On February 28, 2022, Alamos Gold Inc. entered into a binding agreement to sell its Esperanza Gold Project in Morelos State, Mexico to Zacatecas Silver Corp. for up to C$80 million (US$60 million). The transaction included an initial C$28 million (US$21 million): C$6.7 million (US$5 million in cash), C$13 million (US$10 million) in Zacatecas Silver shares (12.14 million shares at C$1.05 each), and a silver stream valued at approximately $6 million. Alamos would receive 20% of the silver from Esperanza at 20% of the spot price, up to 500,000 ounces.

The deal also featured $39 million in contingent payments based on milestones: $5 million upon Zacatecas Silver's Environmental Impact Assessment Report approval, $14 million within 60 days of a feasibility study or construction decision, and $20 million within 180 days of commercial production commencement.

The sale aligned with Alamos' strategy to monetize non-core assets, contributing to nearly $100 million in consideration from various transactions over two years. Post-sale, Alamos would hold about 15% of Zacatecas Silver, maintaining significant exposure to Esperanza.

Zacatecas Silver committed to spending $7.5 million over three years on Esperanza's development. Alamos and Zacatecas Silver would enter an investor rights agreement, giving Alamos board nomination rights and participation in future equity offerings.

The shares issued to Alamos were subject to a staggered hold period. The transaction, expected to close in the second quarter of 2022, was pending customary closing conditions.