To ensure maximum shareholder value, exploration properties that Golden Minerals decides not to advance are evaluated for joint venture, sale of all or a partial interest, and royalty potential. Overall, Golden Minerals strives to acquire properties that bring synergy to our existing assets.

To decide whether an exploration project warrants future development, we have established minimum requirements that the property must meet. These include minimum requirements for reserves, annual saleable metal production rates and estimated mine development capital and operating costs.

Exploration properties that do not satisfy the minimum economic requirements for development may generate value through sale or farm-out to third parties, or through retaining royalty interests. We have minority ownership interests and/or royalties in the following properties that were once part of our exploration portfolio: