifies the terms, nature and extent of the Engagement services we will be providing to the Company.

**Our Role as Business Advisors**

Based on our discussions regarding the Engagement, Avisar proposes to assist the Company with accounting and financial reporting tasks, as required by the Company.

***Any work required with respect to assistance with mergers, acquisitions or dispositions or any such major transactions are not included under this engagement.***

 ****

Our services will not result in the expression of an audit opinion, or any other form of assurance on the financial statements or the internal controls of the Company. Our services will not fulfill any statutory audit requirements.

*We wish to emphasize that the Engagement cannot be relied upon to prevent or detect fraud, error or other irregularities.* We stress that responsibility for the prevention and detection of fraud, error or other irregularities must remain with the Company. We will, however, inform the Company of any such matters should they come to light, and make recommendations to the Company regarding internal controls that help reduce the risk of fraud, error and other irregularities.

Avisar will use all reasonable efforts to complete the performance of the services described in this letter. However, Avisar shall not be liable for failures or delays in performance from causes within or beyond our control, including the untimely performance by the Company of their obligations.

**Role of Management**

It is understood that the Company will:

&nbsp;&nbsp;&nbsp;&nbsp;a) Provide complete and accurate financial or other information as required, in a timely manner, to facilitate the execution of the Engagement;

&nbsp;&nbsp;&nbsp;&nbsp;b) Maintain responsibility for the accuracy and completeness of the financial or other information presented to Avisar;

&nbsp;&nbsp;&nbsp;&nbsp;c) Use the information obtained from the presentations and discussions with Avisar for Company purposes only, and not distribute that
information without the explicit written consent of Avisar;

&nbsp;&nbsp;&nbsp;&nbsp;d) Understand and accept the fact that any reports, schedules, or information assessed will not be audited or independently verified
by Avisar; and

![](ex10-1_002.jpg)

![](ex10-1_001.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e) Be responsible for identifying and ensuring that the Company complies with the laws and regulations applicable to its activities.

Avisar will not be associated with the financial statements without our expressed consent.

**Fees, Terms and Security**

Our professional fees for the Engagement will be billed at hourly rates of between Cdn$120 and Cdn$235. Our fees are based on the complexity of the issues and time required by the individuals who will be working on the Engagement and are payable upon receipt. Every effort will be made to keep our time at a minimum consistent with the Engagement requirements. Any cost incurred on behalf of the Company will be billed as incurred and is payable upon receipt.

Please note that accounts unpaid 30 days past the billing date will be deemed delinquent and are subject to an interest charge of 1.5% per month (18% per annum). We reserve the right to suspend our services or withdraw from the Engagement in the event that any of our invoices are deemed delinquent. In the event that any collection action is required to collect unpaid balances due to us, the Company agrees to reimburse us for our costs of collection, including lawyers' fees. In the event that there are any outstanding fees resulting from our services, we reserve the right to exercise a lien over those records in our possession for which a lien is maintainable, including but not limited to our own working papers.

**Confidentiality**

It is acknowledged that we will have access to personal information in the Company's custody that we require to complete the Engagement.

Our services are provided on the basis that the Company represents to us that it has obtained any required consents for collection, use, and disclosure to us of personal information required under applicable privacy legislation.

**Other Items**

The aforementioned Engagement Information and attached Standard Terms and Conditions are incorporated into and form an integral part of the engagement letter.

We trust that the foregoing sets out our agreement on the matters discussed. We will be pleased to discuss these terms of the Engagement further with you at any time; particularly should the Company's requirements change in the future.

![](ex10-1_002.jpg)

![](ex10-1_001.jpg)

If you have any questions about the terms of the Engagement, please do not hesitate to contact us. In order to confirm that we have reached an understanding as to the terms of the Engagement, please sign the copy of this letter in the space provided, initial each page, and return it to our office via email.

Yours truly,

![](ex10-1_003.jpg)

**Steven Krause, CPA, CA, CPA (Illinois)**

**President**

**For Avisar Everyday Solutions Inc.**

The services set out in the foregoing letter are in accordance with our requirements. The terms set out therein are acceptable to us and are hereby understood, agreed to and will remain in effect until amended.

**Golden Minerals Company**

---

| | | | |
|:---|:---|:---|:---|
| Per: | ![](ex10-1_004.jpg) | Date: | 01/04/2025 |

---

**Avisar Everyday Solutions Inc.**

**Standard Terms and Conditions**

**1. Termination.** The Company has the right to terminate this engagement by providing 60 days' notice to Avisar Everyday Solutions Ltd. ("AVISAR"). AVISAR has the right to receive compensation for our time and expenses incurred up to the termination date. AVISAR has the right to terminate this engagement if the Company does not fulfill its obligations. Before exercising this right, AVISAR will provide the Company with 7 days' notice to remedy such breach. If AVISAR exercises its right to termination, we will not be responsible for any loss, cost or expense resulting from such permission. Without limiting our right or remedies, AVISAR has the right to suspend or terminate our services until payment is received on late invoices. If the Company changes from an hourly billing client to a monthly billing client, there is no termination payment on change.

**2. Working Papers.** AVISAR retains ownership of the copyright and all other intellectual property rights in our advice and working papers. All accounting and bookkeeping records related to the Engagement will be returned to the Company upon termination of the Engagement. We are entitled to use or develop the knowledge, experience and skills of general application gained through performing this engagement.

**3. Internet Communication.** The Company recognizes and accept the risks associated with communicating by Internet e- mail, including (but without limitation) the lack of security, the possibility of the existence of viruses, unreliability of delivery and possible loss of confidentiality and privilege. Unless the Company requests in writing that AVISAR does not use Internet e-mail, we accept no responsibility or liability in respect of risk associated with its use.

**4. Basis of Advice.** We will base our conclusion on facts and assumptions that the Company provided to us and will not independently verify this information. In rendering our advice, we will consider the applicable provisions of the Income Tax Act (Canada) (the "Act") and other relevant taxing statutes, the regulations thereunder, applicable tax treaties and judicial and administrative interpretations thereof. Our conclusions will also take into account all specific proposals to amend the Act or any other relevant statutes and treaties publicly announced prior to the date of our advice, based on the assumption that these amendments will be enacted substantially as proposed. These authorities are subject to change, retroactively and/or prospectively, and any such changes could affect the validity of our service. Our conclusions will not otherwise take into account or anticipate any changes in law or practice, by way of judicial, governmental or legislative action or interpretation. Unless otherwise specifically requested, AVISAR will not update our advice to take any such changes into account.

**5. Management Responsibility.** The Company is responsible for providing us with reasonable and timely access to all relevant data and information, and for the accuracy and completeness of all data and information provided to us. In the event of a claim by a third party relating to our services under this engagement that arises out of a deliberate or negligent misstatement or omission in any data, information or representation supplied or approved by the Company or any officer or member of the board of directors of the Company, the Company will indemnify AVISAR and its personnel from all such claims, liabilities, costs and expenses (including legal fees and disbursements). This right to indemnity will not apply to matters finally determined to have resulted from the fraudulent or intentional misconduct of AVISAR personnel in performing our services.

**6. Legal Counsel.** The Company should consult with and/or engage legal counsel for the purpose of advising on non-tax legal aspects of matters on which we provide our tax advice and drafting any legal documents and/or agreements that may be required. To the extent legal counsel or other professional service providers are required; the Company is exclusively responsible for engaging and paying such service providers.

**7. Restriction on Use.** Written advice provided by AVISAR is for internal use and information only and may not be distributed, published, made available or relied upon by any other person without our express written permission. In the event of claim by a third party relating to our services under this engagement that arises out of a breach by the Company or any of the Company's personnel of this restriction, the Company agrees to indemnify and hold harmless AVISAR and our personnel from all such claims, liabilities, costs and expenses (including legal fees and disbursements).

**8. Limitation on Liability.** AVISAR's maximum liability to the Company for any aspect of our services under this engagement will be limited to the amount of fees paid to AVISAR for such services. This limitation does not apply to matters finally determined to have resulted from the fraudulent or intentional misconduct of AVISAR personnel in performing our services. In any action, claim, loss or damage arising out of this engagement, the Company agrees that AVISAR liability will be several and not joint several. The Company may only claim payment from AVISAR of our proportionate share of the total liability based on degree of fault. In no event shall AVISAR be liable for consequential, special, indirect, incidental, punitive or exemplary damages, costs, expenses, or losses (including, without limitation, lost profits and opportunity costs). AVISAR will not be liable in respect to any decisions made by the Company as a result of our services. This paragraph shall apply regardless of the form of action, damage, claim, liability, cost, expense, or loss, whether in contract, statute, tort (including, without limitation, negligence) or otherwise.

**9. Limitation on Actions.** No action, regardless of form, arising out of this engagement, may be brought by either party more than one year after the cause of this action has accrued, except that an action for non-payment may be brought by a party not later than one year following the date of the last payment due to such party hereunder.

![](ex10-1_002.jpg)

![](ex10-1_001.jpg)

**10. Contractor.** It is understood and agreed that each party is an independent contractor and that neither party is, nor shall be considered to be, an agent, distributor or representative of each other. Neither of us shall act or represent ourselves, directly or implicitly, as an agent of the other or in any manner assume or create any obligation on behalf of, or in the name of, the other party.

**11. Survival.** Paragraphs 5, 7, 8, 9, 11 to 17 shall survive the expiration or termination of this engagement.

**12. Assignment.** Except as provided below, neither party may assign, transfer or delegate any of its rights or obligations under this engagement without the prior written consent of the other party. AVISAR may assign its rights and obligations to any affiliate or successor in interest to all or substantially all of the assets or business of the relevant AVISAR practice, without the Company's consent.

**13. Severability.** In the event that any provision of these Terms and Conditions or the attached engagement letter shall be held to be invalid, void or unenforceable, then the remainder of the Terms and Conditions and/or the attached engagement letter shall not be affected, impaired or invalidated, and each such provision shall be valid and enforceable to the fullest extent permitted by law.

**14. Entire Agreement.** These Terms and Conditions and the attached engagement letter constitute the entire agreement between ourselves concerning this engagement and supersede all other oral and written representation, understanding or agreements relating to the subject matter hereof. In the event of a conflict or inconsistency between these Terms and Conditions and the attached engagement letter, these terms and conditions shall prevail.

**15. Governing Law.** These Terms and Conditions and the attached engagement letter are governed by the laws of the Province of British Columbia.

**16. Dispute Resolution.** The Company agrees that any dispute that may arise regarding the meaning, performance or enforcement of this engagement will, prior to resorting to litigation, be submitted to mediation, and the Company will engage in the mediation process in good faith once a written request to mediate has been given by any party to the engagement. Any mediation initiated as a result of this engagement shall be administered within the Province of British Columbia, according to its mediation rules, and any ensuing litigation shall be conducted within such Province, according to Provincial law. The results of any such mediation shall be binding only upon agreement of each party to be bound. The costs of any mediation proceeding shall be shared equally by the participating parties.

**17. Costs of Responding to Government or Legal Processes.** In the event that we are required to respond to a subpoena, court order, or government agency or other legal process for the production of documents and/or testimony relative to information we obtained and/or prepared during the course of this engagement, the Company agrees to compensate us at our normal hourly rates, for the time we expend in connection with such response, and to reimburse us for all of our out-of-pocket costs (including applicable GST) incurred.

**18. AVISAR Status.** AVISAR is a corporation incorporated under the laws of the Province of British Columbia. The staff and owners of AVISAR are not personally responsible for any debts, obligations or liabilities of AVISAR as established by the laws of the Province of British Columbia. All the resources of AVISAR stand fully behind the work of all its employees and management.

![](ex10-1_002.jpg)

## Exhibit 10.2

**Exhibit 10.2**

**[\*\*\*] CERTAIN INFORMATION IN THIS DOCUMENT HAS BEEN EXCLUDED PURSUANT TO REGULATION S-K, ITEM 601(B)(10). SUCH EXCLUDED INFORMATION IS BOTH NOT MATERIAL AND IS THE TYPE THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL.**

**PURCHASE AND SALE CONTRACT WITH RESPECT TO A SHARE**

**REPRESENTATIVE OF THE CAPITAL OF SOCIEDAD MINERA CORDILLERAS, S. DE R.L. DE C.V.**

**PURCHASE AND SALE AGREEMENT WITH RESPECT TO A SHARE** OF THE CAPITAL STOCK OF THE COMPANY CALLED **MINERA DE CORDILLERAS, S. DE R.L. DE C.V.,** HEREINAFTER THE **"CONTRACT",** ENTERED INTO ON THE ONE HAND BY THE COMPANY CALLED **GOLDEN MINERALS SERVICES CORPORATION,** HEREINAFTER REFERRED TO AS THE **"SELLER",** REPRESENTED IN THIS ACT BY MR. **JORGE EMILIO GARCÍA NAVA** AND ON THE OTHER HAND, THE COMPANY CALLED **EMPRESA Y CAPITAL, S.A.P.I. DE C.V.**, HEREINAFTER REFERRED TO AS THE **"BUYER",** REPRESENTED HEREIN BY MR. **JESÚS MARTE VINICIO ZATARIN CHÁVEZ;** LIKEWISE, THE FOLLOWING APPEAR: **(I)** THE COMPANY CALLED **MINERA DE CORDILLERAS, S. DE R.L. DE C.V.**, HEREINAFTER REFERRED TO AS THE **"COMPANY"** OR THE **"ISSUER"** INDISTINCTLY, REPRESENTED HEREIN BY MR. **JORGE EMILIO GARCÍA NAVA;** COLLECTIVELY**, THE "SELLER"** AND THE **"BUYER"** SHALL BE REFERRED TO AS THE **"PARTIES"**; AND **(II) GMC EQUIPOS MEXICO, S.A. DE C.V.** , HEREINAFTER REFERRED TO AS THE **"GUARANTOR",** REPRESENTED IN THIS ACT BY MR. **JORGE EMILIO GARCÍA NAVA**, WHO AGREES TO BE SUBJECT TO THE FOLLOWING BACKGROUND, DECLARATIONS AND CLAUSES.

**A N T E C E D E N T E S**

**I.** By means of public instrument number 42,114 (forty-two thousand
one hundred and fourteen) dated November 9 (nine) 1994 (one thousand nine hundred and ninety-four), granted before Mr. Javier del Valle
Palazuelos, holder of Notary Public number 61 (sixty- one) of the Federal District now Mexico City, the company was constituted as a
commercial company called MINERA DE CORDILLERAS, S.A. DE C.V. whose first original was duly registered under commercial folio number
344264 (three, four, four, two, six, four) in the Public Registry of Commerce of its registered office; and also registered in the Federal
Taxpayers Registry with the code **MCO-941109-LQ2**.

**II.** Subsequently, the company was transformed into a limited
liability company, called MINERA DE CORDILLERAS, S. DE R.L. DE C.V., which is evidenced by public instrument number 531 (five hundred
and thirty-one) dated December 14 (fourteen) of December 1994 (nineteen hundred and ninety-four), granted before Mr. José Luis
Villavicencio Castañeda, holder of Notary Public number 218 (two hundred and eighteen) of the Federal District, now Mexico City,
and which was duly registered in the Public Registry of Commerce of its registered office.

**III.** The **"COMPANY"** declares that the entries,
notes and information that is recorded and recorded in the minutes book of the shareholders' meeting, the register of partners or shareholders
and the book of variations of the capital of said "**COMPANY",** correctly and accurately reflect its legal and corporate
situation, as well as the current integration of the share capital.

**Page 1 of **33**

**PURCHASE AND SALE CONTRACT WITH RESPECT TO A SHARE**

**REPRESENTATIVE OF THE CAPITAL OF SOCIEDAD MINERA CORDILLERAS, S. DE R.L. DE C.V.**

**D E C L A R A C I O N E S**

I. The "SELLER" declares through its legal representative
and under oath to tell the truth, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**i.** It is a legal entity duly incorporated under the laws of the
State of Delaware, as evidenced by its certificate of incorporation and certificate of merger, dated January 2, 2013, issued by the Delaware
Secretary of State.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**ii.** Its legal representative has the sufficient and necessary
powers to bind its client under the terms of this **"CONTRACT",** which to date have not been revoked or limited in any
way, as evidenced by Public Instrument number 32,774, which contains the notarization of a power of attorney granted abroad by the **"SELLER",** before the faith of Guillermo Aarón Vigil Chapa, Holder of Notary Public number 247 of Mexico City, dated December 19, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**iii.** For the purposes of this **"CONTRACT",** it
indicates as its domicile the one located at **1312 17th St. Unit #2136, Denver, 80202, United States of America.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**iv.** As a partner of the **"COMPANY",** he/she has
the necessary and sufficient legal capacity to enter into this **"CONTRACT".** This "**CONTRACT"** and the
execution of the transactions contemplated in this "**CONTRACT"** have been previously authorized by all necessary corporate
actions by the **"SELLER".** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**v.** He is the owner and therefore legitimate owner, of 1 (one)
share of the company with a value of $49,998.00 (forty-nine thousand nine hundred and ninety-eight pesos 00/100 M.N.) in the fixed capital
and $367,415,055.00 (three hundred and sixty-seven million four hundred fifteen thousand fifty-five pesos 00/100 M.N.) in the variable
capital (hereinafter **"THE SOCIAL PART"),** which is representative of 88.17910% of the capital stock of the **"COMPANY",** which is not subject to encumbrance, usufruct or limitation of ownership or possession of any kind.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**vi.** It is his will to transfer to the **"BUYER",** by
means of this instrument, the full ownership of **"THE SOCIAL PART",** of which he is the legitimate owner and proprietor,
which has been mentioned in paragraph v. (fifth) above, with all that in fact and by law corresponds to them.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**vii.** The transfer of **"THE SOCIAL PART"** includes
the mining concessions listed below (hereinafter **"THE CONCESSIONS INCLUDED") "** as is, where they are, with all their
defects" and all administrative, fiscal, labor and/or environmental responsibilities, prior to and after the date of signing of
this **"CONTRACT".** The "**BUYER"** acknowledges and accepts that the concession called "TEYRA"
with title number 230878, is currently canceled and in the process of defense to declare said cancellation null and void before the corresponding
Administrative Court and that there is no guarantee that said Court will declare the nullity of said cancellation. Any process of defense
of the mining concession must be continued by the "**BUYER"** at its own
risk and cost and in this act releases the "**SELLER" from any responsibility**.

**Page 2 of **33**

**PURCHASE AND SALE CONTRACT WITH RESPECT TO A SHARE**

**REPRESENTATIVE OF THE CAPITAL OF SOCIEDAD MINERA CORDILLERAS, S. DE R.L. DE C.V.**

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>Concession Name</u>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>Title Number</u>** | **<u>Validity</u>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **<u>Surface area</u>**<br> **<u>(Has.)</u>** |
| &nbsp;&nbsp;RED. SANTA ISABEL | 246649 | 17 September 2052 | 250.0000 |
| &nbsp;&nbsp;RUBY ESMERALDA | 217863 | 17 September 2052 | 129.4619 |
| &nbsp;&nbsp;THE TEYRA | 230878 | 25 October 2057 | 144.2600 |
| &nbsp;&nbsp;THE CRUSHED FRACC.1 | 237652 | 19 April 2061 | 156.9209 |
| &nbsp;&nbsp;THE CRUSHED FRACC.2 | 237653 | 19 April 2061 | 54.0478 |

---

Of the **"CONCESSIONS INCLUDED"** listed above, **ANNEX H** is added, which will include, of them, a list that lists the semi-annual payments, statistical reports of January of each year and work verifications of the last 5 five years, specifically the **"PAYMENTS OF MINING RIGHTS OF THE LAST 5 YEARS, WITH THE EXCEPTION OF THE PAYMENTS OF RIGHTS OF THE FIRST HALF OF 2025, WHICH ARE PENDING PAYMENT AND WILL BE THE OBLIGATION AND RESPONSIBILITY OF THE "BUYER" FROM THE SIGNING OF THIS "CONTRACT", THE ANNUAL STATISTICAL REPORTS OF THE LAST 5 YEARS, WITH THE EXCEPTION OF THE STATISTICAL REPORT CORRESPONDING TO THE YEAR 2024, WHICH MUST BE SUBMITTED EXTEMPORANEOUSLY AND WILL BE THE RESPONSIBILITY OF THE "BUYER" ONCE IT HAS SIGNED THIS "CONTRACT" AND THE WORK CHECKS OF THE YEARS 2019, 2020, 2021, 2022 and 2023".** In this order, the list with the list of the above receipts will make up said annex, since the documents referred to in such list have been made available to the **"BUYER"** with due anticipation and will be delivered in physical form, by the **"SELLER",** after the signing of this document, together with the rest of the original documentation of the **"COMPANY".** for which it will be recorded, in due course, with the delivery-receipt certificate signed by the **"PARTIES".**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**viii.** It informed and provided in a timely manner, all the information and documentation requested by the **"BUYER",** regarding the legal and financial situation of the **"COMPANY",** stating that said information is truthful and correct
as of this date in all its relevant aspects.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**ix.** Under oath to tell the truth, that its resources and/or assets, as well as **"THE SOCIAL PART"** subject matter of this **"CONTRACT",** do not come directly or indirectly from illegal activities or from any other activity
or act that could favor the actualization of the alleged crimes of financing terrorism or resources of illicit origin. As well as those
rights or assets that will be used to solve or fulfill the object of this instrument do not originate, update or resemble the illicit
contemplated in Article 400-Bis of the Federal Criminal Code.

**Page 3 of **33**

**PURCHASE AND SALE CONTRACT WITH RESPECT TO A SHARE**

**REPRESENTATIVE OF THE CAPITAL OF SOCIEDAD MINERA CORDILLERAS, S. DE R.L. DE C.V.**

II. The "BUYER" declares through his legal representative and under oath to tell the truth, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**i.** It is a legal entity, of Mexican nationality, with the legal capacity to contract and to enter into this
contract, as evidenced by public deed number 19,657, dated August 18, 2010, granted before the faith of Mr. José Manuel Magallón
Osuna, Notary Public number 147 with practice in Mazatlán, State of Sinaloa, which was constituted in this instrument as a Civil
Society, being duly registered in volume XXIII, section III under number 114 of September 30, 2010, in the Public Registry of Property
and Commerce.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**ii.** Subsequently, it was transformed into a Variable Capital Investment Promotion Company, through instrument
number 25,057, dated March 6, 2014, granted before the faith of Mr. José Manuel Magallón Osuna, Notary Public number 147
with practice in Mazatlán, State of Sinaloa, which was duly registered in the Public Registry of Property and Commerce of Mazatlan.
Sinaloa, on March 31, 2014, under folio number 20945-2.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**iii.** Its legal representative has the sufficient and necessary powers to bind its client under the terms of
this **"CONTRACT",** which to date have not been revoked or limited in any way, as evidenced by Public Deed number 3,368
(three thousand three hundred and sixty-eight), granted before the faith of Paloma María Magallón Osuna, Notary Public of
the State number 219 (two hundred and nineteen) with practice in the city of Mazatlán, Sinaloa, which was duly registered, in the
Public Registry of Property and Commerce of Mazatlán, Sinaloa, under the electronic mercantile folio number 20945, dated January
14, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**iv.** Its Federal Taxpayer Registry is **ECA100818MQ5**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**v.** For the purposes of this **"CONTRACT"** it indicates as its domicile the one located at **Avenida Rafael Buena number 313, Interior 3, Colonia Lomas de Mazatlán, C.P. 82110 in the city of Mazatlán, Sinaloa, Mexico.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**vi.** It is interested in acquiring from the **"SELLER",** by means of this instrument, the ownership
and full ownership, free of all encumbrances, of **"THE SOCIAL PART"** referred to in subsection v. of the respective declarations
of the **"SELLER",** including **"THE CONCESSIONS INCLUDED", "** AS IS, WHERE THEY ARE, WITH ALL THEIR DEFECTS"
AND ALL THE RESPONSIBILITIES OF AN ADMINISTRATIVE, FISCAL, LABOR AND/OR ENVIRONMENTAL NATURE, prior to and after the date of signing of this **"CONTRACT".** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**vii.** It has sufficient resources to acquire from the **"SELLER" "THE SOCIAL PART".** 

**Page 4 of **33**

**PURCHASE AND SALE CONTRACT WITH RESPECT TO A SHARE**

**REPRESENTATIVE OF THE CAPITAL OF SOCIEDAD MINERA CORDILLERAS, S. DE R.L. DE C.V.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**viii.** Under oath to tell the truth, that its resources and/or assets, subject matter of this "**CONTRACT",** do not come directly or indirectly from illicit activities or any other activity or act that could favor the actualization of the
alleged crimes of financing terrorism or resources of illicit origin. As well as those rights or assets that will be used to solve or
fulfill the object of this instrument do not originate, update or resemble the illicit contemplated in Article 400-Bis of the Federal
Criminal Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**ix.** Enter into this **"CONTRACT"** and purchase **"THE SOCIAL PART"** with <u>ALL THE RIGHTS AND OBLIGATIONS INCORPORATED</u> to **"THE SOCIAL PART"** and to the **"COMPANY"** including **"THE CONCESSIONS INCLUDED"** and on the understanding that the activity of **"THE COMPANY"** and **"THE CONCESSIONS INCLUDED"** are accepted "as is, where they are, with all their defects" and all responsibilities of an administrative,
fiscal, labor and/or environmental nature, before and after the date of signing this **"CONTRACT".** Neither **"SELLER"** nor any other person is making any express or implied representations or warranties with respect to **"THE SOCIAL PART", "THE INCLUDED GRANTS"** and **the "COMPANY"** or otherwise, and **"SELLER"** disclaims any other representations
or warranties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**x.** It has carried out a purchase audit, considering the results during the conduct of said purchase audit,
and considering the Declarations of the **"SELLER"** provided for in Chapter I, it is its desire to acquire **"THE SOCIAL PART"** including **"THE CONCESSIONS INCLUDED"** "as is, where they are, with all its defects" and
all responsibilities of an administrative nature, tax, labor and/or environmental, before and after the date of signing of this **"CONTRACT".** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**xi.** You understand and accept that the purchase and sale of **"LA PARTE SOCIAL"** does not include
the mining concessions described in  **<u>ANNEX A</u>** (the **"EXCLUDED CONCESSIONS").** Thus, it does not understand
or be responsible for it, so that the **"SELLER"** hereby releases the **"BUYER"** from all administrative,
fiscal, labor and/or environmental responsibilities, prior to and after the date of this **"CONTRACT"** in everything related
to the **EXCLUDED CONCESSIONS.** 

III. The "COMPANY" declares, through its legal representative and under oath to tell the truth, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**i.** It is a commercial company duly constituted in accordance with the laws of the United Mexican States,
as evidenced by public deed number 42,114 (forty-two thousand one hundred and fourteen) dated November 9 (nine) 1994 (one thousand nine
hundred and ninety-four), executed before Mr. Javier del Valle Palazuelos, holder of Notary Public number 61 (sixty-one) of the Federal
District now Mexico City, whose first original was duly registered under commercial folio number 344264 (three, four, four, two, six,
four) in the Public Registry of Commerce of its registered office.

**Page 5 of **33**

**PURCHASE AND SALE CONTRACT WITH RESPECT TO A SHARE**

**REPRESENTATIVE OF THE CAPITAL OF SOCIEDAD MINERA CORDILLERAS, S. DE R.L. DE C.V.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**ii.** Subsequently, it was transformed into a Limited Liability Company with Variable Capital, called MINERA
DE CORDILLERAS, S. DE R.L. DE C.V., by means of instrument number 531, dated December 14, 1994, granted in the presence of Mr. José
Luis Villaciencio Castañedo, holder of Notary Public number 218, of the Federal District, now Mexico City, which was duly registered
in the Public Registry of Property and Commerce of its registered office.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**iii.** Its legal representative has sufficient powers to bind its client under the terms of this **"CONTRACT",** which to date have not been revoked or limited in any way, as evidenced by Public Deed 32,602, dated December 5, 2024, granted in
the presence of Mr. Guillermo Aaron Vigil Chapa, Notary Public 247, with practice in Mexico City, which was duly registered, in the Public
Registry of Property and Commerce of Mexico City, under electronic mercantile folio number 344264, dated February 24, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**iv.** That its Federal Taxpayer Registry is: **MCO-941109-LQ2**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**v.** That for the purposes of this **"CONTRACT"** it indicates as its domicile the one located
at **Calle Río de la Plata No. 1580, Col. Magdalenas, C.P. 27010, Torreón, Coahuila, Mexico**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**vi.** That the content of the shareholders' meeting minutes book, the shareholders' or shareholders' register
book and the capital variations book accurately and truthfully reflect its current corporate situation, as well as reflect the integration
of the share capital, so there are no additional or different minutes or entries to those contained in said corporate books.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**vii.** That the internal financial statements as of November 30, 2024 reflect in a reasonable manner (together
with the notes included therein), the financial position and results of the **"COMPANY"** for said period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**viii.** Ratifies what was referred to by the **"SELLER"** in the chapter of their respective declarations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**ix.** On the date of signing this **"CONTRACT"** the **"COMPANY"** has an employee registered in its payroll, who is mentioned in **ANNEX B** of this **"CONTRACT"** ()"**MCO WORKER").** It is agreed to grant a special power of attorney to be granted **by "THE COMPANY"** to **Juan José Rojas Torres** and/or **Jorge Emilio García Nava** (the "**POWER OF ATTORNEY")** under the terms attached as **ANNEX C**. In this order of ideas, the **"BUYER"** is released from all liability in relation to the **"MCO WORKER",** from this act, the **"SELLER"** being obliged to release the "BUYER" **in peace and safety** from any claim of any kind that may arise in this regard, whether of an administrative, fiscal, criminal and/or labor nature, regardless of whether its origin is before or after the celebration of the this **"CONTRACT"**.

**Page 6 of **33**

**PURCHASE AND SALE CONTRACT WITH RESPECT TO A SHARE**

**REPRESENTATIVE OF THE CAPITAL OF SOCIEDAD MINERA CORDILLERAS, S. DE R.L. DE C.V.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**x.** As of the date of signing this **"CONTRACT",** the **"COMPANY"** has requested
before the Tax Administration Service (SAT) and has pending the return of an Undue Payment for the approximate amount of $169,795.00 (one
hundred and sixty-nine thousand seven hundred and ninety-five pesos 00/100 M.N.), (the **"MCO REFUND").** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**xi.** As of the date of signing this **"CONTRACT",** the **"COMPANY"** has pending
payment of the Special Mining Right in favor of the Government of Mexico for the year 2024 (two thousand and twenty-four) in the amount
of $151,749.35 (one hundred and fifty-one thousand seven hundred and forty-nine pesos 35/100), which must be paid no later than the last
business day of the month of March 2025 (two thousand and twenty-five) (the **"MCO ROYALTY").** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**xii.** The **"COMPANY"** unduly paid certain Mining Rights with respect to the mining concession
called: **"RODEO 2",** title number 241666 which resulted in the mining concession called **"RODEO 2 R 2",** title
247042 and for this reason, and after the signing of this **"CONTRACT"** it will request before the Tax Administration Service
(SAT) the refund of the corresponding Undue Payment, the amounts of which will be determined at the time of submission of said application
or applications and will notify **the "BUYER"** in writing, for its knowledge (the **"REFUND RODEO 2").** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**xiii.** On August 28, 2024 (two thousand and twenty-four), as guarantor of the indemnity obligations assumed by
the SELLER **(**in said contract) in favor of the BUYER (in said contract), 4 (four) share purchase and sale agreements with respect
to the shares of the company called Minera Labri, S.A. de C.V. (the **"LABRI CONTRACTS").** In terms of the **"LABRI CONTRACTS"** the guarantee granted by the **"COMPANY"** will remain in full force and effect as of August 28 (twenty-eight)
of 2024 (two thousand and twenty-four) and for a period of 24 (twenty-four) months from that date, under the same terms, conditions and
limitations established in the **"LABRI CONTRACTS".** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**xiv.** On November 22 (twenty-two) of November 2024 (two thousand and twenty-four) it entered into a contract
for the assignment of rights with respect to 100% (one hundred percent) of the rights and ownership of the following mining concessions,
in favor of the company called Girgar Operaciones, S.A. de C.V., whose registration is in the process of being registered with the Public
Mining Registry due to the recent granting of its granting (hereinafter **"THE YOQUIVO CONCESSIONS"):** 

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>Concession Name</u>** | **<u>Title Number</u>** |
| &nbsp;&nbsp;THE DOLLAR | 214876 |
| &nbsp;&nbsp;THE CUP | 223499 |
| &nbsp;&nbsp;SAN FRANCISCO DE YOQUIVO | 220851 |
| &nbsp;&nbsp;THE GIRL | 217475 |
| &nbsp;&nbsp;PAINS | 216491 |
| &nbsp;&nbsp;THE RESTORER | 217476 |
| &nbsp;&nbsp;HOPE | 218071 |

---

**Page 7 of **33**

**PURCHASE AND SALE CONTRACT WITH RESPECT TO A SHARE**

**REPRESENTATIVE OF THE CAPITAL OF SOCIEDAD MINERA CORDILLERAS, S. DE R.L. DE C.V.**

Additionally, there is a prior application for registration in the Public Mining Registry ("**RPM**") submitted by the **"COMPANY"** with folio number 600UCAE-2023-269, dated January 12, 2023, registered under file 11/2023, by virtue of which the application for registration of a certain contract for the assignment of rights dated December 19, 2022 entered into between the **"COMPANY"** was filed with said Registry as purchaser and Messrs. Jesús Antonio Parra Quezada and Emiliano Hurtado Montaño and Ms. María Blanca Esthela Parra Quezada and María del Carmen Parra Quezada with respect to the La Esperanza mining concession, title 218071, issued on October 2, 2002, located in the municipality of Ocampo, Chihuahua, with an area of 68, 0000 hectares, registered under minute 331, on page 166 of volume 331 of the RPM Concession Book and the **"COMPANY"** undertook to help the company called Girgar Operaciones, S.A. de C.V. to obtain the registration of said contract of assignment of rights and/or where appropriate to transfer the ownership of the La Esperanza Concession, title 218071 in terms of the contract for the assignment of rights of **"LAS CONCESIONES YOQUIVO",** through the granting of a special irrevocable power of attorney to be granted **by "THE COMPANY"** to Messrs. **José Enrique Rodríguez del Bosque, Luigi Iacobi Pontones Brito** and **Oscar Sandoval Benítez** and Mrs. **Olga Patricia Martínez Pérez** and **Rosa Valeria Bustamante Olivares** (the **"PODER ESPERANZA")** in the terms included as **EXHIBIT D**. In this order of ideas, the **"BUYER"** is released from all liability in relation to the **"YOQUIVO CONCESSIONS",** from this act, the **"SELLER" being obliged** to release him in peace and safe from **the "BUYER"** from any claim of any kind that may arise in this regard, whether of an administrative, fiscal, labor and/or environmental nature, regardless of whether its origin is before or after the execution of this **"CONTRACT".**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**xv.** Currently there is an environmental liability of the Rodeo
Project, of which the **"COMPANY" is the owner**, said environmental liability must be transferred to the company called **GMC EQUIPOS MEXICO, S.A. de C.V.** for which **"THE COMPANY"** shall grant a special power of attorney to Messrs. **Jorge Emilio García Nava, Sergio Raúl Gutiérrez Reyes, Eduardo Rosales Pérez, Miguel García Fernández, Juan Manuel Coronado Ávila and Patricia Vivar Zirate** (the **"ENVIRONMENTAL POWER"),** the scope and limitations
of which are detailed in **ANNEX F** hereto.

**Page 8 of **33**

**PURCHASE AND SALE CONTRACT WITH RESPECT TO A SHARE**

**REPRESENTATIVE OF THE CAPITAL OF SOCIEDAD MINERA CORDILLERAS, S. DE R.L. DE C.V.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**xvi.** On March 20, 2025, it entered into a loan agreement with
the commercial company called **EMPRESA Y CAPITAL, S.A.P.I. DE C.V.**, for the total amount of $5,000,000.00 (five million pesos 00/100 M.N.) (the "**EYC LOAN** ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**xvii.** It is the holder of the mining concessions described in  **<u>ANNEX A</u>** (the **"EXCLUDED CONCESSIONS")** which are not part of the purchase and sale of **"THE SOCIAL PART".** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**xviii.** It is your wish to enter into this **"CONTRACT"** under the terms and conditions agreed herein.

IV. The "GUARANTOR" of the "SELLER", through its legal representative and under oath of telling the truth, declares
that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**i.** It is a legal entity duly constituted in accordance with Mexican legislation, as evidenced by public deed
number 20,829 granted before the faith of Mr. Guillermo Aarón Vigil Chapa, Holder of Notary Public number 247 of Mexico City, dated
April 12, 2019 and registered in the Public Registry of Commerce of its registered office under the electronic commercial folio N-2019039629.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**ii.** Its legal representative has the sufficient and necessary powers to bind its client under the terms of
this **"CONTRACT",** which to date have not been revoked or limited in any way.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**iii.** Its Federal Taxpayer Registry is **GEM-190412-IG3**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**iv.** For the purposes of this **"CONTRACT",** its domicile is located at **Calle Río de la Plata No. 1580, Col. Magdalenas, C.P. 27010, Torreón, Coahuila, Mexico**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**v.** It is your wish to appear at the execution of this **"CONTRACT"** to act as **"GUARANTOR"** of the **"SELLER"** against the **"BUYER"** solely and exclusively with respect to the indemnification obligations
established in Clause **5 BIS (B)** of this **"CONTRACT",** as detailed below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**vi.** Under oath to tell the truth, that its resources and/or assets, as well as **"THE SOCIAL PART"** subject matter of this **"CONTRACT",** do not come directly or indirectly from illicit activities or from any other activity
or act that could favor the actualization of the alleged -crimes- of financing terrorism or resources of illicit origin. As well as those
rights or assets that will be used to solve or fulfill the object of this instrument do not originate, update or resemble the illicit
contemplated in Article 400-Bis of the Federal Criminal Code.

**Page 9 of **33**

**PURCHASE AND SALE CONTRACT WITH RESPECT TO A SHARE**

**REPRESENTATIVE OF THE CAPITAL OF SOCIEDAD MINERA CORDILLERAS, S. DE R.L. DE C.V.**

V. The
 "PARTIES" and the "COMPANY", through their respective legal representatives, jointly
 declare under oath to tell the truth, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**i.** They mutually recognize the personality and character with which they respectively hold each other at
the conclusion of this **"CONTRACT".** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**ii.** The execution of this **"CONTRACT"** does not violate or transgress any type of contract
and/or agreement previously entered into, and they declare that there is no bad faith, fraud, error, deception or any other vice of consent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**iii.** The conclusion of the **"CONTRACT"** is the desire of the "**PARTIES"** and the **"COMPANY"** to suit their interests.

In addition to all of the above, the **"PARTIES"** and the **"COMPANY"** declare that they mutually recognize the capacity and personality under which they appear at the signing of this instrument and assume as true the above statements subject to the tenor of the following:

**C L Á U S U L A S:**

1. Purpose.

**1.1.** The **"SELLER",** transfers the full ownership, to **the "BUYER**", of **"THE SOCIAL PART",** issued by the **"COMPANY",** through the figure of sale, free of any charge, lien, through a certain and determinable price in money, through which he transfers the character of partner and, with it, will acquire all the rights and obligations inherent and derived from it; including but not limited to payment of the **"EYC LOAN",** under the terms and conditions provided for in the respective loan agreement.

**1.2.** The "**SELLER"** and "**BUYER"** agree to work together so that the **"SELLER"** can conclude the following topics as soon as possible. The **"BUYER"** will provide all the necessary support so that the following issues can be concluded by the "**SELLER"**:

**FIRST:** The liquidation of the **"MCO WORKER"** by the **"COMPANY",** through the signing of the necessary settlement agreement and the deregistration of the **"MCO WORKER"** before the corresponding labor authorities. In this regard, the **"SELLER"** undertakes to deliver to the **"BUYER"** all the original documents related to the worker's severance pay and the proof of his or her withdrawal before all the corresponding authorities. The name of the worker is integrated as **ANNEX B** to form an integral part of this **"CONTRACT".** The **"BUYER"** is released from all liability in relation to the **"MCO WORKER",** from this act, and the **"SELLER" is obliged** to release him in peace and safe from **the "BUYER"** from any claim of any kind that may arise in this regard, whether of an administrative, fiscal and/or labor nature, regardless of whether its origin is before or after the execution of this document. **"CONTRACT".**

**Page 10 of **33**

**PURCHASE AND SALE CONTRACT WITH RESPECT TO A SHARE**

**REPRESENTATIVE OF THE CAPITAL OF SOCIEDAD MINERA CORDILLERAS, S. DE R.L. DE C.V.**

**SECOND:** The substitution of the **"COMPANY"** in the **"LABRI CONTRACTS"** as guarantor of the indemnity obligations assumed by the "**SELLER" (**in said contract) in favor of the **"BUYER"** (in said contract), through the signing of the necessary amending agreements. In this order, the **"SELLER"** undertakes to deliver to the **"BUYER" a** certified copy of said modification or termination agreements, as the case may be, undertaking to leave it in peace and safety and release it from all liability in this regard.

**THIRD.** The transfer by the **"BUYER"** of 100% (one hundred percent) of the ownership of the **"EXCLUDED CONCESSIONS"** in favor of the company called **GMC EQUIPOS MEXICO, S.A. de C.V.**

**1.3** The **"SELLER"** does not make any representation or guarantee, except as expressly indicated in numeral I of the chapter on Declarations and Clause 4, regarding the financial, legal, tax, operational, administrative or any other nature condition of the **"COMPANY".**

**1.4** The **"BUYER"** acquires the full ownership of **"THE SOCIAL PART",** under the terms and conditions agreed in this **"CONTRACT",** excluding the **"EXCLUDED CONCESSIONS",** and all responsibility and obligation in this regard, of everything related to said **"EXCLUDED CONCESSIONS",** with the **"MCO WORKER",** the **"YOQUIVO CONCESSIONS"** and the **"LABRI CONTRACTS",** except for the commitment to grant the powers of attorney under the terms agreed herein.

**1.5** In the event that, after the signing of this **"CONTRACT",** the **"BUYER**", the **"SELLER"** or the **"COMPANY"** identify that there is any asset that by mistake or involuntary omission continues to be the property of the **"COMPANY"**; the **"BUYER"** and the **"COMPANY"** undertake to transfer ownership and make the material and legal delivery of said asset to the **"SELLER"** or to whomever the **"SELLER"** indicates in writing, at a price equivalent to $1.00 (one peso 00/100, legal tender in the United Mexican States) or for a value determined by the **"SELLER".** The **"SELLER"** will assume any risk that may arise from carrying out the operation under these terms.

**1.6** The **"PARTIES"** acknowledge and agree that (i) the **"EXCLUDED CONCESSIONS"** indicated in **<u>ANNEX A</u>** are not part of the purchase and sale of **"THE SOCIAL PART"** agreed herein and will therefore be transferred to the company called **GMC EQUIPOS MEXICO, S.A. de C.V.**; and (ii) by virtue of the fact that the registration of the assignment of mining concessions before the **"RPM"** and the processing of the **"RETURN RODEO 2"** before the SAT, take some time, the **"PARTIES"** agree to grant a special irrevocable power of attorney in favor of Messrs. **Jorge Emilio García Nava, Miguel García Fernández, Juan Manuel Coronado Ávila and Patricia Vivar Zirate** (the "**PODER RODEO**") whose scope and limitations are detailed in **ANNEX E** hereto.

**Page 11 of **33**

**PURCHASE AND SALE CONTRACT WITH RESPECT TO A SHARE**

**REPRESENTATIVE OF THE CAPITAL OF SOCIEDAD MINERA CORDILLERAS, S. DE R.L. DE C.V.**

**1.7** The **"BUYER"** or, if necessary, the **"COMPANY",** agree to grant the **"SELLER"** a special power of attorney in favor of Messrs. **Jorge Emilio García Nava, Miguel García Fernández, Juan Manuel Coronado Ávila and Patricia Vivar Zirate** (the "**POWER of ATTORNEY")** so that any of them may carry out all those procedures that due to involuntary omission were not considered herein **"CONTRACT",** as a result of the transfer of **"THE SOCIAL PART"** the **"SELLER",** the following are mentioned in an enunciative but not limited manner: contracts with consultants, suppliers or service providers, commercial services which may include (electricity, drinking water supply, telephone services, etc.). The power of attorney will also authorize Messrs. **Jorge Emilio García Nava, Miguel García Fernández, Juan Manuel Coronado Ávila and Patricia Vivar Zirate** so that, any of them on behalf of the **"SELLER**", continue to follow up on any procedure or requirement before any authority or government agency to request any benefit or refund that the **"SELLER"** has been requested or carried out prior to this operation and that at the signing of this **"CONTRACT"** has not yet been resolved. In the event that the obligations referred to in this paragraph are assigned, all taxes and expenses that are generated will be the sole responsibility of the **"SELLER".** The scope and limitations for this power of attorney are specified in **ANNEX G** hereto.

The **"PARTIES"** agree and agree to maintain in force, for a period of 90 calendar days, counted from the **"EFFECTIVE DATE",** the general power of attorney granted in favor of Mr. Jorge Emilio García Nava ("**JORGE GARCÍA POWER of ATTORNEY"),** in terms of public deed number 15,421 dated June 2, 2016, executed in the faith of Mr. Guillermo Aarón Vigil Chapa, holder of the Notary Public number 247 of Mexico City and with the sole purpose of concluding any of the pending procedures and in the name of the **"COMPANY".** A simple copy of the **"POWER OF ATTORNEY JORGE GARCÍA"** is included in **ANNEX I** hereto.

Additionally, the **"PARTIES"** agree and agree to keep in force, the special power of attorney granted in favor of Transformaciones y Servicios Metalúrgicos, S.A. de C.V. and/or their designated attorneys-in-fact, Messrs. Francisco Silveyra Aria and Francisco Rafael Silveyra Márquez ("**TSM SILVEYRA POWER OF ATTORNEY"),** in terms of public deed number 29,927 dated November 30, 2023, granted in the presence of Mr. Guillermo Aarón Vigil Chapa, holder of Notary Public No. 247 of Mexico City and limited solely and exclusively to the mining concessions included in the Agreement for the Assignment of Mining Rights, entered into by and between Transformaciones y Servicios Metalúrgicos, S.A. de C.V. and the **"COMPANY"**, which are described below: "SANTA MARÍA", title number 216532; "PUNTO COM", title number 228022; "MARÍA", title number 226591; "MARTIA III", title number 231703; and "MARÍA II FRACC. I", title number 230200. A simple copy of the **"TSM SILVEYRA POWER OF ATTORNEY"** is included in **ANNEX J** hereto

**1.8** As a result of the above, the **PARTIES agree to** include the aforementioned powers of attorney in the points to be considered, and where appropriate, approved, at the Meeting where the transfer of the corporate part subject to this contract is recognized. These powers are listed below for greater clarity and benefit to both **"PARTIES"**:

&nbsp;&nbsp;&nbsp;&nbsp;**a)** The **"POWER OF ATTORNEY"** – EXHIBIT
C

&nbsp;&nbsp;&nbsp;&nbsp;**b)** The **"POWER OF HOPE"** – ANNEX D

&nbsp;&nbsp;&nbsp;&nbsp;**c)** The **"RODEO POWER"** – ANNEX E

&nbsp;&nbsp;&nbsp;&nbsp;**d)** The **"ENVIRONMENTAL POWER"** – ANNEX
F

&nbsp;&nbsp;&nbsp;&nbsp;**e)** The **"POWER OF ATTORNEY"** – ANNEX G

**Page 12 of **33**

**PURCHASE AND SALE CONTRACT WITH RESPECT TO A SHARE**

**REPRESENTATIVE OF THE CAPITAL OF SOCIEDAD MINERA CORDILLERAS, S. DE R.L. DE C.V.**

The powers referred to in this Clause shall be granted by the **"COMPANY"** on the **"EFFECTIVE DATE"** as approved by the Meeting, and the **"SELLER"** shall assume the costs of the notary fees related to the granting and, where appropriate, registration of such powers.

**1.9** The **"PARTIES"** agree that the "**BUYER"** will be responsible for paying the **"MCO ROYALTY"** and collecting the "**MCO REFUND",** the difference between the **"MCO ROYALTY"** and the "**MCO REFUND",** i.e. the amount of $18,000.00 (Eighteen thousand Mexican pesos) will be paid to the **"SELLER"** at the time of signing this **"CONTRACT"** and additional to the price for the transmission of "**LA PARTE SOCIAL**". In the same way, and as long as the **"RETURN RODEO 2" is favorably obtained**, the "**BUYER"** is obliged to pay the company called **EQUIPOS GMC MÉXICO, S.A. de C.V.** or to the natural or legal person designated by it, the amount or amounts received in the name of the **"COMPANY"** for said Payment of the Undue Amount plus the corresponding updates at the time they occur and no later than within 10 (ten) business days from the time the **"RETURN RODEO 2"** is received in the account of the **"COMPANY".**

**1.10** The **"PARTIES"** agree that any amount in the treasury or any cash available in the cash of the **"COMPANY"** at the time of signing this **"CONTRACT",** will be added to the price for the transfer of "**THE SOCIAL PART"**

2. Price and method of payment.

2.1. As a price for the transfer of **"THE SOCIAL PART**", the **"BUYER"** undertakes to pay the **"SELLER",** the total amount of **US$45,000.00 (Forty-five thousand US dollars 00/100),** an amount that was fixed by mutual agreement by both **"PARTIES"** and that both recognize that it is its fair and real value plus any amount in the treasury and cash available on hand as of the date of this Agreement, **as well as the amount set forth in Clause 1.9.**

2.2. The **"BUYER"** hereby undertakes to pay the total price indicated in the previous paragraph, on the date of signature and ratification before a Notary Public by both parties of this "**CONTRACT**" (the "**EFFECTIVE DATE").**

2.3. The **"SELLER"** hereby instructs the **"BUYER"** to pay on the **"EFFECTIVE DATE",** the Price set forth in Clause 2.1, by electronic funds transfer, to the following bank account:

Titular: **Golden Minerals Company**

Principal Address: 350 Indiana Street, Suite 650, Golden, CO 80401

Banking Institution: BOK Financial

Banking Institution Address: International Banking Center, One Williams Center, Plaza East

Tulsa, OK 74172

SWIFT: BAOKUS44

Account: 8098296879

**Page 13 of **33**

**PURCHASE AND SALE CONTRACT WITH RESPECT TO A SHARE**

**REPRESENTATIVE OF THE CAPITAL OF SOCIEDAD MINERA CORDILLERAS, S. DE R.L. DE C.V.**

The **"SELLER"** hereby releases the **"BUYER"** from any controversy or claim that exists or may exist between the **"SELLER"** and **Golden Minerals Company** for the payment of the Price for the transfer of **"THE SOCIAL PART",** and hereby confirms that the payment received in the account indicated in this Clause and the signing of this **"CONTRACT"** in the **"EFFECTIVE DATE"** shall constitute the most effective receipt that corresponds by law.

2.4. The **"SELLER" states** that the agreed price is fair and will constitute the total payment of any right that he had for **"THE SOCIAL PART"** of the **"COMPANY"** subject matter of this **"CONTRACT".**

3. Transfer of ownership and its effects.

3.1. The **"SELLER"** (i) reserves no action or right except as indicated in this **"CONTRACT"** and; (ii) guarantees to the **"BUYER"** that **"THE SOCIAL PART"** object of the purchase and sale consigned in this instrument, has no limitation, charge or encumbrance whatsoever.

3.2. The **"SELLER"** shall transfer to the **"BUYER"** the status of partner and all the rights and obligations inherent and derived therefrom. Likewise, the **"SELLER"** and the **"BUYER"** agree that, once the payment has been made, they will cause a meeting of partners of the **"COMPANY"** to be held in which the transfer of **"THE SOCIAL PART"** is recorded and the current managers, administrators and proxies of the **"COMPANY"** are removed, except for the powers required and referred to in this Agreement, releasing them from all liability arising from the exercise of their office.

3.4. Without prejudice to the liability of "**SELLER"** under Clause 5 below, **"BUYER"** agrees to indemnify Warren Michael Rehn, Arturo Pablo Castaños Pérez, Julie Zinnecker Weedman, Telésforo Martínez Patiño and Jorge Emilio García Nava, and any affiliates, shareholders, directors, officers, employees, agents, representatives and advisors of **"SELLER"** (the "**Seller Released Parties**")."), from any future liabilities of the **"COMPANY"** and shall hold the Seller Released Parties harmless from any claim of any nature whatsoever commenced or threatened by any person or governmental authority arising out of or in connection with any operation, activity and business of the "**COMPANY"**, including, without limitation, any liability of any nature whatsoever (disclosed or undisclosed; accrued or unaccrued; contingent or absolute) of the "**COMPANY",** including, without limitation, any tax and labor obligations and obligations to suppliers and customers of the **"COMPANY".**

4. Warranties of the "SELLER" and the "COMPANY".

4.1. The **"SELLER"** and the **"COMPANY"** hereby warrant to **the "BUYER**", in addition to any representations, representations, guarantees, or obligations contained in this **"CONTRACT",** as of the date of execution of this **"CONTRACT"** that**:**

4.1.1. The background of this **"CONTRACT"** and the statements made by the **"SELLER"** and by the **"COMPANY"** are true, and they recognize that said statements and background have been the determining reason for the will of the **"BUYER"** to acquire **"THE SOCIAL PART"** object of the purchase and sale set forth in this **"CONTRACT".**

**Page 14 of **33**

**PURCHASE AND SALE CONTRACT WITH RESPECT TO A SHARE**

**REPRESENTATIVE OF THE CAPITAL OF SOCIEDAD MINERA CORDILLERAS, S. DE R.L. DE C.V.**

5. Indemnification.

&nbsp;&nbsp;&nbsp;&nbsp;**(A)**  **<u>Indemnification Obligations of the "SELLER".</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;(a) With the exception of **"THE CONCESSIONS INCLUDED"** which are accepted "as is, where is, with all its defects" and the **"BUYER"** assumes all responsibilities
of an administrative, fiscal, labor and/or environmental nature, prior to and after the date of signing of this **"CONTRACT",** from the date of signing this **"CONTRACT",** and subject to the limitations provided in this "**CONTRACT", "SELLER"** shall be responsible for and indemnify **"BUYER"** for any direct and immediate damages, penalties,
fines, penalties and/or reasonable and documented expenses (including reasonable attorneys' fees and costs) (the "Impairments")
actually incurred or suffered by "**BUYER",** resulting from or arising from:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the breach of any obligations or covenants established in this Agreement by the **"SELLER**"

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (ii) any inaccuracies, omissions, or falsehoods in the Statements of the **"SELLER"**; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) any act or omission in the management of the **"SOCIETY"** occurred or performed prior to the date of this Agreement.

The indemnification obligation of the **"SELLER"** referred to in this Clause 5 shall remain in force for a period of 24 (twenty-four) months from the date of signing the **"CONTRACT"** and shall comprise solely and exclusively the Declarations of the **"SELLER"** with respect to the **"COMPANY".**

&nbsp;&nbsp;&nbsp;&nbsp;**(B)**  **<u>Indemnification Obligations of the "BUYER".</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;(a) From the signing of this Agreement and thereafter, subject
to the limitations set forth in this Agreement, the **"BUYER"** shall be liable and indemnify the **"SELLER"** for any Impairment actually incurred or suffered by the **"SELLER",** resulting from or arising from:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the breach of any obligations or covenants established in this Agreement by the **"BUYER"**;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any inaccuracies, omissions, or falsehoods in the Statements of the **"BUYER"**; and

**Page 15 of **33**

**PURCHASE AND SALE CONTRACT WITH RESPECT TO A SHARE**

**REPRESENTATIVE OF THE CAPITAL OF SOCIEDAD MINERA CORDILLERAS, S. DE R.L. DE C.V.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) any act or omission in the management of the **"SOCIETY"** occurred or performed after the date of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;**(C)**  **<u>Complaints Procedure.</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)  **<u>Claim between the parties</u>** . In the event that
either party is required to claim liability or compensation for an Impairment from the other under this Agreement, which does not involve
a third-party claim, the party claiming liability or compensation for an Impairment shall notify the complained party in writing within
5 (five) business days after it becomes aware of the claim in question (a "Claim"), indicating the causes, amount and accompanying
the notification all the documentation available in relation to the fact or circumstance causing the liability or compensation for the
alleged impairment. The Complaining Party shall have a period of 30 (thirty) calendar days to (i) accept the terms of the Claim, and
elect to (a) remedy the alleged breach to the satisfaction of the Complaining Party or (b) pay the amount claimed as compensation; or
(ii) object to and/or reject the notified Claim.

If such Claim is not expressly accepted or remedied by the complained party within 30 (thirty) calendar days following the end of the 30 (thirty) calendar day period for its remedy, the discrepancy will be resolved in accordance with the provisions of Clause Ten.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)  **<u>Claim by a Third Party</u>** . With the exception of
claims arising from **"THE CONCESSIONS INCLUDED"** which are accepted "as is, where they are, with all their defects"
since the **"BUYER"** assumes all administrative, fiscal, labor and/or environmental responsibilities, prior to and after
the date of signing of this **"CONTRACT",** when it is a possible Impairment caused by a claim by any third party, including
any inspection or action by a governmental authority, whether administrative, judicial or extrajudicial, the indemnifying party may assume
the defense of any claim, and undertakes to exercise said right in particular in accordance with the principle of good faith and without
prejudice to the interests of the parties and/or the "**COMPANY"**. For these purposes, the following procedure will be
followed:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) As soon as the third-party claim is received (the "Notice of Impairment"), the indemnifying party must be notified within the first third of the applicable law to respond to the claim.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Notice of Impairment shall include all relevant information then held in relation to the Impairment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The indemnifying party must respond to the claim in a timely manner, taking charge of the presentation of any guarantees that are required to be granted for the defense of the corresponding claim, and of the results of the judicial or extrajudicial defense procedure with total indemnity for the indemnified party.

**Page 16 of **33**

**PURCHASE AND SALE CONTRACT WITH RESPECT TO A SHARE**

**REPRESENTATIVE OF THE CAPITAL OF SOCIEDAD MINERA CORDILLERAS, S. DE R.L. DE C.V.**

The indemnifying party, by itself or through the advisors it designates, will have free, prior and total access to all the information and documentation relating to the claim in question.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The **"COMPANY":** (i) will grant in favor of the lawyers and attorneys appointed by the indemnifying party the powers that are necessary for such purposes in relation to the object of the third-party claim, (ii) will make available to the indemnifying party and the advisors designated by it all the documentation related to the third-party claim in question, and (iii) provide, together with the other party, the collaboration reasonably necessary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) if the indemnifying party fails to defend a third party's claim, control of such third party's claim shall be assumed by the indemnified; without waiving any rights that the indemnitor may have against the indemnifying party by way of indemnification pursuant to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(D)**  **<u>Indemnity Adjustment.</u>** The Parties agree that,
if permitted by applicable law, the payment of any indemnity under this Clause is deemed to be an adjustment to the "**SOCIAL SHARE"** Price, unless otherwise agreed upon by the Parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(E)**  **<u>Moderation.</u>** The parties shall take all commercially
reasonable steps to mitigate any impairment subject to indemnification when they become aware of any fact or circumstance that could
reasonably constitute or give rise to such impairment.

 **5 BIS (A). Responsibility of the "BUYER".**

**5.1. BIS.** In addition to the provisions of Clause 5 above, the **"BUYER"** assumes responsibility exclusively with respect to the acts carried out by the BUYER, after the signing of this contract, all the obligations inherent and derived from **"THE SOCIAL PART"** representing the capital stock of the company **MINERA CORDILLERAS, S. de R.L. de C.V.** object of this **"CONTRACT",** under the character of partner in the proportion that corresponds to him, from the acquisition of the ownership of **"THE SOCIAL PART",** considering whatever its nature, and regardless of whether in one way or another the acts or facts that originate them have taken their cause after the signing of this **"CONTRACT",** therefore, the **"BUYER"** undertakes to respond under the terms and conditions that are necessary, and acquiring the right to exercise the rights in the manner that suits its interests.

 **5.2. BIS.** To this end, the **"SELLER"** ceases (if it has been so) to be jointly and severally liable under the character of partner of the **"COMPANY",** assuming said responsibility the **"BUYER",** with respect to the acts carried out by the latter after the execution of this **"CONTRACT".**

**Page 17 of **33**

**PURCHASE AND SALE CONTRACT WITH RESPECT TO A SHARE**

**REPRESENTATIVE OF THE CAPITAL OF SOCIEDAD MINERA CORDILLERAS, S. DE R.L. DE C.V.**

**5.3. BIS.** The **"BUYER"** and the **"SELLER"** hereby request the **"COMPANY"** that once the payment of the price for the transfer of the **"SHARE"** has been made, the corresponding entries are made in the corporate books of the **"COMPANY"** to reflect the transfer of **"THE SHAREHOLDER"** in favor of the **"BUYER".** The **"BUYER"** will be solely responsible for any notifications that may be required to be made to third parties or governmental authorities derived from the sale of **"THE SOCIAL PART"** under this **"CONTRACT".**

Including, but not limited to, **the "RETURN ROUND 2",** the **"BUYER"** agrees to return to the **"SELLER"** all the economic resources it receives for payments or returns, derived from any lawsuit or claim filed prior to the signing of this **"CONTRACT"** by the **"SELLER"** and the **"RETURN ROUND 2"** which will be presented after the signing of this **"CONTRACT",** and that are favorable to it. Likewise, the **"SELLER"** undertakes to pay any resulting liability to the **"COMPANY"** arising from any lawsuit or claim filed prior to the signing of this Agreement by the "**SELLER".**

**5 BIS (B). Guarantee.** "GMC EQUIPOS MEXICO, S.A. de C.V." hereby voluntarily constitutes itself as guarantor of the indemnity obligations assumed by the "SELLER" in favor of the "BUYER" solely and exclusively with respect to the liquidation of the **"MCO EMPLOYEE"** by the **"COMPANY",** the environmental liabilities of the Rodeo Project, which must be transferred to the company called **GMC EQUIPOS MEXICO, S.A. de C.V.,** and in all matters related to the **"LABRI CONTRACTS"** while the necessary agreements are entered into and in all the scope in which the **"COMPANY"** undertook by virtue of them will be supported by **GMC EQUIPOS MÉXICO, S.A. DE C.V.** This Warranty will remain in full force and effect from the date of execution of the Contract and for a period of 24 (twenty- four) months from the date of signing the Contract, under the same terms, conditions and limitations assumed by the **"SELLER".**

**6. Taxes and expenses.**

6.1. The taxes that may be generated by virtue of this **"CONTRACT"** will be paid by each of the **"PARTIES"** and/or the **"COMPANY"** that is obliged under the terms of the applicable and current legislation. All notary expenses incurred in the execution of this "**CONTRACT"** shall be borne by the "**BUYER".**

**7. Notifications and addresses.**

7.1. All notices and notifications between the **"PARTIES"** and the **"COMPANY"** must be made in writing and delivered either personally or by certified mail with acknowledgement of receipt, to the addresses indicated by each of the **"PARTIES"** and the **"COMPANY"** in their respective declarations, unless the **"PARTIES"** and the **"COMPANY"** notify their change of address at least 15 fifteen calendar days before it becomes effective.

**8. Headings.**

8.1. The **"PARTIES"** and the **"COMPANY"** agree that the headings that appear at the beginning of each of the clauses of this **"CONTRACT"** have only been inserted for reference purposes, and therefore should not be considered at any time as a means of interpreting this **"CONTRACT".**

**Page 18 of **33**

**PURCHASE AND SALE CONTRACT WITH RESPECT TO A SHARE**

**REPRESENTATIVE OF THE CAPITAL OF SOCIEDAD MINERA CORDILLERAS, S. DE R.L. DE C.V.**

**9. Modifications and full agreement.**

9.1. This **"CONTRACT"** may not be modified, except by agreement of the **"PARTIES"** granted in writing with the same formalities of this document.

9.2. This **"CONTRACT"** represents the entire agreement between the **"PARTIES"** and therefore renders null and void any other verbal or written agreement that may have existed between the **"PARTIES"** prior to this instrument.

**10. Jurisdiction, competence and applicable law.**

10.1. The **"PARTIES"** and the **"COMPANY"** agree that the interpretation, compliance and execution of this **"CONTRACT"** will be in accordance with the federal legislation in force and applicable in Mexico, and expressly submit to the competence and jurisdiction of the competent courts in Mexico City, expressly waiving any other jurisdiction that for matters of domicile, place of execution of the commission object of this **"CONTRACT",** nationality of the **"PARTIES",** or any other, may correspond to them.

10.2. The **"PARTIES"** agree that the **"CONTRACT"** and any other document contemplated in this **"CONTRACT"** will be drafted only in the Spanish language.

**11. Limitation of Liability.**

Notwithstanding anything to the contrary in this **Agreement**, in no event shall any of the **parties** , or any of their partners, shareholders, affiliates, subsidiaries, directors, officers, employees, or agents be liable for any special, incidental, indirect, exemplary, punitive, consequential, or punitive damages (including loss of profits, loss of revenue, or loss of sales) in connection with any claim, loss, damage or injury arising out of such party's conduct under this **"CONTRACT"** or for any tort liability, regardless of whether or not the breaching party was advised of the possibility of such damages.

The total liability of both parties, both the "**SELLER"** and the "**BUYER",** under this Agreement or under any non-contractual liability alleged by the parties, will be limited under equal conditions to an amount equivalent to 20% of the total agreed price, except in cases of fraud or bad faith.

The "PARTIES" **and the** "COMPANY" **are aware** of the content and scope of this **"CONTRACT",** they declare themselves in agreement with the content of this, and recognize that in the execution of this there was no fraud, error, bad faith or any other vice of consent, and ratify and sign it, the **"BUYER"** in the City of Mazatlan, Sinaloa **on the<u> </u> day of<u> </u>, 2025** and on the other hand the **"SELLER",** the **"COMPANY"** and the **"GUARANTOR"** of the **"SELLER"** in Mexico City, on **the<u> </u> day of<u> </u>2025.**

**Page 19 of **33**

**PURCHASE AND SALE CONTRACT WITH RESPECT TO A SHARE**

**REPRESENTATIVE OF THE CAPITAL OF SOCIEDAD MINERA CORDILLERAS, S. DE R.L. DE C.V.**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **THE "BUYER"**<br>**EMPRESA Y CAPITAL, S.A.P.I. DE C.V.**<br> Represented by<br> **JESÚS MARTE VINICIO ZATARIN <br> CHÁVEZ** | **THE "SELLER"**<br>**GOLDEN MINERALS SERVICES<br> CORPORATION**<br> Represented by<br> **JORGE EMILIO GARCÍA NAVA** |

---

&nbsp;&nbsp;&nbsp; **THE "SOCIETY"**<br>**MINERA DE CORDILLERAS, S. DE R.L. DE C.V.**<br>Represented by<br> **JORGE EMILIO GARCÍA NAVA**<br>

&nbsp;&nbsp;&nbsp; **THE "GUARANTOR" OF THE "SELLER"**<br>**GMC EQUIPOS MÉXICO, S.A. DE C.V.**<br> Represented by<br> **JORGE EMILIO GARCÍA NAVA**<br>

**Page 20 of **33**

**PURCHASE AND SALE CONTRACT WITH RESPECT TO A SHARE**

**REPRESENTATIVE OF THE CAPITAL OF SOCIEDAD MINERA CORDILLERAS, S. DE R.L. DE C.V.**

**ANNEX A – "EXCLUDED CONCESSIONS"**

---

| | | | |
|:---|:---|:---|:---|
| **<u>CONCESSION <br> NAME</u>** | **<u>TITLE NUMBER</u>** | **<u>LOCATION<br> (MUNICIPALITY)</u>** | **<u>SURFACE AREA<br> (HAS.)</u>** |
| &nbsp;&nbsp;RODEO R1 | 246464 | RODEO,<br> DURANGO | 521.0000 |
| &nbsp;&nbsp;RODEO 2 K2 | 247042 | RODEO,<br> DURANGO | 1344.7345 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **THE "BUYER"**<br>**EMPRESA Y CAPITAL, S.A.P.I. DE C.V.**<br> Represented by<br> **JESÚS MARTE VINICIO ZATARIN <br> CHÁVEZ** | **THE "SELLER"**<br>**GOLDEN MINERALS SERVICES<br> CORPORATION**<br> Represented by<br> **JORGE EMILIO GARCÍA NAVA** |

---

&nbsp;&nbsp;&nbsp; **THE "SOCIETY"**<br>**MINERA DE CORDILLERAS, S. DE R.L. DE C.V.**<br>Represented by<br> **JORGE EMILIO GARCÍA NAVA**<br>

**Page 21 of **33**

**PURCHASE AND SALE CONTRACT WITH RESPECT TO A SHARE**

**REPRESENTATIVE OF THE CAPITAL OF SOCIEDAD MINERA CORDILLERAS, S. DE R.L. DE C.V.**

**ATTACHMENT B – "MCO WORKER"**

**Worker's name: ERIKA PAOLA MUÑOZ MORALES**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **THE "BUYER"**<br>**EMPRESA Y CAPITAL, S.A.P.I. DE C.V.**<br> Represented by<br> **JESÚS MARTE VINICIO ZATARIN <br> CHÁVEZ** | **THE "SELLER"**<br>**GOLDEN MINERALS SERVICES<br> CORPORATION**<br> Represented by<br> **JORGE EMILIO GARCÍA NAVA** |

---

&nbsp;&nbsp;&nbsp; **THE "SOCIETY"**<br>**MINERA DE CORDILLERAS, S. DE R.L. DE C.V.**<br>Represented by<br> **JORGE EMILIO GARCÍA NAVA**<br>

**Page 22 of **33**

**PURCHASE AND SALE CONTRACT WITH RESPECT TO A SHARE**

**REPRESENTATIVE OF THE CAPITAL OF SOCIEDAD MINERA CORDILLERAS, S. DE R.L. DE C.V.**

**SCHEDULE C – "POWER OF ATTORNEY"**

**Minera de Cordilleras, S. de R.L. de C.V.** grants in favor of Messrs. **Juan José Rojas Torres and Jorge Emilio García Nava (the attorneys-in-fact),** special power of attorney, limited in terms of its purpose, so that any of them may be authorized to act as legal representative of the Company in any lawsuit or litigation initiated by or against Mrs. Erika Paola Muñoz Morales, particularly the trials under File 351/2024, Seventh Court of the Federal Labor Court of Individual Matters of the State of Coahuila with residence in Torreón; as well as in the trials filed in the Attorney General's Office of the State of Coahuila, Laguna I Delegation, and for such purposes, the attorneys-in-fact will enjoy, jointly or individually, the following powers:

**I.** General power of attorney for lawsuits and collections, under
the terms of the first paragraph of article two thousand five hundred fifty-four of the Civil Code for the Federal District (currently
Mexico City) and its correlatives of the Federal Civil Code and the Civil Codes of all the States of the United Mexican States, with
all the general and special powers that they require in accordance with the special clause law, under the terms of Article Two Thousand
Five Hundred and Eighty-Seven of the Civil Code for the Federal District (currently Mexico City), and its correlatives of the Federal
Civil Code and the Civil Codes of all the States of the United Mexican States, which includes, but is not limited to, the following:
to attend all types of hearings and the constitutional hearing in the amparo proceeding to offer and render evidence and strike out those
of the opponent; to articulate and absolve positions; to extend jurisdiction; to withdraw, even from the amparo trial; to compromise;
to engage in arbitrators; to absolve and articulate positions; to challenge; to receive payments; to recognize documents; to file criminal
complaints and complaints; to act as an adjuvant of the Public Prosecutor's Office and to grant pardon to the offended party in appropriate
cases and to execute all other acts expressly determined by law, including representing the Company before criminal, civil, administrative
and labor authorities and courts, whether federal, state or municipal.

**II.** General power of attorney for lawsuits and collections and acts of administration in labor matters, so
that the attorney-in-fact will enjoy the powers established in articles eleven, six hundred and eighty-four "E", six hundred
ninety-two, eight hundred and seventy-three "F" and eight hundred and seventy-three "H", of the Federal Labor Law,
being able to represent the principal before all kinds of unions, to attend all kinds of hearings, summonses, injunctions, compromises,
settlements, settlements, to articulate or absolve positions, to promote or withdraw from the amparo trial, to file criminal complaints
and complaints, to grant pardons, to promote the non-existence of strikes, to resolve conflicts of an economic nature, to show oneself
as an employer before the workers with the broadest powers of representation, without any limitation and without impediments of any kind,
and may even appear at the conciliation hearing, the preliminary hearing and the trial hearing referred to in articles six hundred and
eighty-four "E", eight hundred and seventy-three "F", eight hundred and seventy-three "H", and other related
articles of the Federal Labor Law, always acting in the capacity of employer mainly in the case of hearings referred to in articles six
hundred and eighty-four "E", eight hundred and seventy-three "F" and eight hundred and seventy-three "H",
of the Federal Labor Law. Likewise, he may appear before the Conciliation and Arbitration Boards at the conciliation hearings, claim and
exceptions, offer and admission of evidence referred to in articles eight hundred and seventy-five, eight hundred seventy-six
and eight hundred and seventy-eight of the Federal Labor Law, in accordance with the provisions of the Eighth Transitory Decree by which
they are amended, add to and repeal various provisions of the Federal Labor Law, the Organic Law of the Judicial Branch of the Federation,
the Federal Law of the Public Defender's Office, the Law of the Institute of the National Housing Fund for Workers and the Social Security
Law, in matters of Labor Justice, Freedom of Association and Collective Bargaining, published in the Official Gazette of the Federation
on May 1, 2019. This power may be exercised before all kinds of Administrative or Judicial authorities, whether they are Federal, Mexico
City, State or Municipal; before the Labor Authorities, Conciliation Centers, Courts and in general before all types of persons, whether
they are natural or legal. Likewise, it is conferred powers to propose conciliatory agreements, enter into transactions, assert questions
of jurisdiction, make all kinds of decisions, negotiate and sign labor agreements, as well as to act as a representative of the Company
in all kinds of lawsuits or labor proceedings that are processed before any authority.

**Page 23 of **33**

**PURCHASE AND SALE CONTRACT WITH RESPECT TO A SHARE**

**REPRESENTATIVE OF THE CAPITAL OF SOCIEDAD MINERA CORDILLERAS, S. DE R.L. DE C.V.**

**LIMITATION:** The power of attorney granted herein is general in terms of its powers, but limited in its purpose, since it must be exercised solely and exclusively to act as the legal representative of the Company in any lawsuit or litigation initiated by or against Mrs. Erika Paola Muñoz Morales, particularly lawsuits under the File 351/2024, Seventh Court of the Federal Labor Court of Individual Matters of the State of Coahuila with residence in Torreón; as well as in the trials filed in the Attorney General's Office of the State of Coahuila, Laguna I Delegation.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **THE "BUYER"**<br>**EMPRESA Y CAPITAL, S.A.P.I. DE C.V.**<br> Represented by<br> **JESÚS MARTE VINICIO ZATARIN <br> CHÁVEZ** | **THE "SELLER"**<br>**GOLDEN MINERALS SERVICES<br> CORPORATION**<br> Represented by<br> **JORGE EMILIO GARCÍA NAVA** |

---

&nbsp;&nbsp;&nbsp; **THE "SOCIETY"**<br>**MINERA DE CORDILLERAS, S. DE R.L. DE C.V.**<br>Represented by<br> **JORGE EMILIO GARCÍA NAVA**<br>

**Page 24 of **33**

**PURCHASE AND SALE CONTRACT WITH RESPECT TO A SHARE**

**REPRESENTATIVE OF THE CAPITAL OF SOCIEDAD MINERA CORDILLERAS, S. DE R.L. DE C.V.**

**ANNEX D – "PODER ESPERANZA"**

**IRREVOCABLE SPECIAL POWER OF ATTORNEY**

That, in relation to a certain Mining Rights Assignment Agreement dated December 6, 2024 (the "<u>Assignment Agreement</u>"), entered into by **MINERA DE CORDILLERAS, S. DE R.L. DE C.V.,** (the "<u>Company</u>") and **GIRGAR OPERACIONES, S.A. DE C.V.** ("<u>Girgar</u>"), it is hereby resolved to grant in favor of Messrs. **José Enrique Rodríguez del Bosque, Luigi Iacobi Pontones Brito** and **Oscar Sandoval Benítez** and Ms. **Olga Patricia Martínez Pérez** and **Ms. Rosa Valeria Bustamante Olivares** (the "<u>Attorneys- in-Fact</u>"), a **SPECIAL IRREVOCABLE** POWER OF ATTORNEY, granted under the terms of Articles 2554 (two thousand five hundred fifty-four) and 2596 (two thousand five hundred ninety-six) of the Civil Code of Mexico City and the Federal Civil Code and their correlatives of the Civil Codes of the States of the United Mexican States and of Mexico City, as a condition of the aforementioned bilateral contract and as a means to fulfill the obligations contracted under said contract, so that in the name and for the benefit of the Company, the Attorneys-in-Fact jointly or separately:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) carry out any acts, procedures and procedures, with and before
any third party, related to exemptions, notices, permits, licenses or authorizations issued by the Ministry of Environment and Natural
Resources, in favor of the LIMITED Company solely and exclusively to the mining concession described below (the "  **<u>La Esperanza Concession</u>** "), necessary to: **(i)** obtain an extension of validity of documents as well as modifications to the scope
of which they have been granted, **(ii)** comply with conditions, **(iii)** carry out the assignment or transfer of rights and
obligations, **(iv)** carry out any management, document, license, permit or authorization before municipal, state or federal authorities,
which is required for the aforementioned actions, and **(v)** follow-up of procedures, attention to administrative and judicial procedures,
and presentation of means of challenge, derived from the steps described.

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**CONCESSION** | **SURFACE** | **TITLE** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**LOCATION** |
| Hope | 68.000 | 218071 | Ocampo, Chihuahua |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) continue, follow up, obtain the resolutions and file any legal appeal before the General Directorate of
Mines **(" <u>DGM</u> ")** of the Ministry of Economy and/or any judicial authority, with respect to the application filed
with the Public Mining Registry ("  **<u>RPM</u>**") with folio number 600UCAE-2023-269, dated January 12, 2023, registered
under file 11/2023, by virtue of which the application for registration of a certain contract for the assignment of rights dated December
19, 2022 entered into between the Company as acquirer and Messrs. Jesús Antonio Parra Quezada and Emiliano Hurtado Montaño
and Ms. María Blanca Esthela Parra Quezada and María del Carmen Parra Quezada (the "  **<u>Concessionaires")</u>** was
filed with said Registry") with respect to the La Esperanza Concession, title 218071, issued on October 2, 2002, located in the municipality
of Ocampo, Chihuahua, with an area of 68, 0000 hectares, registered under record 331, on page 166 of volume 331 of the RPM Concession Book
(the "  **<u>Application for Registration of the La Esperanza Contract</u>** "); and

**Page 25 of **33**

**PURCHASE AND SALE CONTRACT WITH RESPECT TO A SHARE**

**REPRESENTATIVE OF THE CAPITAL OF SOCIEDAD MINERA CORDILLERAS, S. DE R.L. DE C.V.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) enter into with respect to the La Esperanza Concession and only in the event that the registration of
the Assignment Agreement is denied in terms of the Application for Registration of the La Esperanza Contract before the RPM, either: (i)
a contract for the free assignment of rights for its transfer and registration in favor of Girgar, or (ii) an agreement for inclusion
in the Assignment Agreement for its transfer and registration in favor of Girgar, and (iii) any administrative procedure
before the RPM or before any competent authority, including before the DGM, which shall include the authorization to be obtained, either
from the Ministry of Economy or from the DGM, provided for in the Mining Law, in order for the La Esperanza Concession to be transferred
to Girgar under the terms of the Assignment Agreement.

they are granted a **special power of attorney for acts of ownership, acts of administration and for lawsuits and collections**, under the terms of the first three paragraphs of article 2554 (two thousand five hundred and fifty- four) of the Federal Civil Code and its correlatives contained in the Civil Codes of the other states of Mexico and Mexico City, but **<u>LIMITED</u>** in terms of its object to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. to carry out any acts, procedures and procedures, with and
before any third party, related to extensions, notices, permits, licenses or authorizations issued by the Ministry of Environment and
Natural Resources, in favor of the Company and only with respect to the La Esperanza Concession, for the preparation of the site, construction
and operation of said mining concession;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. to continue, follow up, obtain the resolutions and present
any legal remedies with respect to the processing of the Application for Registration of the La Esperanza Contract before the RPM; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. to subscribe, execute, sign, deliver, ratify and/or grant,
present to the RPM, the contracts, acts and agreements provided for in paragraph (ii) above in order to obtain the registration of the
La Esperanza Concession before the RPM in favor of Girgar.

The power of attorney granted hereby in favor of the Attorneys-in-Fact shall take effect and shall be in force until: (i) the authorizations, licenses and permits held by Minera de Cordilleras, S. de R.L. de C.V. with respect to the La Esperanza Concession are transferred by the competent authorities in favor of Girgar; and (ii) the La Esperanza Concession is duly transferred and registered in the name of Girgar before the RPM. Once these objectives have been concluded, which are the reason that gives rise to its granting, the power of attorney will cease to be in force.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **THE "BUYER"**<br>**EMPRESA Y CAPITAL, S.A.P.I. DE C.V.**<br> Represented by<br> **JESÚS MARTE VINICIO ZATARIN <br> CHÁVEZ** | **THE "SELLER"**<br>**GOLDEN MINERALS SERVICES<br> CORPORATION**<br> Represented by<br> **JORGE EMILIO GARCÍA NAVA** |

---

&nbsp;&nbsp;&nbsp; **THE "SOCIETY"**<br>**MINERA DE CORDILLERAS, S. DE R.L. DE C.V.**<br>Represented by<br> **JORGE EMILIO GARCÍA NAVA**<br>

**Page 26 of **33**

**PURCHASE AND SALE CONTRACT WITH RESPECT TO A SHARE**

**REPRESENTATIVE OF THE CAPITAL OF SOCIEDAD MINERA CORDILLERAS, S. DE R.L. DE C.V.**

**ANNEX E – "RODEO POWER"**

**IRREVOCABLE SPECIAL POWER OF ATTORNEY**

That, in relation to the Payment of the Undue Amount of certain Mining Rights with respect to the mining concession called: **"RODEO 2",** title number 241666 which resulted in the mining concession called **"RODEO 2 R 2",** title 247042 (the "<u>Rodeo 2 Return</u>") and certain Mining Rights Assignment Agreements dated February 5, 2025 (the "<u>Rodeo 1 Assignment Agreement</u>") and dated March 13, 2025 (the "<u>Rodeo 2 Assignment Agreement</u>"), entered into by **MINERA DE CORDILLERAS, S. DE R.L. DE C.V.,** (the "<u>Company</u>") and **GMC EQUIPOS MEXICO, S.A. DE C.V.** ("<u>GMC</u>"), it is hereby resolved to grant in favor of Messrs. **Jorge Emilio García Nava, Miguel García Fernández, Juan Manuel Coronado Ávila and Patricia Vivar Zirate** (the "<u>Attorneys- in-Fact</u>"), a **SPECIAL IRREVOCABLE POWER OF ATTORNEY,** granted under the terms of Articles 2554 (two thousand five hundred fifty-four) and 2596 (two thousand five hundred ninety-six) of the Civil Code of Mexico City and the Federal Civil Code and its correlatives of the Civil Codes of the States of the United Mexican States and of Mexico City, to process the <u>Rodeo 2 Refund and</u> as a condition of the aforementioned bilateral contracts and as a means to fulfill the obligations contracted under said contract, so that in the name and for the benefit of the Company, the Attorneys-in-Fact jointly or separately:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) present, continue, follow up and obtain a favorable resolution
regarding the <u>Rodeo 2 Refund</u> before the Tax Administration Service ("  **<u>SAT")</u>** and/or any judicial authority,
with respect to any request for refund of Payment of the Undue Payment of the Payments of Mining Rights that are presented in the name
of the Company with respect to the mining concession called **"RODEO 2",** title number 241666 which resulted in the mining
concession called **"RODEO 2 R 2",** title 247042;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) continue, follow up, obtain the resolutions and file any legal recourse before the General Directorate
of Mines **(" <u>DGM</u> ")** of the Ministry of Economy and/or any judicial authority, with respect to the applications filed
with the Public Mining Registry ("  **<u>RPM</u>**") with folio number 600UCAE-2025-6285, dated February 21, 2025 and the corresponding
folio number, by virtue of which the applications for registration of the Rodero 1 Assignment Agreement and Rodeo 2 Assignment Agreement,
respectively, entered into between the Company as assignor and GMC (the "  **<u>Assignee</u>**") with respect to the Rodeo
R1 Concession, title 246464, issued on July 6, 2018, located in the municipality of Rodeo, are filed with said Registry. Durango, with
an area of 521, 0000 hectares, registered under Act 284, on page 142 of volume 410 (the "**Rodeo R1 Concession**") and the
Rodeo 2 R2 Concession, title 247042, issued on May 6, 2022, located in the municipality of Rodeo, Durango, with an area of 1,344.7345
hectares, registered under Act 142, on page 71 of volume 412 and on page 71 of the RPM Concession Book of the RPM Concession Book (the
" **Rodeo 2 R2 Concession**") (the "  **<u>Applications for Registration of Rodeo Contracts</u>** "); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) enter into with respect to the Rodeo R1 and Rodeo 2 R2 Concessions and only in the event that the
 registration of the Rodeo 1 Assignment Agreement and the Rodeo 2 Assignment Agreement is denied in terms of the Applications for
 Registration of the Rodeo Contracts before the RPM, either: (i) a free assignment agreement of rights for their transfer and
 registration in favor of GMC or (ii) an agreement of inclusion in the Contract of Assignment for its transmission and registration
in favor of GMC, and (iii) any administrative procedure before the RPM or before any competent authority, including before the DGM, which
shall include the authorization to be obtained, either from the Ministry of Economy or from the DGM, provided for in the Mining Law, in
order for the Rodeo R1 Concession and the Rodeo 2 R2 Concession to be transferred to GMC under the terms of the Mining Agreement. Rodeo
Assignment 1 and Rodeo Assignment Contract 2.

**Page 27 of **33**

**PURCHASE AND SALE CONTRACT WITH RESPECT TO A SHARE**

**REPRESENTATIVE OF THE CAPITAL OF SOCIEDAD MINERA CORDILLERAS, S. DE R.L. DE C.V.**

they are granted a **special power of attorney for acts of ownership, acts of administration and for lawsuits and collections**, under the terms of the first three paragraphs of article 2554 (two thousand five hundred and fifty- four) of the Federal Civil Code and its correlatives contained in the Civil Codes of the other states of Mexico and Mexico City, but **<u>LIMITED</u>** in terms of its object to:

&nbsp;&nbsp;&nbsp;&nbsp;a. to continue, follow up, obtain resolutions and file any legal
remedies with respect to the processing of Applications for Registration of Rodeo Contracts before the RPM; and

&nbsp;&nbsp;&nbsp;&nbsp;b. to sign, execute, sign, deliver, ratify and/or grant, present
to the RPM, the contracts, acts and agreements provided for in paragraph (ii) above in order to obtain the registration of the Rodeo
R1 Concession and the Rodeo 2 R2 concession before the RPM in favor of GMC.

