We are a precious metals mining company headquartered in Golden, Colorado. We concluded mining operations at our Rodeo gold mine in June 2023, and we are engaged in restarting operations at our Velardeña Properties (Durango State, Mexico). We continue to evaluate and search for mining opportunities in North America (including Mexico) with near-term prospects of mining, and particularly for properties within reasonable haulage distances of our Velardeña Properties. We are also focused on advancing our Yoquivo exploration property in Mexico, and through the Earn-In Agreement with Barrick, our El Quevar advanced exploration property in Argentina. We are holding an additional portfolio of approximately 12 properties, located in Mexico, Nevada and Argentina for sale or advancement when possible.
Golden Minerals offers investors leverage to gold and silver prices. The company holds independently-prepared Technical Report Summaries (SEC S-K 1300-compliant) and Preliminary Economic Assessments (NI 43-101-compliant) on five of its precious metals projects. The company is currently focused on restarting operations at its Velardeña Properties, which contain two underground silver-gold mines located in Durango State, Mexico. Given the company concluded production at its Rodeo gold mine earlier in 2023, the only near-term opportunity to generate cash flow from mining to support continued operations is the Velardeña mine.
On November 8, 2023, the company entered into a Securities Purchase Agreement with certain purchasers providing for the issuance and sale by Golden Minerals of shares of its common stock and related warrants and pre-funded warrants. (See the Prospectus Form 424B4 dated Nov. 8, 2023, available on EDGAR and the company's website.) This offering raised $4.2 million and netted approximately $3.8 million after expenses. Golden Minerals does not currently have sufficient resources to meet its expected cash needs during the twelve months ended September 30, 2024. At September 30, 2023, it had current assets of approximately $5.9 million, including cash and cash equivalents of approximately $1.6 million, and accounts payable and other current liabilities of approximately $5.6 million. The company will require further sources of capital.
Golden holds a number of exploration projects in our pipeline, including several which have shown potential through drill results to date, including the Sarita Este gold prospect in Argentina, and the El Quevar silver project in Argentina (currently farmed out to Barrick; Barrick has reported interesting initial drill results in its search for gold on the property). With an effective date of February 24, 2023, an initial mineral resource estimate was completed for the Yoquivo silver-gold project that estimates an inferred mineral resource of 937,000 tonnes at 570 g/t Ag eq (equivalent ounces are calculated using prices of $1,840/oz Au and $24.00/oz Ag) on five veins that had enough drill density to support mineral resources.