Located in the Salta Province of northwestern Argentina, El Quevar is an advanced silver exploration project with district-scale potential that spans 56,719 hectares. El Quevar is located 300 km northwest of Salta city via road and also reachable by a 300-km dirt and gravel road from Calama, Chile. The project sits at altitudes ranging from 3,800 to 6,130 m in a high mountain-desert climate.

Golden Minerals needs the cash to address its short-term liquidity issues. As of August 30, 2024, the company had cash and cash equivalents of approximately $900,000. Golden Minerals previously disclosed that it did not have sufficient resources to meet its expected cash requirements. As a result, it ceased mining at the Velardeña mine in Durango, Mexico, in Q1 2024 and subsequently sold the mine and certain related assets; however, the remaining $2.8 million payment has been delayed and is overdue.