The power of attorney granted hereby in favor of the Attorneys-in-Fact shall take effect and be in force until: (i) the Rodeo R1 Concession and the Rodeo R2 Concession are duly transferred and registered in the name of GMC before the RPM and (ii) the Rodeo 2 Return is favorably resolved. Once these objectives have been concluded, which are the reason that gives rise to its granting, the power of attorney will cease to be in force.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **THE "BUYER"**<br>**EMPRESA Y CAPITAL, S.A.P.I. DE C.V.**<br> Represented by<br> **JESÚS MARTE VINICIO ZATARIN <br> CHÁVEZ** | **THE "SELLER"**<br>**GOLDEN MINERALS SERVICES<br> CORPORATION**<br> Represented by<br> **JORGE EMILIO GARCÍA NAVA** |

---

&nbsp;&nbsp;&nbsp; **THE "SOCIETY"**<br>**MINERA DE CORDILLERAS, S. DE R.L. DE C.V.**<br>Represented by<br> **JORGE EMILIO GARCÍA NAVA**<br>

**Page 28 of **33**

**PURCHASE AND SALE CONTRACT WITH RESPECT TO A SHARE**

**REPRESENTATIVE OF THE CAPITAL OF SOCIEDAD MINERA CORDILLERAS, S. DE R.L. DE C.V.**

**ANNEX F – "ENVIRONMENTAL POWER"**

**Minera de Cordilleras, S. de R.L. de C.V.** grants in favor of Messrs. **Jorge Emilio García Nava, Sergio Raúl Gutiérrez Reyes, Eduardo Rosales Pérez, Miguel García Fernández, Juan Manuel Coronado Ávila and Patricia Vivar Zirate (the attorneys-in-fact),** a special power of attorney, limited in terms of its purpose, so that any of them may be authorized to act as the legal representative of the Company in any matter related to permits, procedures, offices, requirements and compliance with obligations before authorities in environmental matters, and for such purposes, the proxies will enjoy, jointly or individually, the following powers:

**I.** General power of attorney for lawsuits and collections, under the terms of the first paragraph of article
two thousand five hundred fifty-four of the Civil Code for the Federal District (currently Mexico City) and its correlatives of the Federal
Civil Code and the Civil Codes of all the States of the United Mexican States, with all the general and special powers that they require
in accordance with the special clause law, under the terms of article two thousand five hundred eighty-seven of the Civil Code for the
Federal District (currently Mexico City), and its correlatives of the Federal Civil Code and the Civil Codes of all the States of the
United Mexican States.

**II.** For acts of administration under the terms of the second paragraph of article two thousand five hundred
fifty-four of the Civil Code for the Federal District (currently Mexico City) and its correlatives of the Federal Civil Code and the Civil
Codes of all the States of the United Mexican States, to carry out all kinds of procedures and procedures before the Ministry of Environment
and Natural Resources (SEMARNAT), the Federal Attorney for Environmental Protection (PROFEPA), the National Water Commission (CONAGUA),
and the Secretariat of Urban Development and Ecology of the Government of each State of the Mexican Republic.

**LIMITATION:** The power of attorney granted herein is general in terms of its powers, but limited in its purpose, since it must be exercised solely and exclusively to act as the legal representative of the Company in any matter related to permits, procedures, offices, requirements and compliance with obligations before authorities in environmental matters, as well as to carry out all kinds of procedures and procedures before the Ministry of Environment and Natural Resources (SEMARNAT), the Federal Attorney for Environmental Protection (PROFEPA), the National Water Commission (CONAGUA), and before the Secretariat of Urban Development and Ecology of the Government of each State of the Mexican Republic.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **THE "BUYER"**<br>**EMPRESA Y CAPITAL, S.A.P.I. DE C.V.**<br> Represented by<br> **JESÚS MARTE VINICIO ZATARIN <br> CHÁVEZ** | **THE "SELLER"**<br>**GOLDEN MINERALS SERVICES<br> CORPORATION**<br> Represented by<br> **JORGE EMILIO GARCÍA NAVA** |

---

&nbsp;&nbsp;&nbsp; **THE "SOCIETY"**<br>**MINERA DE CORDILLERAS, S. DE R.L. DE C.V.**<br>Represented by<br> **JORGE EMILIO GARCÍA NAVA**<br>

**Page 29 of **33**

**PURCHASE AND SALE CONTRACT WITH RESPECT TO A SHARE**

**REPRESENTATIVE OF THE CAPITAL OF SOCIEDAD MINERA CORDILLERAS, S. DE R.L. DE C.V.**

**APPENDIX G – "POWER OF ATTORNEY"**

**Minera de Cordilleras, S. de R.L. de C.V.** grants in favor of Messrs. **Jorge Emilio García Nava, Miguel García Fernández, Juan Manuel Coronado Ávila and Patricia Vivar Zirate (the attorneys-in-fact),** special power of attorney, limited in terms of its purpose, for any of them to carry out all those procedures that by involuntary omission were not carried out or concluded before the effective date of the Contracts for the Sale of Social Shares, and that as a result of such purchase and sale the Company has to conclude the matters mentioned below, including but not limited to: contracts with consultants, suppliers or service providers, commercial services which may include (electricity, drinking water supply, telephone services, etc.). This power of attorney also empowers Messrs. **Jorge Emilio García Nava, Miguel García Fernández, Juan Manuel Coronado Ávila and Patricia Vivar Zirate** so that any of them, on behalf of Minera de Cordilleras, S. de R.L. de C.V., continue to follow up on any procedure or requirement before any authority or government agency to request any benefit or refund that the Company has requested or made prior to the Purchase and Sale of Social Shares and that have not yet been resolved.

Within the specialty of this power, the proxies will have all the powers that correspond to the general power of attorney for lawsuits and collections and for acts of administration, in terms of the first and second paragraphs of article two thousand five hundred fifty-four of the Federal Civil Code and its correlatives in each and every one of the Civil Codes of the other states of the United Mexican States and the Civil Code for the District Federal (now Mexico City).

**LIMITATION:** The power of attorney granted herein is general in terms of its powers, but limited in terms of its purpose, since it must be exercised solely and exclusively to follow up and conclude those matters that were pending at the time of the execution of the contracts of sale of the Company's Social Shares, as well as with respect to the procedures or requirements before administrative authorities and public, decentralized, decentralized agencies, whether federal, state, municipal or in Mexico City. In this order, it will not be effective to request or carry out new procedures. The power of attorney granted will be effective as of the effective date of the purchase and sale contracts of the Social Shares and will remain in force in favor of the proxies until all pending matters are concluded.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **THE "BUYER"**<br>**EMPRESA Y CAPITAL, S.A.P.I. DE C.V.**<br> Represented by<br> **JESÚS MARTE VINICIO ZATARIN <br> CHÁVEZ** | **THE "SELLER"**<br>**GOLDEN MINERALS SERVICES<br> CORPORATION**<br> Represented by<br> **JORGE EMILIO GARCÍA NAVA** |

---

&nbsp;&nbsp;&nbsp; **THE "SOCIETY"**<br>**MINERA DE CORDILLERAS, S. DE R.L. DE C.V.**<br>Represented by<br> **JORGE EMILIO GARCÍA NAVA**<br>

**Page 30 of **33**

**PURCHASE AND SALE CONTRACT WITH RESPECT TO A SHARE**

**REPRESENTATIVE OF THE CAPITAL OF SOCIEDAD MINERA CORDILLERAS, S. DE R.L. DE C.V.**

**ANNEX H – "LIST OF MINING RIGHTS PAYMENTS, STATISTICAL REPORTS AND WORKS CHECKS"**

A list is attached.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **THE "BUYER"**<br>**EMPRESA Y CAPITAL, S.A.P.I. DE C.V.**<br> Represented by<br> **JESÚS MARTE VINICIO ZATARIN <br> CHÁVEZ** | **THE "SELLER"**<br>**GOLDEN MINERALS SERVICES<br> CORPORATION**<br> Represented by<br> **JORGE EMILIO GARCÍA NAVA** |

---

&nbsp;&nbsp;&nbsp; **THE "SOCIETY"**<br>**MINERA DE CORDILLERAS, S. DE R.L. DE C.V.**<br>Represented by<br> **JORGE EMILIO GARCÍA NAVA**<br>

**Page 31 of **33**

**PURCHASE AND SALE CONTRACT WITH RESPECT TO A SHARE**

**REPRESENTATIVE OF THE CAPITAL OF SOCIEDAD MINERA CORDILLERAS, S. DE R.L. DE C.V.**

**ANNEX I – "POWER OF ATTORNEY JORGE GARCÍA"**

A simple copy is attached.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **THE "BUYER"**<br>**EMPRESA Y CAPITAL, S.A.P.I. DE C.V.**<br> Represented by<br> **JESÚS MARTE VINICIO ZATARIN <br> CHÁVEZ** | **THE "SELLER"**<br>**GOLDEN MINERALS SERVICES<br> CORPORATION**<br> Represented by<br> **JORGE EMILIO GARCÍA NAVA** |

---

&nbsp;&nbsp;&nbsp; **THE "SOCIETY"**<br>**MINERA DE CORDILLERAS, S. DE R.L. DE C.V.**<br> Represented by<br> **JORGE EMILIO GARCÍA NAVA**<br>

**Page 32 of **33**

**PURCHASE AND SALE CONTRACT WITH RESPECT TO A SHARE**

**REPRESENTATIVE OF THE CAPITAL OF SOCIEDAD MINERA CORDILLERAS, S. DE R.L. DE C.V.**

**ANNEX J – "TSM SILVEYRA POWER"**

A simple copy is attached.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **THE "BUYER"**<br>**EMPRESA Y CAPITAL, S.A.P.I. DE C.V.**<br> Represented by<br> **JESÚS MARTE VINICIO ZATARIN <br> CHÁVEZ** | **THE "SELLER"**<br>**GOLDEN MINERALS SERVICES<br> CORPORATION**<br> Represented by<br> **JORGE EMILIO GARCÍA NAVA** |

---

&nbsp;&nbsp;&nbsp; **THE "SOCIETY"**<br>**MINERA DE CORDILLERAS, S. DE R.L. DE C.V.**<br>Represented by<br> **JORGE EMILIO GARCÍA NAVA**<br>

**Page 33 of **33**

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**[\*\*\*]**

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## Exhibit 10.3

**Exhibit 10.3**

**[\*\*\*] CERTAIN INFORMATION IN THIS DOCUMENT HAS BEEN EXCLUDED PURSUANT TO REGULATION S-K, ITEM 601(B)(10). SUCH EXCLUDED INFORMATION IS BOTH NOT MATERIAL AND IS THE TYPE THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL.**

**PURCHASE AND SALE CONTRACT WITH RESPECT TO A SHARE**

**REPRESENTATIVE OF THE CAPITAL OF SOCIEDAD MINERA CORDILLERAS, S. DE R.L. DE C.V.**

**PURCHASE AND SALE AGREEMENT WITH RESPECT TO A SHARE** OF THE SHARE CAPITAL OF THE COMPANY CALLED **MINERA DE CORDILLERAS, S. DE R.L. DE C.V.,** HEREINAFTER THE **"CONTRACT",** ENTERED INTO ON THE ONE HAND BY THE COMPANY CALLED **APEX MINING PARTNERS LIMITED,** HEREINAFTER REFERRED TO AS THE **"SELLER",** REPRESENTED IN THIS ACT BY MR. **JORGE EMILIO GARCÍA NAVA** AND ON THE OTHER HAND, THE COMPANY CALLED **VISIÓN Y PROYECCIÓN DE NEGOCIOS, S.A. DE C.V.**, HEREINAFTER REFERRED TO AS THE **"BUYER",** REPRESENTED HEREIN BY MR. **VÍCTOR LIZÁRRAGA VILLASEÑOR;** LIKEWISE, THE FOLLOWING APPEAR: **(I)** THE COMPANY CALLED **MINERA DE CORDILLERAS, S. DE R.L. DE C.V., HEREINAFTER REFERRED TO AS THE "COMPANY" OR THE "ISSUER" INDISTINCTLY, REPRESENTED HEREIN BY MR. JORGE EMILIO GARCÍA NAVA; COLLECTIVELY, THE "SELLER" AND THE "BUYER" SHALL BE REFERRED TO AS THE "PARTIES"; AND (II) GMC EQUIPOS MEXICO, S.A. DE C.V. , HEREINAFTER REFERRED TO AS THE "GUARANTOR", REPRESENTED IN THIS ACT BY MR. JORGE EMILIO GARCÍA NAVA, WHO AGREES TO BE SUBJECT TO THE FOLLOWING BACKGROUND, DECLARATIONS AND CLAUSES.**

**A N T E C E D E N T E S**

**I.** By means of public instrument number 42,114 (forty-two thousand one hundred and fourteen) dated November
9 (nine) 1994 (one thousand nine hundred and ninety-four), granted before Mr. Javier del Valle Palazuelos, holder of Notary Public number
61 (sixty- one) of the Federal District now Mexico City, the company was constituted as a commercial company called MINERA DE CORDILLERAS,
S.A. DE C.V. whose first original was duly registered under commercial folio number 344264 (three, four, four, two, six, four) in the
Public Registry of Commerce of its registered office; and also registered in the Federal Taxpayers Registry with the code **MCO-941109-LQ2**.

**II.** Subsequently, the company was transformed into a limited liability company, called MINERA DE CORDILLERAS,
S. DE R.L. DE C.V., which is evidenced by public instrument number 531 (five hundred and thirty-one) dated December 14 (fourteen) of December
1994 (nineteen hundred and ninety-four), granted before Mr. José Luis Villavicencio Castañeda, holder of Notary Public number
218 (two hundred and eighteen) of the Federal District, now Mexico City, and which was duly registered in the Public Registry of Commerce
of its registered office.

**III.** The **"COMPANY"** declares that the entries, notes and information that is recorded and recorded
in the minutes book of the shareholders' meeting, the register of partners or shareholders and the book of variations of the capital of
said "**COMPANY",** correctly and accurately reflect its legal and corporate situation, as well as the current integration
of the share capital.

**Page 1 of **33**

**PURCHASE AND SALE CONTRACT WITH RESPECT TO A SHARE**

**REPRESENTATIVE OF THE CAPITAL OF SOCIEDAD MINERA CORDILLERAS, S. DE R.L. DE C.V.**

**D E C L A R A C I O N E S**

**I.** **The "SELLER" declares through its legal representative and under oath to tell the truth, that:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**i.** It is a legal entity duly incorporated under the laws of the Cayman Islands, as evidenced by its certificate
of incorporation and change of name, dated April 2, 2008, issued by the Cayman Islands Companies Registry.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**ii.** Its legal representative has the sufficient and necessary powers to bind its client under the terms of
this **"CONTRACT",** which to date have not been revoked or limited in any way, as evidenced by Public Instrument number
32,773, which contains the notarization of a power of attorney granted abroad by the **"SELLER",** before the faith of Guillermo
Aarón Vigil Chapa, Head of the Notary Public number 247 of Mexico City, dated December 19, 2024, and whose first testimony was
issued on December 20, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**iii.** For the purposes of this **"CONTRACT",** your address is located at **1312 17th St. Unit #2136, Denver, Colorado, 80202 United States of America.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**iv.** As a partner of the **"COMPANY",** he/she has the necessary and sufficient legal capacity
to enter into this **"CONTRACT".** This "**CONTRACT"** and the execution of the transactions contemplated in
this "**CONTRACT"** have been previously authorized by all necessary corporate actions by the **"SELLER".** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**v.** He is the owner and therefore the legitimate owner of 1 (one) share of the company with a value of $2.00
(two pesos 00/100 M.N.) in the fixed capital and $504.00 (five hundred and four pesos 00/100 M.N.) in the variable capital (hereinafter **"THE SOCIAL PART** "), which is representative of 0.00012% of the capital stock of the **"COMPANY",** which
is not subject to lien, usufruct or limitation of ownership or possession of any kind.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**vi.** It is his will to transfer to the **"BUYER",** by means of this instrument, the full ownership
of **"THE SOCIAL PART",** of which he is the legitimate owner and proprietor, which has been mentioned in paragraph v. (fifth)
above, with all that in fact and by law corresponds to them.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**vii.** The transfer of **"THE SOCIAL PART"** includes the mining concessions listed below (hereinafter **"THE CONCESSIONS INCLUDED") "** as is, where they are, with all their defects"
 and all administrative, fiscal, labor and/or environmental responsibilities, prior to and
 after the date of signing of this **"CONTRACT".** The "**BUYER"** acknowledges and accepts that the concession called "TEYRA" with title number
 230878, is currently canceled and in the process of defense to declare said cancellation
 null and void before the corresponding Administrative Court and that there is no guarantee
 that said Court will declare the nullity of said cancellation. Any process of defense of
 the mining concession must be continued by the "**BUYER"** at its own risk
 and cost and in this act releases the **"SELLER" from any responsibility.** 

**Page 2 of **33**

**PURCHASE AND SALE CONTRACT WITH RESPECT TO A SHARE**

**REPRESENTATIVE OF THE CAPITAL OF SOCIEDAD MINERA CORDILLERAS, S. DE R.L. DE C.V.**

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>Concession Name</u>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>Title<br> Number</u>** | **<u>Validity</u>** | **<u>Surface <br> area</u>**<br> **<u>(Has.)</u>** |
| &nbsp;&nbsp;RED. SANTA ISABEL | 246649 | 17 September 2052 | 250.0000 |
| &nbsp;&nbsp;RUBY ESMERALDA | 217863 | 17 September 2052 | 129.4642 |
| &nbsp;&nbsp;THE TEYRA | 230878 | 25 October 2057 | 144.2619 |
| &nbsp;&nbsp;THE CRUSHED FRACC.1 | 237652 | 19 April 2061 | 156.9209 |
| &nbsp;&nbsp;THE CRUSHED FRACC.2 | 237653 | 19 April 2061 | 54.0478 |

---

Of the **"CONCESSIONS INCLUDED"** listed above, **ANNEX H** is added, which will include, of them, a list that lists the semi-annual payments, statistical reports of January of each year and work verifications of the last 5 five years, specifically the **"PAYMENTS OF MINING RIGHTS OF THE LAST 5 YEARS, WITH THE EXCEPTION OF THE PAYMENTS OF RIGHTS OF THE FIRST HALF OF 2025, WHICH ARE PENDING PAYMENT AND WILL BE THE OBLIGATION AND RESPONSIBILITY OF THE "BUYER" FROM THE SIGNING OF THIS "CONTRACT", THE ANNUAL STATISTICAL REPORTS OF THE LAST 5 YEARS, WITH THE EXCEPTION OF THE STATISTICAL REPORT CORRESPONDING TO THE YEAR 2024, WHICH MUST BE SUBMITTED EXTEMPORANEOUSLY AND WILL BE THE RESPONSIBILITY OF THE "BUYER" ONCE IT HAS SIGNED THIS "CONTRACT" AND THE WORK CHECKS OF THE YEARS 2019, 2020, 2021, 2022 and 2023".** In this order, the list with the list of the above receipts will make up said annex, since the documents referred to in such list have been made available to the **"BUYER"** with due anticipation and will be delivered in physical form, by the **"SELLER",** after the signing of this document, together with the rest of the original documentation of the **"COMPANY".** for which it will be recorded, in due course, with the delivery-receipt certificate signed by the **"PARTIES".**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**viii.** It informed and provided in a timely manner, all the information and documentation requested by the **"BUYER",** regarding the legal and financial situation of the **"COMPANY",** stating that said information is truthful and correct
as of this date in all its relevant aspects.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**ix.** Under oath to tell the truth, that its resources and/or assets, as well as **"THE SOCIAL PART"** subject matter of this **"CONTRACT",** do not come directly or indirectly from illegal activities or from any other activity
or act that could favor the actualization of the alleged crimes of financing terrorism or resources of illicit origin. As well as those
rights or assets that will be used to solve or fulfill the object of this instrument do not originate, update or resemble the illicit
contemplated in Article 400-Bis of the Federal Criminal Code.

**Page 3 of **33**

**PURCHASE AND SALE CONTRACT WITH RESPECT TO A SHARE**

**REPRESENTATIVE OF THE CAPITAL OF SOCIEDAD MINERA CORDILLERAS, S. DE R.L. DE C.V.**

II. The "BUYER" declares through his legal representative and under oath to tell the truth, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**i.** It is a legal entity, of Mexican nationality, with the legal capacity to contract and to enter into this
contract, as evidenced by public deed number 26,153, dated November 27, 2014, granted before the faith of Mr. José Manuel Magallón
Osuna, Notary Public of the State number 147 with practice in Mazatlan, Sinaloa, which was constituted in this instrument as a Limited
Liability Company of Variable Capital, being duly registered, in the Public Registry of Property and Commerce of Mérida, Yucatán,
under the electronic mercantile folio number 57790\*1 dated January 16, 2015.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**ii.** Subsequently, it was transformed into a Variable Capital Corporation, by means of instrument number 29,219,
dated August 25, 2016, granted under the faith of Mr. José Manuel Magallón Osuna, Notary Public of the State number 147
with practice in Mazatlán, Sinaloa, which was duly registered in the Public Registry of Property and Commerce of Mérida,
Yucatán, under the electronic mercantile folio number 57790 dated March 10, 2017, as well as duly registered in the Public Registry
of Property and Commerce of Los Mochis, Ahome, Sinaloa, under the electronic mercantile folio 57790 dated April 25, 2017.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**iii.** Its legal representative has the sufficient and necessary powers to bind its client under the terms of
this **"CONTRACT",** which to date have not been revoked or limited in any way, as evidenced by Public Deed 37,430, granted
before the faith of Mr. José Manuel Magallón Osuna, Notary Public of the State number 147 with practice in Mazatlán,
Sinaloa, which was duly registered, in the Public Registry of Property and Commerce of Mazatlán, Sinaloa, under the electronic
mercantile folio number 57790, dated August 11, 2022.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**iv.** Its Federal Taxpayer Registry is **VPN141127656**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**v.** For the purposes of this **"CONTRACT"** it indicates as its domicile the one located at **Camino a San Rafael 6005, Planta Alta Int. 1, Colonia El Venadillo, Postal Code 82129, Mazatlán, Sinaloa.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**vi.** It is interested in acquiring from the **"SELLER",** by means of this instrument, the ownership
and full ownership, free of all encumbrances, of **"THE SOCIAL PART"** referred to in subsection v. of the respective declarations
of the **"SELLER",** including **"THE CONCESSIONS INCLUDED", "** AS IS, WHERE THEY ARE, WITH ALL THEIR DEFECTS"
AND ALL THE RESPONSIBILITIES OF AN ADMINISTRATIVE, FISCAL, LABOR AND/OR ENVIRONMENTAL NATURE, prior to and after the date of signing of this **"CONTRACT".** 

**Page 4 of **33**

**PURCHASE AND SALE CONTRACT WITH RESPECT TO A SHARE**

**REPRESENTATIVE OF THE CAPITAL OF SOCIEDAD MINERA CORDILLERAS, S. DE R.L. DE C.V.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**vii.** It has sufficient resources to acquire from the **"SELLER" "THE SOCIAL PART".** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**viii.** Under oath to tell the truth, that its resources and/or assets, subject matter of this "**CONTRACT",** do not come directly or indirectly from illicit activities or any other activity or act that could favor the actualization of the
alleged crimes of financing terrorism or resources of illicit origin. As well as those rights or assets that will be used to solve or
fulfill the object of this instrument do not originate, update or resemble the illicit contemplated in Article 400-Bis of the Federal
Criminal Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**ix.** Enter into this **"CONTRACT"** and purchase **"THE SOCIAL PART"** with <u>ALL THE RIGHTS AND OBLIGATIONS INCORPORATED</u> to **"THE SOCIAL PART"** and to the **"COMPANY"** including **"THE CONCESSIONS INCLUDED"** and on the understanding that the activity of **"THE COMPANY"** and **"THE CONCESSIONS INCLUDED"** are accepted "as is, where they are, with all their defects" and all responsibilities of an administrative,
fiscal, labor and/or environmental nature, before and after the date of signing this **"CONTRACT".** Neither **"SELLER"** nor any other person is making any express or implied representations or warranties with respect to **"THE SOCIAL PART", "THE INCLUDED GRANTS"** and **the "COMPANY"** or otherwise, and **"SELLER"** disclaims any other representations
or warranties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**x.** It has carried out a purchase audit, considering the results during the conduct of said purchase audit,
and considering the Declarations of the **"SELLER"** provided for in Chapter I, it is its desire to acquire **"THE SOCIAL PART"** including **"THE CONCESSIONS INCLUDED"** "as is, where they are, with all its defects" and
all responsibilities of an administrative nature, tax, labor and/or environmental, before and after the date of signing of this **"CONTRACT".** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**xi.** You understand and accept that the purchase and sale of **"LA PARTE SOCIAL"** does not include
the mining concessions described in  **<u>ANNEX A</u>** (the **"EXCLUDED CONCESSIONS").** Thus, it does not understand
or be responsible for it, so that the **"SELLER"** hereby releases the **"BUYER"** from all administrative,
fiscal, labor and/or environmental responsibilities, prior to and after the date of this **"CONTRACT"** in everything related
to the **EXCLUDED CONCESSIONS.** 

III. The "COMPANY" declares, through its legal representative and under oath to tell the truth, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**i.** It is a commercial company duly constituted in accordance with the laws of the United Mexican States,
as evidenced by public deed number 42,114 (forty-two thousand one hundred and fourteen) dated November 9 (nine) 1994 (one thousand nine
hundred and ninety-four), executed before Mr. Javier del Valle Palazuelos, holder of Notary Public number 61 (sixty-one) of the Federal
District now Mexico City, which was constituted in this instrument as a Variable Capital Corporation, whose first original was duly registered
under commercial folio number 344264 (three, four, four, two, six, four) in the Public Registry of Commerce of its registered office.

**Page 5 of **33**

**PURCHASE AND SALE CONTRACT WITH RESPECT TO A SHARE**

**REPRESENTATIVE OF THE CAPITAL OF SOCIEDAD MINERA CORDILLERAS, S. DE R.L. DE C.V.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**ii.** Subsequently, it was transformed into a Limited Liability Company with Variable Capital, called MINERA
DE CORDILLERAS, S. DE R.L. DE C.V., by means of instrument number 531, dated December 14, 1994, granted in the presence of Mr. José
Luis Villaciencio Castañedo, holder of Notary Public number 218, of the Federal District, now Mexico City, which was duly registered
in the Public Registry of Property and Commerce of its registered office.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**iii.** Its legal representative has sufficient powers to bind its client under the terms of this **"CONTRACT",** which to date have not been revoked or limited in any way, as evidenced by Public Deed 32,602, dated December 5, 2024, granted in
the presence of Mr. Guillermo Aaron Vigil Chapa, Notary Public 247, with practice in Mexico City, which was duly registered, in the Public
Registry of Property and Commerce of Mexico City, under electronic mercantile folio number 344264, dated February 24, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**iv.** That its Federal Taxpayer Registry is: **MCO-941109-LQ2**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**v.** That for the purposes of this **"CONTRACT"** it indicates as its domicile the one located
at **Calle Río de la Plata No. 1580, Col. Magdalenas, C.P. 27010, Torreón, Coahuila, Mexico**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**vi.** That the content of the shareholders' meeting minutes book, the shareholders' or shareholders' register
book and the capital variations book accurately and truthfully reflect its current corporate situation, as well as reflect the integration
of the share capital, so there are no additional or different minutes or entries to those contained in said corporate books.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**vii.** That the internal financial statements as of November 30, 2024 reflect in a reasonable manner (together
with the notes included therein), the financial position and results of the **"COMPANY"** for said period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**viii.** Ratifies what was referred to by the **"SELLER"** in the chapter of their respective declarations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**ix.** On the date of signing this **"CONTRACT"** the **"COMPANY"** has an employee
registered in its payroll, who is mentioned in **ANNEX B** of this **"CONTRACT"** ()"**MCO WORKER").** It
is agreed to grant a special power of attorney to be granted **by "THE COMPANY"** to **Juan José Rojas Torres** and/or **Jorge Emilio García Nava** (the "**POWER OF ATTORNEY")** under the terms attached as **ANNEX C**. In this
order of ideas, the **"BUYER"** is released from all liability in relation to the **"MCO WORKER",** from this act, the **"SELLER"** being obliged to release the "BUYER" **in peace and safety** from any claim
of any kind that may arise in this regard, whether of an administrative, fiscal, criminal and/or labor nature, regardless of whether its
origin is before or after the celebration of the this **"CONTRACT".** 

**Page 6 of **33**

**PURCHASE AND SALE CONTRACT WITH RESPECT TO A SHARE**

**REPRESENTATIVE OF THE CAPITAL OF SOCIEDAD MINERA CORDILLERAS, S. DE R.L. DE C.V.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**x.** As of the date of signing this **"CONTRACT",** the **"COMPANY"** has requested
before the Tax Administration Service (SAT) and has pending the return of an Undue Payment for the approximate amount of $169,795.00 (one
hundred and sixty-nine thousand seven hundred and ninety-five pesos 00/100 M.N.), (the **"MCO REFUND").** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**xi.** As of the date of signing this **"CONTRACT",** the **"COMPANY"** has pending
payment of the Special Mining Right in favor of the Government of Mexico for the year 2024 (two thousand and twenty-four) in the amount
of $151,749.35 (one hundred and fifty-one thousand seven hundred and forty-nine pesos 35/100), which must be paid no later than the last
business day of the month of March 2025 (two thousand and twenty-five) (the **"MCO ROYALTY").** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**xii.** The **"COMPANY"** unduly paid certain Mining Rights with respect to the mining concession
called: **"RODEO 2",** title number 241666 which resulted in the mining concession called **"RODEO 2 R 2",** title
247042 and for this reason, and after the signing of this **"CONTRACT"** it will request before the Tax Administration Service
(SAT) the refund of the corresponding Undue Payment, the amounts of which will be determined at the time of submission of said application
or applications and will notify **the "BUYER"** in writing, for its knowledge (the **"REFUND RODEO 2").** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**xiii.** On August 28, 2024 (two thousand and twenty-four), as guarantor of the indemnity obligations assumed by
the SELLER **(**in said contract) in favor of the BUYER (in said contract), 4 (four) share purchase and sale agreements with respect
to the shares of the company called Minera Labri, S.A. de C.V. (the **"LABRI CONTRACTS").** In terms of the **"LABRI CONTRACTS"** the guarantee granted by the **"COMPANY"** will remain in full force and effect as of August 28 (twenty-eight)
of 2024 (two thousand and twenty-four) and for a period of 24 (twenty-four) months from that date, under the same terms, conditions and
limitations established in the **"LABRI CONTRACTS".** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**xiv.** On November 22 (twenty-two) of November 2024 (two thousand and twenty-four) it entered into a contract
for the assignment of rights with respect to 100% (one hundred percent) of the rights and ownership of the following mining concessions,
in favor of the company called Girgar Operaciones, S.A. de C.V., whose registration is in the process of being registered with the Public
Mining Registry due to the recent granting of its granting (hereinafter **"THE YOQUIVO CONCESSIONS"):** 

---

| | |
|:---|:---|
| **<u>Concession Name</u>** | **<u>Title Number</u>** |
| &nbsp;&nbsp;THE DOLLAR | 214876 |
| &nbsp;&nbsp;THE CUP | 223499 |
| &nbsp;&nbsp;SAN FRANCISCO DE YOQUIVO | 220851 |
| &nbsp;&nbsp;THE GIRL | 217475 |
| &nbsp;&nbsp;PAINS | 216491 |
| &nbsp;&nbsp;THE RESTORER | 217476 |
| &nbsp;&nbsp;HOPE | 218071 |

---

**Page 7 of **33**

**PURCHASE AND SALE CONTRACT WITH RESPECT TO A SHARE**

**REPRESENTATIVE OF THE CAPITAL OF SOCIEDAD MINERA CORDILLERAS, S. DE R.L. DE C.V.**

Additionally, there is a prior application for registration in the Public Mining Registry ("**RPM**") submitted by the **"COMPANY"** with folio number 600UCAE-2023-269, dated January 12, 2023, registered under file 11/2023, by virtue of which the application for registration of a certain contract for the assignment of rights dated December 19, 2022 entered into between the **"COMPANY"** was filed with said Registry as purchaser and Messrs. Jesús Antonio Parra Quezada and Emiliano Hurtado Montaño and Ms. María Blanca Esthela Parra Quezada and María del Carmen Parra Quezada with respect to the La Esperanza mining concession, title 218071, issued on October 2, 2002, located in the municipality of Ocampo, Chihuahua, with an area of 68, 0000 hectares, registered under minute 331, on page 166 of volume 331 of the RPM Concession Book and the **"COMPANY"** undertook to help the company called Girgar Operaciones, S.A. de C.V. to obtain the registration of said contract of assignment of rights and/or where appropriate to transfer the ownership of the La Esperanza Concession, title 218071 in terms of the contract for the assignment of rights of **"LAS CONCESIONES YOQUIVO",** through the granting of a special irrevocable power of attorney to be granted **by "THE COMPANY"** to Messrs. **José Enrique Rodríguez del Bosque, Luigi Iacobi Pontones Brito** and **Oscar Sandoval Benítez** and Mrs. **Olga Patricia Martínez Pérez** and **Rosa Valeria Bustamante Olivares** (the **"PODER ESPERANZA")** in the terms included as **EXHIBIT D**. In this order of ideas, the **"BUYER"** is released from all liability in relation to the **"YOQUIVO CONCESSIONS",** from this act, the **"SELLER" being obliged** to release him in peace and safe from **the "BUYER"** from any claim of any kind that may arise in this regard, whether of an administrative, fiscal, labor and/or environmental nature, regardless of whether its origin is before or after the execution of this **"CONTRACT".**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**xv.** Currently there is an environmental liability of the Rodeo Project, of which the **"COMPANY" is the owner**, said environmental liability must be transferred to the company called **GMC EQUIPOS MEXICO, S.A. de C.V.** for which **"THE COMPANY"** shall grant a special power of attorney to Messrs. **Jorge Emilio García Nava, Sergio Raúl Gutiérrez Reyes, Eduardo Rosales Pérez, Miguel García Fernández, Juan Manuel Coronado Ávila and Patricia Vivar Zirate** (the **"ENVIRONMENTAL POWER"),** the scope and limitations of which are detailed in **ANNEX F** hereto.

**Page 8 of **33**

**PURCHASE AND SALE CONTRACT WITH RESPECT TO A SHARE**

**REPRESENTATIVE OF THE CAPITAL OF SOCIEDAD MINERA CORDILLERAS, S. DE R.L. DE C.V.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**xvi.** On March 20, 2025, it entered into a loan agreement with the commercial company called **EMPRESA Y CAPITAL, S.A.P.I. DE C.V.**, for the total amount of $5,000,000.00 (five million pesos 00/100 M.N.) (the "**EYC LOAN** ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**xvii.** It is the holder of the mining concessions described in  **<u>ANNEX A</u>** (the **"EXCLUDED CONCESSIONS")** which are not part of the purchase and sale of **"THE SOCIAL PART".** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**xviii.** It is your wish to enter into this **"CONTRACT"** under the terms and conditions agreed herein.

IV. The "GUARANTOR" of the "SELLER", through its legal representative and under oath of telling
the truth, declares that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**i.** It is a legal entity duly constituted in accordance with Mexican legislation, as evidenced by public deed
number 20,829 granted before the faith of Mr. Guillermo Aarón Vigil Chapa, Holder of Notary Public number 247 of Mexico City, dated
April 12, 2019 and registered in the Public Registry of Commerce of its registered office under the electronic commercial folio N-2019039629.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**ii.** Its legal representative has the sufficient and necessary powers to bind its client under the terms of
this **"CONTRACT",** which to date have not been revoked or limited in any way.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**iii.** Its Federal Taxpayer Registry is **GEM-190412-IG3**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**iv.** For the purposes of this **"CONTRACT",** its domicile is located at **Calle Río de la Plata No. 1580, Col. Magdalenas, C.P. 27010, Torreón, Coahuila, Mexico**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**v.** It is your wish to appear at the execution of this **"CONTRACT"** to act as **"GUARANTOR"** of the **"SELLER"** against the **"BUYER"** solely and exclusively with respect to the indemnification obligations
established in Clause **5 BIS (B)** of this **"CONTRACT",** as detailed below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**vi.** Under oath to tell the truth, that its resources and/or assets, as well as **"THE SOCIAL PART"** subject matter of this **"CONTRACT",** do not come directly or indirectly from illicit activities or from any other activity
or act that could favor the actualization of the alleged -crimes- of financing terrorism or resources of illicit origin. As well as those
rights or assets that will be used to solve or fulfill the object of this instrument do not originate, update or resemble the illicit
contemplated in Article 400-Bis of the Federal Criminal Code.

**Page 9 of **33**

**PURCHASE AND SALE CONTRACT WITH RESPECT TO A SHARE**

**REPRESENTATIVE OF THE CAPITAL OF SOCIEDAD MINERA CORDILLERAS, S. DE R.L. DE C.V.**

V. The "PARTIES" and the "COMPANY", through
their respective legal representatives, jointly declare under oath to tell the truth, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**i.** They mutually recognize the personality and character with which they respectively hold each other at
the conclusion of this **"CONTRACT".** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**ii.** The execution of this **"CONTRACT"** does not violate or transgress any type of contract
and/or agreement previously entered into, and they declare that there is no bad faith, fraud, error, deception or any other vice of consent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**iii.** The conclusion of the **"CONTRACT"** is the desire of the "**PARTIES"** and the **"COMPANY"** to suit their interests.

In addition to all of the above, the **"PARTIES"** and the **"COMPANY"** declare that they mutually recognize the capacity and personality under which they appear at the signing of this instrument and assume as true the above statements subject to the tenor of the following:

**C L Á U S U L A S:**

1. Purpose.

**1.1.** The **"SELLER",** transfers the full ownership, to **the "BUYER**", of **"THE SOCIAL PART",** issued by the **"COMPANY",** through the figure of sale, free of any charge, lien, through a certain and determinable price in money, through which he transfers the character of partner and, with it, will acquire all the rights and obligations inherent and derived from it; including but not limited to payment of the **"EYC LOAN",** under the terms and conditions provided for in the respective loan agreement.

**1.2.** The "**SELLER"** and "**BUYER"** agree to work together so that the **"SELLER"** can conclude the following topics as soon as possible. The **"BUYER"** will provide all the necessary support so that the following issues can be concluded by the "**SELLER"**:

**FIRST:** The liquidation of the **"MCO WORKER"** by the **"COMPANY",** through the signing of the necessary settlement agreement and the deregistration of the **"MCO WORKER"** before the corresponding labor authorities. In this regard, the **"SELLER"** undertakes to deliver to the **"BUYER"** all the original documents related to the worker's severance pay and the proof of his or her withdrawal before all the corresponding authorities. The name of the worker is integrated as **ANNEX B** to form an integral part of this **"CONTRACT".** The **"BUYER"** is released from all liability in relation to the **"MCO WORKER",** from this act, and the **"SELLER" is obliged** to release him in peace and safe from **the "BUYER"** from any claim of any kind that may arise in this regard, whether of an administrative, fiscal and/or labor nature, regardless of whether its origin is before or after the execution of this document. **"CONTRACT".**

**SECOND:** The substitution of the **"COMPANY"** in the **"LABRI CONTRACTS"** as guarantor of the indemnity obligations assumed by the "**SELLER" (**in said contract) in favor of the **"BUYER"** (in said contract), through the signing of the necessary amending agreements. In this order, the **"SELLER"** undertakes to deliver to the **"BUYER" a** certified copy of said modification or termination agreements, as the case may be, undertaking to leave it in peace and safety and release it from all liability in this regard.

**Page 10 of **33**

**PURCHASE AND SALE CONTRACT WITH RESPECT TO A SHARE**

**REPRESENTATIVE OF THE CAPITAL OF SOCIEDAD MINERA CORDILLERAS, S. DE R.L. DE C.V.**

**THIRD.** The transfer by the **"BUYER"** of 100% (one hundred percent) of the ownership of the **"EXCLUDED CONCESSIONS"** in favor of the company called **GMC EQUIPOS MEXICO, S.A. de C.V.**

**1.3** The **"SELLER"** does not make any representation or guarantee, except as expressly indicated in numeral I of the chapter on Declarations and Clause 4, regarding the financial, legal, tax, operational, administrative or any other nature condition of the **"COMPANY".**

**1.4** The **"BUYER"** acquires the full ownership of **"THE SOCIAL PART",** under the terms and conditions agreed in this **"CONTRACT",** excluding the **"EXCLUDED CONCESSIONS",** and all responsibility and obligation in this regard, of everything related to said **"EXCLUDED CONCESSIONS",** with the **"MCO WORKER",** the **"YOQUIVO CONCESSIONS"** and the **"LABRI CONTRACTS",** except for the commitment to grant the powers of attorney under the terms agreed herein.

**1.5** In the event that, after the signing of this **"CONTRACT",** the **"BUYER**", the **"SELLER"** or the **"COMPANY"** identify that there is any asset that by mistake or involuntary omission continues to be the property of the **"COMPANY"**; the **"BUYER"** and the **"COMPANY"** undertake to transfer ownership and make the material and legal delivery of said asset to the **"SELLER"** or to whomever the **"SELLER"** indicates in writing, at a price equivalent to $1.00 (one peso 00/100, legal tender in the United Mexican States) or for a value determined by the **"SELLER".** The **"SELLER"** will assume any risk that may arise from carrying out the operation under these terms.

**1.6** The **"PARTIES"** acknowledge and agree that (i) the **"EXCLUDED CONCESSIONS"** indicated in **<u>ANNEX A</u>** are not part of the purchase and sale of **"THE SOCIAL PART"** agreed herein and will therefore be transferred to the company called **GMC EQUIPOS MEXICO, S.A. de C.V**.; and (ii) by virtue of the fact that the registration of the assignment of mining concessions before the **"RPM"** and the processing of the **"RETURN RODEO 2"** before the SAT take some time, the **"PARTIES"** agree to grant a special irrevocable power of attorney in favor of Messrs. **Jorge Emilio García Nava, Miguel García Fernández, Juan Manuel Coronado Ávila and Patricia Vivar Zirate** (the "**PODER RODEO**") whose scope and limitations are detailed in **ANNEX E** hereto.

**Page 11 of **33**

**PURCHASE AND SALE CONTRACT WITH RESPECT TO A SHARE**

**REPRESENTATIVE OF THE CAPITAL OF SOCIEDAD MINERA CORDILLERAS, S. DE R.L. DE C.V.**

**1.7** The **"BUYER"** or, if necessary, the **"COMPANY",** agree to grant the **"SELLER"** a special power of attorney in favor of Messrs. **Jorge Emilio García Nava, Miguel García Fernández, Juan Manuel Coronado Ávila and Patricia Vivar Zirate** (the "**POWER of ATTORNEY")** so that any of them may carry out all those procedures that due to involuntary omission were not considered herein **"CONTRACT",** as a result of the transfer of **"THE SOCIAL PART"** the **"SELLER",** the following are mentioned in an enunciative but not limited manner: contracts with consultants, suppliers or service providers, commercial services which may include (electricity, drinking water supply, telephone services, etc.). The power of attorney will also authorize Messrs. **Jorge Emilio García Nava, Miguel García Fernández, Juan Manuel Coronado Ávila and Patricia Vivar Zirate** so that, any of them on behalf of the **"SELLER**", continue to follow up on any procedure or requirement before any authority or government agency to request any benefit or refund that the **"SELLER"** has been requested or carried out prior to this operation and that at the signing of this **"CONTRACT"** has not yet been resolved. In the event that the obligations referred to in this paragraph are assigned, all taxes and expenses that are generated will be the sole responsibility of the **"SELLER".** The scope and limitations for this power of attorney are specified in **ANNEX G** hereto.

The **"PARTIES"** agree and agree to maintain in force, for a period of 90 calendar days, counted from the **"EFFECTIVE DATE",** the general power of attorney granted in favor of Mr. Jorge Emilio García Nava ("**JORGE GARCÍA POWER of ATTORNEY"),** in terms of public deed number 15,421 dated June 2, 2016, executed in the faith of Mr. Guillermo Aarón Vigil Chapa, holder of the Notary Public number 247 of Mexico City and with the sole purpose of concluding any of the pending procedures and in the name of the **"COMPANY".** A simple copy of the **"POWER OF ATTORNEY JORGE GARCÍA"** is included in **ANNEX I** hereto.

