TriMetals' subsidiary South American Silver (SAS) had sought $385.7 million for its losses plus pre-award interest, and had earlier abandoned an alternative seeking restitution of the project and $176.4 million in damages.
The company had taken the project to a preliminary economic assessment in 2011 that indicated a pre-tax NPV (5% discount) of $1.5 billion and an IRR of 63% using a $25/oz silver price.
TriMetals said the Bolivia government had stated it now owned Malkhu Khota and valued it at $8 billion, despite arguing during arbitration that SAS's valuation of $307.2 million was exaggerated.
"We are disappointed at the outcome of the international arbitration process and especially with the quantum of damages awarded to South American Silver, which we consider insufficient and are still evaluating," president and CEO Eric Edwards said.
"We are still evaluating the award and its contents in order to consider next steps, including, among other things, seeking annulment of the award or enforcement under the New York Convention should Bolivia refuse to pay or unduly delay payment of the amounts due and owing."
The company is likely to receive little of the amount awarded.
It must pay a portion to its third-party funder, which specialised in funding international arbitration proceedings, under an agreement struck in 2013.
The company said the fees, costs and expenses would potentially reduce the funds received by up to one-third.
Its Class B shareholders also have a collective entitlement to 85% of the net cash, after costs, taxes, expenses and the fund's portion were deducted.
TriMetals has turned its focus to the Gold Springs gold-silver project that straddles the Nevada-Utah border and is seeking a partner to advance its Escalones copper-gold project in Chile.
It reported a net loss of $2.53 million for the September quarter.
Its shares fell more than 28% to a 52-week low of C5c on Friday, after announcing the ruling by the Arbitration Tribunal of the Permanent Court of Arbitration in The Hague, to capitalise it at $11.5 million.