The Alamo Group, Inc. signed a purchase agreement to acquire Santa Teresa Mineral Concession from Sutter Gold Mining Inc. (TSXV:SGM) and Premier Gold Mines Limited (TSX:PG) for $0.4 million on June 10, 2017. Consideration of $0.01 million is due upon execution of the purchase agreement and $0.39 million due within 30 days of The Alamo Group completing financing. As of October 29, 2018, Sutter Gold Mining and Premier Gold Mines received letter acknowledging the $0.05 million increase in the purchase price to continue the extension of the Santa Teresa purchase agreement with Grupo Alamo.

In the event, The Alamo Group fails to make the closing payment within 120 days an interim payment in the amount of $0.04 million plus any taxes owed on the concession for the 2017 tax year will be required. If the interim payment is not paid by October 9, 2017 or if the final closing payment is not paid by June 10, 2018 the purchase agreement will terminate. As of April 30, 2018, The Alamo Group has made an interim payment in the amount of $0.04 million plus any taxes owed on the concession for the 2017 tax year will be required.

On June 21, 2018, Sutter and Premier signed an agreement to extend the closing to September 8, 2018. As of October 29, 2018, the closing is further extended till December 31, 2018.