Additionally, the **"PARTIES"** agree and agree to keep in force, the special power of attorney granted in favor of Transformaciones y Servicios Metalúrgicos, S.A. de C.V. and/or their designated attorneys-in-fact, Messrs. Francisco Silveyra Aria and Francisco Rafael Silveyra Márquez ("**TSM SILVEYRA POWER OF ATTORNEY"),** in terms of public deed number 29,927 dated November 30, 2023, granted in the presence of Mr. Guillermo Aarón Vigil Chapa, holder of Notary Public No. 247 of Mexico City and limited solely and exclusively to the mining concessions included in the Agreement for the Assignment of Mining Rights, entered into by and between Transformaciones y Servicios Metalúrgicos, S.A. de C.V. and the **"COMPANY"**, which are described below: "SANTA MARÍA", title number 216532; "PUNTO COM", title number 228022; "MARÍA", title number 226591; "MARTIA III", title number 231703; and "MARÍA II FRACC. I", title number 230200. A simple copy of the **"TSM SILVEYRA POWER OF ATTORNEY"** is included in **ANNEX J** hereto

**1.8** As a result of the above, the **PARTIES agree to** include the aforementioned powers of attorney in the points to be considered, and where appropriate, approved, at the Meeting where the transfer of the corporate part subject to this contract is recognized. These powers are listed below for greater clarity and benefit to both **"PARTIES"**:

&nbsp;&nbsp;&nbsp;&nbsp;**a)** The **"POWER OF ATTORNEY"** – EXHIBIT C

&nbsp;&nbsp;&nbsp;&nbsp;**b)** The **"POWER OF HOPE"** – ANNEX D

&nbsp;&nbsp;&nbsp;&nbsp;**c)** The **"RODEO POWER"** – ANNEX E

&nbsp;&nbsp;&nbsp;&nbsp;**d)** The **"ENVIRONMENTAL POWER"** – ANNEX F

&nbsp;&nbsp;&nbsp;&nbsp;**e)** The **"POWER OF ATTORNEY"** – ANNEX G

**Page 12 of **33**

**PURCHASE AND SALE CONTRACT WITH RESPECT TO A SHARE**

**REPRESENTATIVE OF THE CAPITAL OF SOCIEDAD MINERA CORDILLERAS, S. DE R.L. DE C.V.**

The powers referred to in this Clause shall be granted by the **"COMPANY"** on the **"EFFECTIVE DATE"** as approved by the Meeting, and the **"SELLER"** shall assume the costs of the notary fees related to the granting and, where appropriate, registration of such powers.

**1.9** The **"PARTIES"** agree that the "**BUYER"** will be responsible for paying the **"MCO ROYALTY"** and collecting the "**MCO RETURN"**; and as long as the **"RETURN RODEO 2" is favorably obtained**, the "**BUYER"** is obliged to pay the company called **EQUIPOS GMC MÉXICO, S.A. de C.V.** or to the natural or legal person designated by it, the amount or amounts received in the name of the **"COMPANY"** for said Payment of the Undue Amount plus the corresponding updates at the time they occur and no later than within 10 (ten) business days from the time the **"RETURN RODEO 2"** is received in the account of the **"COMPANY".**

**1.10** The **"PARTIES"** agree that any amount in the treasury or any cash available in the cash of the **"COMPANY"** at the time of signing this **"CONTRACT",** will be added to the price for the transfer of "**THE SOCIAL PART"**

2. Price and method of payment.

2.1. As the price for the transfer of **"THE SOCIAL PART**", the **"BUYER"** undertakes to pay the **"SELLER**", the total amount of **US$5,000.00 (Five thousand US dollars 00/100),** an amount that was fixed by mutual agreement by both **"PARTIES"** and that both recognize that it is its fair and real value plus any amount in the treasury and cash available on hand as of the date of this Agreement, **as well as the amount set forth in Clause 1.9.**

2.2. The **"BUYER"** hereby undertakes to pay the total price indicated in the previous paragraph, on the date of signature and ratification before a Notary Public by both parties of this "**CONTRACT**" (the "**EFFECTIVE DATE").**

2.3. The **"SELLER"** hereby instructs the **"BUYER"** to pay on the **"EFFECTIVE DATE",** the Price set forth in Clause 2.1, by electronic funds transfer, to the following bank account:

Titular: **Golden Minerals Company**

Principal Address: 350 Indiana Street, Suite 650, Golden, CO 80401

Banking Institution: BOK Financial

Banking Institution Address: International Banking Center, One Williams Center, Plaza East

Tulsa, OK 74172

SWIFT: BAOKUS44

Account: 8098296879

**Page 13 of **33**

**PURCHASE AND SALE CONTRACT WITH RESPECT TO A SHARE**

**REPRESENTATIVE OF THE CAPITAL OF SOCIEDAD MINERA CORDILLERAS, S. DE R.L. DE C.V.**

The **"SELLER"** hereby releases the **"BUYER"** from any controversy or claim that exists or may exist between the **"SELLER"** and **Golden Minerals Company** for the payment of the Price for the transfer of **"THE SOCIAL PART",** and hereby confirms that the payment received in the account indicated in this Clause and the signing of this **"CONTRACT"** in the **"EFFECTIVE DATE"** shall constitute the most effective receipt that corresponds by law.

2.4. The **"SELLER" states** that the agreed price is fair and will constitute the total payment of any right that he had for **"THE SOCIAL PART"** of the **"COMPANY"** subject matter of this **"CONTRACT".**

3. Transfer of ownership and its effects.

3.1. The **"SELLER"** (i) reserves no action or right except as indicated in this **"CONTRACT"** and; (ii) guarantees to the **"BUYER"** that **"THE SOCIAL PART"** object of the purchase and sale consigned in this instrument, has no limitation, charge or encumbrance whatsoever.

3.2. The **"SELLER"** shall transfer to the **"BUYER"** the status of partner and all the rights and obligations inherent and derived therefrom. Likewise, the **"SELLER"** and the **"BUYER"** agree that, once the payment has been made, they will cause a meeting of partners of the **"COMPANY"** to be held in which the transfer of **"THE SOCIAL PART"** is recorded and the current managers, administrators and proxies of the **"COMPANY"** are removed, except for the powers required and referred to in this Agreement, releasing them from all liability arising from the exercise of their office.

3.4. Without prejudice to the liability of "**SELLER"** under Clause 5 below, **"BUYER"** agrees to indemnify Warren Michael Rehn, Arturo Pablo Castaños Pérez, Julie Zinnecker Weedman, Telésforo Martínez Patiño and Jorge Emilio García Nava, and any affiliates, shareholders, directors, officers, employees, agents, representatives and advisors of **"SELLER"** (the "**Seller Released Parties**")."), from any future liabilities of the **"COMPANY"** and shall hold the Seller Released Parties harmless from any claim of any nature whatsoever commenced or threatened by any person or governmental authority arising out of or in connection with any operation, activity and business of the "**COMPANY"**, including, without limitation, any liability of any nature whatsoever (disclosed or undisclosed; accrued or unaccrued; contingent or absolute) of the "**COMPANY",** including, without limitation, any tax and labor obligations and obligations to suppliers and customers of the **"COMPANY".**

4. Warranties of the "SELLER" and the "COMPANY".

4.1. The **"SELLER"** and the **"COMPANY"** hereby warrant to **the "BUYER**", in addition to any representations, representations, guarantees, or obligations contained in this **"CONTRACT",** as of the date of execution of this **"CONTRACT"** that**:**

4.1.1. The background of this **"CONTRACT"** and the statements made by the **"SELLER"** and by the **"COMPANY"** are true, and they recognize that said statements and background have been the determining reason for the will of the **"BUYER"** to acquire **"THE SOCIAL PART"** object of the purchase and sale set forth in this **"CONTRACT".**

**Page 14 of **33**

**PURCHASE AND SALE CONTRACT WITH RESPECT TO A SHARE**

**REPRESENTATIVE OF THE CAPITAL OF SOCIEDAD MINERA CORDILLERAS, S. DE R.L. DE C.V.**

5. Indemnification.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(A)**  **<u>Indemnification Obligations of the "SELLER".</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) With the exception of **"THE CONCESSIONS INCLUDED"** which are accepted "as is, where
is, with all its defects" and the **"BUYER"** assumes all responsibilities of an administrative, fiscal, labor and/or
environmental nature, prior to and after the date of signing of this **"CONTRACT",** from the date of signing this **"CONTRACT",** and subject to the limitations provided in this "**CONTRACT", "SELLER"** shall be responsible for and indemnify **"BUYER"** for any direct and immediate damages, penalties, fines, penalties and/or reasonable and documented expenses (including
reasonable attorneys' fees and costs) (the "Impairments") actually incurred or suffered by "**BUYER",** resulting
from or arising from:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the breach of any obligations or covenants established in this Agreement by the **"SELLER**"

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any inaccuracies, omissions, or falsehoods in the Statements of the **"SELLER"**; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) any act or omission in the management of the **"SOCIETY"** occurred or performed prior to the date of this Agreement.

The indemnification obligation of the **"SELLER"** referred to in this Clause 5 shall remain in force for a period of 24 (twenty-four) months from the date of signing the **"CONTRACT"** and shall comprise solely and exclusively the Declarations of the **"SELLER"** with respect to the **"COMPANY".**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(B)**  **<u>Indemnification Obligations of the "BUYER".</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) From the signing of this Agreement and thereafter, subject to the limitations set forth in this Agreement,
the **"BUYER"** shall be liable and indemnify the **"SELLER"** for any Impairment actually incurred or suffered
by the **"SELLER",** resulting from or arising from:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the breach of any obligations or covenants established in this Agreement by the **"BUYER"**;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any inaccuracies, omissions, or falsehoods in the Statements of the **"BUYER"**; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) any act or omission in the management of the **"SOCIETY"** occurred or performed after the date of this Agreement.

**Page 15 of **33**

**PURCHASE AND SALE CONTRACT WITH RESPECT TO A SHARE**

**REPRESENTATIVE OF THE CAPITAL OF SOCIEDAD MINERA CORDILLERAS, S. DE R.L. DE C.V.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(C)**  **<u>Complaints Procedure.</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)  **<u>Claim between the parties</u>** . In the event that either party is required to claim liability
or compensation for an Impairment from the other under this Agreement, which does not involve a third-party claim, the party claiming
liability or compensation for an Impairment shall notify the complained party in writing within 5 (five) business days after it becomes
aware of the claim in question (a "Claim"), indicating the causes, amount and accompanying the notification all the documentation
available in relation to the fact or circumstance causing the liability or compensation for the alleged impairment. The Complaining Party
shall have a period of 30 (thirty) calendar days to (i) accept the terms of the Claim, and elect to (a) remedy the alleged breach to the
satisfaction of the Complaining Party or (b) pay the amount claimed as compensation; or (ii) object to and/or reject the notified Claim.

If such Claim is not expressly accepted or remedied by the complained party within 30 (thirty) calendar days following the end of the 30 (thirty) calendar day period for its remedy, the discrepancy will be resolved in accordance with the provisions of Clause Ten.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)  **<u>Claim by a Third Party</u>** . With the exception of claims arising from **"THE CONCESSIONS INCLUDED"** which are accepted "as is, where they are, with all their defects" since the **"BUYER"** assumes
all administrative, fiscal, labor and/or environmental responsibilities, prior to and after the date of signing of this **"CONTRACT",** when it is a possible Impairment caused by a claim by any third party, including any inspection or action by a governmental authority,
whether administrative, judicial or extrajudicial, the indemnifying party may assume the defense of any claim, and undertakes to exercise
said right in particular in accordance with the principle of good faith and without prejudice to the interests of the parties and/or the
" **COMPANY"**. For these purposes, the following procedure will be followed:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) As soon as the third-party claim is received (the "Notice of Impairment"), the indemnifying party must be notified within the first third of the applicable law to respond to the claim.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Notice of Impairment shall include all relevant information then held in relation to the Impairment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The indemnifying party must respond to the claim in a timely manner, taking charge of the presentation of any guarantees that are required to be granted for the defense of the corresponding claim, and of the results of the judicial or extrajudicial defense procedure with total indemnity for the indemnified party.

**Page 16 of **33**

**PURCHASE AND SALE CONTRACT WITH RESPECT TO A SHARE**

**REPRESENTATIVE OF THE CAPITAL OF SOCIEDAD MINERA CORDILLERAS, S. DE R.L. DE C.V.**

The indemnifying party, by itself or through the advisors it designates, will have free, prior and total access to all the information and documentation relating to the claim in question.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The **"COMPANY":** (i) will grant in favor of the lawyers and attorneys appointed by the indemnifying party the powers that are necessary for such purposes in relation to the object of the third-party claim, (ii) will make available to the indemnifying party and the advisors designated by it all the documentation related to the third-party claim in question, and (iii) provide, together with the other party, the collaboration reasonably necessary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) if the indemnifying party fails to defend a third party's claim, control of such third party's claim shall be assumed by the indemnified; without waiving any rights that the indemnitor may have against the indemnifying party by way of indemnification pursuant to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(D)**  **<u>Indemnity Adjustment.</u>** The Parties agree that, if permitted by applicable law, the payment
of any indemnity under this Clause is deemed to be an adjustment to the "**SOCIAL SHARE"** Price, unless otherwise agreed
upon by the Parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(E)**  **<u>Moderation.</u>** The parties shall take all commercially reasonable steps to mitigate any impairment
subject to indemnification when they become aware of any fact or circumstance that could reasonably constitute or give rise to such impairment.

**5 BIS (A). Responsibility of the "BUYER".**

**5.1. BIS.** In addition to the provisions of Clause 5 above, the **"BUYER"** assumes responsibility exclusively with respect to the acts carried out by the BUYER, after the signing of this contract, all the obligations inherent and derived from **"THE SOCIAL PART"** representing the capital stock of the company **MINERA CORDILLERAS, S. de R.L. de C.V.** object of this **"CONTRACT",** under the character of partner in the proportion that corresponds to him, from the acquisition of the ownership of **"THE SOCIAL PART",** considering whatever its nature, and regardless of whether in one way or another the acts or facts that originate them have taken their cause after the signing of this **"CONTRACT",** therefore, the **"BUYER"** undertakes to respond under the terms and conditions that are necessary, and acquiring the right to exercise the rights in the manner that suits its interests.

**5.2. BIS.** To this end, the **"SELLER"** ceases (if it has been so) to be jointly and severally liable under the character of partner of the **"COMPANY",** assuming said responsibility the **"BUYER",** with respect to the acts carried out by the latter after the execution of this **"CONTRACT".**

**5.3. BIS.** The **"BUYER"** and the **"SELLER"** hereby request the **"COMPANY"** that once the payment of the price for the transfer of the **"SHARE"** has been made, the corresponding entries are made in the corporate books of the **"COMPANY"** to reflect the transfer of **"THE SHAREHOLDER"** in favor of the **"BUYER".** The **"BUYER"** will be solely responsible for any notifications that may be required to be made to third parties or governmental authorities derived from the sale of **"THE SOCIAL PART"** under this **"CONTRACT".**

**Page 17 of **33**

**PURCHASE AND SALE CONTRACT WITH RESPECT TO A SHARE**

**REPRESENTATIVE OF THE CAPITAL OF SOCIEDAD MINERA CORDILLERAS, S. DE R.L. DE C.V.**

Including, but not limited to, **the "RETURN RODEO 2",** the **"BUYER"** agrees to return to the **"SELLER"** all the economic resources received by way of payments or returns, derived from any lawsuit or claim filed prior to the signing of this **"CONTRACT"** by the **"SELLER"** and **the "RETURN RODEO 2"** which will be presented after the signing of this **"CONTRACT",** and that are favorable to it. Likewise, the **"SELLER"** undertakes to pay any resulting liability to the **"COMPANY"** arising from any lawsuit or claim filed prior to the signing of this Agreement by the "**SELLER".**

**5 BIS (B). Guarantee.** "GMC EQUIPOS MEXICO, S.A. de C.V." hereby voluntarily constitutes itself as guarantor of the indemnity obligations assumed by the "SELLER" in favor of the "BUYER" solely and exclusively with respect to the liquidation of the **"MCO EMPLOYEE"** by the **"COMPANY",** the environmental liabilities of the Rodeo Project, which must be transferred to the company called **GMC EQUIPOS MEXICO, S.A. de C.V.,** and in all matters related to the **"LABRI CONTRACTS"** while the necessary agreements are entered into and in all the scope in which the **"COMPANY"** undertook by virtue of them will be supported by **GMC EQUIPOS MÉXICO, S.A. DE C.V.** This Warranty will remain in full force and effect from the date of execution of the Contract and for a period of 24 (twenty- four) months from the date of signing the Contract, under the same terms, conditions and limitations assumed by the **"SELLER".**

6. Taxes and expenses.

6.1. The taxes that may be generated by virtue of this **"CONTRACT"** will be paid by each of the **"PARTIES"** and/or the **"COMPANY"** that is obliged under the terms of the applicable and current legislation. All notary expenses incurred in the execution of this "**CONTRACT"** shall be borne by the "**BUYER".**

7. Notifications and addresses.

7.1. All notices and notifications between the **"PARTIES"** and the **"COMPANY"** must be made in writing and delivered either personally or by certified mail with acknowledgement of receipt, to the addresses indicated by each of the **"PARTIES"** and the **"COMPANY"** in their respective declarations, unless the **"PARTIES"** and the **"COMPANY"** notify their change of address at least 15 fifteen calendar days before it becomes effective.

8. Headings.

8.1. The **"PARTIES"** and the **"COMPANY"** agree that the headings that appear at the beginning of each of the clauses of this **"CONTRACT"** have only been inserted for reference purposes, and therefore should not be considered at any time as a means of interpreting this **"CONTRACT".**

**Page 18 of **33**

**PURCHASE AND SALE CONTRACT WITH RESPECT TO A SHARE**

**REPRESENTATIVE OF THE CAPITAL OF SOCIEDAD MINERA CORDILLERAS, S. DE R.L. DE C.V.**

9. Modifications and full agreement.

9.1. This **"CONTRACT"** may not be modified, except by agreement of the **"PARTIES"** granted in writing with the same formalities of this document.

9.2. This **"CONTRACT"** represents the entire agreement between the **"PARTIES"** and therefore renders null and void any other verbal or written agreement that may have existed between the **"PARTIES"** prior to this instrument.

10. Jurisdiction, competence and applicable law.

10.1. The **"PARTIES"** and the **"COMPANY"** agree that the interpretation, compliance and execution of this **"CONTRACT"** will be in accordance with the federal legislation in force and applicable in Mexico, and expressly submit to the competence and jurisdiction of the competent courts in Mexico City, expressly waiving any other jurisdiction that for matters of domicile, place of execution of the commission object of this **"CONTRACT",** nationality of the **"PARTIES",** or any other, may correspond to them.

10.2. The **"PARTIES"** agree that the **"CONTRACT"** and any other document contemplated in this **"CONTRACT"** will be drafted only in the Spanish language.

11. Limitation of Liability.

Notwithstanding anything to the contrary in this **Agreement**, in no event shall any of the **parties** , or any of their partners, shareholders, affiliates, subsidiaries, directors, officers, employees, or agents be liable for any special, incidental, indirect, exemplary, punitive, consequential, or punitive damages (including loss of profits, loss of revenue, or loss of sales) in connection with any claim, loss, damage or injury arising out of such party's conduct under this **"CONTRACT"** or for any tort liability, regardless of whether or not the breaching party was advised of the possibility of such damages.

The total liability of both parties, both the "**SELLER"** and the "**BUYER",** under this Agreement or under any non-contractual liability alleged by the parties, will be limited under equal conditions to an amount equivalent to 20% of the total agreed price, except in cases of fraud or bad faith.

The "PARTIES" **and the** "COMPANY" **are aware** of the content and scope of this **"CONTRACT",** they declare themselves in agreement with the content of this, and recognize that in the execution of this there was no fraud, error, bad faith or any other vice of consent, and ratify and sign it, the **"BUYER"** in the City of Mazatlan, Sinaloa **on ________ ____**, **2025** and on the other hand, the **"SELLER",** the **"COMPANY"** and the **"GUARANTOR"** of the **"SELLER"** in Mexico City, **on ________ ____, 2025.**

**Page 19 of **33**

**PURCHASE AND SALE CONTRACT WITH RESPECT TO A SHARE**

**REPRESENTATIVE OF THE CAPITAL OF SOCIEDAD MINERA CORDILLERAS, S. DE R.L. DE C.V.**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **THE "BUYER"**<br>**VISIÓN Y PROYECCIÓN DE**<br> **NEGOCIOS, S.A. DE C.V.** <br> Represented by<br> **VICTOR LIZARRAGA VILLASEÑOR** | **THE "SELLER"**<br>**APEX MINING PARTNERS LIMITED**<br> Represented by<br> **JORGE EMILIO GARCÍA NAVA** |

---

&nbsp;&nbsp;&nbsp; **THE "SOCIETY"**<br>**MINERA DE CORDILLERAS, S. DE R.L. DE C.V.**<br>Represented by<br> **JORGE EMILIO GARCÍA NAVA**<br>

&nbsp;&nbsp;&nbsp; **THE "GUARANTOR" OF THE "SELLER"**<br>**GMC EQUIPOS MÉXICO, S.A. DE C.V.**<br> Represented by<br> **JORGE EMILIO GARCÍA NAVA**<br>

**Page 20 of **33**

**PURCHASE AND SALE CONTRACT WITH RESPECT TO A SHARE**

**REPRESENTATIVE OF THE CAPITAL OF SOCIEDAD MINERA CORDILLERAS, S. DE R.L. DE C.V.**

**ANNEX A – "EXCLUDED CONCESSIONS"**

---

| | | | |
|:---|:---|:---|:---|
| **<u>CONCESSION <br> NAME</u>** | **<u>TITLE NUMBER</u>** | &nbsp;&nbsp;&nbsp;&nbsp;**<u>LOCATION (MUNICIPALITY)</u>** | **<u>SURFACE AREA<br> (HAS.)</u>** |
| &nbsp;&nbsp;RODEO R1 | 246464 | RODEO,<br> DURANGO | 521.0000 |
| &nbsp;&nbsp;RODEO 2 K2 | 247042 | RODEO,<br> DURANGO | 1344.7345 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **THE "BUYER"**<br>**VISIÓN Y PROYECCIÓN DE<br> NEGOCIOS, S.A. DE C.V.**<br> Represented by<br> **VICTOR LIZARRAGA VILLASEÑOR** | **THE "SELLER"**<br>**APEX MINING PARTNERS LIMITED**<br> Represented by<br> **JORGE EMILIO GARCÍA NAVA** |

---

&nbsp;&nbsp;&nbsp; **THE "SOCIETY"**<br>**MINERA DE CORDILLERAS, S. DE R.L. DE C.V.**<br>Represented by<br> **JORGE EMILIO GARCÍA NAVA**<br>

**Page 21 of **33**

**PURCHASE AND SALE CONTRACT WITH RESPECT TO A SHARE**

**REPRESENTATIVE OF THE CAPITAL OF SOCIEDAD MINERA CORDILLERAS, S. DE R.L. DE C.V.**

**ATTACHMENT B – "MCO WORKER"**

**Worker's name: ERIKA PAOLA MUÑOZ MORALES**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **THE "BUYER"**<br>**VISIÓN Y PROYECCIÓN DE<br> NEGOCIOS, S.A. DE C.V.**<br> Represented by<br> **VICTOR LIZARRAGA VILLASEÑOR** | **THE "SELLER"**<br>**APEX MINING PARTNERS LIMITED**<br> Represented by<br> **JORGE EMILIO GARCÍA NAVA** |

---

&nbsp;&nbsp;&nbsp; **THE "SOCIETY"**<br>**MINERA DE CORDILLERAS, S. DE R.L. DE C.V.**<br>Represented by<br> **JORGE EMILIO GARCÍA NAVA**<br>

**Page 22 of **33**

**PURCHASE AND SALE CONTRACT WITH RESPECT TO A SHARE**

**REPRESENTATIVE OF THE CAPITAL OF SOCIEDAD MINERA CORDILLERAS, S. DE R.L. DE C.V.**

**SCHEDULE C – "POWER OF ATTORNEY"**

**Minera de Cordilleras, S. de R.L. de C.V.** grants in favor of Messrs. **Juan José Rojas Torres and Jorge Emilio García Nava (the attorneys-in-fact),** special power of attorney, limited in terms of its purpose, so that any of them may be authorized to act as legal representative of the Company in any lawsuit or litigation initiated by or against Mrs. Erika Paola Muñoz Morales, particularly the trials under File 351/2024, Seventh Court of the Federal Labor Court of Individual Matters of the State of Coahuila with residence in Torreón; as well as in the trials filed in the Attorney General's Office of the State of Coahuila, Laguna I Delegation, and for such purposes, the attorneys-in-fact will enjoy, jointly or individually, the following powers:

**I.** General power of attorney for lawsuits and collections, under the terms of the first paragraph of article
two thousand five hundred fifty-four of the Civil Code for the Federal District (currently Mexico City) and its correlatives of the Federal
Civil Code and the Civil Codes of all the States of the United Mexican States, with all the general and special powers that they require
in accordance with the special clause law, under the terms of Article Two Thousand Five Hundred and Eighty-Seven of the Civil Code for
the Federal District (currently Mexico City), and its correlatives of the Federal Civil Code and the Civil Codes of all the States of
the United Mexican States, which includes, but is not limited to, the following: to attend all types of hearings and the constitutional
hearing in the amparo proceeding to offer and render evidence and strike out those of the opponent; to articulate and absolve positions;
to extend jurisdiction; to withdraw, even from the amparo trial; to compromise; to engage in arbitrators; to absolve and articulate positions;
to challenge; to receive payments; to recognize documents; to file criminal complaints and complaints; to act as an adjuvant of the Public
Prosecutor's Office and to grant pardon to the offended party in appropriate cases and to execute all other acts expressly determined
by law, including representing the Company before criminal, civil, administrative and labor authorities and courts, whether federal, state
or municipal.

**II.** General power of attorney for lawsuits and collections and acts of administration in labor matters, so
that the attorney-in-fact will enjoy the powers established in articles eleven, six hundred and eighty-four "E", six hundred
ninety-two, eight hundred and seventy-three "F" and eight hundred and seventy-three "H", of the Federal Labor Law,
being able to represent the principal before all kinds of unions, to attend all kinds of hearings, summonses, injunctions, compromises,
settlements, settlements, to articulate or absolve positions, to promote or withdraw from the amparo trial, to file criminal complaints
and complaints, to grant pardons, to promote the non-existence of strikes, to resolve conflicts of an economic nature, to show oneself
as an employer before the workers with the broadest powers of representation, without any limitation and without impediments of any kind,
and may even appear at the conciliation hearing, the preliminary hearing and the trial hearing referred to in articles six hundred and
eighty-four "E", eight hundred and seventy-three "F", eight hundred and seventy-three "H", and other related
articles of the Federal Labor Law, always acting in the capacity of employer mainly in the case of hearings referred to in articles six
hundred and eighty-four "E", eight hundred and seventy-three "F" and eight hundred and seventy-three "H",
of the Federal Labor Law. Likewise, he may appear before the Conciliation and Arbitration Boards at the conciliation hearings, claim and
exceptions, offer and admission of evidence referred to in articles eight hundred and seventy-five, eight hundred seventy-six and eight
hundred and seventy-eight of the Federal Labor Law, in accordance with the provisions of the Eighth Transitory Decree by which they are
amended, add to and repeal various provisions of the Federal Labor Law, the Organic Law of the Judicial Branch of the Federation, the
Federal Law of the Public Defender's Office, the Law of the Institute of the National Housing Fund for Workers and the Social Security
Law, in matters of Labor Justice, Freedom of Association and Collective Bargaining, published in the Official Gazette of the Federation
on May 1, 2019. This power may be exercised before all kinds of Administrative or Judicial authorities,
whether they are Federal, Mexico City, State or Municipal; before the Labor Authorities, Conciliation Centers, Courts and in general before
all types of persons, whether they are natural or legal. Likewise, it is conferred powers to propose conciliatory agreements, enter into
transactions, assert questions of jurisdiction, make all kinds of decisions, negotiate and sign labor agreements, as well as to act as
a representative of the Company in all kinds of lawsuits or labor proceedings that are processed before any authority.

**Page 23 of **33**

**PURCHASE AND SALE CONTRACT WITH RESPECT TO A SHARE**

**REPRESENTATIVE OF THE CAPITAL OF SOCIEDAD MINERA CORDILLERAS, S. DE R.L. DE C.V.**

**LIMITATION:** The power of attorney granted herein is general in terms of its powers, but limited in its purpose, since it must be exercised solely and exclusively to act as the legal representative of the Company in any lawsuit or litigation initiated by or against Mrs. Erika Paola Muñoz Morales, particularly lawsuits under the File 351/2024, Seventh Court of the Federal Labor Court of Individual Matters of the State of Coahuila with residence in Torreón; as well as in the trials filed in the Attorney General's Office of the State of Coahuila, Laguna I Delegation.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **THE "BUYER"**<br>**VISIÓN Y PROYECCIÓN DE<br> NEGOCIOS, S.A. DE C.V.**<br> Represented by<br> **VICTOR LIZARRAGA VILLASEÑOR** | **THE "SELLER"**<br>**APEX MINING PARTNERS LIMITED**<br> Represented by<br> **JORGE EMILIO GARCÍA NAVA** |

---

&nbsp;&nbsp;&nbsp; **THE "SOCIETY"**<br>**MINERA DE CORDILLERAS, S. DE R.L. DE C.V.**<br>Represented by<br> **JORGE EMILIO GARCÍA NAVA**<br>

**Page 24 of **33**

**PURCHASE AND SALE CONTRACT WITH RESPECT TO A SHARE**

**REPRESENTATIVE OF THE CAPITAL OF SOCIEDAD MINERA CORDILLERAS, S. DE R.L. DE C.V.**

**ANNEX D – "PODER ESPERANZA"**

**IRREVOCABLE SPECIAL POWER OF ATTORNEY**

That, in relation to a certain Mining Rights Assignment Agreement dated December 6, 2024 (the "<u>Assignment Agreement</u>"), entered into by **MINERA DE CORDILLERAS, S. DE R.L. DE C.V.,** (the "<u>Company</u>") and **GIRGAR OPERACIONES, S.A. DE C.V.** ("<u>Girgar</u>"), it is hereby resolved to grant in favor of Messrs. **José Enrique Rodríguez del Bosque, Luigi Iacobi Pontones Brito** and **Oscar Sandoval Benítez** and Ms. **Olga Patricia Martínez Pérez** and **Ms. Rosa Valeria Bustamante Olivares** (the "<u>Attorneys- in-Fact</u>"), a **SPECIAL IRREVOCABLE** POWER OF ATTORNEY, granted under the terms of Articles 2554 (two thousand five hundred fifty-four) and 2596 (two thousand five hundred ninety-six) of the Civil Code of Mexico City and the Federal Civil Code and their correlatives of the Civil Codes of the States of the United Mexican States and of Mexico City, as a condition of the aforementioned bilateral contract and as a means to fulfill the obligations contracted under said contract, so that in the name and for the benefit of the Company, the Attorneys-in-Fact jointly or separately:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) carry out any acts, procedures and procedures, with and before any third party, related to exemptions,
notices, permits, licenses or authorizations issued by the Ministry of Environment and Natural Resources, in favor of the LIMITED Company
solely and exclusively to the mining concession described below (the "  **<u>La Esperanza Concession</u>** "), necessary to: **(i)** obtain an extension of validity of documents as well as modifications to the scope of which they have been granted, **(ii)** comply with conditions, **(iii)** carry out the assignment or transfer of rights and obligations, **(iv)** carry out any management,
document, license, permit or authorization before municipal, state or federal authorities, which is required for the aforementioned actions,
and **(v)** follow-up of procedures, attention to administrative and judicial procedures, and presentation of means of challenge, derived
from the steps described.

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**CONCESSION** | **SURFACE** | **TITLE** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**LOCATION** |
| Hope | 68.000 | 218071 | Ocampo, Chihuahua |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) continue, follow up, obtain the resolutions and file any legal appeal before the General Directorate of
Mines **(" <u>DGM</u> ")** of the Ministry of Economy and/or any judicial authority, with respect to the application filed
with the Public Mining Registry ("  **<u>RPM</u>**") with folio number 600UCAE-2023-269, dated January 12, 2023, registered
under file 11/2023, by virtue of which the application for registration of a certain contract for the assignment of rights dated December
19, 2022 entered into between the Company as acquirer and Messrs. Jesús Antonio Parra Quezada and Emiliano Hurtado Montaño
and Ms. María Blanca Esthela Parra Quezada and María del Carmen Parra Quezada (the "  **<u>Concessionaires")</u>** was
filed with said Registry") with respect to the La Esperanza Concession, title 218071, issued on October 2, 2002, located in the municipality
of Ocampo, Chihuahua, with an area of 68, 0000 hectares, registered under record 331, on page 166 of volume 331 of the RPM Concession Book
(the "  **<u>Application for Registration of the La Esperanza Contract</u>** "); and

**Page 25 of **33**

**PURCHASE AND SALE CONTRACT WITH RESPECT TO A SHARE**

**REPRESENTATIVE OF THE CAPITAL OF SOCIEDAD MINERA CORDILLERAS, S. DE R.L. DE C.V.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) enter into with respect to the La Esperanza Concession and only in the event that the registration of
the Assignment Agreement is denied in terms of the Application for Registration of the La Esperanza Contract before the RPM, either: (i)
a contract for the free assignment of rights for its transfer and registration in favor of Girgar, or (ii) an agreement for inclusion
in the Assignment Agreement for its transfer and registration in favor of Girgar, and (iii) any administrative procedure
before the RPM or before any competent authority, including before the DGM,
which shall include the authorization to be obtained, either from the Ministry of Economy or from the DGM, provided for in the Mining
Law, in order for the La Esperanza Concession to be transferred to Girgar under the terms of the Assignment Agreement.

they are granted a **special power of attorney for acts of ownership, acts of administration and for lawsuits and collections**, under the terms of the first three paragraphs of article 2554 (two thousand five hundred and fifty- four) of the Federal Civil Code and its correlatives contained in the Civil Codes of the other states of Mexico and Mexico City, but **<u>LIMITED</u>** in terms of its object to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. to carry out any acts, procedures and procedures, with and before any third party, related to extensions,
notices, permits, licenses or authorizations issued by the Ministry of Environment and Natural Resources, in favor of the Company and
only with respect to the La Esperanza Concession, for the preparation of the site, construction and operation of said mining concession;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. to continue, follow up, obtain the resolutions and present any legal remedies with respect to the processing
of the Application for Registration of the La Esperanza Contract before the RPM; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. to subscribe, execute, sign, deliver, ratify and/or grant, present to the RPM, the contracts, acts and
agreements provided for in paragraph (ii) above in order to obtain the registration of the La Esperanza Concession before the RPM in favor
of Girgar.

The power of attorney granted hereby in favor of the Attorneys-in-Fact shall take effect and shall be in force until: (i) the authorizations, licenses and permits held by Minera de Cordilleras, S. de R.L. de C.V. with respect to the La Esperanza Concession are transferred by the competent authorities in favor of Girgar; and (ii) the La Esperanza Concession is duly transferred and registered in the name of Girgar before the RPM. Once these objectives have been concluded, which are the reason that gives rise to its granting, the power of attorney will cease to be in force.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **THE "BUYER"**<br>**VISIÓN Y PROYECCIÓN DE <br> NEGOCIOS, S.A. DE C.V.**<br> Represented by<br> **VICTOR LIZARRAGA VILLASEÑOR** | **THE "SELLER"**<br>**APEX MINING PARTNERS LIMITED**<br> Represented by<br> **JORGE EMILIO GARCÍA NAVA** |

---

&nbsp;&nbsp;&nbsp; **THE "SOCIETY"**<br>**MINERA DE CORDILLERAS, S. DE R.L. DE C.V.**<br> Represented by<br> **JORGE EMILIO GARCÍA NAVA**<br>

**Page 26 of **33**

**PURCHASE AND SALE CONTRACT WITH RESPECT TO A SHARE**

**REPRESENTATIVE OF THE CAPITAL OF SOCIEDAD MINERA CORDILLERAS, S. DE R.L. DE C.V.**

**ANNEX E – "RODEO POWER"**

**IRREVOCABLE SPECIAL POWER OF ATTORNEY**

That, in relation to the Payment of the Undue Amount of certain Mining Rights with respect to the mining concession called: **"RODEO 2",** title number 241666 which resulted in the mining concession called **"RODEO 2 R 2",** title 247042 (the "<u>Rodeo 2 Return</u>") and certain Mining Rights Assignment Agreements dated February 5, 2025 (the "<u>Rodeo 1 Assignment Agreement</u>") and dated March 13, 2025 (the "<u>Rodeo 2 Assignment Agreement</u>"), entered into by **MINERA DE CORDILLERAS, S. DE R.L. DE C.V.,** (the "<u>Company</u>") and **GMC EQUIPOS MEXICO, S.A. DE C.V.** ("<u>GMC</u>"), it is hereby resolved to grant in favor of Messrs. **Jorge Emilio García Nava, Miguel García Fernández, Juan Manuel Coronado Ávila and Patricia Vivar Zirate** (the "<u>Attorneys-in-Fact</u>"), a **SPECIAL IRREVOCABLE POWER OF ATTORNEY,** granted under the terms of Articles 2554 (two thousand five hundred fifty-four) and 2596 (two thousand five hundred ninety-six) of the Civil Code of Mexico City and the Federal Civil Code and its correlatives of the Civil Codes of the States of the United Mexican States and of Mexico City, to process the <u>Rodeo 2 Refund and</u> as a condition of the aforementioned bilateral contracts and as a means to fulfill the obligations contracted under said contract, so that in the name and for the benefit of the Company, the Attorneys-in-Fact jointly or separately:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) present, continue, follow up and obtain a favorable resolution regarding the <u>Rodeo 2 Refund</u> before
the Tax Administration Service ("  **<u>SAT")</u>** and/or any judicial authority, with respect to any request for refund of
Payment of the Undue Payment of the Payments of Mining Rights that are presented in the name of the Company with respect to the mining
concession called **"RODEO 2",** title number 241666 which resulted in the mining concession called **"RODEO 2 R 2",** title 247042;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) continue, follow up, obtain the resolutions and file any legal recourse before the General Directorate
of Mines **(" <u>DGM</u> ")** of the Ministry of Economy and/or any judicial authority, with respect to the applications filed
with the Public Mining Registry ("  **<u>RPM</u>**") with folio number 600UCAE-2025-6285, dated February 21, 2025 and the corresponding
folio number, by virtue of which the applications for registration of the Rodero 1 Assignment Agreement and Rodeo 2 Assignment Agreement,
respectively, entered into between the Company as assignor and GMC (the "  **<u>Assignee</u>**") with respect to the Rodeo
R1 Concession, title 246464, issued on July 6, 2018, located in the municipality of Rodeo, are filed with said Registry. Durango, with
an area of 521, 0000 hectares, registered under Act 284, on page 142 of volume 410 (the "**Rodeo R1 Concession**") and the
Rodeo 2 R2 Concession, title 247042, issued on May 6, 2022, located in the municipality of Rodeo, Durango, with an area of 1,344.7345
hectares, registered under Act 142, on page 71 of volume 412 and on page 71 of the RPM Concession Book of the RPM Concession Book (the
" **Rodeo 2 R2 Concession**") (the "  **<u>Applications for Registration of Rodeo Contracts</u>** "); and

**Page 27 of **33**

**PURCHASE AND SALE CONTRACT WITH RESPECT TO A SHARE**

**REPRESENTATIVE OF THE CAPITAL OF SOCIEDAD MINERA CORDILLERAS, S. DE R.L. DE C.V.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) enter into with respect to the Rodeo R1 and Rodeo 2 R2 Concessions and only in the event that the registration
of the Rodeo 1 Assignment Agreement and the Rodeo 2 Assignment Agreement is denied in terms of the Applications for Registration of the
Rodeo Contracts before the RPM, either: (i) a free assignment agreement of
rights for their transfer and registration in favor of GMC or (ii) an agreement of inclusion in the Contract of Assignment for its transmission
and registration in favor of GMC, and (iii) any administrative procedure before the RPM or before any competent authority, including before
the DGM, which shall include the authorization to be obtained, either from the Ministry of Economy or from the DGM, provided for in the
Mining Law, in order for the Rodeo R1 Concession and the Rodeo 2 R2 Concession to be transferred to GMC under the terms of the Mining
Agreement. Rodeo Assignment 1 and Rodeo Assignment Contract 2. they are granted a **special power of attorney for acts of ownership, acts of administration and for lawsuits and collections**, under the terms of the first three paragraphs
of article 2554 (two thousand five hundred and fifty- four) of the Federal Civil Code and its correlatives contained in the Civil Codes
of the other states of Mexico and Mexico City, but  **<u>LIMITED</u>** in terms of its object to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. to continue, follow up, obtain resolutions and file any legal remedies with respect to the processing
of Applications for Registration of Rodeo Contracts before the RPM; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. to sign, execute, sign, deliver, ratify and/or grant, present to the RPM, the contracts, acts and agreements
provided for in paragraph (ii) above in order to obtain the registration of the Rodeo R1 Concession and the Rodeo 2 R2 concession before
the RPM in favor of GMC.

The power of attorney granted hereby in favor of the Attorneys-in-Fact shall take effect and be in force until: (i) the Rodeo R1 Concession and the Rodeo R2 Concession are duly transferred and registered in the name of GMC before the RPM and (ii) the Rodeo 2 Return is favorably resolved. Once these objectives have been concluded, which are the reason that gives rise to its granting, the power of attorney will cease to be in force.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **THE "BUYER"**<br>**VISIÓN Y PROYECCIÓN DE<br> NEGOCIOS, S.A. DE C.V.**<br> Represented by<br> **VICTOR LIZARRAGA VILLASEÑOR** | **THE "SELLER"**<br>**APEX MINING PARTNERS LIMITED**<br> Represented by<br> **JORGE EMILIO GARCÍA NAVA** |

---

&nbsp;&nbsp;&nbsp; **THE "SOCIETY"**<br>**MINERA DE CORDILLERAS, S. DE R.L. DE C.V.**<br> Represented by<br> **JORGE EMILIO GARCÍA NAVA**<br>

**Page 28 of **33**

**PURCHASE AND SALE CONTRACT WITH RESPECT TO A SHARE**

**REPRESENTATIVE OF THE CAPITAL OF SOCIEDAD MINERA CORDILLERAS, S. DE R.L. DE C.V.**

**ANNEX F – "ENVIRONMENTAL POWER"**

**Minera de Cordilleras, S. de R.L. de C.V.** grants in favor of Messrs. **Jorge Emilio García Nava, Sergio Raúl Gutiérrez Reyes, Eduardo Rosales Pérez, Miguel García Fernández, Juan Manuel Coronado Ávila and Patricia Vivar Zirate (the attorneys-in-fact),** a special power of attorney, limited in terms of its purpose, so that any of them may be authorized to act as the legal representative of the Company in any matter related to permits, procedures, offices, requirements and compliance with obligations before authorities in environmental matters, and for such purposes, the proxies will enjoy, jointly or individually, the following powers:

**I.** General power of attorney for lawsuits and collections, under the terms of the first paragraph of article
two thousand five hundred fifty-four of the Civil Code for the Federal District (currently Mexico City) and its correlatives of the Federal
Civil Code and the Civil Codes of all the States of the United Mexican States, with all the general and special powers that they require
in accordance with the special clause law, under the terms of article two thousand five hundred eighty-seven of the Civil Code for the
Federal District (currently Mexico City), and its correlatives of the Federal Civil Code and the Civil Codes of all the States of the
United Mexican States.

**II.** For acts of administration under the terms of the second paragraph of article two thousand five hundred
fifty-four of the Civil Code for the Federal District (currently Mexico City) and its correlatives of the Federal Civil Code and the Civil
Codes of all the States of the United Mexican States, to carry out all kinds of procedures and procedures before the Ministry of Environment
and Natural Resources (SEMARNAT), the Federal Attorney for Environmental Protection (PROFEPA), the National Water Commission (CONAGUA),
and the Secretariat of Urban Development and Ecology of the Government of each State of the Mexican Republic.

