SEC Contract Filing

Filing Date: 2019-10-18

Document Content:
<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>magellan_8k-ex1001.htm
<DESCRIPTION>OPTION TO PURCHASE AGREEMENT
<TEXT>
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<P STYLE="margin: 0">Exhibit 10.1</P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">OPTION to
Purchase AGREEMENT</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">THIS OPTION TO PURCHASE
AGREEMENT is made and entered into effective as of October&nbsp;16, 2019, by and among Golden Minerals Company, a Delaware corporation,
whose address for purposes hereof is 350 Indiana Street, Suite 800, Golden, Colorado, U.S.A. 80401 (hereinafter referred to as
&ldquo;GMC&rdquo;), and its wholly-owned subsidiary, Minera de Cordilleras, S. de R.L. de C.V. (&ldquo;GMC Mexico&rdquo;), and
Magellan Gold Corporation, a Nevada corporation, whose address for purposes hereof is 500 Marquette Avenue N.W., Suite 1200, Albuquerque,
NM 87102 (&ldquo;Magellan&rdquo;), and its wholly-owned subsidiary, Recursos Ecologicos Alternativos la Rumorosa (REA) S.A. de
C.V (&ldquo;Magellan Mexico&rdquo;). GMC, GMC Mexico, Magellan and Magellan Mexico may be individually referred to as a &ldquo;Party&rdquo;
and will be collectively referred to hereinafter as the &ldquo;Parties.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><U>RECITALS</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">A.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GMC
Mexico is the holder of contractual interests in certain mining concessions which together comprise the Santa Maria Mine in the
State of Chihuahua, Mexico. Those concessions (the &ldquo;Concessions&rdquo;) and GMC Mexico&rsquo;s contractual interests therein
are more particularly described in the attached Exhibit&nbsp;A-1.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">B.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GMC,
through GMC Mexico, desires to grant to Magellan, through Magellan Mexico, and Magellan desires to acquire an exclusive option
to purchase GMC Mexico&rsquo;s interest in Concessions and related rights (collectively, the &ldquo;Property&rdquo; as defined
below) from GMC Mexico, for the consideration and upon the terms and conditions described herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">C.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Magellan
and GMC wish to enter into this Agreement for the purposes of setting forth the structure of the transaction they wish to accomplish
between their respective Mexican subsidiaries and agreeing upon the respective rights and obligations that they will cause their
respective subsidiaries to assume and perform.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><U>AGREEMENT</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">NOW, THEREFORE, for
good and valuable consideration, the receipt and sufficiency of which the Parties hereby confirm and acknowledge, and the mutual
promises, covenants, and conditions contained in this Agreement, the Parties agree as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><FONT STYLE="text-transform: none">ARTICLE
1</FONT><U><BR>
DEFINITIONS</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As used in this Agreement,
the following terms shall have the meanings assigned to them in this Article&nbsp;1.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">1.1<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<U>Affiliate</U>&rdquo; means any person, partnership, joint venture, corporation, company or other form of enterprise
which directly or indirectly Controls, is Controlled by, or is under common Control with, a Party to this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">1.2<FONT STYLE="font-family