Subsequent Events

12 Months Ended

Dec. 31, 2020

Subsequent Events

Subsequent Events

24.Subsequent Events

Exercise of Warrants

Subsequent to December 31, 2020, 1,400,000 series A warrants, associated with the offering and private placement in April 2020, discussed in Note 16, were exercised at a price of $0.30 per share resulting in proceeds of $420,000. Also, subsequent to December 31, 2020, 1,500,000 series B warrants and 200,000 Series A warrants associated with the offering in May 2016, discussed in Note 16, were exercised at a price of $0.35 per share resulting in proceeds of $595,000.

At the Market Offering

Subsequent to December 31, 2020 the Company sold an aggregate of approximately 1,856,960 common shares under the ATM Program at an average price of $0.97 per common share for gross proceeds of approximately $1.8 million during the year-to-date period ended February 17, 2021. The Company paid a 2% cash commission on the gross proceeds in the amount of approximately $37,000 and incurred additional accounting, legal, and regulatory costs of approximately $6,000 (see Note 16).

Commencement of Processing Material at Rodeo

We began mining at the Rodeo project in late December 2020 and began processing mined material from the Rodeo project at our Velardeña oxide plant in January 2021.

COVID-19

On March 11, 2020, the World Health Organization declared the outbreak of the respiratory disease caused by the new coronavirus as “pandemic”.  As of the date of issuance of the condensed consolidated financial statements, the Company’s financial condition has not been significantly impacted, however, the Company continues to monitor the situation.  No impairments were recorded as of the condensed consolidated balance sheet date, however, due to uncertainty surrounding the situation, management’s judgment regarding this could change in the future.  In addition, while the Company’s results of operation, cash flows, and financial condition could be negatively impacted, the extent of the impact cannot be reasonably estimated at this time.