**LIMITATION:** The power of attorney granted herein is general in terms of its powers, but limited in its purpose, since it must be exercised solely and exclusively to act as the legal representative of the Company in any matter related to permits, procedures, offices, requirements and compliance with obligations before authorities in environmental matters, as well as to carry out all kinds of procedures and procedures before the Ministry of Environment and Natural Resources (SEMARNAT), the Federal Attorney for Environmental Protection (PROFEPA), the National Water Commission (CONAGUA), and before the Secretariat of Urban Development and Ecology of the Government of each State of the Mexican Republic.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **THE "BUYER"**<br>**VISIÓN Y PROYECCIÓN DE <br> NEGOCIOS, S.A. DE C.V.**<br> Represented by<br> **VICTOR LIZARRAGA VILLASEÑOR** | **THE "SELLER"**<br>**APEX MINING PARTNERS LIMITED**<br> Represented by<br> **JORGE EMILIO GARCÍA NAVA** |

---

&nbsp;&nbsp;&nbsp; **THE "SOCIETY"**<br>**MINERA DE CORDILLERAS, S. DE R.L. DE C.V.**<br>Represented by<br> **JORGE EMILIO GARCÍA NAVA**<br>

**Page 29 of **33**

**PURCHASE AND SALE CONTRACT WITH RESPECT TO A SHARE**

**REPRESENTATIVE OF THE CAPITAL OF SOCIEDAD MINERA CORDILLERAS, S. DE R.L. DE C.V.**

**APPENDIX G – "POWER OF ATTORNEY"**

**Minera de Cordilleras, S. de R.L. de C.V.** grants in favor of Messrs. **Jorge Emilio García Nava, Miguel García Fernández, Juan Manuel Coronado Ávila and Patricia Vivar Zirate (the attorneys-in-fact),** special power of attorney, limited in terms of its purpose, for any of them to carry out all those procedures that by involuntary omission were not carried out or concluded before the effective date of the Contracts for the Sale of Social Shares, and that as a result of such purchase and sale the Company has to conclude the matters mentioned below, including but not limited to: contracts with consultants, suppliers or service providers, commercial services which may include (electricity, drinking water supply, telephone services, etc.). This power of attorney also empowers Messrs. **Jorge Emilio García Nava, Miguel García Fernández, Juan Manuel Coronado Ávila and Patricia Vivar Zirate** so that any of them, on behalf of Minera de Cordilleras, S. de R.L. de C.V., continue to follow up on any procedure or requirement before any authority or government agency to request any benefit or refund that the Company has requested or made prior to the Purchase and Sale of Social Shares and that have not yet been resolved.

Within the specialty of this power, the proxies will have all the powers that correspond to the general power of attorney for lawsuits and collections and for acts of administration, in terms of the first and second paragraphs of article two thousand five hundred fifty-four of the Federal Civil Code and its correlatives in each and every one of the Civil Codes of the other states of the United Mexican States and the Civil Code for the District Federal (now Mexico City).

**LIMITATION:** The power of attorney granted herein is general in terms of its powers, but limited in terms of its purpose, since it must be exercised solely and exclusively to follow up and conclude those matters that were pending at the time of the execution of the contracts of sale of the Company's Social Shares, as well as with respect to the procedures or requirements before administrative authorities and public, decentralized, decentralized agencies, whether federal, state, municipal or in Mexico City. In this order, it will not be effective to request or carry out new procedures. The power of attorney granted will be effective as of the effective date of the purchase and sale contracts of the Social Shares and will remain in force in favor of the proxies until all pending matters are concluded.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **THE "BUYER"**<br>**VISIÓN Y PROYECCIÓN DE <br> NEGOCIOS, S.A. DE C.V.**<br> Represented by<br> **VICTOR LIZARRAGA VILLASEÑOR** | **THE "SELLER"**<br>**APEX MINING PARTNERS LIMITED**<br> Represented by<br> **JORGE EMILIO GARCÍA NAVA** |

---

&nbsp;&nbsp;&nbsp; **THE "SOCIETY"**<br>**MINERA DE CORDILLERAS, S. DE R.L. DE C.V.**<br>Represented by<br> **JORGE EMILIO GARCÍA NAVA**<br>

**Page 30 of **33**

**PURCHASE AND SALE CONTRACT WITH RESPECT TO A SHARE**

**REPRESENTATIVE OF THE CAPITAL OF SOCIEDAD MINERA CORDILLERAS, S. DE R.L. DE C.V.**

**ANNEX H – "LIST OF MINING RIGHTS PAYMENTS, STATISTICAL REPORTS AND WORKS CHECKS"**

A list is attached.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **THE "BUYER"**<br>**VISIÓN Y PROYECCIÓN DE <br> NEGOCIOS, S.A. DE C.V.**<br> Represented by<br> **VICTOR LIZARRAGA VILLASEÑOR** | **THE "SELLER"**<br>**APEX MINING PARTNERS LIMITED**<br> Represented by<br> **JORGE EMILIO GARCÍA NAVA** |

---

&nbsp;&nbsp;&nbsp; **THE "SOCIETY"**<br>**MINERA DE CORDILLERAS, S. DE R.L. DE C.V.**<br>Represented by<br> **JORGE EMILIO GARCÍA NAVA**<br>

**Page 31 of **33**

**PURCHASE AND SALE CONTRACT WITH RESPECT TO A SHARE**

**REPRESENTATIVE OF THE CAPITAL OF SOCIEDAD MINERA CORDILLERAS, S. DE R.L. DE C.V.**

**ANNEX I – "POWER OF ATTORNEY JORGE GARCÍA"**

A simple copy is attached.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **THE "BUYER"**<br>**VISIÓN Y PROYECCIÓN DE<br> NEGOCIOS, S.A. DE C.V.**<br> Represented by<br> **VICTOR LIZARRAGA VILLASEÑOR** | **THE "SELLER"**<br>**APEX MINING PARTNERS LIMITED**<br> Represented by<br> **JORGE EMILIO GARCÍA NAVA** |

---

&nbsp;&nbsp;&nbsp; **THE "SOCIETY"**<br>**MINERA DE CORDILLERAS, S. DE R.L. DE C.V.**<br>Represented by<br> **JORGE EMILIO GARCÍA NAVA**<br>

**Page 32 of **33**

**PURCHASE AND SALE CONTRACT WITH RESPECT TO A SHARE**

**REPRESENTATIVE OF THE CAPITAL OF SOCIEDAD MINERA CORDILLERAS, S. DE R.L. DE C.V.**

**ANNEX J – "TSM SILVEYRA POWER"**

A simple copy is attached.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **THE "BUYER"**<br>**VISIÓN Y PROYECCIÓN DE<br> NEGOCIOS, S.A. DE C.V.**<br> Represented by<br> **VICTOR LIZARRAGA VILLASEÑOR** | **THE "SELLER"**<br>**APEX MINING PARTNERS LIMITED**<br> Represented by<br> **JORGE EMILIO GARCÍA NAVA** |

---

&nbsp;&nbsp;&nbsp; **THE "SOCIETY"**<br>**MINERA DE CORDILLERAS, S. DE R.L. DE C.V.**<br>Represented by<br> **JORGE EMILIO GARCÍA NAVA**<br>

**Page 33 of **33**

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**[\*\*\*]**

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## Exhibit 10.4

**Exhibit 10.4**

**[\*\*\*] CERTAIN INFORMATION IN THIS DOCUMENT HAS BEEN EXCLUDED PURSUANT TO REGULATION S-K, ITEM 601(B)(10). SUCH EXCLUDED INFORMATION IS BOTH NOT MATERIAL AND IS THE TYPE THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL.**

**PURCHASE AND SALE CONTRACT WITH RESPECT TO A SHARE**

**REPRESENTATIVE OF THE CAPITAL OF SOCIEDAD MINERA CORDILLERAS, S. DE R.L. DE C.V.**

**PURCHASE AND SALE AGREEMENT WITH RESPECT TO A SHARE** OF THE SHARE CAPITAL OF THE COMPANY CALLED **MINERA DE CORDILLERAS, S. DE R.L. DE C.V.,** HEREINAFTER THE **"CONTRACT",** ENTERED INTO ON THE ONE HAND BY THE COMPANY CALLED **SERVICIOS VELARDEÑA, S.A. DE C.V.**, HEREINAFTER REFERRED TO AS THE **"SELLER",** REPRESENTED IN THIS ACT BY MR. **JORGE EMILIO GARCÍA NAVA** AND BY THE OTHER COMPANY CALLED **EMPRESA Y CAPITAL, S.A.P.I. DE C.V.**, HEREINAFTER REFERRED TO AS THE **"BUYER",** REPRESENTED HEREIN BY MR. **JESÚS MARTE VINICIO ZATARIN CHÁVEZ;** LIKEWISE, THE FOLLOWING APPEAR: **(I)** THE COMPANY CALLED **MINERA DE CORDILLERAS, S. DE R.L. DE C.V.**, HEREINAFTER REFERRED TO AS THE **"COMPANY"** OR THE **"ISSUER"** INDISTINCTLY, REPRESENTED HEREIN BY MR. **JORGE EMILIO GARCÍA NAVA;** COLLECTIVELY**, THE "SELLER"** AND THE **"BUYER"** SHALL BE REFERRED TO AS THE **"PARTIES"**; AND **(II) GMC EQUIPOS MEXICO, S.A. DE C.V.** , HEREINAFTER REFERRED TO AS THE **"GUARANTOR",** REPRESENTED IN THIS ACT BY MR. **JORGE EMILIO GARCÍA NAVA**, WHO AGREES TO BE SUBJECT TO THE FOLLOWING BACKGROUND, DECLARATIONS AND CLAUSES.

**A N T E C E D E N T E S**

**I.** By means of public instrument number 42,114 (forty-two thousand one hundred and fourteen) dated November
9 (nine) 1994 (one thousand nine hundred and ninety-four), granted before Mr. Javier del Valle Palazuelos, holder of Notary Public number
61 (sixty- one) of the Federal District now Mexico City, the company was constituted as a commercial company called MINERA DE CORDILLERAS,
S.A. DE C.V. whose first original was duly registered under commercial folio number 344264 (three, four, four, two, six, four) in the
Public Registry of Commerce of its registered office; and also registered in the Federal Taxpayers Registry with the code **MCO-941109-LQ2**.

**II.** Subsequently, the company was transformed into a limited liability company, called MINERA DE CORDILLERAS,
S. DE R.L. DE C.V., which is evidenced by public instrument number 531 (five hundred and thirty-one) dated December 14 (fourteen) of December
1994 (nineteen hundred and ninety-four), granted before Mr. José Luis Villavicencio Castañeda, holder of Notary Public number
218 (two hundred and eighteen) of the Federal District, now Mexico City, and which was duly registered in the Public Registry of Commerce
of its registered office.

**III.** The **"COMPANY"** declares that the entries, notes and information that is recorded and recorded
in the minutes book of the shareholders' meeting, the register of partners or shareholders and the book of variations of the capital of
said "**COMPANY",** correctly and accurately reflect its legal and corporate situation, as well as the current integration
of the share capital.

**Page 1 of **33**

**PURCHASE AND SALE CONTRACT WITH RESPECT TO A SHARE**

**REPRESENTATIVE OF THE CAPITAL OF SOCIEDAD MINERA CORDILLERAS, S. DE R.L. DE C.V.**

**D E C L A R A C I O N E S**

I. The "SELLER" declares through its legal representative and under oath to tell the truth, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**i.** It is a legal entity duly constituted in accordance with the laws of the United Mexican States, as evidenced
by public deed number 10,030 dated July 1, 2013, granted under the faith of Mr. Guillermo Aarón Vigil Chapa, Holder of the Notary
Public number 247 of Mexico City and registered in the Public Registry of Commerce of its registered office under the electronic commercial
folio 500340-1.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**ii.** Its legal representative has the sufficient and necessary powers to bind its client under the terms of
this **"CONTRACT",** which to date have not been revoked or limited in any way.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**iii.** For the purposes of this **"CONTRACT",** its domicile is located at **Calle Río de la Plata No. 1580, Col. Magdalenas, C.P. 27010, Torreón, Coahuila, Mexico**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**iv.** As a partner of the **"COMPANY",** he/she has the necessary and sufficient legal capacity
to enter into this **"CONTRACT".** This "**CONTRACT"** and the execution of the transactions contemplated in
this "**CONTRACT"** have been previously authorized by all necessary corporate actions by the **"SELLER".** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**v.** He is the owner and therefore the legitimate owner of 1 (one) share of the company with a value of $23,182,652.00
(Twenty-three million one hundred eighty-two thousand six hundred fifty-two pesos 00/100 Mexican pesos). in the variable capital (hereinafter **"THE CORPORATE PART"),** which is representative of 5.56304% of the capital stock of the **"COMPANY",** which
is not subject to any lien, usufruct or limitation of ownership or possession.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**vi.** It is his will to transfer to the **"BUYER",** by means of this instrument, the full ownership
of **"THE SOCIAL PART",** of which he is the legitimate owner and proprietor, which has been mentioned in paragraph v. (fifth)
above, with all that in fact and by law corresponds to them.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**vii.** The transfer of **"THE SOCIAL PART"** includes the mining concessions listed below (hereinafter **"THE CONCESSIONS INCLUDED") "** as is, where they are, with all their defects" and all administrative, fiscal,
labor and/or environmental responsibilities, prior to and after the date of signing of this **"CONTRACT".** The "**BUYER"** acknowledges and accepts that the concession called "TEYRA" with title number 230878, is currently canceled and in the process
of defense to declare said cancellation null and void before the corresponding Administrative Court and that there is no guarantee that
said Court will declare the nullity of said cancellation. Any process of defense of the mining concession must be continued by the "**BUYER"** at its own risk and cost and in this act releases the "**SELLER" from any responsibility**.

**Page 2 of **33**

**PURCHASE AND SALE CONTRACT WITH RESPECT TO A SHARE**

**REPRESENTATIVE OF THE CAPITAL OF SOCIEDAD MINERA CORDILLERAS, S. DE R.L. DE C.V.**

---

| | | | |
|:---|:---|:---|:---|
| **<u>Concession Name</u>** | **<u>Title <br> Number</u>** | **<u>Validity</u>** | **<u>Surface<br> area <br> (Has.)</u>** |
| &nbsp;&nbsp;RED. SANTA ISABEL | 246649 | 17 September 2052 | 250.0000 |
| &nbsp;&nbsp;RUBY ESMERALDA | 217863 | 17 September 2052 | 129.4642 |
| &nbsp;&nbsp;THE TEYRA | 230878 | 25 October 2057 | 144.2619 |
| &nbsp;&nbsp;THE CRUSHED FRACC.1 | 237652 | 19 April 2061 | 156.9209 |
| &nbsp;&nbsp;THE CRUSHED FRACC.2 | 237653 | 19 April 2061 | 54.0478 |

---

Of the **"CONCESSIONS INCLUDED"** listed above, **ANNEX H** is added, which will include, of them, a list that lists the semi-annual payments, statistical reports of January of each year and work verifications of the last 5 five years, specifically the **"PAYMENTS OF MINING RIGHTS OF THE LAST 5 YEARS, WITH THE EXCEPTION OF THE PAYMENTS OF RIGHTS OF THE FIRST HALF OF 2025, WHICH ARE PENDING PAYMENT AND WILL BE THE OBLIGATION AND RESPONSIBILITY OF THE "BUYER" FROM THE SIGNING OF THIS "CONTRACT", THE ANNUAL STATISTICAL REPORTS OF THE LAST 5 YEARS, WITH THE EXCEPTION OF THE STATISTICAL REPORT CORRESPONDING TO THE YEAR 2024, WHICH MUST BE SUBMITTED EXTEMPORANEOUSLY AND WILL BE THE RESPONSIBILITY OF THE "BUYER" ONCE IT HAS SIGNED THIS "CONTRACT" AND THE WORK CHECKS OF THE YEARS 2019, 2020, 2021, 2022 and 2023".** In this order, the list with the list of the above receipts will make up said annex, since the documents referred to in such list have been made available to the **"BUYER"** with due anticipation and will be delivered in physical form, by the **"SELLER",** after the signing of this document, together with the rest of the original documentation of the **"COMPANY".** for which it will be recorded, in due course, with the delivery-receipt certificate signed by the **"PARTIES".**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**viii.** It informed and provided in a timely manner, all the information and documentation requested by the **"BUYER",** regarding the legal and financial situation of the **"COMPANY",** stating that said information is truthful and correct
as of this date in all its relevant aspects.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**ix.** Under oath to tell the truth, that its resources and/or assets, as well as **"THE SOCIAL PART"** subject matter of this **"CONTRACT",** do not come directly or indirectly from illegal activities or from any other activity
or act that could favor the actualization of the alleged crimes of financing terrorism or resources of illicit origin. As well as those
rights or assets that will be used to solve or fulfill the object of this instrument do not originate, update or resemble the illicit
contemplated in Article 400-Bis of the Federal Criminal Code.

**Page 3 of **33**

**PURCHASE AND SALE CONTRACT WITH RESPECT TO A SHARE**

**REPRESENTATIVE OF THE CAPITAL OF SOCIEDAD MINERA CORDILLERAS, S. DE R.L. DE C.V.**

II. The "BUYER" declares through his legal representative and under oath to tell the truth, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**i.** It is a legal entity, of Mexican nationality, with the legal capacity to contract and to enter into this
contract, as evidenced by public deed number 19,657, dated August 18, 2010, granted before the faith of Mr. José Manuel Magallón
Osuna, Notary Public number 147 with practice in Mazatlán, State of Sinaloa, which was constituted in this instrument as a Civil
Society, being duly registered in volume XXIII, section III, under number 114, of September 30, 2010, in the Public Registry of Property
and Commerce.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**ii.** Subsequently, it was transformed into a Variable Capital Investment Promotion Company, through instrument
number 25,057, dated March 6, 2014, granted before the faith of Mr. José Manuel Magallón Osuna, Notary Public number 147
with practice in Mazatlán, State of Sinaloa, which was duly registered in the Public Registry of Property and Commerce of Mazatlan.
Sinaloa, on March 31, 2014, under folio number 20945-2.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**iii.** Its legal representative has the sufficient and necessary powers to bind its client under the terms of
this **"CONTRACT",** which to date have not been revoked or limited in any way, as evidenced by Public Deed number 3,368
(three thousand three hundred and sixty-eight), granted before the faith of Paloma María Magallón Osuna, Notary Public of
the State number 219 (two hundred and nineteen) with practice in the city of Mazatlán, Sinaloa, which was duly registered, in the
Public Registry of Property and Commerce of Mazatlán, Sinaloa, under the electronic mercantile folio number 20945, dated January
14, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**iv.** Its Federal Taxpayer Registry is **ECA100818MQ5**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**v.** For the purposes of this **"CONTRACT"** it indicates as its domicile the one located at **Avenida Rafael Buena number 313, Interior 3, Colonia Lomas de Mazatlán, C.P. 82110 in the city of Mazatlán, Sinaloa, Mexico.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**vi.** It is interested in acquiring from
 the **"SELLER",** by means of this instrument, the ownership and full ownership,
 free of all encumbrances, of **"THE SOCIAL PART"** referred to in subsection
 v. of the respective declarations of the **"SELLER",** including **"THE CONCESSIONS INCLUDED", "** AS IS, WHERE THEY ARE, WITH ALL THEIR DEFECTS"
 AND ALL THE RESPONSIBILITIES OF AN ADMINISTRATIVE, FISCAL, LABOR AND/OR ENVIRONMENTAL NATURE,
 prior to and after the date of signing of this **"CONTRACT".** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**vii.** It has sufficient resources to acquire from the **"SELLER" "THE SOCIAL PART".** 

**Page 4 of **33**

**PURCHASE AND SALE CONTRACT WITH RESPECT TO A SHARE**

**REPRESENTATIVE OF THE CAPITAL OF SOCIEDAD MINERA CORDILLERAS, S. DE R.L. DE C.V.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**viii.** Under oath to tell the truth, that its resources and/or assets, subject matter of this "**CONTRACT",** do not come directly or indirectly from illicit activities or any other activity or act that could favor the actualization of the
alleged crimes of financing terrorism or resources of illicit origin. As well as those rights or assets that will be used to solve or
fulfill the object of this instrument do not originate, update or resemble the illicit contemplated in Article 400-Bis of the Federal
Criminal Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**ix.** Enter into this **"CONTRACT"** and purchase **"THE SOCIAL PART"** with <u>ALL THE RIGHTS AND OBLIGATIONS INCORPORATED</u> to **"THE SOCIAL PART"** and to the **"COMPANY"** including **"THE CONCESSIONS INCLUDED"** and on the understanding that the activity of **"THE COMPANY"** and **"THE CONCESSIONS INCLUDED"** are accepted "as is, where they are, with all their defects" and all responsibilities of
 an administrative, fiscal, labor and/or environmental nature, before and after the date of signing this **"CONTRACT".** Neither **"SELLER"** nor any other person is making any express or implied representations or warranties with respect
 to **"THE SOCIAL PART", "THE INCLUDED GRANTS"** and **the "COMPANY"** or otherwise, and **"SELLER"** disclaims any other representations or warranties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**x.** It has carried out a purchase audit, considering the results during the conduct of said purchase audit,
and considering the Declarations of the **"SELLER"** provided for in Chapter I, it is its desire to acquire **"THE SOCIAL PART"** including **"THE CONCESSIONS INCLUDED"** "as is, where they are, with all its defects" and
all responsibilities of an administrative nature, tax, labor and/or environmental, before and after the date of signing of this **"CONTRACT".** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**xi.** You understand and accept that the purchase and sale of **"LA PARTE SOCIAL"** does not include
the mining concessions described in  **<u>ANNEX A</u>** (the **"EXCLUDED CONCESSIONS").** Thus, it does not understand
or be responsible for it, so that the **"SELLER"** hereby releases the **"BUYER"** from all administrative,
fiscal, labor and/or environmental responsibilities, prior to and after the date of this **"CONTRACT"** in everything related
to the **EXCLUDED CONCESSIONS.** 

III. The "COMPANY" declares, through its legal representative and under oath to tell the truth, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**i.** It is a commercial company duly constituted in accordance with the laws of the United Mexican States,
as evidenced by public deed number 42,114 (forty-two thousand one hundred and fourteen) dated November 9 (nine) 1994 (one thousand nine
hundred and ninety-four), executed before Mr. Javier del Valle Palazuelos, holder of Notary Public number 61 (sixty-one) of the Federal
District now Mexico City, whose first original was duly registered under commercial folio number 344264 (three, four, four, two, six,
four) in the Public Registry of Commerce of its registered office.

**Page 5 of **33**

**PURCHASE AND SALE CONTRACT WITH RESPECT TO A SHARE**

**REPRESENTATIVE OF THE CAPITAL OF SOCIEDAD MINERA CORDILLERAS, S. DE R.L. DE C.V.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**ii.** Subsequently, it was transformed into a Limited Liability Company with Variable Capital, called MINERA
DE CORDILLERAS, S. DE R.L. DE C.V., by means of instrument number 531, dated December 14, 1994, granted in the presence of Mr. José
Luis Villaciencio Castañedo, holder of Notary Public number 218, of the Federal District, now Mexico City, which was duly registered
in the Public Registry of Property and Commerce of its registered office.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**iii.** Its legal representative has sufficient powers to bind its client under the terms of this **"CONTRACT",** which to date have not been revoked or limited in any way, as evidenced by Public Deed 32,602, dated December 5, 2024, granted in
the presence of Mr. Guillermo Aaron Vigil Chapa, Notary Public 247, with practice in Mexico City, which was duly registered, in the Public
Registry of Property and Commerce of Mexico City, under electronic mercantile folio number 344264, dated February 24, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**iv.** That its Federal Taxpayer Registry is: **MCO-941109-LQ2**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**v.** That for the purposes of this **"CONTRACT"** it indicates as its domicile the one located
at **Calle Río de la Plata No. 1580, Col. Magdalenas, C.P. 27010, Torreón, Coahuila, Mexico**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**vi.** That the content of the shareholders' meeting minutes book, the shareholders' or shareholders' register
book and the capital variations book accurately and truthfully reflect its current corporate situation, as well as reflect the integration
of the share capital, so there are no additional or different minutes or entries to those contained in said corporate books.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**vii.** That the internal financial statements as of November 30, 2024 reflect in a reasonable manner (together
with the notes included therein), the financial position and results of the **"COMPANY"** for said period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**viii.** Ratifies what was referred to by the **"SELLER"** in the chapter of their respective declarations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**ix.** On the date of signing this **"CONTRACT"** the **"COMPANY"** has an employee registered in its payroll, who is mentioned in **ANNEX B** of this **"CONTRACT"** ()"**MCO WORKER").** It is agreed to grant a special power of attorney to be granted **by "THE COMPANY"** to **Juan José Rojas Torres** and/or **Jorge Emilio García Nava** (the "**POWER OF ATTORNEY")** under the
terms attached as **ANNEX C**. In this order of ideas, the **"BUYER"** is released from all liability in relation to
the **"MCO WORKER",** from this act, the **"SELLER"** being obliged to release the "BUYER" **in peace and safety** from any claim of any kind that may arise in this regard, whether of an administrative, fiscal, criminal and/or
labor nature, regardless of whether its origin is before or after the celebration of the this **"CONTRACT".** 

**Page 6 of **33**

**PURCHASE AND SALE CONTRACT WITH RESPECT TO A SHARE**

**REPRESENTATIVE OF THE CAPITAL OF SOCIEDAD MINERA CORDILLERAS, S. DE R.L. DE C.V.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**x.** As of the date of signing this **"CONTRACT",** the **"COMPANY"** has requested
before the Tax Administration Service (SAT) and has pending the return of an Undue Payment for the approximate amount of $169,795.00 (one
hundred and sixty-nine thousand seven hundred and ninety-five pesos 00/100 M.N.), (the **"MCO REFUND").** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**xi.** As of the date of signing this **"CONTRACT",** the **"COMPANY"** has pending
payment of the Special Mining Right in favor of the Government of Mexico for the year 2024 (two thousand and twenty-four) in the amount
of $151,749.35 (one hundred and fifty-one thousand seven hundred and forty-nine pesos 35/100), which must be paid no later than the last
business day of the month of March 2025 (two thousand and twenty-five) (the **"MCO ROYALTY").** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**xii.** The **"COMPANY"** unduly paid certain Mining Rights with respect to the mining concession
called: **"RODEO 2",** title number 241666 which resulted in the mining concession called **"RODEO 2 R 2",** title
247042 and for this reason, and after the signing of this **"CONTRACT"** it will request before the Tax Administration Service
(SAT) the refund of the corresponding Undue Payment, the amounts of which will be determined at the time of submission of said application
or applications and will notify **the "BUYER"** in writing, for its knowledge (the **"REFUND RODEO 2").** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**xiii.** On August 28, 2024 (two thousand and twenty-four), as guarantor of the indemnity obligations assumed by
the SELLER **(**in said contract) in favor of the BUYER (in said contract), 4 (four) share purchase and sale agreements with respect
to the shares of the company called Minera Labri, S.A. de C.V. (the **"LABRI CONTRACTS").** In terms of the **"LABRI CONTRACTS"** the guarantee granted by the **"COMPANY"** will remain in full force and effect as of August 28 (twenty-eight)
of 2024 (two thousand and twenty-four) and for a period of 24 (twenty-four) months from that date, under the same terms, conditions and
limitations established in the **"LABRI CONTRACTS".** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**xiv.** On November 22 (twenty-two) of November 2024 (two thousand and twenty-four) it entered into a contract
for the assignment of rights with respect to 100% (one hundred percent) of the rights and ownership of the following mining concessions,
in favor of the company called Girgar Operaciones, S.A. de C.V., whose registration is in the process of being registered with the Public
Mining Registry due to the recent granting of its granting (hereinafter **"THE YOQUIVO CONCESSIONS"):** 

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>Concession Name</u>** | **<u>Title Number</u>** |
| &nbsp;&nbsp;THE DOLLAR | 214876 |
| &nbsp;&nbsp;THE CUP | 223499 |
| &nbsp;&nbsp;SAN FRANCISCO DE YOQUIVO | 220851 |
| &nbsp;&nbsp;THE GIRL | 217475 |
| &nbsp;&nbsp;PAINS | 216491 |
| &nbsp;&nbsp;THE RESTORER | 217476 |
| &nbsp;&nbsp;HOPE | 218071 |

---

**Page 7 of **33**

**PURCHASE AND SALE CONTRACT WITH RESPECT TO A SHARE**

**REPRESENTATIVE OF THE CAPITAL OF SOCIEDAD MINERA CORDILLERAS, S. DE R.L. DE C.V.**

Additionally, there is a prior application for registration in the Public Mining Registry ("**RPM**") submitted by the **"COMPANY"** with folio number 600UCAE-2023-269, dated January 12, 2023, registered under file 11/2023, by virtue of which the application for registration of a certain contract for the assignment of rights dated December 19, 2022 entered into between the **"COMPANY"** was filed with said Registry as purchaser and Messrs. Jesús Antonio Parra Quezada and Emiliano Hurtado Montaño and Ms. María Blanca Esthela Parra Quezada and María del Carmen Parra Quezada with respect to the La Esperanza mining concession, title 218071, issued on October 2, 2002, located in the municipality of Ocampo, Chihuahua, with an area of 68, 0000 hectares, registered under minute 331, on page 166 of volume 331 of the RPM Concession Book and the **"COMPANY"** undertook to help the company called Girgar Operaciones, S.A. de C.V. to obtain the registration of said contract of assignment of rights and/or where appropriate to transfer the ownership of the La Esperanza Concession, title 218071 in terms of the contract for the assignment of rights of **"LAS CONCESIONES YOQUIVO",** through the granting of a special irrevocable power of attorney to be granted **by "THE COMPANY"** to Messrs. **José Enrique Rodríguez del Bosque, Luigi Iacobi Pontones Brito** and **Oscar Sandoval Benítez** and Mrs. **Olga Patricia Martínez Pérez** and **Rosa Valeria Bustamante Olivares** (the **"PODER ESPERANZA")** in the terms included as **EXHIBIT D**. In this order of ideas, the **"BUYER"** is released from all liability in relation to the **"YOQUIVO CONCESSIONS",** from this act, the **"SELLER" being obliged** to release him in peace and safe from **the "BUYER"** from any claim of any kind that may arise in this regard, whether of an administrative, fiscal, labor and/or environmental nature, regardless of whether its origin is before or after the execution of this **"CONTRACT".**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**xv.** Currently there is an environmental liability of the Rodeo Project, of which the **"COMPANY" is the owner**, said environmental liability must be transferred to the company called **GMC EQUIPOS MEXICO, S.A. de C.V.** for which **"THE COMPANY"** shall grant a special power of attorney to Messrs. **Jorge Emilio García Nava, Sergio Raúl Gutiérrez Reyes, Eduardo Rosales Pérez, Miguel García Fernández, Juan Manuel Coronado Ávila and Patricia Vivar Zirate** (the **"ENVIRONMENTAL POWER"),** the scope and limitations of which are detailed in **ANNEX F** hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**xvi.** On March 20, 2025, it entered into a loan agreement with the commercial company called **EMPRESA Y CAPITAL, S.A.P.I. DE C.V.**, for the total amount of $5,000,000.00 (five million pesos 00/100 M.N.) (the "**EYC LOAN** ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**xvii.** It is the holder of the mining concessions described in  **<u>ANNEX A</u>** (the **"EXCLUDED CONCESSIONS")** which are not part of the purchase and sale of **"THE SOCIAL PART".** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**xviii.** It is your wish to enter into this **"CONTRACT"** under the terms and conditions agreed herein.

IV. The "GUARANTOR" of the "SELLER", through its legal representative and under oath of telling the truth, declares
that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**i.** It is a legal entity duly constituted in accordance with Mexican legislation, as evidenced by public deed
number 20,829 granted before the faith of Mr. Guillermo Aarón Vigil Chapa, Holder of Notary Public number 247 of Mexico City, dated
April 12, 2019 and registered in the Public Registry of Commerce of its registered office under the electronic commercial folio N-2019039629.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**ii.** Its legal representative has the sufficient and necessary powers to bind its client under the terms of
this **"CONTRACT",** which to date have not been revoked or limited in any way.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**iii.** Its Federal Taxpayer Registry is **GEM-190412-IG3**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**iv.** For the purposes of this **"CONTRACT",** its domicile is located at **Calle Río de la Plata No. 1580, Col. Magdalenas, C.P. 27010, Torreón, Coahuila, Mexico**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**v.** It is your wish to appear at the execution of this **"CONTRACT"** to act as **"GUARANTOR"** of the **"SELLER"** against the **"BUYER"** solely and exclusively with respect to the indemnification obligations
established in Clause **5 BIS (B)** of this **"CONTRACT",** as detailed below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**vi.** Under oath to tell the truth, that its resources and/or assets, as well as **"THE SOCIAL PART"** subject matter of this **"CONTRACT",** do not come directly or indirectly from illicit activities or from any other activity
or act that could favor the actualization of the alleged -crimes- of financing terrorism or resources of illicit origin. As well as those
rights or assets that will be used to solve or fulfill the object of this instrument do not originate, update or resemble the illicit
contemplated in Article 400-Bis of the Federal Criminal Code.

**Page 8 of **33**

**PURCHASE AND SALE CONTRACT WITH RESPECT TO A SHARE**

**REPRESENTATIVE OF THE CAPITAL OF SOCIEDAD MINERA CORDILLERAS, S. DE R.L. DE C.V.**

V. The "PARTIES" and the "COMPANY", through
their respective legal representatives, jointly declare under oath to tell the truth, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**i.** They mutually recognize the personality and character with which they respectively hold each other at
the conclusion of this **"CONTRACT".** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**ii.** The execution of this **"CONTRACT"** does not violate or transgress any type of contract
and/or agreement previously entered into, and they declare that there is no bad faith, fraud, error, deception or any other vice of consent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**iii.** The conclusion of the **"CONTRACT"** is the desire of the "**PARTIES"** and the **"COMPANY"** to suit their interests.

In addition to all of the above, the **"PARTIES"** and the **"COMPANY"** declare that they mutually recognize the capacity and personality under which they appear at the signing of this instrument and assume as true the above statements subject to the tenor of the following:

**C L Á U S U L A S:**

1. Purpose.

**1.1.** The **"SELLER",** transfers the full ownership, to **the "BUYER**", of **"THE SOCIAL PART",** issued by the **"COMPANY",** through the figure of sale, free of any charge, lien, through a certain and determinable price in money, through which he transfers the character of partner and, with it, will acquire all the rights and obligations inherent and derived from it; including but not limited to payment of the **"EYC LOAN",** under the terms and conditions provided for in the respective loan agreement.

**1.2.** The "**SELLER"** and "**BUYER"** agree to work together so that the **"SELLER"** can conclude the following topics as soon as possible. The **"BUYER"** will provide all the necessary support so that the following issues can be concluded by the "**SELLER"**:

**FIRST:** The liquidation of the **"MCO WORKER"** by the **"COMPANY",** through the signing of the necessary settlement agreement and the deregistration of the **"MCO WORKER"** before the corresponding labor authorities. In this regard, the **"SELLER"** undertakes to deliver to the **"BUYER"** all the original documents related to the worker's severance pay and the proof of his or her withdrawal before all the corresponding authorities. The name of the worker is integrated as **ANNEX B** to form an integral part of this **"CONTRACT".** The **"BUYER"** is released from all liability in relation to the **"MCO WORKER",** from this act, and the **"SELLER" is obliged** to release him in peace and safe from **the "BUYER"** from any claim of any kind that may arise in this regard, whether of an administrative, fiscal and/or labor nature, regardless of whether its origin is before or after the execution of this document. **"CONTRACT".**

**SECOND:** The substitution of the **"COMPANY"** in the **"LABRI CONTRACTS"** as guarantor of the indemnity obligations assumed by the "**SELLER" (**in said contract) in favor of the **"BUYER"** (in said contract), through the signing of the necessary amending agreements. In this order, the **"SELLER"** undertakes to deliver to the **"BUYER" a** certified copy of said modification or termination agreements, as the case may be, undertaking to leave it in peace and safety and release it from all liability in this regard.

**Page 9 of **33**

**PURCHASE AND SALE CONTRACT WITH RESPECT TO A SHARE**

**REPRESENTATIVE OF THE CAPITAL OF SOCIEDAD MINERA CORDILLERAS, S. DE R.L. DE C.V.**

**THIRD.** The transfer by the **"BUYER"** of 100% (one hundred percent) of the ownership of the **"EXCLUDED CONCESSIONS"** in favor of the company called **GMC EQUIPOS MEXICO, S.A. de C.V.**

**1.3** The **"SELLER"** does not make any representation or guarantee, except as expressly indicated in numeral I of the chapter on Declarations and Clause 4, regarding the financial, legal, tax, operational, administrative or any other nature condition of the **"COMPANY".**

**1.4** The **"BUYER"** acquires the full ownership of **"THE SOCIAL PART",** under the terms and conditions agreed in this **"CONTRACT",** excluding the **"EXCLUDED CONCESSIONS",** and all responsibility and obligation in this regard, of everything related to said **"EXCLUDED CONCESSIONS",** with the **"MCO WORKER",** the **"YOQUIVO CONCESSIONS"** and the **"LABRI CONTRACTS",** except for the commitment to grant the powers of attorney under the terms agreed herein.

**1.5** In the event that, after the signing of this **"CONTRACT",** the **"BUYER**", the **"SELLER"** or the **"COMPANY"** identify that there is any asset that by mistake or involuntary omission continues to be the property of the **"COMPANY"**; the **"BUYER"** and the **"COMPANY"** undertake to transfer ownership and make the material and legal delivery of said asset to the **"SELLER"** or to whomever the **"SELLER"** indicates in writing, at a price equivalent to $1.00 (one peso 00/100, legal tender in the United Mexican States) or for a value determined by the **"SELLER".** The **"SELLER"** will assume any risk that may arise from carrying out the operation under these terms.

**1.6** The **"PARTIES"** acknowledge and agree that (i) the **"EXCLUDED CONCESSIONS"** indicated in **<u>ANNEX A</u>** are not part of the purchase and sale of **"THE SOCIAL PART"** agreed herein and will therefore be transferred to the company called **GMC EQUIPOS MEXICO, S.A. de C.V.**; and (ii) by virtue of the fact that the registration of the assignment of mining concessions before the **"RPM"** and the processing of the **"RETURN RODEO 2"** before the SAT, take some time, the **"PARTIES"** agree to grant a special irrevocable power of attorney in favor of Messrs. **Jorge Emilio García Nava, Miguel García Fernández, Juan Manuel Coronado Ávila and Patricia Vivar Zirate** (the "**PODER RODEO**") whose scope and limitations are detailed in **ANNEX E** hereto.

**Page 10 of **33**

**PURCHASE AND SALE CONTRACT WITH RESPECT TO A SHARE**

**REPRESENTATIVE OF THE CAPITAL OF SOCIEDAD MINERA CORDILLERAS, S. DE R.L. DE C.V.**

**1.7** The **"BUYER"** or, if necessary, the **"COMPANY",** agree to grant the **"SELLER"** a special power of attorney in favor of Messrs. **Jorge Emilio García Nava, Miguel García Fernández, Juan Manuel Coronado Ávila and Patricia Vivar Zirate** (the "**POWER of ATTORNEY")** so that any of them may carry out all those procedures that due to involuntary omission were not considered herein **"CONTRACT",** as a result of the transfer of **"THE SOCIAL PART"** the **"SELLER",** the following are mentioned in an enunciative but not limited manner: contracts with consultants, suppliers or service providers, commercial services which may include (electricity, drinking water supply, telephone services, etc.). The power of attorney will also authorize Messrs. **Jorge Emilio García Nava, Miguel García Fernández, Juan Manuel Coronado Ávila and Patricia Vivar Zirate** so that, any of them on behalf of the **"SELLER**", continue to follow up on any procedure or requirement before any authority or government agency to request any benefit or refund that the **"SELLER"** has been requested or carried out prior to this operation and that at the signing of this **"CONTRACT"** has not yet been resolved. In the event that the obligations referred to in this paragraph are assigned, all taxes and expenses that are generated will be the sole responsibility of the **"SELLER".** The scope and limitations for this power of attorney are specified in **ANNEX G** hereto.

The **"PARTIES"** agree and agree to maintain in force, for a period of 90 calendar days, counted from the **"EFFECTIVE DATE",** the general power of attorney granted in favor of Mr. Jorge Emilio García Nava ("**JORGE GARCÍA POWER of ATTORNEY"),** in terms of public deed number 15,421 dated June 2, 2016, executed in the faith of Mr. Guillermo Aarón Vigil Chapa, holder of the Notary Public number 247 of Mexico City and with the sole purpose of concluding any of the pending procedures and in the name of the **"COMPANY".** A simple copy of the **"POWER OF ATTORNEY JORGE GARCÍA"** is included in **ANNEX I** hereto.

Additionally, the **"PARTIES"** agree and agree to keep in force, the special power of attorney granted in favor of Transformaciones y Servicios Metalúrgicos, S.A. de C.V. and/or their designated attorneys-in-fact, Messrs. Francisco Silveyra Aria and Francisco Rafael Silveyra Márquez ("**TSM SILVEYRA POWER OF ATTORNEY"),** in terms of public deed number 29,927 dated November 30, 2023, granted in the presence of Mr. Guillermo Aarón Vigil Chapa, holder of Notary Public No. 247 of Mexico City and limited solely and exclusively to the mining concessions included in the Agreement for the Assignment of Mining Rights, entered into by and between Transformaciones y Servicios Metalúrgicos, S.A. de C.V. and the **"COMPANY"**, which are described below: "SANTA MARÍA", title number 216532; "PUNTO COM", title number 228022; "MARÍA", title number 226591; "MARTIA III", title number 231703; and "MARÍA II FRACC. I", title number 230200. A simple copy of the **"TSM SILVEYRA POWER OF ATTORNEY"** is included in **ANNEX J** hereto

**1.8** As a result of the above, the **PARTIES agree to** include the aforementioned powers of attorney in the points to be considered, and where appropriate, approved, at the Meeting where the transfer of the corporate part subject to this contract is recognized. These powers are listed below for greater clarity and benefit to both **"PARTIES"**:

&nbsp;&nbsp;&nbsp;&nbsp;**a)** The **"POWER OF ATTORNEY"** – EXHIBIT C

&nbsp;&nbsp;&nbsp;&nbsp;**b)** The **"POWER OF HOPE"** – ANNEX D

&nbsp;&nbsp;&nbsp;&nbsp;**c)** The **"RODEO POWER"** – ANNEX E

&nbsp;&nbsp;&nbsp;&nbsp;**d)** The **"ENVIRONMENTAL POWER"** – ANNEX F

&nbsp;&nbsp;&nbsp;&nbsp;**e)** The **"POWER OF ATTORNEY"** – ANNEX G

**Page 11 of **33**

**PURCHASE AND SALE CONTRACT WITH RESPECT TO A SHARE**

**REPRESENTATIVE OF THE CAPITAL OF SOCIEDAD MINERA CORDILLERAS, S. DE R.L. DE C.V.**

The powers referred to in this Clause shall be granted by the **"COMPANY"** on the **"EFFECTIVE DATE"** as approved by the Meeting, and the **"SELLER"** shall assume the costs of the notary fees related to the granting and, where appropriate, registration of such powers.

**1.9** The **"PARTIES"** agree that the "**BUYER"** will be responsible for paying the **"MCO ROYALTY"** and collecting the "**MCO REFUND"**; and as long as the **"RETURN RODEO 2" is favorably obtained**, the "**BUYER"** is obliged to pay the company called **EQUIPOS GMC MÉXICO, S.A. de C.V.** or to the natural or legal person designated by it, the amount or amounts received in the name of the **"COMPANY"** for said Payment of the Undue Amount plus the corresponding updates at the time they occur and no later than within 10 (ten) business days from the time the **"RETURN RODEO 2"** is received in the account of the **"COMPANY".**

**1.10** The **"PARTIES"** agree that any amount in the treasury or any cash available in the cash of the **"COMPANY"** at the time of signing this **"CONTRACT",** will be added to the price for the transfer of "**THE SOCIAL PART"**

2. Price and method of payment.

2.1. As the price for the transfer of **"THE SOCIAL PART**", the **"BUYER"** undertakes to pay the **"SELLER**", the total amount of **US$275,000.00 (Two hundred and seventy-five thousand US dollars 00/100),** an amount that was fixed by mutual agreement by both **"PARTIES"** and that both recognize that it is its fair and real value plus any amount in the treasury and cash available on hand as of the date of this Agreement**.**

2.2. The **"BUYER"** hereby undertakes to pay the total price indicated in the previous paragraph, on the date of signature and ratification before a Notary Public by both parties of this "**CONTRACT**" (the "**EFFECTIVE DATE").**

2.3. The **"BUYER"** undertakes to pay the Price described in Clause 2.1, by electronic funds transfer, to the following bank account:

**Owner: Servicios Velardeña, S.A. de C.V.**

Banking Institution: Scotiabank Inverlat, S.A. de C.V.

