On April 26, 2024, AbraSilver Resource Corp. ("AbraSilver") announced the completion of its previously announced non-brokered private placement of common shares for aggregate gross proceeds of $20 million. Pursuant to the private placement, each of Kinross Gold Corporation ("Kinross") and an affiliate of Central Puerto SA ("Central Puerto"), purchased and acquired commons shares of AbraSilver for $10 million each. As a result, Kinross and Central Puerto each own approximately 4.0% of the outstanding common shares of AbraSilver on an undiluted basis. 

Each of Kinross and Central Puerto entered into an Investor Rights Agreement with AbraSilver that includes, among other things, standard anti-dilution and equity participation rights and the formation of a Technical Advisory Committee and a Strategic & Operational Committee. Pursuant to the terms of the Investor Rights Agreement with Kinross, AbraSilver and Kinross will form a regional partnership to jointly explore for and acquire new projects in Argentina focused on silver, gold, and copper.

AbraSilver will use the proceeds of the private placement for exploration and development of the company's flagship Diablillos project in Salta Province, Argentina and for working capital and general corporate purposes.

Gowling WLG advised Kinross with respect to its strategic investment with a team led by Erik Goldsilver and that included Ian Mitchell, Lee Sykes and Jaanam Mahboobani.