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Aftermath Silver Makes Early US$2.5-Million Property Payment to EMX Royalty Corp for Berenguela Project Ag-Cu-Mn, Peru
Vancouver, British Columbia--(Newsfile Corp. - August 28, 2023) - Aftermath Silver Ltd. (TSXV: AA...
About this update from Aftermath Silver Ltd.
[{"type":"text","content":"Aftermath Silver Makes Early US$2.5-Million Property Payment to EMX Royalty Corp for Berenguela Project Ag-Cu-Mn, PeruVancouver, British Columbia--(Newsfile Corp. - August 28, 2023) - Aftermath Silver Ltd. (TSXV: AAG) (OTCQX: AAGFF) (the \"Company\" or \"Aftermath Silver\") is pleased to provide an update on its Berenguela silver-copper-manganese project in southern Peru (the \"Project\" or \"Berenguela\"). The Company has an option (the \"Option\") to acquire a 100% interest in the Project through binding agreements with SSR Mining Inc. (\"SSR\") (see AAG news release dated October 21, 2020 for further details regarding the original option with SSR) and EMX Royalty Corporation (\"EMX\") following EMX's assumption of certain interests contained in Aftermath's agreement with SSR. The Project is located in the Department of Puno, in southern central Peru.The Company has paid the US$2.5-million \"Second Anniversary Payment\" to EMX ahead of the November 2023 payment due date, and EMX has agreed to defer the US$3,000,000 payment due on or before November 23, 2024 until May 15, 2025. Ralph Rushton, President and CEO of Aftermath commented: \"Aftermath would like to thank David Cole and the team at EMX for their flexibility in agreeing to adjust the terms of the Berenguela agreement. The revised agreement allows us over the next 24 months to focus firstly on completing the planned metallurgical test work program that's underway on the silver-copper-manganese mineralization from Berenguela, and secondly, on engineering studies which will incorporate the results of the met' test work into a Preliminary Economic Assessment.\"EMX's interest in Berenguela resulted from EMX's acquisition of a portfolio of royalty interests and payments from SSR and certain of its subsidiaries (see EMX news releases dated July 29 and October 21, 2021). Aftermath Silver's payment obligations, which arise pursuant to a definitive acquisition agreement, originally executed with SSR totalling US$13-million and other consideration to acquire a 100% interest in the Project, are summarized below (as now amended). The following represent the remaining payments to EMX;US$3-million cash to be paid on the May 15, 2025;US$3.25-million cash to be paid on the sixth anniversary of the initial closing date (i.e. November 2026);A sliding-scale NSR royalty on all mineral prod...