Address Banking Institution: Blvd. Independencia, Torreón, Coahuila, Mexico

CLABE: 044060185020774428

Account: 18502077442

2.4. The **"SELLER" states** that the agreed price is fair and will constitute the total payment of any right that he had for **"THE SOCIAL PART"** of the **"COMPANY"** subject matter of this **"CONTRACT".**

**Page 12 of **33**

**PURCHASE AND SALE CONTRACT WITH RESPECT TO A SHARE**

**REPRESENTATIVE OF THE CAPITAL OF SOCIEDAD MINERA CORDILLERAS, S. DE R.L. DE C.V.**

3. Transfer of ownership and its effects.

3.1. The **"SELLER"** (i) reserves no action or right except as indicated in this **"CONTRACT"** and; (ii) guarantees to the **"BUYER"** that **"THE SOCIAL PART"** object of the purchase and sale consigned in this instrument, has no limitation, charge or encumbrance whatsoever.

3.2. The **"SELLER"** shall transfer to the **"BUYER"** the status of partner and all the rights and obligations inherent and derived therefrom. Likewise, the **"SELLER"** and the **"BUYER"** agree that, once the payment has been made, they will cause a meeting of partners of the **"COMPANY"** to be held in which the transfer of **"THE SOCIAL PART"** is recorded and the current managers, administrators and proxies of the **"COMPANY"** are removed, except for the powers required and referred to in this Agreement, releasing them from all liability arising from the exercise of their office.

3.4. Without prejudice to the liability of "**SELLER"** under Clause 5 below, **"BUYER"** agrees to indemnify Warren Michael Rehn, Arturo Pablo Castaños Pérez, Julie Zinnecker Weedman, Telésforo Martínez Patiño and Jorge Emilio García Nava, and any affiliates, shareholders, directors, officers, employees, agents, representatives and advisors of **"SELLER"** (the "**Seller Released Parties**")."), from any future liabilities of the **"COMPANY"** and shall hold the Seller Released Parties harmless from any claim of any nature whatsoever commenced or threatened by any person or governmental authority arising out of or in connection with any operation, activity and business of the "**COMPANY"**, including, without limitation, any liability of any nature whatsoever (disclosed or undisclosed; accrued or unaccrued; contingent or absolute) of the "**COMPANY",** including, without limitation, any tax and labor obligations and obligations to suppliers and customers of the **"COMPANY".**

4. Warranties of the "SELLER" and the "COMPANY".

4.1. The **"SELLER"** and the **"COMPANY"** hereby warrant to **the "BUYER**", in addition to any representations, representations, guarantees, or obligations contained in this **"CONTRACT",** as of the date of execution of this **"CONTRACT"** that**:**

4.1.1. The background of this **"CONTRACT"** and the statements made by the **"SELLER"** and by the **"COMPANY"** are true, and they recognize that said statements and background have been the determining reason for the will of the **"BUYER"** to acquire **"THE SOCIAL PART"** object of the purchase and sale set forth in this **"CONTRACT".**

**Page 13 of **33**

**PURCHASE AND SALE CONTRACT WITH RESPECT TO A SHARE**

**REPRESENTATIVE OF THE CAPITAL OF SOCIEDAD MINERA CORDILLERAS, S. DE R.L. DE C.V.**

5. Indemnification.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(A)**  **<u>Indemnification Obligations of the "SELLER".</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) With the exception of **"THE CONCESSIONS INCLUDED"** which are accepted "as is, where
is, with all its defects" and the **"BUYER"** assumes all responsibilities of an administrative, fiscal, labor and/or
environmental nature, prior to and after the date of signing of this **"CONTRACT",** from the date of signing this **"CONTRACT",** and subject to the limitations provided in this "**CONTRACT", "SELLER"** shall be responsible for and indemnify **"BUYER"** for any direct and immediate damages, penalties, fines, penalties and/or reasonable and documented expenses (including reasonable
attorneys' fees and costs) (the "Impairments") actually incurred or suffered by "**BUYER",** resulting from or
arising from:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the breach of any obligations or covenants established in this Agreement by the **"SELLER**"

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any inaccuracies, omissions, or falsehoods in the Statements of the **"SELLER"**; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) any act or omission in the management of the **"SOCIETY"** occurred or performed prior to the date of this Agreement.

The indemnification obligation of the **"SELLER"** referred to in this Clause 5 shall remain in force for a period of 24 (twenty-four) months from the date of signing the **"CONTRACT"** and shall comprise solely and exclusively the Declarations of the **"SELLER"** with respect to the **"COMPANY".**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(B)**  **<u>Indemnification Obligations of the "BUYER".</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) From the signing of this Agreement and thereafter, subject to the limitations set forth in this Agreement,
the **"BUYER"** shall be liable and indemnify the **"SELLER"** for any Impairment actually incurred or suffered
by the **"SELLER",** resulting from or arising from:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the breach of any obligations or covenants established in this Agreement by the **"BUYER"**;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any inaccuracies, omissions, or falsehoods in the Statements of the **"BUYER"**; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) any act or omission in the management of the **"SOCIETY"** occurred or performed after the date of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(C)**  **<u>Complaints Procedure.</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)  **<u>Claim between the parties</u>** . In the event that either party is required to claim liability
or compensation for an Impairment from the other under this Agreement, which does not involve a third-party claim, the party claiming
liability or compensation for an Impairment shall notify the complained party in writing within 5 (five) business days after it becomes
aware of the claim in question (a "Claim"), indicating the causes, amount and accompanying the notification all the documentation
available in relation to the fact or circumstance causing the liability or compensation for the
alleged impairment. The Complaining Party shall have a period of 30 (thirty) calendar days to (i) accept the terms of the Claim, and elect
to (a) remedy the alleged breach to the satisfaction of the Complaining Party or (b) pay the amount claimed as compensation; or (ii) object
to and/or reject the notified Claim.

**Page 14 of **33**

**PURCHASE AND SALE CONTRACT WITH RESPECT TO A SHARE**

**REPRESENTATIVE OF THE CAPITAL OF SOCIEDAD MINERA CORDILLERAS, S. DE R.L. DE C.V.**

If such Claim is not expressly accepted or remedied by the complained party within 30 (thirty) calendar days following the end of the 30 (thirty) calendar day period for its remedy, the discrepancy will be resolved in accordance with the provisions of Clause Ten.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)  **<u>Claim by a Third Party</u>** . With the exception of claims arising from **"THE CONCESSIONS INCLUDED"** which are accepted "as is, where they are, with all their defects" since the **"BUYER"** assumes
all administrative, fiscal, labor and/or environmental responsibilities, prior to and after the date of signing of this **"CONTRACT",** when it is a possible Impairment caused by a claim by any third party, including any inspection or action by a governmental authority,
whether administrative, judicial or extrajudicial, the indemnifying party may assume the defense of any claim, and undertakes to exercise
said right in particular in accordance with the principle of good faith and without prejudice to the interests of the parties and/or the
" **COMPANY"**. For these purposes, the following procedure will be followed:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) As soon as the third-party claim is received (the "Notice
of Impairment"), the indemnifying party must be notified within the first third of the applicable law to respond to the claim.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Notice of Impairment shall include all relevant information
then held in relation to the Impairment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The indemnifying party must respond to the claim in a timely
manner, taking charge of the presentation of any guarantees that are required to be granted for the defense of the corresponding claim,
and of the results of the judicial or extrajudicial defense procedure with total indemnity for the indemnified party.

The indemnifying party, by itself or through the advisors it designates, will have free, prior and total access to all the information and documentation relating to the claim in question.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The **"COMPANY":** (i) will grant in favor of
the lawyers and attorneys appointed by the indemnifying party the powers that are necessary for such purposes in relation to the object
of the third-party claim, (ii) will make available to the indemnifying party and the advisors designated by it all the documentation
related to the third-party claim in question, and (iii) provide, together with the other party, the collaboration reasonably necessary.

**Page 15 of **33**

**PURCHASE AND SALE CONTRACT WITH RESPECT TO A SHARE**

**REPRESENTATIVE OF THE CAPITAL OF SOCIEDAD MINERA CORDILLERAS, S. DE R.L. DE C.V.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) if the indemnifying party fails to defend a third party's
claim, control of such third party's claim shall be assumed by the indemnified; without waiving any rights that the indemnitor
may have against the indemnifying party by way of indemnification pursuant to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(D)**  **<u>Indemnity Adjustment.</u>** The Parties agree that, if permitted by applicable law, the payment
of any indemnity under this Clause is deemed to be an adjustment to the "**SOCIAL SHARE"** Price, unless otherwise agreed
upon by the Parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(E)**  **<u>Moderation.</u>** The parties shall take all commercially reasonable steps to mitigate any impairment
subject to indemnification when they become aware of any fact or circumstance that could reasonably constitute or give rise to such impairment.

**5 BIS (A). Responsibility of the "BUYER".**

**5.1. BIS.** In addition to the provisions of Clause 5 above, the **"BUYER"** assumes responsibility exclusively with respect to the acts carried out by the BUYER, after the signing of this contract, all the obligations inherent and derived from **"THE SOCIAL PART"** representing the capital stock of the company **MINERA CORDILLERAS, S. de R.L. de C.V.** object of this **"CONTRACT",** under the character of partner in the proportion that corresponds to him, from the acquisition of the ownership of **"THE SOCIAL PART",** considering whatever its nature, and regardless of whether in one way or another the acts or facts that originate them have taken their cause after the signing of this **"CONTRACT",** therefore, the **"BUYER"** undertakes to respond under the terms and conditions that are necessary, and acquiring the right to exercise the rights in the manner that suits its interests.

**5.2. BIS.** To this end, the **"SELLER"** ceases (if it has been so) to be jointly and severally liable under the character of partner of the **"COMPANY",** assuming said responsibility the **"BUYER",** with respect to the acts carried out by the latter after the execution of this **"CONTRACT".**

**5.3. BIS.** The **"BUYER"** and the **"SELLER"** hereby request the **"COMPANY"** that once the payment of the price for the transfer of the **"SHARE"** has been made, the corresponding entries are made in the corporate books of the **"COMPANY"** to reflect the transfer of **"THE SHAREHOLDER"** in favor of the **"BUYER".** The **"BUYER"** will be solely responsible for any notifications that may be required to be made to third parties or governmental authorities derived from the sale of **"THE SOCIAL PART"** under this **"CONTRACT".**

Including, but not limited to, **the "RETURN ROUND 2",** the **"BUYER"** agrees to return to the **"SELLER"** all the economic resources it receives for payments or returns, derived from any lawsuit or claim filed prior to the signing of this **"CONTRACT"** by the **"SELLER"** and the **"RETURN ROUND 2"** which will be presented after the signing of this **"CONTRACT",** and that are favorable to it. Likewise, the **"SELLER"** undertakes to pay any resulting liability to the **"COMPANY"** arising from any lawsuit or claim filed prior to the signing of this Agreement by the "**SELLER".**

**Page 16 of **33**

**PURCHASE AND SALE CONTRACT WITH RESPECT TO A SHARE**

**REPRESENTATIVE OF THE CAPITAL OF SOCIEDAD MINERA CORDILLERAS, S. DE R.L. DE C.V.**

**5 BIS (B). Guarantee.** "GMC EQUIPOS MEXICO, S.A. de C.V." hereby voluntarily constitutes itself as guarantor of the indemnity obligations assumed by the "SELLER" in favor of the "BUYER" solely and exclusively with respect to the liquidation of the **"MCO EMPLOYEE"** by the **"COMPANY",** the environmental liabilities of the Rodeo Project, which must be transferred to the company called **GMC EQUIPOS MEXICO, S.A. de C.V.,** and in all matters related to the **"LABRI CONTRACTS"** while the necessary agreements are entered into and in all the scope in which the **"COMPANY"** undertook by virtue of them will be supported by **GMC EQUIPOS MÉXICO, S.A. DE C.V.** This Warranty will remain in full force and effect from the date of execution of the Contract and for a period of 24 (twenty- four) months from the date of signing the Contract, under the same terms, conditions and limitations assumed by the **"SELLER".**

6. Taxes and expenses.

6.1. The taxes that may be generated by virtue of this **"CONTRACT"** will be paid by each of the **"PARTIES"** and/or the **"COMPANY"** that is obliged under the terms of the applicable and current legislation. All notary expenses incurred in the execution of this "**CONTRACT"** shall be borne by the "**BUYER".**

7. Notifications and addresses.

7.1. All notices and notifications between the **"PARTIES"** and the **"COMPANY"** must be made in writing and delivered either personally or by certified mail with acknowledgement of receipt, to the addresses indicated by each of the **"PARTIES"** and the **"COMPANY"** in their respective declarations, unless the **"PARTIES"** and the **"COMPANY"** notify their change of address at least 15 fifteen calendar days before it becomes effective.

8. Headings.

8.1. The **"PARTIES"** and the **"COMPANY"** agree that the headings that appear at the beginning of each of the clauses of this **"CONTRACT"** have only been inserted for reference purposes, and therefore should not be considered at any time as a means of interpreting this **"CONTRACT".**

9. Modifications and full agreement.

9.1. This **"CONTRACT"** may not be modified, except by agreement of the **"PARTIES"** granted in writing with the same formalities of this document.

9.2. This **"CONTRACT"** represents the entire agreement between the **"PARTIES"** and therefore renders null and void any other verbal or written agreement that may have existed between the **"PARTIES"** prior to this instrument.

**Page 17 of **33**

**PURCHASE AND SALE CONTRACT WITH RESPECT TO A SHARE**

**REPRESENTATIVE OF THE CAPITAL OF SOCIEDAD MINERA CORDILLERAS, S. DE R.L. DE C.V.**

10. Jurisdiction, competence and applicable law.

10.1. The **"PARTIES"** and the **"COMPANY"** agree that the interpretation, compliance and execution of this **"CONTRACT"** will be in accordance with the federal legislation in force and applicable in Mexico, and expressly submit to the competence and jurisdiction of the competent courts in Mexico City, expressly waiving any other jurisdiction that for matters of domicile, place of execution of the commission object of this **"CONTRACT",** nationality of the **"PARTIES",** or any other, may correspond to them.

10.2. The **"PARTIES"** agree that the **"CONTRACT"** and any other document contemplated in this **"CONTRACT"** will be drafted only in the Spanish language.

11. Limitation of Liability.

Notwithstanding anything to the contrary in this **Agreement**, in no event shall any of the **parties** , or any of their partners, shareholders, affiliates, subsidiaries, directors, officers, employees, or agents be liable for any special, incidental, indirect, exemplary, punitive, consequential, or punitive damages (including loss of profits, loss of revenue, or loss of sales) in connection with any claim, loss, damage or injury arising out of such party's conduct under this **"CONTRACT"** or for any tort liability, regardless of whether or not the breaching party was advised of the possibility of such damages.

The total liability of both parties, both the "**SELLER"** and the "**BUYER",** under this Agreement or under any non-contractual liability alleged by the parties, will be limited under equal conditions to an amount equivalent to 20% of the total agreed price, except in cases of fraud or bad faith.

The "PARTIES" **and the** "COMPANY" **are aware** of the content and scope of this **"CONTRACT",** they declare themselves in agreement with the content of this, and recognize that in the execution of this there was no fraud, error, bad faith or any other vice of consent, and ratify and sign it, the **"BUYER"** in the City of Mazatlan, Sinaloa **as of __________ ____, 2025** and the **"SELLER",** the **"COMPANY"** and the **"GUARANTOR"** of the **"SELLER"** in Mexico City, **as of __________ ____, 2025.**

**Page 18 of **33**

**PURCHASE AND SALE CONTRACT WITH RESPECT TO A SHARE**

**REPRESENTATIVE OF THE CAPITAL OF SOCIEDAD MINERA CORDILLERAS, S. DE R.L. DE C.V.**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **THE "BUYER"**<br>**EMPRESA Y CAPITAL, S.A.P.I. DE C.V.**<br> Represented by<br> **JESÚS MARTE VINICIO ZATARIN <br> CHÁVEZ** | **THE "SELLER"**<br>**SERVICIOS VELARDEÑA, S.A. DE C.V.**<br> Represented by<br> **JORGE EMILIO GARCÍA NAVA** |

---

&nbsp;&nbsp;&nbsp; **THE "SOCIETY"**<br>**MINERA DE CORDILLERAS, S. DE R.L. DE C.V.**<br>Represented by<br> **JORGE EMILIO GARCÍA NAVA**<br>

&nbsp;&nbsp;&nbsp; **THE "GUARANTOR" OF THE "SELLER"**<br>**GMC EQUIPOS MÉXICO, S.A. DE C.V.**<br> Represented by<br> **JORGE EMILIO GARCÍA NAVA**<br>

**Page 19 of **33**

**PURCHASE AND SALE CONTRACT WITH RESPECT TO A SHARE**

**REPRESENTATIVE OF THE CAPITAL OF SOCIEDAD MINERA CORDILLERAS, S. DE R.L. DE C.V.**

**ANNEX A – "EXCLUDED CONCESSIONS"**

---

| | | | |
|:---|:---|:---|:---|
| **<u>CONCESSION <br> NAME</u>** | **<u>TITLE NUMBER</u>** | **<u>LOCATION<br> (MUNICIPALITY)</u>** | **<u>SURFACE <br> AREA <br> (HAS.)</u>** |
| &nbsp;&nbsp;RODEO R1 | 246464 | RODEO,<br> DURANGO | 521.0000 |
| &nbsp;&nbsp;RODEO 2 K2 | 247042 | RODEO,<br> DURANGO | 1344.7345 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **THE "BUYER"**<br>**EMPRESA Y CAPITAL, S.A.P.I. DE C.V.**<br> Represented by<br> **JESÚS MARTE VINICIO ZATARIN <br> CHÁVEZ** | **THE "SELLER"**<br>**SERVICIOS VELARDEÑA, S.A. DE C.V.**<br> Represented by<br> **JORGE EMILIO GARCÍA NAVA** |

---

&nbsp;&nbsp;&nbsp; **THE "SOCIETY"**<br>**MINERA DE CORDILLERAS, S. DE R.L. DE C.V.**<br>Represented by<br> **JORGE EMILIO GARCÍA NAVA**<br>

**Page 20 of **33**

**PURCHASE AND SALE CONTRACT WITH RESPECT TO A SHARE**

**REPRESENTATIVE OF THE CAPITAL OF SOCIEDAD MINERA CORDILLERAS, S. DE R.L. DE C.V.**

**ATTACHMENT B – "MCO WORKER"**

**Worker's name: ERIKA PAOLA MUÑOZ MORALES**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **THE "BUYER"**<br>**EMPRESA Y CAPITAL, S.A.P.I. DE C.V.**<br> Represented by<br> **JESÚS MARTE VINICIO ZATARIN** <br> **CHÁVEZ** | **THE "SELLER"**<br>**SERVICIOS VELARDEÑA, S.A. DE C.V.**<br> Represented by<br> **JORGE EMILIO GARCÍA NAVA** |

---

&nbsp;&nbsp;&nbsp; **THE "SOCIETY"**<br>**MINERA DE CORDILLERAS, S. DE R.L. DE C.V.**<br>Represented by<br> **JORGE EMILIO GARCÍA NAVA**<br>

**Page 21 of **33**

**PURCHASE AND SALE CONTRACT WITH RESPECT TO A SHARE**

**REPRESENTATIVE OF THE CAPITAL OF SOCIEDAD MINERA CORDILLERAS, S. DE R.L. DE C.V.**

**SCHEDULE C – "POWER OF ATTORNEY"**

**Minera de Cordilleras, S. de R.L. de C.V.** grants in favor of Messrs. **Juan José Rojas Torres and Jorge Emilio García Nava (the attorneys-in-fact),** special power of attorney, limited in terms of its purpose, so that any of them may be authorized to act as legal representative of the Company in any lawsuit or litigation initiated by or against Mrs. Erika Paola Muñoz Morales, particularly the trials under File 351/2024, Seventh Court of the Federal Labor Court of Individual Matters of the State of Coahuila with residence in Torreón; as well as in the trials filed in the Attorney General's Office of the State of Coahuila, Laguna I Delegation, and for such purposes, the attorneys-in-fact will enjoy, jointly or individually, the following powers:

**I.** General power of attorney for lawsuits and collections, under the terms of the first paragraph of article
two thousand five hundred fifty-four of the Civil Code for the Federal District (currently Mexico City) and its correlatives of the Federal
Civil Code and the Civil Codes of all the States of the United Mexican States, with all the general and special powers that they require
in accordance with the special clause law, under the terms of Article Two Thousand Five Hundred and Eighty-Seven of the Civil Code for
the Federal District (currently Mexico City), and its correlatives of the Federal Civil Code and the Civil Codes of all the States of
the United Mexican States, which includes, but is not limited to, the following: to attend all types of hearings and the constitutional
hearing in the amparo proceeding to offer and render evidence and strike out those of the opponent; to articulate and absolve positions;
to extend jurisdiction; to withdraw, even from the amparo trial; to compromise; to engage in arbitrators; to absolve and articulate positions;
to challenge; to receive payments; to recognize documents; to file criminal complaints and complaints; to act as an adjuvant of the Public
Prosecutor's Office and to grant pardon to the offended party in appropriate cases and to execute all other acts expressly determined
by law, including representing the Company before criminal, civil, administrative and labor authorities and courts, whether federal, state
or municipal.

**II.** General power of attorney for lawsuits and collections and acts of administration in labor matters, so
that the attorney-in-fact will enjoy the powers established in articles eleven, six hundred and eighty-four "E", six hundred
ninety-two, eight hundred and seventy-three "F" and eight hundred and seventy-three "H", of the Federal Labor Law,
being able to represent the principal before all kinds of unions, to attend all kinds of hearings, summonses, injunctions, compromises,
settlements, settlements, to articulate or absolve positions, to promote or withdraw from the amparo trial, to file criminal complaints
and complaints, to grant pardons, to promote the non-existence of strikes, to resolve conflicts of an economic nature, to show oneself
as an employer before the workers with the broadest powers of representation, without any limitation and without impediments of any kind,
and may even appear at the conciliation hearing, the preliminary hearing and the trial hearing referred to in articles six hundred and
eighty-four "E", eight hundred and seventy-three "F", eight hundred and seventy-three "H", and other related
articles of the Federal Labor Law, always acting in the capacity of employer mainly
in the case of hearings referred to in articles six hundred and eighty-four "E", eight hundred and seventy-three "F"
and eight hundred and seventy-three "H", of the Federal Labor Law. Likewise, he may appear before the Conciliation and Arbitration
Boards at the conciliation hearings, claim and exceptions, offer and admission of evidence referred to in articles eight hundred and seventy-five,
eight hundred seventy-six and eight hundred and seventy-eight of the Federal Labor Law, in accordance with the provisions of the Eighth
Transitory Decree by which they are amended, add to and repeal various provisions of the Federal Labor Law, the Organic Law of the Judicial
Branch of the Federation, the Federal Law of the Public Defender's Office, the Law of the Institute of the National Housing Fund for Workers
and the Social Security Law, in matters of Labor Justice, Freedom of Association and Collective Bargaining, published in the Official
Gazette of the Federation on May 1, 2019. This power may be exercised before all kinds of Administrative or Judicial authorities, whether
they are Federal, Mexico City, State or Municipal; before the Labor Authorities, Conciliation Centers, Courts and in general before all
types of persons, whether they are natural or legal. Likewise, it is conferred powers to propose conciliatory agreements, enter into transactions,
assert questions of jurisdiction, make all kinds of decisions, negotiate and sign labor agreements, as well as to act as a representative
of the Company in all kinds of lawsuits or labor proceedings that are processed before any authority.

**Page 22 of **33**

**PURCHASE AND SALE CONTRACT WITH RESPECT TO A SHARE**

**REPRESENTATIVE OF THE CAPITAL OF SOCIEDAD MINERA CORDILLERAS, S. DE R.L. DE C.V.**

**LIMITATION:** The power of attorney granted herein is general in terms of its powers, but limited in its purpose, since it must be exercised solely and exclusively to act as the legal representative of the Company in any lawsuit or litigation initiated by or against Mrs. Erika Paola Muñoz Morales, particularly lawsuits under the File 351/2024, Seventh Court of the Federal Labor Court of Individual Matters of the State of Coahuila with residence in Torreón; as well as in the trials filed in the Attorney General's Office of the State of Coahuila, Laguna I Delegation.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **THE "BUYER"**<br>**EMPRESA Y CAPITAL, S.A.P.I. DE C.V.**<br>Represented by<br> **JESÚS MARTE VINICIO ZATARIN** <br> **CHÁVEZ** | **THE "SELLER"**<br>**SERVICIOS VELARDEÑA, S.A. DE C.V.**<br> Represented by<br> **JORGE EMILIO GARCÍA NAVA** |

---

&nbsp;&nbsp;&nbsp; **THE "SOCIETY"**<br>**MINERA DE CORDILLERAS, S. DE R.L. DE C.V.**<br>Represented by<br> **JORGE EMILIO GARCÍA NAVA**<br>

**Page 23 of **33**

**PURCHASE AND SALE CONTRACT WITH RESPECT TO A SHARE**

**REPRESENTATIVE OF THE CAPITAL OF SOCIEDAD MINERA CORDILLERAS, S. DE R.L. DE C.V.**

**ANNEX D – "PODER ESPERANZA"**

**IRREVOCABLE SPECIAL POWER OF ATTORNEY**

That, in relation to a certain Mining Rights Assignment Agreement dated December 6, 2024 (the "<u>Assignment Agreement</u>"), entered into by **MINERA DE CORDILLERAS, S. DE R.L. DE C.V.,** (the "<u>Company</u>") and **GIRGAR OPERACIONES, S.A. DE C.V.** ("<u>Girgar</u>"), it is hereby resolved to grant in favor of Messrs. **José Enrique Rodríguez del Bosque, Luigi Iacobi Pontones Brito** and **Oscar Sandoval Benítez** and Ms. **Olga Patricia Martínez Pérez** and **Ms. Rosa Valeria Bustamante Olivares** (the "<u>Attorneys- in-Fact</u>"), a **SPECIAL IRREVOCABLE** POWER OF ATTORNEY, granted under the terms of Articles 2554 (two thousand five hundred fifty-four) and 2596 (two thousand five hundred ninety-six) of the Civil Code of Mexico City and the Federal Civil Code and their correlatives of the Civil Codes of the States of the United Mexican States and of Mexico City, as a condition of the aforementioned bilateral contract and as a means to fulfill the obligations contracted under said contract, so that in the name and for the benefit of the Company, the Attorneys-in-Fact jointly or separately:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) carry out any acts, procedures and procedures, with and before any third party, related to exemptions,
notices, permits, licenses or authorizations issued by the Ministry of Environment and Natural Resources, in favor of the LIMITED Company
solely and exclusively to the mining concession described below (the "  **<u>La Esperanza Concession</u>** "), necessary to: **(i)** obtain an extension of validity of documents as well as modifications to the scope of which they have been granted, **(ii)** comply with conditions, **(iii)** carry out the assignment or transfer of rights and obligations, **(iv)** carry out any management,
document, license, permit or authorization before municipal, state or federal authorities, which is required for the aforementioned actions,
and **(v)** follow-up of procedures, attention to administrative and judicial procedures, and presentation of means of challenge, derived
from the steps described.

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**CONCESSION** | **SURFACE** | **TITLE** | **LOCATION** |
| Hope | 68.000 | 218071 | Ocampo, <br> Chihuahua |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) continue, follow up, obtain the resolutions and file any legal appeal before the General Directorate of
Mines **(" <u>DGM</u> ")** of the Ministry of Economy and/or any judicial authority, with respect to the application filed
with the Public Mining Registry ("  **<u>RPM</u>**") with folio number 600UCAE-2023-269, dated January 12, 2023, registered
under file 11/2023, by virtue of which the application for registration of a certain contract for the assignment of rights dated December
19, 2022 entered into between the Company as acquirer and Messrs. Jesús Antonio Parra Quezada and Emiliano Hurtado Montaño
and Ms. María Blanca Esthela Parra Quezada and María del Carmen Parra Quezada (the "  **<u>Concessionaires")</u>** was
filed with said Registry") with respect to the La Esperanza Concession, title 218071, issued on October 2, 2002, located in the municipality
of Ocampo, Chihuahua, with an area of 68, 0000 hectares, registered under record 331, on page 166 of volume 331 of the RPM Concession Book (the "  **<u>Application for Registration of the La Esperanza Contract</u>** "); and

**Page 24 of **33**

**PURCHASE AND SALE CONTRACT WITH RESPECT TO A SHARE**

**REPRESENTATIVE OF THE CAPITAL OF SOCIEDAD MINERA CORDILLERAS, S. DE R.L. DE C.V.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) enter into with respect to the La Esperanza Concession and only in the event that the registration of
the Assignment Agreement is denied in terms of the Application for Registration of the La Esperanza Contract before the RPM, either: (i)
a contract for the free assignment of rights for its transfer and registration in favor of Girgar, or (ii) an agreement for inclusion
in the Assignment Agreement for its transfer and registration in favor of Girgar, and (iii) any administrative procedure
before the RPM or before any competent authority, including before the DGM, which shall include the authorization to be obtained, either
from the Ministry of Economy or from the DGM, provided for in the Mining Law, in order for the La Esperanza Concession to be transferred
to Girgar under the terms of the Assignment Agreement.

they are granted a **special power of attorney for acts of ownership, acts of administration and for lawsuits and collections**, under the terms of the first three paragraphs of article 2554 (two thousand five hundred and fifty- four) of the Federal Civil Code and its correlatives contained in the Civil Codes of the other states of Mexico and Mexico City, but **<u>LIMITED</u>** in terms of its object to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. to carry out any acts, procedures and procedures, with and before any third party, related to extensions,
notices, permits, licenses or authorizations issued by the Ministry of Environment and Natural Resources, in favor of the Company and
only with respect to the La Esperanza Concession, for the preparation of the site, construction and operation of said mining concession;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. to continue, follow up, obtain the resolutions and present any legal remedies with respect to the processing
of the Application for Registration of the La Esperanza Contract before the RPM; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. to subscribe, execute, sign, deliver, ratify and/or grant, present to the RPM, the contracts, acts and
agreements provided for in paragraph (ii) above in order to obtain the registration of the La Esperanza Concession before the RPM in favor
of Girgar.

The power of attorney granted hereby in favor of the Attorneys-in-Fact shall take effect and shall be in force until: (i) the authorizations, licenses and permits held by Minera de Cordilleras, S. de R.L. de C.V. with respect to the La Esperanza Concession are transferred by the competent authorities in favor of Girgar; and (ii) the La Esperanza Concession is duly transferred and registered in the name of Girgar before the RPM. Once these objectives have been concluded, which are the reason that gives rise to its granting, the power of attorney will cease to be in force.

**Page 25 of **33**

**PURCHASE AND SALE CONTRACT WITH RESPECT TO A SHARE**

**REPRESENTATIVE OF THE CAPITAL OF SOCIEDAD MINERA CORDILLERAS, S. DE R.L. DE C.V.**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **THE "BUYER"**<br>**EMPRESA Y CAPITAL, S.A.P.I. DE C.V.**<br>Represented by<br> **JESÚS MARTE VINICIO ZATARIN** <br> **CHÁVEZ** | **THE "SELLER"**<br>**SERVICIOS VELARDEÑA, S.A. DE C.V.**<br> Represented by<br> **JORGE EMILIO GARCÍA NAVA** |

---

&nbsp;&nbsp;&nbsp; **THE "SOCIETY"**<br>**MINERA DE CORDILLERAS, S. DE R.L. DE C.V.**<br>Represented by<br> **JORGE EMILIO GARCÍA NAVA**<br>

**Page 26 of **33**

**PURCHASE AND SALE CONTRACT WITH RESPECT TO A SHARE**

**REPRESENTATIVE OF THE CAPITAL OF SOCIEDAD MINERA CORDILLERAS, S. DE R.L. DE C.V.**

**ANNEX E – "RODEO POWER"**

**IRREVOCABLE SPECIAL POWER OF ATTORNEY**

That, in relation to the Payment of the Undue Amount of certain Mining Rights with respect to the mining concession called: **"RODEO 2",** title number 241666 which resulted in the mining concession called **"RODEO 2 R 2",** title 247042 (the "<u>Rodeo 2 Return</u>") and certain Mining Rights Assignment Agreements dated February 5, 2025 (the "<u>Rodeo 1 Assignment Agreement</u>") and dated March 13, 2025 (the "<u>Rodeo 2 Assignment Agreement</u>"), entered into by **MINERA DE CORDILLERAS, S. DE R.L. DE C.V.,** (the "<u>Company</u>") and **GMC EQUIPOS MEXICO, S.A. DE C.V.** ("<u>GMC</u>"), it is hereby resolved to grant in favor of Messrs. **Jorge Emilio García Nava, Miguel García Fernández, Juan Manuel Coronado Ávila and Patricia Vivar Zirate** (the "<u>Attorneys- in-Fact</u>"), a **SPECIAL IRREVOCABLE POWER OF ATTORNEY,** granted under the terms of Articles 2554 (two thousand five hundred fifty-four) and 2596 (two thousand five hundred ninety-six) of the Civil Code of Mexico City and the Federal Civil Code and its correlatives of the Civil Codes of the States of the United Mexican States and of Mexico City, to process the <u>Rodeo 2 Refund and</u> as a condition of the aforementioned bilateral contracts and as a means to fulfill the obligations contracted under said contract, so that in the name and for the benefit of the Company, the Attorneys-in-Fact jointly or separately:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) present, continue, follow up and obtain a favorable resolution regarding the <u>Rodeo 2 Refund</u> before
the Tax Administration Service ("  **<u>SAT")</u>** and/or any judicial authority, with respect to any request for refund of
Payment of the Undue Payment of the Payments of Mining Rights that are presented in the name of the Company with respect to the mining
concession called **"RODEO 2",** title number 241666 which resulted in the mining concession called **"RODEO 2 R 2",** title 247042;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) continue, follow up, obtain the resolutions and file any legal recourse before the General Directorate
of Mines **(" <u>DGM</u> ")** of the Ministry of Economy and/or any judicial authority, with respect to the applications filed
with the Public Mining Registry ("  **<u>RPM</u>**") with folio number 600UCAE-2025-6285, dated February 21, 2025 and the corresponding
folio number, by virtue of which the applications for registration of the Rodero 1 Assignment Agreement and Rodeo 2 Assignment Agreement,
respectively, entered into between the Company as assignor and GMC (the "  **<u>Assignee</u>**") with respect to the Rodeo
R1 Concession, title 246464, issued on July 6, 2018, located in the municipality of Rodeo, are filed with said Registry. Durango, with
an area of 521, 0000 hectares, registered under Act 284, on page 142 of volume 410 (the "**Rodeo R1 Concession**") and the
Rodeo 2 R2 Concession, title 247042, issued on May 6, 2022, located in the municipality of Rodeo, Durango, with an area of 1,344.7345
hectares, registered under Act 142, on page 71 of volume 412 and on page 71 of the RPM Concession Book of the RPM Concession Book (the
" **Rodeo 2 R2 Concession**") (the "  **<u>Applications for Registration of Rodeo Contracts</u>** "); and

**Page 27 of **33**

**PURCHASE AND SALE CONTRACT WITH RESPECT TO A SHARE**

**REPRESENTATIVE OF THE CAPITAL OF SOCIEDAD MINERA CORDILLERAS, S. DE R.L. DE C.V.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) enter into with respect to the Rodeo R1 and Rodeo 2 R2 Concessions and only in the event that the registration
of the Rodeo 1 Assignment Agreement and the Rodeo 2 Assignment Agreement is denied in terms of the Applications for Registration of the
Rodeo Contracts before the RPM, either: (i) a free assignment agreement of
rights for their transfer and registration in favor of GMC or (ii) an agreement of inclusion in the Contract of Assignment for its transmission
and registration in favor of GMC, and (iii) any administrative procedure before the RPM or before any competent authority, including before
the DGM, which shall include the authorization to be obtained, either from the Ministry of Economy or from the DGM, provided for in the
Mining Law, in order for the Rodeo R1 Concession and the Rodeo 2 R2 Concession to be transferred to GMC under the terms of the Mining
Agreement. Rodeo Assignment 1 and Rodeo Assignment Contract 2.

they are granted a **special power of attorney for acts of ownership, acts of administration and for lawsuits and collections**, under the terms of the first three paragraphs of article 2554 (two thousand five hundred and fifty- four) of the Federal Civil Code and its correlatives contained in the Civil Codes of the other states of Mexico and Mexico City, but **<u>LIMITED</u>** in terms of its object to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. to continue, follow up, obtain resolutions and file any legal remedies with respect to the processing
of Applications for Registration of Rodeo Contracts before the RPM; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. to sign, execute, sign, deliver, ratify and/or grant, present to the RPM, the contracts, acts and agreements
provided for in paragraph (ii) above in order to obtain the registration of the Rodeo R1 Concession and the Rodeo 2 R2 concession before
the RPM in favor of GMC.

The power of attorney granted hereby in favor of the Attorneys-in-Fact shall take effect and be in force until: (i) the Rodeo R1 Concession and the Rodeo R2 Concession are duly transferred and registered in the name of GMC before the RPM and (ii) the Rodeo 2 Return is favorably resolved. Once these objectives have been concluded, which are the reason that gives rise to its granting, the power of attorney will cease to be in force.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **THE "BUYER"**<br>**EMPRESA Y CAPITAL, S.A.P.I. DE C.V.**<br>Represented by<br> **JESÚS MARTE VINICIO ZATARIN** <br> **CHÁVEZ** | **THE "SELLER"**<br>**SERVICIOS VELARDEÑA, S.A. DE C.V.**<br> Represented by<br> **JORGE EMILIO GARCÍA NAVA** |

---

&nbsp;&nbsp;&nbsp; **THE "SOCIETY"**<br>**MINERA DE CORDILLERAS, S. DE R.L. DE C.V.**<br>Represented by<br> **JORGE EMILIO GARCÍA NAVA**<br>

**Page 28 of **33**

**PURCHASE AND SALE CONTRACT WITH RESPECT TO A SHARE**

**REPRESENTATIVE OF THE CAPITAL OF SOCIEDAD MINERA CORDILLERAS, S. DE R.L. DE C.V.**

**ANNEX F – "ENVIRONMENTAL POWER"**

**Minera de Cordilleras, S. de R.L. de C.V.** grants in favor of Messrs. **Jorge Emilio García Nava, Sergio Raúl Gutiérrez Reyes, Eduardo Rosales Pérez, Miguel García Fernández, Juan Manuel Coronado Ávila and Patricia Vivar Zirate (the attorneys-in-fact),** a special power of attorney, limited in terms of its purpose, so that any of them may be authorized to act as the legal representative of the Company in any matter related to permits, procedures, offices, requirements and compliance with obligations before authorities in environmental matters, and for such purposes, the proxies will enjoy, jointly or individually, the following powers:

**I.** General power of attorney for lawsuits and collections, under the terms of the first paragraph of article
two thousand five hundred fifty-four of the Civil Code for the Federal District (currently Mexico City) and its correlatives of the Federal
Civil Code and the Civil Codes of all the States of the United Mexican States, with all the general and special powers that they require
in accordance with the special clause law, under the terms of article two thousand five hundred eighty-seven of the Civil Code for the
Federal District (currently Mexico City), and its correlatives of the Federal Civil Code and the Civil Codes of all the States of the
United Mexican States.

**II.** For acts of administration under the terms of the second paragraph of article two thousand five hundred
fifty-four of the Civil Code for the Federal District (currently Mexico City) and its correlatives of the Federal Civil Code and the Civil
Codes of all the States of the United Mexican States, to carry out all kinds of procedures and procedures before the Ministry of Environment
and Natural Resources (SEMARNAT), the Federal Attorney for Environmental Protection (PROFEPA), the National Water Commission (CONAGUA),
and the Secretariat of Urban Development and Ecology of the Government of each State of the Mexican Republic.

**LIMITATION:** The power of attorney granted herein is general in terms of its powers, but limited in its purpose, since it must be exercised solely and exclusively to act as the legal representative of the Company in any matter related to permits, procedures, offices, requirements and compliance with obligations before authorities in environmental matters, as well as to carry out all kinds of procedures and procedures before the Ministry of Environment and Natural Resources (SEMARNAT), the Federal Attorney for Environmental Protection (PROFEPA), the National Water Commission (CONAGUA), and before the Secretariat of Urban Development and Ecology of the Government of each State of the Mexican Republic.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **THE "BUYER"**<br>**EMPRESA Y CAPITAL, S.A.P.I. DE C.V.**<br>Represented by<br> **JESÚS MARTE VINICIO ZATARIN** <br> **CHÁVEZ** | **THE "SELLER"**<br>**SERVICIOS VELARDEÑA, S.A. DE C.V.**<br> Represented by<br> **JORGE EMILIO GARCÍA NAVA** |

---

&nbsp;&nbsp;&nbsp; **THE "SOCIETY"**<br>**MINERA DE CORDILLERAS, S. DE R.L. DE C.V.**<br>Represented by<br> **JORGE EMILIO GARCÍA NAVA**<br>

**Page 29 of **33**

**PURCHASE AND SALE CONTRACT WITH RESPECT TO A SHARE**

**REPRESENTATIVE OF THE CAPITAL OF SOCIEDAD MINERA CORDILLERAS, S. DE R.L. DE C.V.**

**APPENDIX G – "POWER OF ATTORNEY"**

**Minera de Cordilleras, S. de R.L. de C.V.** grants in favor of Messrs. **Jorge Emilio García Nava, Miguel García Fernández, Juan Manuel Coronado Ávila and Patricia Vivar Zirate (the attorneys-in-fact),** special power of attorney, limited in terms of its purpose, for any of them to carry out all those procedures that by involuntary omission were not carried out or concluded before the effective date of the Contracts for the Sale of Social Shares, and that as a result of such purchase and sale the Company has to conclude the matters mentioned below, including but not limited to: contracts with consultants, suppliers or service providers, commercial services which may include (electricity, drinking water supply, telephone services, etc.). This power of attorney also empowers Messrs. **Jorge Emilio García Nava, Miguel García Fernández, Juan Manuel Coronado Ávila and Patricia Vivar Zirate** so that any of them, on behalf of Minera de Cordilleras, S. de R.L. de C.V., continue to follow up on any procedure or requirement before any authority or government agency to request any benefit or refund that the Company has requested or made prior to the Purchase and Sale of Social Shares and that have not yet been resolved.

Within the specialty of this power, the proxies will have all the powers that correspond to the general power of attorney for lawsuits and collections and for acts of administration, in terms of the first and second paragraphs of article two thousand five hundred fifty-four of the Federal Civil Code and its correlatives in each and every one of the Civil Codes of the other states of the United Mexican States and the Civil Code for the District Federal (now Mexico City).

