Advance Metals (ASX:AVM) entered into a binding agreement with New York-Listed Endeavour Silver, gaining the right to earn-in to a 100% interest in the Guadalupe y Calvo gold-silver project, in Chihuahua State, Mexico over four years, with the total earn-in requirements over the four years across shares payments, cash payments, and expenditure to comprise $4 million, according to a Tuesday Australian bourse filing.

An indicated and inferred foreign estimate for the project, published in 2021, comprises 9.5 million tonnes at 2.7 grams per tonne grade of gold-equivalent, containing 816,000 ounces grade of gold-equivalent.

The start of the earn-in is subject to the satisfaction of several conditions precedent, including Advance completing due diligence on the project. Advance will act as operator of the project throughout the earn-in period.

The signing fee for the project is $50,000 in cash and fully-paid ordinary shares in Advance worth $50,000. It is required to pay $100,000 in cash and $100,000 worth of fully-paid ordinary shares at the end of year one, $200,000 in cash and $150,000 worth of fully-paid ordinary shares at the end of year two, $300,000 in cash and $200,000 worth of fully-paid ordinary shares at the end of year three, and $850,000 in cash and $1 million worth of fully-paid ordinary shares at the end of year four.

It is also required to pay sole funding of $250,000 in exploration expenditure on the project for each of the four years.