My misunderstanding...this is merely a registration to be in the position to sell the 13MM+ shares after they are converted from wts at .35.  And, yes these are the warrants issued in July to the HCW clients as well as the 2016 re-priced (lower) wts offered to sway them to buy the deal.

Having never seen a prospectus with this particular content, I had to read the first five pages 5 times to understand the circumstances.  It would have been nice for the Investor Relations spokesperson, Karen Winkler to issue a press release in layman's terms to help us understand the situation and I told her exactly that.  She must be awfully busy decorating the Golden, CO. office for Christmas and picking up Honey-Baked Hams to have time to write it and help long term shareholders gain perspective (sic).  

I often wonder what management does with their time because they don't produce a single ounce of metal, have failed to recruit a partner for either El Quevar or Valardena, and have failed in their effort (or lack thereof) to recruit buyers to the stock.  I'm hoping to be proven wrong on my last point because there were some serious bidders the first four days of last week for the first time this year.  There's no news to account for it and the S-3 doesn't seem to correlate, but I will give credit where credit is due if AUMN has successfully recruited some serious buyers of the stock allowing the shares to bounce off the all time low near .19, down 99% from the 2011 merger with ECU.

I'm a large shareholder, along with friend, Bill Murphy and we have both added to our positions since the damaging 8MM+ offering in July, 2019.  We expect the stock to rally due to escalating metal prices and even more so, if management will accomplish something fundamental. But, I have to pause when I see them commit more money to additional exploration plans, especially when they don't have the capital.  I know the recently-announced Cascadero (Argentina) deal is long term and perhaps it will enhance their attempt to recruit a partner for El Quevar, but I'm from Missouri....Show Me!

Silverbull50