**LIMITATION:** The power of attorney granted herein is general in terms of its powers, but limited in terms of its purpose, since it must be exercised solely and exclusively to follow up and conclude those matters that were pending at the time of the execution of the contracts of sale of the Company's Social Shares, as well as with respect to the procedures or requirements before administrative authorities and public, decentralized, decentralized agencies, whether federal, state, municipal or in Mexico City. In this order, it will not be effective to request or carry out new procedures. The power of attorney granted will be effective as of the effective date of the purchase and sale contracts of the Social Shares and will remain in force in favor of the proxies until all pending matters are concluded.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **THE "BUYER"**<br>**EMPRESA Y CAPITAL, S.A.P.I. DE C.V.**<br>Represented by<br> **JESÚS MARTE VINICIO ZATARIN** <br> **CHÁVEZ** | **THE "SELLER"**<br>**SERVICIOS VELARDEÑA, S.A. DE C.V.**<br> Represented by<br> **JORGE EMILIO GARCÍA NAVA** |

---

&nbsp;&nbsp;&nbsp; **THE "SOCIETY"**<br>**MINERA DE CORDILLERAS, S. DE R.L. DE C.V.**<br>Represented by<br> **JORGE EMILIO GARCÍA NAVA**<br>

**Page 30 of **33**

**PURCHASE AND SALE CONTRACT WITH RESPECT TO A SHARE**

**REPRESENTATIVE OF THE CAPITAL OF SOCIEDAD MINERA CORDILLERAS, S. DE R.L. DE C.V.**

**ANNEX H – "LIST OF MINING RIGHTS PAYMENTS, STATISTICAL REPORTS AND WORKS CHECKS"**

A list is attached.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **THE "BUYER"**<br>**EMPRESA Y CAPITAL, S.A.P.I. DE C.V.**<br>Represented by<br> **JESÚS MARTE VINICIO ZATARIN** <br> **CHÁVEZ** | **THE "SELLER"**<br>**SERVICIOS VELARDEÑA, S.A. DE C.V.**<br> Represented by<br> **JORGE EMILIO GARCÍA NAVA** |

---

&nbsp;&nbsp;&nbsp; **THE "SOCIETY"**<br>**MINERA DE CORDILLERAS, S. DE R.L. DE C.V.**<br>Represented by<br> **JORGE EMILIO GARCÍA NAVA**<br>

**Page 31 of **33**

**PURCHASE AND SALE CONTRACT WITH RESPECT TO A SHARE**

**REPRESENTATIVE OF THE CAPITAL OF SOCIEDAD MINERA CORDILLERAS, S. DE R.L. DE C.V.**

**ANNEX I – "POWER OF ATTORNEY JORGE GARCÍA"**

A simple copy is attached.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **THE "BUYER"**<br>**EMPRESA Y CAPITAL, S.A.P.I. DE C.V.**<br>Represented by<br> **JESÚS MARTE VINICIO ZATARIN** <br> **CHÁVEZ** | **THE "SELLER"**<br>**SERVICIOS VELARDEÑA, S.A. DE C.V.**<br> Represented by<br> **JORGE EMILIO GARCÍA NAVA** |

---

&nbsp;&nbsp;&nbsp; **THE "SOCIETY"**<br>**MINERA DE CORDILLERAS, S. DE R.L. DE C.V.**<br>Represented by<br> **JORGE EMILIO GARCÍA NAVA**<br>

**Page 32 of **33**

**PURCHASE AND SALE CONTRACT WITH RESPECT TO A SHARE**

**REPRESENTATIVE OF THE CAPITAL OF SOCIEDAD MINERA CORDILLERAS, S. DE R.L. DE C.V.**

**ANNEX J – "TSM SILVEYRA POWER"**

A simple copy is attached.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **THE "BUYER"**<br>**EMPRESA Y CAPITAL, S.A.P.I. DE C.V.**<br>Represented by<br> **JESÚS MARTE VINICIO ZATARIN** <br> **CHÁVEZ** | **THE "SELLER"**<br>**SERVICIOS VELARDEÑA, S.A. DE C.V.**<br> Represented by<br> **JORGE EMILIO GARCÍA NAVA** |

---

&nbsp;&nbsp;&nbsp; **THE "SOCIETY"**<br>**MINERA DE CORDILLERAS, S. DE R.L. DE C.V.**<br>Represented by<br> **JORGE EMILIO GARCÍA NAVA**<br>

**Page 33 of **33**

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**[\*\*\*]**

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## Exhibit 10.5

**Exhibit 10.5**

**[\*\*\*] CERTAIN INFORMATION IN THIS DOCUMENT HAS BEEN EXCLUDED PURSUANT TO REGULATION S-K, ITEM 601(B)(10). SUCH EXCLUDED INFORMATION IS BOTH NOT MATERIAL AND IS THE TYPE THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL.**

**PURCHASE AND SALE CONTRACT WITH RESPECT TO A SHARE**

**REPRESENTATIVE OF THE CAPITAL OF SOCIEDAD MINERA CORDILLERAS, S. DE R.L. DE C.V.**

**PURCHASE AND SALE AGREEMENT WITH RESPECT TO A REPRESENTATIVE SHARE** OF THE CAPITAL STOCK OF THE COMPANY CALLED **MINERA DE CORDILLERAS, S. DE R.L. DE C.V.,** HEREINAFTER THE **"CONTRACT",** ENTERED INTO ON THE ONE HAND BY THE COMPANY CALLED **MINERA WILLIAM, S.A. DE C.V.**, HEREINAFTER REFERRED TO AS THE **"SELLER",** REPRESENTED IN THIS ACT BY MR. **JORGE EMILIO GARCÍA NAVA** AND BY THE OTHER COMPANY CALLED **EMPRESA Y CAPITAL, S.A.P.I. DE C.V.**, HEREINAFTER REFERRED TO AS THE **"BUYER",** REPRESENTED HEREIN BY MR. **JESÚS MARTE VINICIO ZATARIN CHÁVEZ;** LIKEWISE, THE FOLLOWING APPEAR: **(I)** THE COMPANY CALLED **MINERA DE CORDILLERAS, S. DE R.L. DE C.V.**, HEREINAFTER REFERRED TO AS THE **"COMPANY"** OR THE **"ISSUER"** INDISTINCTLY, REPRESENTED HEREIN BY MR. **JORGE EMILIO GARCÍA NAVA;** COLLECTIVELY**, THE "SELLER"** AND THE **"BUYER"** SHALL BE REFERRED TO AS THE **"PARTIES"**; AND **(II) GMC EQUIPOS MEXICO, S.A. DE C.V.** , HEREINAFTER REFERRED TO AS THE **"GUARANTOR",** REPRESENTED IN THIS ACT BY MR. **JORGE EMILIO GARCÍA NAVA**, WHO AGREES TO BE SUBJECT TO THE FOLLOWING BACKGROUND, DECLARATIONS AND CLAUSES.

**A N T E C E D E N T E S**

**I.** By means of public instrument number 42,114 (forty-two thousand one hundred and
fourteen) dated November 9 (nine) 1994 (one thousand nine hundred and ninety-four), granted before Mr. Javier del Valle Palazuelos, holder
of Notary Public number 61 (sixty- one) of the Federal District now Mexico City, the company was constituted as a commercial company called
MINERA DE CORDILLERAS, S.A. DE C.V. whose first original was duly registered under commercial folio number 344264 (three, four, four,
two, six, four) in the Public Registry of Commerce of its registered office; and also registered in the Federal Taxpayers Registry with
the code **MCO-941109-LQ2**.

**II.** Subsequently, the company was transformed into a limited liability company, called
MINERA DE CORDILLERAS, S. DE R.L. DE C.V., which is evidenced by public instrument number 531 (five hundred and thirty-one) dated December
14 (fourteen) of December 1994 (nineteen hundred and ninety-four), granted before Mr. José Luis Villavicencio Castañeda,
holder of Notary Public number 218 (two hundred and eighteen) of the Federal District, now Mexico City, and which was duly registered
in the Public Registry of Commerce of its registered office.

**III.** The **"COMPANY"** declares that the entries, notes and information
that is recorded and recorded in the minutes book of the shareholders' meeting, the register of partners or shareholders and the
book of variations of the capital of said "**COMPANY",** correctly and accurately reflect its legal and corporate situation,
as well as the current integration of the share capital.

**Page 1 of **33**

**PURCHASE AND SALE CONTRACT WITH RESPECT TO A SHARE**

**REPRESENTATIVE OF THE CAPITAL OF SOCIEDAD MINERA CORDILLERAS, S. DE R.L. DE C.V.**

**D E C L A R A C I O N E S**

I. The "SELLER" declares through its legal representative and under oath to tell the truth,
that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**i.** It is a legal entity duly constituted in accordance with the laws of the United
Mexican States, as evidenced by public deed number 36,539 dated March 14, 1996, executed in the presence of Mr. Adrián R. Iturbide
Galindo, Holder of Notary Public number 136 of Mexico City and registered in the Public Registry of Commerce of its registered office
under commercial folio number 209,986.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**ii.** Its legal representative has the sufficient and necessary powers to bind its client
under the terms of this **"CONTRACT",** which to date have not been revoked or limited in any way.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**iii.** For the purposes of this **"CONTRACT",** its domicile is located
at **Calle Río de la Plata No. 1580, Col. Magdalenas, C.P. 27010, Torreón, Coahuila, Mexico**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**iv.** As a partner of the **"COMPANY",** he/she has the necessary and
sufficient legal capacity to enter into this **"CONTRACT".** This "**CONTRACT"** and the execution of the
transactions contemplated in this "**CONTRACT"** have been previously authorized by all necessary corporate actions by
the **"SELLER".** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**v.** He is the owner and therefore the legitimate owner of 1 (one) share of the company
with a value of $26,077,534.00 (Twenty-six million seventy-seven thousand five hundred thirty-four pesos 00/100 M.N.) in the variable
capital (hereinafter **"THE SOCIAL PART"),** which is representative of 6.25772% of the capital stock of the **"COMPANY",** which is not subject to any lien, usufruct or limitation of ownership or possession.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**vi.** It is his will to transfer to the **"BUYER",** by means of this
instrument, the full ownership of **"THE SOCIAL PART",** of which he is the legitimate owner and proprietor, which has
been mentioned in paragraph v. (fifth) above, with all that in fact and by law corresponds to them.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**vii.** The transfer of **"THE SOCIAL PART"** includes the mining concessions
listed below (hereinafter **"THE CONCESSIONS INCLUDED") "** as is, where they are, with all their defects" and
all administrative, fiscal, labor and/or environmental responsibilities, prior to and after the date of signing of this **"CONTRACT".** The "**BUYER"** acknowledges and accepts that the concession called "TEYRA" with title number 230878, is
currently canceled and in the process of defense to declare said cancellation null and void before the corresponding Administrative Court
and that there is no guarantee that said Court will declare the nullity of said cancellation. Any process of defense of the mining concession
must be continued by the "**BUYER"** at its own risk and cost and in this act releases the "**SELLER" from any responsibility**.

**Page 2 of **33**

**PURCHASE AND SALE CONTRACT WITH RESPECT TO A SHARE**

**REPRESENTATIVE OF THE CAPITAL OF SOCIEDAD MINERA CORDILLERAS, S. DE R.L. DE C.V.**

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>Concession Name</u>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>Title Number</u>** | **<u>Validity</u>** | **<u>Surface</u> <u><br> area (Has.)</u>** |
| &nbsp;&nbsp;RED. SANTA ISABEL | 246649 | 17 September 2052 | 250.0000 |
| &nbsp;&nbsp;RUBY ESMERALDA | 217863 | 17 September 2052 | 129.4642 |
| &nbsp;&nbsp;THE TEYRA | 230878 | 25 October 2057 | 144.2619 |
| &nbsp;&nbsp;THE CRUSHED FRACC.1 | 237652 | 19 April 2061 | 156.9209 |
| &nbsp;&nbsp;THE CRUSHED FRACC.2 | 237653 | 19 April 2061 | 54.0478 |

---

Of the **"CONCESSIONS INCLUDED"** listed above, **ANNEX H** is added, which will include, of them, a list that lists the semi-annual payments, statistical reports of January of each year and work verifications of the last 5 five years, specifically the **"PAYMENTS OF MINING RIGHTS OF THE LAST 5 YEARS, WITH THE EXCEPTION OF THE PAYMENTS OF RIGHTS OF THE FIRST HALF OF 2025, WHICH ARE PENDING PAYMENT AND WILL BE THE OBLIGATION AND RESPONSIBILITY OF THE "BUYER" FROM THE SIGNING OF THIS "CONTRACT", THE ANNUAL STATISTICAL REPORTS OF THE LAST 5 YEARS, WITH THE EXCEPTION OF THE STATISTICAL REPORT CORRESPONDING TO THE YEAR 2024, WHICH MUST BE SUBMITTED EXTEMPORANEOUSLY AND WILL BE THE RESPONSIBILITY OF THE "BUYER" ONCE IT HAS SIGNED THIS "CONTRACT" AND THE WORK CHECKS OF THE YEARS 2019, 2020, 2021, 2022 and 2023".** In this order, the list with the list of the above receipts will make up said annex, since the documents referred to in such list have been made available to the **"BUYER"** with due anticipation and will be delivered in physical form, by the **"SELLER",** after the signing of this document, together with the rest of the original documentation of the **"COMPANY".** for which it will be recorded, in due course, with the delivery-receipt certificate signed by the **"PARTIES".**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**viii.** It informed and provided in a timely manner, all the information and documentation
requested by the **"BUYER",** regarding the legal and financial situation of the **"COMPANY",** stating
that said information is truthful and correct as of this date in all its relevant aspects.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**ix.** Under oath to tell the truth, that its resources and/or assets, as well as **"THE SOCIAL PART"** subject matter of this **"CONTRACT",** do not come directly or indirectly from illegal activities
or from any other activity or act that could favor the actualization of the alleged crimes of financing terrorism or resources of illicit
origin. As well as those rights or assets that will be used to solve or fulfill the object of this instrument do not originate, update
or resemble the illicit contemplated in Article 400-Bis of the Federal Criminal Code.

**Page 3 of **33**

**PURCHASE AND SALE CONTRACT WITH RESPECT TO A SHARE**

**REPRESENTATIVE OF THE CAPITAL OF SOCIEDAD MINERA CORDILLERAS, S. DE R.L. DE C.V.**

II. The "BUYER" declares through his legal representative
and under oath to tell the truth, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**i.** It is a legal entity, of Mexican nationality, with the legal capacity to contract
and to enter into this contract, as evidenced by public deed number 19,657, dated August 18, 2010, granted before the faith of Mr. José
Manuel Magallón Osuna, Notary Public number 147 with practice in Mazatlán, State of Sinaloa, which was constituted in this
instrument as a Civil Society, being duly registered in volume XXIII, section III, under number 114, of September 30, 2010, in the Public
Registry of Property and Commerce.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**ii.** Subsequently, it was transformed into a Variable Capital Investment Promotion
Company, through instrument number 25,057, dated March 6, 2014, granted before the faith of Mr. José Manuel Magallón Osuna,
Notary Public number 147 with practice in Mazatlán, State of Sinaloa, which was duly registered in the Public Registry of Property
and Commerce of Mazatlan. Sinaloa, on March 31, 2014, under folio number 20945-2.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**iii.** Its legal representative has the sufficient and necessary powers to bind its client
under the terms of this **"CONTRACT",** which to date have not been revoked or limited in any way, as evidenced by Public
Deed number 3,368 (three thousand three hundred and sixty-eight), granted before the faith of Paloma María Magallón Osuna,
Notary Public of the State number 219 (two hundred and nineteen) with practice in the city of Mazatlán, Sinaloa, which was duly
registered, in the Public Registry of Property and Commerce of Mazatlán, Sinaloa, under the electronic mercantile folio number
20945, dated January 14, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**iv.** Its Federal Taxpayer Registry is **ECA100818MQ5**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**v.** For the purposes of this **"CONTRACT"** it indicates as its domicile
the one located at **Avenida Rafael Buena number 313, Interior 3, Colonia Lomas de Mazatlán, C.P. 82110 in the city of Mazatlán, Sinaloa, Mexico.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**vi.** It is interested in acquiring from the **"SELLER",** by means of
this instrument, the ownership and full ownership, free of all encumbrances, of **"THE SOCIAL PART"** referred to in subsection
v. of the respective declarations of the **"SELLER",** including **"THE CONCESSIONS INCLUDED", "** AS
IS, WHERE THEY ARE, WITH ALL THEIR DEFECTS" AND ALL THE RESPONSIBILITIES OF AN ADMINISTRATIVE, FISCAL, LABOR AND/OR ENVIRONMENTAL
NATURE, prior to and after the date of signing of this **"CONTRACT".** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**vii.** It has sufficient resources to acquire from the **"SELLER" "THE SOCIAL PART".** 

**Page 4 of **33**

**PURCHASE AND SALE CONTRACT WITH RESPECT TO A SHARE**

**REPRESENTATIVE OF THE CAPITAL OF SOCIEDAD MINERA CORDILLERAS, S. DE R.L. DE C.V.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**viii.** Under oath to tell the truth, that its resources and/or assets, subject matter
of this "**CONTRACT",** do not come directly or indirectly from illicit activities or any other activity or act that could
favor the actualization of the alleged crimes of financing terrorism or resources of illicit origin. As well as those rights or assets
that will be used to solve or fulfill the object of this instrument do not originate, update or resemble the illicit contemplated in Article
400-Bis of the Federal Criminal Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**ix.** Enter into this **"CONTRACT"** and purchase **"THE SOCIAL PART"** with <u>ALL THE RIGHTS AND OBLIGATIONS INCORPORATED</u> to **"THE SOCIAL PART"** and to the **"COMPANY"** including **"THE CONCESSIONS INCLUDED"** and on the understanding that the activity of **"THE COMPANY"** and **"THE CONCESSIONS INCLUDED"** are accepted "as is, where they are, with all their defects" and all
responsibilities of an administrative, fiscal, labor and/or environmental nature, before and after the date of signing this **"CONTRACT".** Neither "**SELLER"** nor any other person is making any express or implied representations or warranties with respect
to **"THE SOCIAL PART", "THE INCLUDED GRANTS"** and **the "COMPANY"** or otherwise, and **"SELLER"** disclaims any other representations or warranties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**x.** It has carried out a purchase audit, considering the results during the conduct
of said purchase audit, and considering the Declarations of the **"SELLER"** provided for in Chapter I, it is its desire
to acquire **"THE SOCIAL PART"** including **"THE CONCESSIONS INCLUDED"** "as is, where they are,
with all its defects" and all responsibilities of an administrative nature, tax, labor and/or environmental, before and after the
date of signing of this **"CONTRACT".** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**xi.** You understand and accept that the purchase and sale of **"LA PARTE SOCIAL"** does not include the mining concessions described in  **<u>ANNEX A</u>** (the **"EXCLUDED CONCESSIONS").** Thus,
it does not understand or be responsible for it, so that the **"SELLER"** hereby releases the **"BUYER"** from
all administrative, fiscal, labor and/or environmental responsibilities, prior to and after the date of this **"CONTRACT"** in everything related to the **EXCLUDED CONCESSIONS.** 

III. The "COMPANY" declares, through its legal representative and under oath to tell the truth,
that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**i.** It is a commercial company duly constituted in accordance with the laws of the
United Mexican States, as evidenced by public deed number 42,114 (forty-two thousand one hundred and fourteen) dated November 9 (nine)
1994 (one thousand nine hundred and ninety-four), executed before Mr. Javier del Valle Palazuelos, holder of Notary Public number 61 (sixty-one)
of the Federal District now Mexico City, whose first original was duly registered under commercial folio number 344264 (three, four, four,
two, six, four) in the Public Registry of Commerce of its registered office.

**Page 5 of **33**

**PURCHASE AND SALE CONTRACT WITH RESPECT TO A SHARE**

**REPRESENTATIVE OF THE CAPITAL OF SOCIEDAD MINERA CORDILLERAS, S. DE R.L. DE C.V.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**ii.** Subsequently, it was transformed into a Limited Liability Company with Variable
Capital, called MINERA DE CORDILLERAS, S. DE R.L. DE C.V., by means of instrument number 531, dated December 14, 1994, granted in the
presence of Mr. José Luis Villaciencio Castañedo, holder of Notary Public number 218, of the Federal District, now Mexico
City, which was duly registered in the Public Registry of Property and Commerce of its registered office.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**iii.** Its legal representative has sufficient powers to bind its client under the terms
of this **"CONTRACT",** which to date have not been revoked or limited in any way, as evidenced by Public Deed 32,602,
dated December 5, 2024, granted in the presence of Mr. Guillermo Aaron Vigil Chapa, Notary Public 247, with practice in Mexico City, which
was duly registered, in the Public Registry of Property and Commerce of Mexico City, under electronic mercantile folio number 344264,
dated February 24, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**iv.** That its Federal Taxpayer Registry is: **MCO-941109-LQ2**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**v.** That for the purposes of this **"CONTRACT"** it indicates as its
domicile the one located at **Calle Río de la Plata No. 1580, Col. Magdalenas, C.P. 27010, Torreón, Coahuila, Mexico**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**vi.** That the content of the shareholders' meeting minutes book, the shareholders'
or shareholders' register book and the capital variations book accurately and truthfully reflect its current corporate situation,
as well as reflect the integration of the share capital, so there are no additional or different minutes or entries to those contained
in said corporate books.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**vii.** That the internal financial statements as of November 30, 2024 reflect in a reasonable
manner (together with the notes included therein), the financial position and results of the **"COMPANY"** for said period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**viii.** Ratifies what was referred to by the **"SELLER"** in the chapter
of their respective declarations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**ix.** On the date of signing this **"CONTRACT"** the **"COMPANY"** has an employee registered in its payroll, who is mentioned in **ANNEX B** of this **"CONTRACT"** ()"**MCO WORKER").** It is agreed to grant a special power of attorney to be granted **by "THE COMPANY"** to **Juan José Rojas Torres** and/or **Jorge Emilio García Nava** (the "**POWER OF ATTORNEY")** under the terms attached as **ANNEX C**. In this order of ideas, the **"BUYER"** is released from all liability in relation to the **"MCO WORKER",** from this act, the **"SELLER"** being obliged to release the "BUYER" **in peace and safety** from any claim of any kind that may arise in this regard, whether of an administrative, fiscal, criminal and/or labor nature,
regardless of whether its origin is before or after the celebration of the this **"CONTRACT".** 

**Page 6 of **33**

**PURCHASE AND SALE CONTRACT WITH RESPECT TO A SHARE**

**REPRESENTATIVE OF THE CAPITAL OF SOCIEDAD MINERA CORDILLERAS, S. DE R.L. DE C.V.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**x.** As of the date of signing this **"CONTRACT",** the **"COMPANY"** has requested before the Tax Administration Service (SAT) and has pending the return of an Undue Payment for the approximate amount
of $169,795.00 (one hundred and sixty-nine thousand seven hundred and ninety-five pesos 00/100 M.N.), (the **"MCO REFUND").** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**xi.** The **"COMPANY"** unduly paid certain Mining Rights with respect
to the mining concession called: **"RODEO 2",** title number 241666 which resulted in the mining concession called **"RODEO 2 R 2",** title 247042 and for this reason, and after the signing of this **"CONTRACT"** it will request before
the Tax Administration Service (SAT) the refund of the corresponding Undue Payment, the amounts of which will be determined at the time
of submission of said application or applications and will notify **the "BUYER"** in writing, for its knowledge (the **"REFUND RODEO 2").** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**xii.** As of the date of signing this **"CONTRACT",** the **"COMPANY"** has pending payment of the Special Mining Right in favor of the Government of Mexico for the year 2024 (two thousand and twenty-four)
in the amount of $151,749.35 (one hundred and fifty-one thousand seven hundred and forty-nine pesos 35/100), which must be paid no later
than the last business day of the month of March 2025 (two thousand and twenty-five) (the **"MCO ROYALTY").** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**xiii.** On August 28, 2024 (two thousand and twenty-four), as guarantor of the indemnity
obligations assumed by the SELLER **(**in said contract) in favor of the BUYER (in said contract), 4 (four) share purchase and sale
agreements with respect to the shares of the company called Minera Labri, S.A. de C.V. (the **"LABRI CONTRACTS").** In
terms of the **"LABRI CONTRACTS"** the guarantee granted by the **"COMPANY"** will remain in full force
and effect as of August 28 (twenty-eight) of 2024 (two thousand and twenty-four) and for a period of 24 (twenty-four) months from that
date, under the same terms, conditions and limitations established in the **"LABRI CONTRACTS".** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**xiv.** On November 22 (twenty-two) of November 2024 (two thousand and twenty-four) it
entered into a contract for the assignment of rights with respect to 100% (one hundred percent) of the rights and ownership of the following
mining concessions, in favor of the company called Girgar Operaciones, S.A. de C.V., whose registration is in the process of being registered
with the Public Mining Registry due to the recent granting of its granting (hereinafter **"THE YOQUIVO CONCESSIONS"):** 

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>Concession Name</u>** | **<u>Title Number</u>** |
| &nbsp;&nbsp;THE DOLLAR | 214876 |
| &nbsp;&nbsp;THE CUP | 223499 |
| &nbsp;&nbsp;SAN FRANCISCO DE YOQUIVO | 220851 |
| &nbsp;&nbsp;THE GIRL | 217475 |
| &nbsp;&nbsp;PAINS | 216491 |
| &nbsp;&nbsp;THE RESTORER | 217476 |
| &nbsp;&nbsp;HOPE | 218071 |

---

**Page 7 of **33**

**PURCHASE AND SALE CONTRACT WITH RESPECT TO A SHARE**

**REPRESENTATIVE OF THE CAPITAL OF SOCIEDAD MINERA CORDILLERAS, S. DE R.L. DE C.V.**

Additionally, there is a prior application for registration in the Public Mining Registry ("**RPM**") submitted by the **"COMPANY"** with folio number 600UCAE-2023-269, dated January 12, 2023, registered under file 11/2023, by virtue of which the application for registration of a certain contract for the assignment of rights dated December 19, 2022 entered into between the **"COMPANY"** was filed with said Registry as purchaser and Messrs. Jesús Antonio Parra Quezada and Emiliano Hurtado Montaño and Ms. María Blanca Esthela Parra Quezada and María del Carmen Parra Quezada with respect to the La Esperanza mining concession, title 218071, issued on October 2, 2002, located in the municipality of Ocampo, Chihuahua, with an area of 68, 0000 hectares, registered under minute 331, on page 166 of volume 331 of the RPM Concession Book and the **"COMPANY"** undertook to help the company called Girgar Operaciones, S.A. de C.V. to obtain the registration of said contract of assignment of rights and/or where appropriate to transfer the ownership of the La Esperanza Concession, title 218071 in terms of the contract for the assignment of rights of **"LAS CONCESIONES YOQUIVO",** through the granting of a special irrevocable power of attorney to be granted **by "THE COMPANY"** to Messrs. **José Enrique Rodríguez del Bosque, Luigi Iacobi Pontones Brito** and **Oscar Sandoval Benítez** and Mrs. **Olga Patricia Martínez Pérez** and **Rosa Valeria Bustamante Olivares** (the **"PODER ESPERANZA")** in the terms included as **EXHIBIT D**. In this order of ideas, the **"BUYER"** is released from all liability in relation to the **"YOQUIVO CONCESSIONS",** from this act, the **"SELLER" being obliged** to release him in peace and safe from **the "BUYER"** from any claim of any kind that may arise in this regard, whether of an administrative, fiscal, labor and/or environmental nature, regardless of whether its origin is before or after the execution of this **"CONTRACT".**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**xv.** Currently there is an environmental liability of the Rodeo Project, of which the **"COMPANY" is the owner**, said environmental liability must be transferred to the company called **GMC EQUIPOS MEXICO, S.A. de C.V.** for which **"THE COMPANY"** shall grant a special power of attorney to Messrs. **Jorge Emilio García Nava, Sergio Raúl Gutiérrez Reyes, Eduardo Rosales Pérez, Miguel García Fernández, Juan Manuel Coronado Ávila and Patricia Vivar Zirate** (the **"ENVIRONMENTAL POWER"),** the scope and limitations of which are detailed
in **ANNEX F** hereto.

**Page 8 of **33**

**PURCHASE AND SALE CONTRACT WITH RESPECT TO A SHARE**

**REPRESENTATIVE OF THE CAPITAL OF SOCIEDAD MINERA CORDILLERAS, S. DE R.L. DE C.V.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**xvi.** On March 20, 2025, it entered into a loan agreement with the commercial company
called **EMPRESA Y CAPITAL, S.A.P.I. DE C.V.**, for the total amount of $5,000,000.00 (five million pesos 00/100 M.N.) (the "**EYC LOAN** ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**xvii.** It is the holder of the mining concessions described in  **<u>ANNEX A</u>** (the **"EXCLUDED CONCESSIONS")** which are not part of the purchase and sale of **"THE SOCIAL PART".** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**xviii.** It is your wish to enter into this **"CONTRACT"** under the terms
and conditions agreed herein.

IV. The "GUARANTOR" of the "SELLER", through its legal representative and under
oath of telling the truth, declares that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**i.** It is a legal entity duly constituted in accordance with Mexican legislation,
as evidenced by public deed number 20,829 granted before the faith of Mr. Guillermo Aarón Vigil Chapa, Holder of Notary Public
number 247 of Mexico City, dated April 12, 2019 and registered in the Public Registry of Commerce of its registered office under the electronic
commercial folio N-2019039629.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**ii.** Its legal representative has the sufficient and necessary powers to bind its client
under the terms of this **"CONTRACT",** which to date have not been revoked or limited in any way.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**iii.** Its Federal Taxpayer Registry is **GEM-190412-IG3**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**iv.** For the purposes of this **"CONTRACT",** its domicile is located
at **Calle Río de la Plata No. 1580, Col. Magdalenas, C.P. 27010, Torreón, Coahuila, Mexico**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**v.** It is your wish to appear at the execution of this **"CONTRACT"** to
act as **"GUARANTOR"** of the **"SELLER"** against the **"BUYER"** solely and exclusively
with respect to the indemnification obligations established in Clause **5 BIS (B)** of this **"CONTRACT",** as detailed
below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**vi.** Under oath to tell the truth, that its resources and/or assets, as well as **"THE SOCIAL PART"** subject matter of this **"CONTRACT",** do not come directly or indirectly from illicit activities
or from any other activity or act that could favor the actualization of the alleged -crimes- of financing terrorism or resources of illicit
origin. As well as those rights or assets that will be used to solve or fulfill the object of this instrument do not originate, update
or resemble the illicit contemplated in Article 400-Bis of the Federal Criminal Code.

**Page 9 of **33**

**PURCHASE AND SALE CONTRACT WITH RESPECT TO A SHARE**

**REPRESENTATIVE OF THE CAPITAL OF SOCIEDAD MINERA CORDILLERAS, S. DE R.L. DE C.V.**

V. The
 "PARTIES" and the "COMPANY", through their respective legal representatives, jointly
 declare under oath to tell the truth, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**i.** They mutually recognize the personality and character with which they respectively
hold each other at the conclusion of this **"CONTRACT".** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**ii.** The execution of this **"CONTRACT"** does not violate or transgress
any type of contract and/or agreement previously entered into, and they declare that there is no bad faith, fraud, error, deception or
any other vice of consent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**iii.** The conclusion of the **"CONTRACT"** is the desire of the
 "**PARTIES"** and the **"COMPANY"** to suit their interests.

In addition to all of the above, the **"PARTIES"** and the **"COMPANY"** declare that they mutually recognize the capacity and personality under which they appear at the signing of this instrument and assume as true the above statements subject to the tenor of the following:

**C L Á U S U L A S:**

1. Purpose.

**1.1.** The **"SELLER",** transfers the full ownership, to **the "BUYER**", of **"THE SOCIAL PART",** issued by the **"COMPANY",** through the figure of sale, free of any charge, lien, through a certain and determinable price in money, through which he transfers the character of partner and, with it, will acquire all the rights and obligations inherent and derived from it; including but not limited to payment of the **"EYC LOAN",** under the terms and conditions provided for in the respective loan agreement.

**1.2.** The "**SELLER"** and "**BUYER"** agree to work together so that the **"SELLER"** can conclude the following topics as soon as possible. The **"BUYER"** will provide all the necessary support so that the following issues can be concluded by the "**SELLER"**:

**FIRST:** The liquidation of the **"MCO WORKER"** by the **"COMPANY",** through the signing of the necessary settlement agreement and the deregistration of the **"MCO WORKER"** before the corresponding labor authorities. In this regard, the **"SELLER"** undertakes to deliver to the **"BUYER"** all the original documents related to the worker's severance pay and the proof of his or her withdrawal before all the corresponding authorities. The name of the worker is integrated as **ANNEX B** to form an integral part of this **"CONTRACT".** The **"BUYER"** is released from all liability in relation to the **"MCO WORKER",** from this act, and the **"SELLER" is obliged** to release him in peace and safe from **the "BUYER"** from any claim of any kind that may arise in this regard, whether of an administrative, fiscal and/or labor nature, regardless of whether its origin is before or after the execution of this document. **"CONTRACT".**

**SECOND:** The substitution of the **"COMPANY"** in the **"LABRI CONTRACTS"** as guarantor of the indemnity obligations assumed by the "**SELLER" (**in said contract) in favor of the **"BUYER"** (in said contract), through the signing of the necessary amending agreements. In this order, the **"SELLER"** undertakes to deliver to the **"BUYER" a** certified copy of said modification or termination agreements, as the case may be, undertaking to leave it in peace and safety and release it from all liability in this regard.

**Page 10 of **33**

**PURCHASE AND SALE CONTRACT WITH RESPECT TO A SHARE**

**REPRESENTATIVE OF THE CAPITAL OF SOCIEDAD MINERA CORDILLERAS, S. DE R.L. DE C.V.**

**THIRD.** The transfer by the **"BUYER"** of 100% (one hundred percent) of the ownership of the **"EXCLUDED CONCESSIONS"** in favor of the company called **GMC EQUIPOS MEXICO, S.A. de C.V.**

**1.3** The **"SELLER"** does not make any representation or guarantee, except as expressly indicated in numeral I of the chapter on Declarations and Clause 4, regarding the financial, legal, tax, operational, administrative or any other nature condition of the **"COMPANY".**

**1.4** The **"BUYER"** acquires the full ownership of **"THE SOCIAL PART",** under the terms and conditions agreed in this **"CONTRACT",** excluding the **"EXCLUDED CONCESSIONS",** and all responsibility and obligation in this regard, of everything related to said **"EXCLUDED CONCESSIONS",** with the **"MCO WORKER",** the **"YOQUIVO CONCESSIONS"** and the

**"LABRI CONTRACTS",** except for the commitment to grant the powers of attorney under the terms agreed herein.

**1.5** In the event that, after the signing of this **"CONTRACT",** the **"BUYER**", the **"SELLER"** or the **"COMPANY"** identify that there is any asset that by mistake or involuntary omission continues to be the property of the **"COMPANY"**; the **"BUYER"** and the **"COMPANY"** undertake to transfer ownership and make the material and legal delivery of said asset to the **"SELLER"** or to whomever the **"SELLER"** indicates in writing, at a price equivalent to $1.00 (one peso 00/100, legal tender in the United Mexican States) or for a value determined by the **"SELLER".** The **"SELLER"** will assume any risk that may arise from carrying out the operation under these terms.

**1.6** The **"PARTIES"** acknowledge and agree that (i) the **"EXCLUDED CONCESSIONS"** indicated in **<u>ANNEX A</u>** are not part of the purchase and sale of **"THE SOCIAL PART"** agreed herein and will therefore be transferred to the company called **GMC EQUIPOS MEXICO, S.A. de C.V.**; and (ii) by virtue of the fact that the registration of the assignment of mining concessions before the **"RPM"** and the processing of the **"RETURN RODEO 2"** before the SAT, take some time, the **"PARTIES"** agree to grant a special irrevocable power of attorney in favor of Messrs. **Jorge Emilio García Nava, Miguel García Fernández, Juan Manuel Coronado Ávila and Patricia Vivar Zirate** (the "**PODER RODEO**") whose scope and limitations are detailed in **ANNEX E** hereto.

**1.7** The **"BUYER"** or, if necessary, the **"COMPANY",** agree to grant the **"SELLER"** a special power of attorney in favor of Messrs. **Jorge Emilio García Nava, Miguel García Fernández, Juan Manuel Coronado Ávila and Patricia Vivar Zirate** (the "**POWER of ATTORNEY")** so that any of them may carry out all those procedures that due to involuntary omission were not considered herein **"CONTRACT",** as a result of the transfer of **"THE SOCIAL PART"** the **"SELLER",** the following are mentioned in an enunciative but not limited manner: contracts with consultants, suppliers or service providers, commercial services which may include (electricity, drinking water supply, telephone services, etc.). The power of attorney will also authorize Messrs. **Jorge Emilio García Nava, Miguel García Fernández, Juan Manuel Coronado Ávila and Patricia Vivar Zirate** so that, any of them on behalf of the **"SELLER**", continue to follow up on any procedure or requirement before any authority or government agency to request any benefit or refund that the **"SELLER"** has been requested or carried out prior to this operation and that at the signing of this **"CONTRACT"** has not yet been resolved. In the event that the obligations referred to in this paragraph are assigned, all taxes and expenses that are generated will be the sole responsibility of the **"SELLER".** The scope and limitations for this power of attorney are specified in **ANNEX G** hereto.

**Page 11 of **33**

**PURCHASE AND SALE CONTRACT WITH RESPECT TO A SHARE**

**REPRESENTATIVE OF THE CAPITAL OF SOCIEDAD MINERA CORDILLERAS, S. DE R.L. DE C.V.**

The **"PARTIES"** agree and agree to maintain in force, for a period of 90 calendar days, counted from the **"EFFECTIVE DATE",** the general power of attorney granted in favor of Mr. Jorge Emilio García Nava ("**JORGE GARCÍA POWER of ATTORNEY"),** in terms of public deed number 15,421 dated June 2, 2016, executed in the faith of Mr. Guillermo Aarón Vigil Chapa, holder of the Notary Public number 247 of Mexico City and with the sole purpose of concluding any of the pending procedures and in the name of the **"COMPANY".** A simple copy of the **"POWER OF ATTORNEY JORGE GARCÍA"** is included in **ANNEX I** hereto.

Additionally, the **"PARTIES"** agree and agree to keep in force, the special power of attorney granted in favor of Transformaciones y Servicios Metalúrgicos, S.A. de C.V. and/or their designated attorneys-in-fact, Messrs. Francisco Silveyra Aria and Francisco Rafael Silveyra Márquez ("**TSM SILVEYRA POWER OF ATTORNEY"),** in terms of public deed number 29,927 dated November 30, 2023, granted in the presence of Mr. Guillermo Aarón Vigil Chapa, holder of Notary Public No. 247 of Mexico City and limited solely and exclusively to the mining concessions included in the Agreement for the Assignment of Mining Rights, entered into by and between Transformaciones y Servicios Metalúrgicos, S.A. de C.V. and the **"COMPANY"**, which are described below: "SANTA MARÍA", title number 216532; "PUNTO COM", title number 228022; "MARÍA", title number 226591; "MARTIA III", title number 231703; and "MARÍA II FRACC. I", title number 230200. A simple copy of the **"TSM SILVEYRA POWER OF ATTORNEY"** is included in **ANNEX J** hereto

**1.8** As a result of the above, the **PARTIES agree to** include the aforementioned powers of attorney in the points to be considered, and where appropriate, approved, at the Meeting where the transfer of the corporate part subject to this contract is recognized. These powers are listed below for greater clarity and benefit to both **"PARTIES"**:

&nbsp;&nbsp;&nbsp;&nbsp;**a)** The **"POWER OF ATTORNEY"** – EXHIBIT C

**b)** The **"POWER OF HOPE"** – ANNEX D

**c)** The **"RODEO POWER"** – ANNEX E

**d)** The **"ENVIRONMENTAL POWER"** – ANNEX F

**e)** The **"POWER OF ATTORNEY"** – ANNEX G

The powers referred to in this Clause shall be granted by the **"COMPANY"** on the **"EFFECTIVE DATE"** as approved by the Meeting, and the **"SELLER"** shall assume the costs of the notary fees related to the granting and, where appropriate, registration of such powers.

**Page 12 of **33**

**PURCHASE AND SALE CONTRACT WITH RESPECT TO A SHARE**

**REPRESENTATIVE OF THE CAPITAL OF SOCIEDAD MINERA CORDILLERAS, S. DE R.L. DE C.V.**

**1.9** The **"PARTIES"** agree that the "**BUYER"** will be responsible for paying the **"MCO ROYALTY"** and collecting the "**MCO REFUND"**; and as long as the **"RETURN RODEO 2" is favorably obtained**, the "**BUYER"** is obliged to pay the company called **EQUIPOS GMC MÉXICO, S.A. de C.V.** or to the natural or legal person designated by it, the amount or amounts received in the name of the **"COMPANY"** for said Payment of the Undue Amount plus the corresponding updates at the time they occur and no later than within 10 (ten) business days from the time the **"RETURN RODEO 2"** is received in the account of the **"COMPANY".**

**1.10** The **"PARTIES"** agree that any amount in the treasury or any cash available in the cash of the **"COMPANY"** at the time of signing this **"CONTRACT",** will be added to the price for the transfer of "**THE SOCIAL PART"**

2. Price and method of payment.

2.1. As the price for the transfer of **"THE SOCIAL PART**", the **"BUYER"** undertakes to pay the **"SELLER**", the total amount of **US$275,000.00 (Two hundred and seventy-five thousand US dollars 00/100),** an amount that was fixed by mutual agreement by both **"PARTIES"** and that both recognize that it is its fair and real value plus any amount in the treasury and cash available on hand as of the date of this Agreement, **as well as the amount set forth in Clause 1.9.**

2.2. The **"BUYER"** hereby undertakes to pay the total price indicated in the previous paragraph, on the date of signature and ratification before a Notary Public by both parties of this "**CONTRACT**" (the "**EFFECTIVE DATE").**

2.3. The **"BUYER"** undertakes to pay the Price described in Clause 2.1, by electronic funds transfer, to the following bank account:

**Owner: Minera William, S.A. de C.V.**

Banking Institution: Scotiabank Inverlat, S.A. de C.V.

Address Banking Institution: Blvd. Independencia, Torreón, Coahuila, Mexico

CLABE: 044060185000066295

Account: 18500006629

2.4. The **"SELLER" states** that the agreed price is fair and will constitute the total payment of any right that he had for **"THE SOCIAL PART"** of the **"COMPANY"** subject matter of this **"CONTRACT".**

**Page 13 of **33**

**PURCHASE AND SALE CONTRACT WITH RESPECT TO A SHARE**

**REPRESENTATIVE OF THE CAPITAL OF SOCIEDAD MINERA CORDILLERAS, S. DE R.L. DE C.V.**

3. Transfer of ownership and its effects.

3.1. The **"SELLER"** (i) reserves no action or right except as indicated in this **"CONTRACT"** and; (ii) guarantees to the **"BUYER"** that **"THE SOCIAL PART"** object of the purchase and sale consigned in this instrument, has no limitation, charge or encumbrance whatsoever.

3.2. The **"SELLER"** shall transfer to the **"BUYER"** the status of partner and all the rights and obligations inherent and derived therefrom. Likewise, the **"SELLER"** and the **"BUYER"** agree that, once the payment has been made, they will cause a meeting of partners of the **"COMPANY"** to be held in which the transfer of **"THE SOCIAL PART"** is recorded and the current managers, administrators and proxies of the **"COMPANY"** are removed, except for the powers required and referred to in this Agreement, releasing them from all liability arising from the exercise of their office.

3.4. Without prejudice to the liability of "**SELLER"** under Clause 5 below, **"BUYER"** agrees to indemnify Warren Michael Rehn, Arturo Pablo Castaños Pérez, Julie Zinnecker Weedman, Telésforo Martínez Patiño and Jorge Emilio García Nava, and any affiliates, shareholders, directors, officers, employees, agents, representatives and advisors of **"SELLER"** (the "**Seller Released Parties**")."), from any future liabilities of the **"COMPANY"** and shall hold the Seller Released Parties harmless from any claim of any nature whatsoever commenced or threatened by any person or governmental authority arising out of or in connection with any operation, activity and business of the "**COMPANY"**, including, without limitation, any liability of any nature whatsoever (disclosed or undisclosed; accrued or unaccrued; contingent or absolute) of the "**COMPANY",** including, without limitation, any tax and labor obligations and obligations to suppliers and customers of the **"COMPANY".**

4. Warranties of the "SELLER" and the "COMPANY".

4.1. The **"SELLER"** and the **"COMPANY"** hereby warrant to **the "BUYER**", in addition to any representations, representations, guarantees, or obligations contained in this **"CONTRACT",** as of the date of execution of this **"CONTRACT"** that**:**

4.1.1. The background of this **"CONTRACT"** and the statements made by the **"SELLER"** and by the **"COMPANY"** are true, and they recognize that said statements and background have been the determining reason for the will of the **"BUYER"** to acquire **"THE SOCIAL PART"** object of the purchase and sale set forth in this **"CONTRACT".**

5. Indemnification.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(A)**  **<u>Indemnification Obligations of the "SELLER".</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) With the exception of **"THE CONCESSIONS INCLUDED"** which are accepted "as is, where is,
 with all its defects" and the **"BUYER"** assumes all responsibilities
 of an administrative, fiscal, labor and/or environmental nature, prior to and after the date
 of signing of this **"CONTRACT",** from the date of signing this **"CONTRACT",** and subject to the limitations provided in this **"CONTRACT", "SELLER"** shall be responsible for and indemnify **"BUYER"** for any direct and
 immediate damages, penalties, fines, penalties and/or reasonable and documented expenses
 (including reasonable attorneys' fees and costs) (the "Impairments") actually
 incurred or suffered by "**BUYER",** resulting from or arising from:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the breach of any obligations
 or covenants established in this Agreement by the **"SELLER"** 

**Page 14 of **33**

**PURCHASE AND SALE CONTRACT WITH RESPECT TO A SHARE**

**REPRESENTATIVE OF THE CAPITAL OF SOCIEDAD MINERA CORDILLERAS, S. DE R.L. DE C.V.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any inaccuracies, omissions, or falsehoods in the Statements of the **"SELLER"**; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) any act or omission in the management of the **"SOCIETY"** occurred or performed prior to the date of this Agreement.

The indemnification obligation of the **"SELLER"** referred to in this Clause 5 shall remain in force for a period of 24 (twenty-four) months from the date of signing the **"CONTRACT"** and shall comprise solely and exclusively the Declarations of the **"SELLER"** with respect to the **"COMPANY".**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(B)**  **<u>Indemnification Obligations of the "BUYER".</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) From the signing of this Agreement and thereafter, subject
to the limitations set forth in this Agreement, the **"BUYER"** shall be liable and indemnify the **"SELLER"** for any Impairment actually incurred or suffered by the **"SELLER",** resulting from or arising from:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the breach of any obligations or covenants established in
this Agreement by the **"BUYER"**;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any inaccuracies, omissions, or falsehoods in the Statements
of the **"BUYER"**; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) any act or omission in the management of the **"SOCIETY"** occurred or performed after the date of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(C)**  **<u>Complaints Procedure.</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)  **<u>Claim between the parties</u>** . In the event that
either party is required to claim liability or compensation for an Impairment from the other under this Agreement, which does not involve
a third-party claim, the party claiming liability or compensation for an Impairment shall notify the complained party in writing within
5 (five) business days after it becomes aware of the claim in question (a "Claim"), indicating the causes, amount and accompanying
the notification all the documentation available in relation
to the fact or circumstance causing the liability or compensation for the alleged impairment. The Complaining Party shall have a period
of 30 (thirty) calendar days to (i) accept the terms of the Claim, and elect to (a) remedy the alleged breach to the satisfaction of the
Complaining Party or (b) pay the amount claimed as compensation; or (ii) object to and/or reject the notified Claim.

**Page 15 of **33**

**PURCHASE AND SALE CONTRACT WITH RESPECT TO A SHARE**

**REPRESENTATIVE OF THE CAPITAL OF SOCIEDAD MINERA CORDILLERAS, S. DE R.L. DE C.V.**

If such Claim is not expressly accepted or remedied by the complained party within 30 (thirty) calendar days following the end of the 30 (thirty) calendar day period for its remedy, the discrepancy will be resolved in accordance with the provisions of Clause Ten.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)  **<u>Claim by a Third Party</u>** . With the exception of claims arising from **"THE CONCESSIONS INCLUDED"** which are accepted "as is, where they are, with all their defects" since the **"BUYER"** assumes all administrative, fiscal, labor and/or environmental responsibilities, prior to and after the date
of signing of this **"CONTRACT",** when it is a possible Impairment caused by a claim by any third party, including any
inspection or action by a governmental authority, whether administrative, judicial or extrajudicial, the indemnifying party may assume
the defense of any claim, and undertakes to exercise said right in particular in accordance with the principle of good faith and without
prejudice to the interests of the parties and/or the "**COMPANY"**. For these purposes, the following procedure will be
followed:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) As soon as the third-party claim is received (the "Notice of Impairment"), the indemnifying party must be notified within the first third of the applicable law to respond to the claim.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Notice of Impairment shall include all relevant information then held in relation to the Impairment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The indemnifying party must respond to the claim in a timely manner, taking charge of the presentation of any guarantees that are required to be granted for the defense of the corresponding claim, and of the results of the judicial or extrajudicial defense procedure with total indemnity for the indemnified party.

The indemnifying party, by itself or through the advisors it designates, will have free, prior and total access to all the information and documentation relating to the claim in question.

**Page 16 of **33**

**PURCHASE AND SALE CONTRACT WITH RESPECT TO A SHARE**

**REPRESENTATIVE OF THE CAPITAL OF SOCIEDAD MINERA CORDILLERAS, S. DE R.L. DE C.V.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The **"COMPANY":** (i) will grant in favor of the lawyers and attorneys appointed by the indemnifying party the powers that are necessary for such purposes in relation to the object of the third-party claim, (ii) will make available to the indemnifying party and the advisors designated by it all the documentation related to the third-party claim in question, and (iii) provide, together with the other party, the collaboration reasonably necessary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) if the indemnifying party fails to defend a third party's claim, control of such third party's claim shall be assumed by the indemnified; without waiving any rights that the indemnitor may have against the indemnifying party by way of indemnification pursuant to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(D)**  **<u>Indemnity Adjustment.</u>** The Parties agree that, if permitted by applicable
law, the payment of any indemnity under this Clause is deemed to be an adjustment to the "**SOCIAL SHARE"** Price, unless
otherwise agreed upon by the Parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(E)**  **<u>Moderation.</u>** The parties shall take all commercially reasonable steps
to mitigate any impairment subject to indemnification when they become aware of any fact or circumstance that could reasonably constitute
or give rise to such impairment.

**5 BIS (A). Responsibility of the "BUYER".**

**5.1. BIS.** In addition to the provisions of Clause 5 above, the **"BUYER"** assumes responsibility exclusively with respect to the acts carried out by the BUYER, after the signing of this contract, all the obligations inherent and derived from **"THE SOCIAL PART"** representing the capital stock of the company **MINERA CORDILLERAS, S. de R.L. de C.V.** object of this **"CONTRACT",** under the character of partner in the proportion that corresponds to him, from the acquisition of the ownership of **"THE SOCIAL PART",** considering whatever its nature, and regardless of whether in one way or another the acts or facts that originate them have taken their cause after the signing of this **"CONTRACT",** therefore, the **"BUYER"** undertakes to respond under the terms and conditions that are necessary, and acquiring the right to exercise the rights in the manner that suits its interests.

**5.2. BIS.** To this end, the **"SELLER"** ceases (if it has been so) to be jointly and severally liable under the character of partner of the **"COMPANY",** assuming said responsibility the **"BUYER",** with respect to the acts carried out by the latter after the execution of this **"CONTRACT".**

**5.3. BIS.** The **"BUYER"** and the **"SELLER"** hereby request the **"COMPANY"** that once the payment of the price for the transfer of the **"SHARE"** has been made, the corresponding entries are made in the corporate books of the **"COMPANY"** to reflect the transfer of **"THE SHAREHOLDER"** in favor of the **"BUYER".** The **"BUYER"** will be solely responsible for any notifications that may be required to be made to third parties or governmental authorities derived from the sale of **"THE SOCIAL PART"** under this **"CONTRACT".**

Including, but not limited to, **the "RETURN RODEO 2",** the **"BUYER"** agrees to return to the **"SELLER"** all the economic resources received by way of payments or returns, derived from any lawsuit or claim filed prior to the signing of this **"CONTRACT"** by the **"SELLER"** and **the "RETURN RODEO 2"** which will be presented after the signing of this **"CONTRACT",** and that are favorable to it. Likewise, the **"SELLER"** undertakes to pay any resulting liability to the **"COMPANY"** arising from any lawsuit or claim filed prior to the signing of this Agreement by the "**SELLER".**

**Page 17 of **33**

**PURCHASE AND SALE CONTRACT WITH RESPECT TO A SHARE**

**REPRESENTATIVE OF THE CAPITAL OF SOCIEDAD MINERA CORDILLERAS, S. DE R.L. DE C.V.**

**5 BIS (B). Guarantee.** "GMC EQUIPOS MEXICO, S.A. de C.V." hereby voluntarily constitutes itself as guarantor of the indemnity obligations assumed by the "SELLER" in favor of the "BUYER" solely and exclusively with respect to the liquidation of the **"MCO EMPLOYEE"** by the **"COMPANY",** the environmental liabilities of the Rodeo Project, which must be transferred to the company called **GMC EQUIPOS MEXICO, S.A. de C.V.,** and in all matters related to the **"LABRI CONTRACTS"** while the necessary agreements are entered into and in all the scope in which the **"COMPANY"** undertook by virtue of them will be supported by **GMC EQUIPOS MÉXICO, S.A. DE C.V.** This Warranty will remain in full force and effect from the date of execution of the Contract and for a period of 24 (twenty- four) months from the date of signing the Contract, under the same terms, conditions and limitations assumed by the **"SELLER".**

6. Taxes and expenses.

6.1. The taxes that may be generated by virtue of this **"CONTRACT"** will be paid by each of the **"PARTIES"** and/or the **"COMPANY"** that is obliged under the terms of the applicable and current legislation. All notary expenses incurred in the execution of this "**CONTRACT"** shall be borne by the "**BUYER".**

7. Notifications and addresses.

7.1. All notices and notifications between the **"PARTIES"** and the **"COMPANY"** must be made in writing and delivered either personally or by certified mail with acknowledgement of receipt, to the addresses indicated by each of the **"PARTIES"** and the **"COMPANY"** in their respective declarations, unless the **"PARTIES"** and the **"COMPANY"** notify their change of address at least 15 fifteen calendar days before it becomes effective.

8. Headings.

8.1. The **"PARTIES"** and the **"COMPANY"** agree that the headings that appear at the beginning of each of the clauses of this **"CONTRACT"** have only been inserted for reference purposes, and therefore should not be considered at any time as a means of interpreting this **"CONTRACT".**

9. Modifications and full agreement.

9.1. This **"CONTRACT"** may not be modified, except by agreement of the **"PARTIES"**

granted in writing with the same formalities of this document.

9.2. This **"CONTRACT"** represents the entire agreement between the **"PARTIES"** and therefore renders null and void any other verbal or written agreement that may have existed between the **"PARTIES"** prior to this instrument.

**Page 18 of **33**

**PURCHASE AND SALE CONTRACT WITH RESPECT TO A SHARE**

**REPRESENTATIVE OF THE CAPITAL OF SOCIEDAD MINERA CORDILLERAS, S. DE R.L. DE C.V.**

10. Jurisdiction, competence and applicable law.

10.1. The **"PARTIES"** and the **"COMPANY"** agree that the interpretation, compliance and execution of this **"CONTRACT"** will be in accordance with the federal legislation in force and applicable in Mexico, and expressly submit to the competence and jurisdiction of the competent courts in Mexico City, expressly waiving any other jurisdiction that for matters of domicile, place of execution of the commission object of this **"CONTRACT",** nationality of the **"PARTIES",** or any other, may correspond to them.

10.2. The **"PARTIES"** agree that the **"CONTRACT"** and any other document contemplated in this **"CONTRACT"** will be drafted only in the Spanish language.

11. Limitation of Liability.

Notwithstanding anything to the contrary in this **Agreement**, in no event shall any of the **parties** , or any of their partners, shareholders, affiliates, subsidiaries, directors, officers, employees, or agents be liable for any special, incidental, indirect, exemplary, punitive, consequential, or punitive damages (including loss of profits, loss of revenue, or loss of sales) in connection with any claim, loss, damage or injury arising out of such party's conduct under this **"CONTRACT"** or for any tort liability, regardless of whether or not the breaching party was advised of the possibility of such damages.

The total liability of both parties, both the "**SELLER"** and the "**BUYER",** under this Agreement or under any non-contractual liability alleged by the parties, will be limited under equal conditions to an amount equivalent to 20% of the total agreed price, except in cases of fraud or bad faith.

The "PARTIES" **and the** "COMPANY" **are aware** of the content and scope of this **"CONTRACT",** they declare themselves in agreement with the content of this, and recognize that in the execution of this there was no fraud, error, bad faith or any other vice of consent, and ratify and sign it, the **"BUYER"** in the City of Mazatlan, Sinaloa, **as of ___________ ____, 2025** and for its part, the **"SELLER",** the **"COMPANY"** and the **"GUARANTOR"** of the "SELLER" in Mexico City, **as of _________, 2025.**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **THE "BUYER"**<br>**EMPRESA Y CAPITAL, S.A.P.I. DE C.V.**<br> Represented by<br> **JESÚS MARTE VINICIO ZATARIN <br> CHÁVEZ** | **THE "SELLER"**<br>**MINERA WILLIAM, S.A. DE C.V.**<br> Represented by<br> **JORGE EMILIO GARCÍA NAVA** |

---

&nbsp;&nbsp;&nbsp; **THE "SOCIETY"**<br>**MINERA DE CORDILLERAS, S. DE R.L. DE C.V.**<br>Represented by<br> **JORGE EMILIO GARCÍA NAVA**<br>

&nbsp;&nbsp;&nbsp; **THE "GUARANTOR" OF THE "SELLER"**<br>**GMC EQUIPOS MÉXICO, S.A. DE C.V.**<br> Represented by<br> **JORGE EMILIO GARCÍA NAVA**<br>

**Page 19 of **33**

**PURCHASE AND SALE CONTRACT WITH RESPECT TO A SHARE**

**REPRESENTATIVE OF THE CAPITAL OF SOCIEDAD MINERA CORDILLERAS, S. DE R.L. DE C.V.**

**ANNEX A – "EXCLUDED CONCESSIONS"**

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>CONCESSION NAME</u>** | **<u>TITLE NUMBER</u>** | &nbsp;&nbsp;&nbsp;&nbsp;**<u>LOCATION (MUNICIPALITY)</u>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>SURFACE AREA (HAS.)</u>** |
| &nbsp;&nbsp;RODEO R1 | 246464 | RODEO, DURANGO | 521.0000 |
| &nbsp;&nbsp;RODEO 2 K2 | 247042 | RODEO, DURANGO | 1344.7345 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **THE "BUYER"**<br>**EMPRESA Y CAPITAL, S.A.P.I. DE C.V.**<br> Represented by<br> **JESÚS MARTE VINICIO ZATARIN <br> CHÁVEZ** | **THE "SELLER"**<br>**MINERA WILLIAM, S.A. DE C.V.**<br> Represented by<br> **JORGE EMILIO GARCÍA NAVA** |

---

&nbsp;&nbsp;&nbsp; **THE "SOCIETY"**<br>**MINERA DE CORDILLERAS, S. DE R.L. DE C.V.**<br>Represented by<br> **JORGE EMILIO GARCÍA NAVA**<br>

**Page 20 of **33**

**PURCHASE AND SALE CONTRACT WITH RESPECT TO A SHARE**

**REPRESENTATIVE OF THE CAPITAL OF SOCIEDAD MINERA CORDILLERAS, S. DE R.L. DE C.V.**

**ATTACHMENT B – "MCO WORKER"**

**Worker's name: ERIKA PAOLA MUÑOZ MORALES**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **THE "BUYER"**<br>**EMPRESA Y CAPITAL, S.A.P.I. DE C.V.**<br> Represented by<br> **JESÚS MARTE VINICIO ZATARIN <br> CHÁVEZ** | **THE "SELLER"**<br>**MINERA WILLIAM, S.A. DE C.V.**<br> Represented by<br> **JORGE EMILIO GARCÍA NAVA** |

---

&nbsp;&nbsp;&nbsp; **THE "SOCIETY"**<br>**MINERA DE CORDILLERAS, S. DE R.L. DE C.V.**<br>Represented by<br> **JORGE EMILIO GARCÍA NAVA**<br>

**Page 21 of **33**

**PURCHASE AND SALE CONTRACT WITH RESPECT TO A SHARE**

**REPRESENTATIVE OF THE CAPITAL OF SOCIEDAD MINERA CORDILLERAS, S. DE R.L. DE C.V.**

**SCHEDULE C – "POWER OF ATTORNEY"**

**Minera de Cordilleras, S. de R.L. de C.V.** grants in favor of Messrs. **Juan José Rojas Torres and Jorge Emilio García Nava (the attorneys-in-fact),** special power of attorney, limited in terms of its purpose, so that any of them may be authorized to act as legal representative of the Company in any lawsuit or litigation initiated by or against Mrs. Erika Paola Muñoz Morales, particularly the trials under File 351/2024, Seventh Court of the Federal Labor Court of Individual Matters of the State of Coahuila with residence in Torreón; as well as in the trials filed in the Attorney General's Office of the State of Coahuila, Laguna I Delegation, and for such purposes, the attorneys-in-fact will enjoy, jointly or individually, the following powers:

**I.** General power of attorney for lawsuits and collections, under the terms of the
first paragraph of article two thousand five hundred fifty-four of the Civil Code for the Federal District (currently Mexico City) and
its correlatives of the Federal Civil Code and the Civil Codes of all the States of the United Mexican States, with all the general and
special powers that they require in accordance with the special clause law, under the terms of Article Two Thousand Five Hundred and Eighty-Seven
of the Civil Code for the Federal District (currently Mexico City), and its correlatives of the Federal Civil Code and the Civil Codes
of all the States of the United Mexican States, which includes, but is not limited to, the following: to attend all types of hearings
and the constitutional hearing in the amparo proceeding to offer and render evidence and strike out those of the opponent; to articulate
and absolve positions; to extend jurisdiction; to withdraw, even from the amparo trial; to compromise; to engage in arbitrators; to absolve
and articulate positions; to challenge; to receive payments; to recognize documents; to file criminal complaints and complaints; to act
as an adjuvant of the Public Prosecutor's Office and to grant pardon to the offended party in appropriate cases and to execute all
other acts expressly determined by law, including representing the Company before criminal, civil, administrative and labor authorities
and courts, whether federal, state or municipal.

**II.** General power of attorney for lawsuits and collections and acts of administration
in labor matters, so that the attorney-in-fact will enjoy the powers established in articles eleven, six hundred and eighty-four "E",
six hundred ninety-two, eight hundred and seventy-three "F" and eight hundred and seventy-three "H", of the Federal
Labor Law, being able to represent the principal before all kinds of unions, to attend all kinds of hearings, summonses, injunctions,
compromises, settlements, settlements, to articulate or absolve positions, to promote or withdraw from the amparo trial, to file criminal
complaints and complaints, to grant pardons, to promote the non-existence of strikes, to resolve conflicts of an economic nature, to show
oneself as an employer before the workers with the broadest powers of representation, without any limitation and without impediments of
any kind, and may even appear at the conciliation hearing, the preliminary hearing and the trial hearing referred to in articles six hundred
and eighty-four "E", eight hundred and seventy-three "F", eight hundred and seventy-three "H",
and other related articles of the Federal Labor Law, always acting in the capacity of employer mainly in the case of hearings referred
to in articles six hundred and eighty-four "E", eight hundred and seventy-three "F" and eight hundred and seventy-three
"H", of the Federal Labor Law. Likewise, he may appear before the Conciliation and Arbitration Boards at the conciliation
hearings, claim and exceptions, offer and admission of evidence referred to in articles eight hundred and seventy-five, eight hundred
seventy-six and eight hundred and seventy-eight of the Federal Labor Law, in accordance with the provisions of the Eighth Transitory Decree
by which they are amended, add to and repeal various provisions of the Federal Labor Law, the Organic Law of the Judicial Branch of the
Federation, the Federal Law of the Public Defender's Office, the Law of the Institute of the National Housing Fund for Workers and
the Social Security Law, in matters of Labor Justice, Freedom of Association and Collective Bargaining, published in the Official Gazette
of the Federation on May 1, 2019. This power may be exercised before all kinds of Administrative or Judicial authorities, whether they
are Federal, Mexico City, State or Municipal; before the Labor Authorities, Conciliation Centers, Courts and in general before all types
of persons, whether they are natural or legal. Likewise, it is conferred powers to propose conciliatory agreements, enter into transactions,
assert questions of jurisdiction, make all kinds of decisions, negotiate and sign labor agreements, as well as to act as a representative
of the Company in all kinds of lawsuits or labor proceedings that are processed before any authority.

**Page 22 of **33**

**PURCHASE AND SALE CONTRACT WITH RESPECT TO A SHARE**

**REPRESENTATIVE OF THE CAPITAL OF SOCIEDAD MINERA CORDILLERAS, S. DE R.L. DE C.V.**

**LIMITATION:** The power of attorney granted herein is general in terms of its powers, but limited in its purpose, since it must be exercised solely and exclusively to act as the legal representative of the Company in any lawsuit or litigation initiated by or against Mrs. Erika Paola Muñoz Morales, particularly lawsuits under the File 351/2024, Seventh Court of the Federal Labor Court of Individual Matters of the State of Coahuila with residence in Torreón; as well as in the trials filed in the Attorney General's Office of the State of Coahuila, Laguna I Delegation.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **THE "BUYER"**<br>**EMPRESA Y CAPITAL, S.A.P.I. DE C.V.**<br> Represented by<br> **JESÚS MARTE VINICIO ZATARIN <br> CHÁVEZ** | **THE "SELLER"**<br>**MINERA WILLIAM, S.A. DE C.V.**<br> Represented by<br> **JORGE EMILIO GARCÍA NAVA** |

---

&nbsp;&nbsp;&nbsp; **THE "SOCIETY"**<br>**MINERA DE CORDILLERAS, S. DE R.L. DE C.V.**<br>Represented by<br> **JORGE EMILIO GARCÍA NAVA**<br>

**Page 23 of **33**

**PURCHASE AND SALE CONTRACT WITH RESPECT TO A SHARE**

**REPRESENTATIVE OF THE CAPITAL OF SOCIEDAD MINERA CORDILLERAS, S. DE R.L. DE C.V.**

**ANNEX D – "PODER ESPERANZA"**

**IRREVOCABLE SPECIAL POWER OF ATTORNEY**

That, in relation to a certain Mining Rights Assignment Agreement dated December 6, 2024 (the "<u>Assignment Agreement</u>"), entered into by **MINERA DE CORDILLERAS, S. DE R.L. DE C.V.,** (the "<u>Company</u>") and **GIRGAR OPERACIONES, S.A. DE C.V.** ("<u>Girgar</u>"), it is hereby resolved to grant in favor of Messrs. **José Enrique Rodríguez del Bosque, Luigi Iacobi Pontones Brito** and **Oscar Sandoval Benítez** and Ms. **Olga Patricia Martínez Pérez** and **Ms. Rosa Valeria Bustamante Olivares** (the "<u>Attorneys- in-Fact</u>"), a **SPECIAL IRREVOCABLE** POWER OF ATTORNEY, granted under the terms of Articles 2554 (two thousand five hundred fifty-four) and 2596 (two thousand five hundred ninety-six) of the Civil Code of Mexico City and the Federal Civil Code and their correlatives of the Civil Codes of the States of the United Mexican States and of Mexico City, as a condition of the aforementioned bilateral contract and as a means to fulfill the obligations contracted under said contract, so that in the name and for the benefit of the Company, the Attorneys-in-Fact jointly or separately:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) carry out any acts, procedures and procedures, with and before any third party,
related to exemptions, notices, permits, licenses or authorizations issued by the Ministry of Environment and Natural Resources, in favor
of the LIMITED Company solely and exclusively to the mining concession described below (the "  **<u>La Esperanza Concession</u>** "),
necessary to: **(i)** obtain an extension of validity of documents as well as modifications to the scope of which they have been granted, **(ii)** comply with conditions, **(iii)** carry out the assignment or transfer of rights and obligations, **(iv)** carry out
any management, document, license, permit or authorization before municipal, state or federal authorities, which is required for the aforementioned
actions, and **(v)** follow-up of procedures, attention to administrative and judicial procedures, and presentation of means of challenge,
derived from the steps described.

---

| | | | |
|:---|:---|:---|:---|
| **CONCESSION** | **SURFACE** | **TITLE** | **LOCATION** |
| Hope | 68.000 | 218071 | Ocampo, Chihuahua |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) continue, follow up, obtain the resolutions and file any legal
appeal before the General Directorate of Mines **(" <u>DGM</u> ")** of the Ministry of Economy and/or any judicial authority,
with respect to the application filed with the Public Mining Registry ("  **<u>RPM</u>**") with folio number 600UCAE-2023-269,
dated January 12, 2023, registered under file 11/2023, by virtue of which the application for registration of a certain contract for
the assignment of rights dated December 19, 2022 entered into between the Company as acquirer and Messrs. Jesús Antonio Parra
Quezada and Emiliano Hurtado Montaño and Ms. María Blanca Esthela Parra Quezada and María del Carmen Parra Quezada
(the "  **<u>Concessionaires")</u>** was filed with said Registry") with respect to the La Esperanza Concession, title
218071, issued on October 2, 2002, located in the municipality of Ocampo, Chihuahua, with an area of 68, 0000 hectares, registered under
record 331, on page 166 of volume 331 of the RPM Concession Book (the "  **<u>Application for Registration of the La Esperanza Contract</u>** ");
and

**Page 24 of **33**

**PURCHASE AND SALE CONTRACT WITH RESPECT TO A SHARE**

**REPRESENTATIVE OF THE CAPITAL OF SOCIEDAD MINERA CORDILLERAS, S. DE R.L. DE C.V.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) enter into with respect to the La Esperanza Concession and only in the event that
the registration of the Assignment Agreement is denied in terms of the Application for Registration of the La Esperanza Contract before
the RPM, either: (i) a contract for the free assignment of rights for its transfer and registration in favor of Girgar, or (ii) an agreement
for inclusion in the Assignment Agreement for its transfer and registration in favor of Girgar, and (iii)
any administrative procedure before the RPM or before any competent authority, including before the DGM, which shall include the authorization
to be obtained, either from the Ministry of Economy or from the DGM, provided for in the Mining Law, in order for the La Esperanza Concession
to be transferred to Girgar under the terms of the Assignment Agreement.

they are granted a **special power of attorney for acts of ownership, acts of administration and for lawsuits and collections**, under the terms of the first three paragraphs of article 2554 (two thousand five hundred and fifty- four) of the Federal Civil Code and its correlatives contained in the Civil Codes of the other states of Mexico and Mexico City, but **<u>LIMITED</u>** in terms of its object to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. to carry out any acts, procedures and procedures, with and before any third party,
related to extensions, notices, permits, licenses or authorizations issued by the Ministry of Environment and Natural Resources, in favor
of the Company and only with respect to the La Esperanza Concession, for the preparation of the site, construction and operation of said
mining concession;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. to continue, follow up, obtain the resolutions and present any legal remedies with
respect to the processing of the Application for Registration of the La Esperanza Contract before the RPM; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. to subscribe, execute, sign, deliver, ratify and/or grant, present to the RPM,
the contracts, acts and agreements provided for in paragraph (ii) above in order to obtain the registration of the La Esperanza Concession
before the RPM in favor of Girgar.

The power of attorney granted hereby in favor of the Attorneys-in-Fact shall take effect and shall be in force until: (i) the authorizations, licenses and permits held by Minera de Cordilleras, S. de R.L. de C.V. with respect to the La Esperanza Concession are transferred by the competent authorities in favor of Girgar; and (ii) the La Esperanza Concession is duly transferred and registered in the name of Girgar before the RPM. Once these objectives have been concluded, which are the reason that gives rise to its granting, the power of attorney will cease to be in force.

**Page 25 of **33**

**PURCHASE AND SALE CONTRACT WITH RESPECT TO A SHARE**

**REPRESENTATIVE OF THE CAPITAL OF SOCIEDAD MINERA CORDILLERAS, S. DE R.L. DE C.V.**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **THE "BUYER"**<br>**EMPRESA Y CAPITAL, S.A.P.I. DE C.V.**<br> Represented by<br> **JESÚS MARTE VINICIO ZATARIN <br> CHÁVEZ** | **THE "SELLER"**<br>**MINERA WILLIAM, S.A. DE C.V.**<br> Represented by<br> **JORGE EMILIO GARCÍA NAVA** |

---

&nbsp;&nbsp;&nbsp; **THE "SOCIETY"**<br>**MINERA DE CORDILLERAS, S. DE R.L. DE C.V.**<br>Represented by<br> **JORGE EMILIO GARCÍA NAVA**<br>

**Page 26 of **33**

**PURCHASE AND SALE CONTRACT WITH RESPECT TO A SHARE**

**REPRESENTATIVE OF THE CAPITAL OF SOCIEDAD MINERA CORDILLERAS, S. DE R.L. DE C.V.**

**ANNEX E – "RODEO POWER" IRREVOCABLE SPECIAL POWER OF ATTORNEY**

That, in relation to the Payment of the Undue Amount of certain Mining Rights with respect to the mining concession called: **"RODEO 2",** title number 241666 which resulted in the mining concession called **"RODEO 2 R 2",** title 247042 (the "<u>Rodeo 2 Return</u>") and certain Mining Rights Assignment Agreements dated February 5, 2025 (the "<u>Rodeo 1 Assignment Agreement</u>") and dated March 13, 2025 (the "<u>Rodeo 2 Assignment Agreement</u>"), entered into by **MINERA DE CORDILLERAS, S. DE R.L. DE C.V.,** (the "<u>Company</u>") and **GMC EQUIPOS MEXICO, S.A. DE C.V.** ("<u>GMC</u>"), it is hereby resolved to grant in favor of Messrs. **Jorge Emilio García Nava, Miguel García Fernández, Juan Manuel Coronado Ávila and Patricia Vivar Zirate** (the "<u>Attorneys- in-Fact</u>"), a **SPECIAL IRREVOCABLE POWER OF ATTORNEY,** granted under the terms of Articles 2554 (two thousand five hundred fifty-four) and 2596 (two thousand five hundred ninety-six) of the Civil Code of Mexico City and the Federal Civil Code and its correlatives of the Civil Codes of the States of the United Mexican States and of Mexico City, to process the <u>Rodeo 2 Refund and</u> as a condition of the aforementioned bilateral contracts and as a means to fulfill the obligations contracted under said contract, so that in the name and for the benefit of the Company, the Attorneys-in-Fact jointly or separately:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) present, continue, follow up and obtain a favorable resolution regarding the <u>Rodeo 2 Refund</u> before the Tax Administration Service ("  **<u>SAT")</u>** and/or any judicial authority, with respect to any
request for refund of Payment of the Undue Payment of the Payments of Mining Rights that are presented in the name of the Company with
respect to the mining concession called **"RODEO 2",** title number 241666 which resulted in the mining concession called **"RODEO 2 R 2",** title 247042;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) continue, follow up, obtain the resolutions and file any legal recourse before
the General Directorate of Mines **(" <u>DGM</u> ")** of the Ministry of Economy and/or any judicial authority, with respect
to the applications filed with the Public Mining Registry ("  **<u>RPM</u>**") with folio number 600UCAE-2025-6285, dated
February 21, 2025 and the corresponding folio number, by virtue of which the applications for registration of the Rodero 1 Assignment
Agreement and Rodeo 2 Assignment Agreement, respectively, entered into between the Company as assignor and GMC (the "  **<u>Assignee</u>** ")
with respect to the Rodeo R1 Concession, title 246464, issued on July 6, 2018, located in the municipality of Rodeo, are filed with said
Registry. Durango, with an area of 521, 0000 hectares, registered under Act 284, on page 142 of volume 410 (the "**Rodeo R1 Concession** ")
and the Rodeo 2 R2 Concession, title 247042, issued on May 6, 2022, located in the municipality of Rodeo, Durango, with an area of 1,344.7345
hectares, registered under Act 142, on page 71 of volume 412 and on page 71 of the RPM Concession Book of the RPM Concession Book (the
" **Rodeo 2 R2 Concession**") (the "  **<u>Applications for Registration of Rodeo Contracts</u>** "); and

**Page 27 of **33**

**PURCHASE AND SALE CONTRACT WITH RESPECT TO A SHARE**

**REPRESENTATIVE OF THE CAPITAL OF SOCIEDAD MINERA CORDILLERAS, S. DE R.L. DE C.V.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) enter into with respect to the Rodeo R1 and Rodeo 2 R2 Concessions and only in
the event that the registration of the Rodeo 1 Assignment Agreement and the Rodeo 2 Assignment Agreement is denied in terms of the Applications
for Registration of the Rodeo Contracts before the RPM, either: (i) a free assignment agreement
of rights for their transfer and registration in favor of GMC or (ii) an agreement of inclusion in the Contract of Assignment for its
transmission and registration in favor of GMC, and (iii) any administrative procedure before the RPM or before any competent authority,
including before the DGM, which shall include the authorization to be obtained, either from the Ministry of Economy or from the DGM, provided
for in the Mining Law, in order for the Rodeo R1 Concession and the Rodeo 2 R2 Concession to be transferred to GMC under the terms of
the Mining Agreement. Rodeo Assignment 1 and Rodeo Assignment Contract 2.

they are granted a **special power of attorney for acts of ownership, acts of administration and for lawsuits and collections**, under the terms of the first three paragraphs of article 2554 (two thousand five hundred and fifty- four) of the Federal Civil Code and its correlatives contained in the Civil Codes of the other states of Mexico and Mexico City, but **<u>LIMITED</u>** in terms of its object to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. to continue, follow up, obtain resolutions and file any legal remedies with respect
to the processing of Applications for Registration of Rodeo Contracts before the RPM; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. to sign, execute, sign, deliver, ratify and/or grant, present to the RPM, the contracts,
acts and agreements provided for in paragraph (ii) above in order to obtain the registration of the Rodeo R1 Concession and the Rodeo
2 R2 concession before the RPM in favor of GMC.

The power of attorney granted hereby in favor of the Attorneys-in-Fact shall take effect and be in force until: (i) the Rodeo R1 Concession and the Rodeo R2 Concession are duly transferred and registered in the name of GMC before the RPM and (ii) the Rodeo 2 Return is favorably resolved. Once these objectives have been concluded, which are the reason that gives rise to its granting, the power of attorney will cease to be in force.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **THE "BUYER"**<br>**EMPRESA Y CAPITAL, S.A.P.I. DE C.V.**<br> Represented by<br> **JESÚS MARTE VINICIO ZATARIN <br> CHÁVEZ** | **THE "SELLER"**<br>**MINERA WILLIAM, S.A. DE C.V.**<br> Represented by<br> **JORGE EMILIO GARCÍA NAVA** |

---

&nbsp;&nbsp;&nbsp; **THE "SOCIETY"**<br>**MINERA DE CORDILLERAS, S. DE R.L. DE C.V.**<br>Represented by<br> **JORGE EMILIO GARCÍA NAVA**<br>

**Page 28 of **33**

**PURCHASE AND SALE CONTRACT WITH RESPECT TO A SHARE**

**REPRESENTATIVE OF THE CAPITAL OF SOCIEDAD MINERA CORDILLERAS, S. DE R.L. DE C.V.**

**ANNEX F – "ENVIRONMENTAL POWER"**

**Minera de Cordilleras, S. de R.L. de C.V.** grants in favor of Messrs. **Jorge Emilio García Nava, Sergio Raúl Gutiérrez Reyes, Eduardo Rosales Pérez, Miguel García Fernández, Juan Manuel Coronado Ávila and Patricia Vivar Zirate (the attorneys-in-fact),** a special power of attorney, limited in terms of its purpose, so that any of them may be authorized to act as the legal representative of the Company in any matter related to permits, procedures, offices, requirements and compliance with obligations before authorities in environmental matters, and for such purposes, the proxies will enjoy, jointly or individually, the following powers:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**I.** General power of attorney for lawsuits and collections, under the terms of the
first paragraph of article two thousand five hundred fifty-four of the Civil Code for the Federal District (currently Mexico City) and
its correlatives of the Federal Civil Code and the Civil Codes of all the States of the United Mexican States, with all the general and
special powers that they require in accordance with the special clause law, under the terms of article two thousand five hundred eighty-seven
of the Civil Code for the Federal District (currently Mexico City), and its correlatives of the Federal Civil Code and the Civil Codes
of all the States of the United Mexican States.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**II.** For acts of administration under the terms of the second paragraph of article
two thousand five hundred fifty-four of the Civil Code for the Federal District (currently Mexico City) and its correlatives of the Federal
Civil Code and the Civil Codes of all the States of the United Mexican States, to carry out all kinds of procedures and procedures before
the Ministry of Environment and Natural Resources (SEMARNAT), the Federal Attorney for Environmental Protection (PROFEPA), the National
Water Commission (CONAGUA), and the Secretariat of Urban Development and Ecology of the Government of each State of the Mexican Republic.

**LIMITATION:** The power of attorney granted herein is general in terms of its powers, but limited in its purpose, since it must be exercised solely and exclusively to act as the legal representative of the Company in any matter related to permits, procedures, offices, requirements and compliance with obligations before authorities in environmental matters, as well as to carry out all kinds of procedures and procedures before the Ministry of Environment and Natural Resources (SEMARNAT), the Federal Attorney for Environmental Protection (PROFEPA), the National Water Commission (CONAGUA), and before the Secretariat of Urban Development and Ecology of the Government of each State of the Mexican Republic.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **THE "BUYER"**<br>**EMPRESA Y CAPITAL, S.A.P.I. DE C.V.**<br> Represented by<br> **JESÚS MARTE VINICIO ZATARIN <br> CHÁVEZ** | **THE "SELLER"**<br>**MINERA WILLIAM, S.A. DE C.V.**<br> Represented by<br> **JORGE EMILIO GARCÍA NAVA** |

---

&nbsp;&nbsp;&nbsp; **THE "SOCIETY"**<br>**MINERA DE CORDILLERAS, S. DE R.L. DE C.V.**<br>Represented by<br> **JORGE EMILIO GARCÍA NAVA**<br>

**Page 29 of **33**

**PURCHASE AND SALE CONTRACT WITH RESPECT TO A SHARE**

**REPRESENTATIVE OF THE CAPITAL OF SOCIEDAD MINERA CORDILLERAS, S. DE R.L. DE C.V.**

**APPENDIX G – "POWER OF ATTORNEY"**

**Minera de Cordilleras, S. de R.L. de C.V.** grants in favor of Messrs. **Jorge Emilio García Nava, Miguel García Fernández, Juan Manuel Coronado Ávila and Patricia Vivar Zirate (the attorneys-in-fact),** special power of attorney, limited in terms of its purpose, for any of them to carry out all those procedures that by involuntary omission were not carried out or concluded before the effective date of the Contracts for the Sale of Social Shares, and that as a result of such purchase and sale the Company has to conclude the matters mentioned below, including but not limited to: contracts with consultants, suppliers or service providers, commercial services which may include (electricity, drinking water supply, telephone services, etc.). This power of attorney also empowers Messrs. **Jorge Emilio García Nava, Miguel García Fernández, Juan Manuel Coronado Ávila and Patricia Vivar Zirate** so that any of them, on behalf of Minera de Cordilleras, S. de R.L. de C.V., continue to follow up on any procedure or requirement before any authority or government agency to request any benefit or refund that the Company has requested or made prior to the Purchase and Sale of Social Shares and that have not yet been resolved.

Within the specialty of this power, the proxies will have all the powers that correspond to the general power of attorney for lawsuits and collections and for acts of administration, in terms of the first and second paragraphs of article two thousand five hundred fifty-four of the Federal Civil Code and its correlatives in each and every one of the Civil Codes of the other states of the United Mexican States and the Civil Code for the District Federal (now Mexico City).

**LIMITATION:** The power of attorney granted herein is general in terms of its powers, but limited in terms of its purpose, since it must be exercised solely and exclusively to follow up and conclude those matters that were pending at the time of the execution of the contracts of sale of the Company's Social Shares, as well as with respect to the procedures or requirements before administrative authorities and public, decentralized, decentralized agencies, whether federal, state, municipal or in Mexico City. In this order, it will not be effective to request or carry out new procedures. The power of attorney granted will be effective as of the effective date of the purchase and sale contracts of the Social Shares and will remain in force in favor of the proxies until all pending matters are concluded.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **THE "BUYER"**<br>**EMPRESA Y CAPITAL, S.A.P.I. DE C.V.**<br> Represented by<br> **JESÚS MARTE VINICIO ZATARIN <br> CHÁVEZ** | **THE "SELLER"**<br>**MINERA WILLIAM, S.A. DE C.V.**<br> Represented by<br> **JORGE EMILIO GARCÍA NAVA** |

---

&nbsp;&nbsp;&nbsp; **THE "SOCIETY"**<br>**MINERA DE CORDILLERAS, S. DE R.L. DE C.V.**<br>Represented by<br> **JORGE EMILIO GARCÍA NAVA**<br>

**Page 30 of **33**

**PURCHASE AND SALE CONTRACT WITH RESPECT TO A SHARE**

**REPRESENTATIVE OF THE CAPITAL OF SOCIEDAD MINERA CORDILLERAS, S. DE R.L. DE C.V.**

**ANNEX H – "LIST OF MINING RIGHTS PAYMENTS, STATISTICAL REPORTS AND WORKS CHECKS"**

A list is attached.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **THE "BUYER"**<br>**EMPRESA Y CAPITAL, S.A.P.I. DE C.V.**<br> Represented by<br> **JESÚS MARTE VINICIO ZATARIN <br> CHÁVEZ** | **THE "SELLER"**<br>**MINERA WILLIAM, S.A. DE C.V.**<br> Represented by<br> **JORGE EMILIO GARCÍA NAVA** |

---

&nbsp;&nbsp;&nbsp; **THE "SOCIETY"**<br>**MINERA DE CORDILLERAS, S. DE R.L. DE C.V.**<br>Represented by<br> **JORGE EMILIO GARCÍA NAVA**<br>

**Page 31 of **33**

**PURCHASE AND SALE CONTRACT WITH RESPECT TO A SHARE**

**REPRESENTATIVE OF THE CAPITAL OF SOCIEDAD MINERA CORDILLERAS, S. DE R.L. DE C.V.**

**ANNEX I – "POWER OF ATTORNEY JORGE GARCÍA"**

A simple copy is attached.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **THE "BUYER"**<br>**EMPRESA Y CAPITAL, S.A.P.I. DE C.V.**<br> Represented by<br> **JESÚS MARTE VINICIO ZATARIN <br> CHÁVEZ** | **THE "SELLER"**<br>**MINERA WILLIAM, S.A. DE C.V.**<br> Represented by<br> **JORGE EMILIO GARCÍA NAVA** |

---

&nbsp;&nbsp;&nbsp; **THE "SOCIETY"**<br>**MINERA DE CORDILLERAS, S. DE R.L. DE C.V.**<br>Represented by<br> **JORGE EMILIO GARCÍA NAVA**<br>

**Page 32 of **33**

**PURCHASE AND SALE CONTRACT WITH RESPECT TO A SHARE**

**REPRESENTATIVE OF THE CAPITAL OF SOCIEDAD MINERA CORDILLERAS, S. DE R.L. DE C.V.**

**ANNEX J – "TSM SILVEYRA POWER"**

A simple copy is attached.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **THE "BUYER"**<br>**EMPRESA Y CAPITAL, S.A.P.I. DE C.V.**<br> Represented by<br> **JESÚS MARTE VINICIO ZATARIN <br> CHÁVEZ** | **THE "SELLER"**<br>**MINERA WILLIAM, S.A. DE C.V.**<br> Represented by<br> **JORGE EMILIO GARCÍA NAVA** |

---

&nbsp;&nbsp;&nbsp; **THE "SOCIETY"**<br>**MINERA DE CORDILLERAS, S. DE R.L. DE C.V.**<br>Represented by<br> **JORGE EMILIO GARCÍA NAVA**<br>

**Page 33 of **33**

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**[\*\*\*]**

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## Exhibit 31.1

------

**EXHIBIT 31.1**

**CERTIFICATIONS**

I, Pablo Castaños, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Golden Minerals Company;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15(d-15e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors:

&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant
role in the registrant's internal control over financial reporting.

August 13, 2025

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| |
|:---|
| /s/ *Pablo Castaños* |
| Pablo Castaños |
| President and Chief Executive Officer |

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## Exhibit 31.2

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**EXHIBIT 31.2**

I, Anil Jiwani, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Golden Minerals Company;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15(d-15e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors:

&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant
role in the registrant's internal control over financial reporting.

August 13, 2025

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| |
|:---|
| /s/ *Anil Jiwani* |
| Anil Jiwani |
| Chief Financial Officer |

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## Ex-32

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**Exhibit 32**

**CERTIFICATION PURSUANT TO**

**18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO**

**SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In connection with the Quarterly Report of Golden Minerals Company (the "Company") on Form 10-Q for the quarter ended June 30, 2025 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), the undersigned hereby certifies, pursuant to 18 U.S.C. §1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) the Report fully complies with the requirements of section 13(a) or 15(d) of the U.S. Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

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| |
|:---|
| /s/ *Pablo Castaños* |
| Pablo Castaños |
| President and Chief Executive Officer |

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| |
|:---|
| /s/ *Anil Jiwani* |
| Anil Jiwani |
| Chief Financial Officer |

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