Business
Altius Minerals Participates in Lithium Royalty Corporation Financing
ST. JOHN’S, Newfoundland and Labrador / Jan 11, 2021 / Business Wire / Altius Minerals Corporation (ALS:TSX) (ATUSF: OTCQX) (“Altius” or the “Corporation”) is p
About this update from Altius Minerals Corporation
[{"type":"text","content":"ST. JOHN’S, Newfoundland and Labrador / Jan 11, 2021 / Business Wire / Altius Minerals Corporation (ALS:TSX) (ATUSF: OTCQX) (“Altius” or the “Corporation”) is pleased to provide the following update: Lithium Royalty Corporation (“LRC”) LRC, of which Altius is a 12.6% founding level investor, has agreed to a US$40 million investment by New York based private equity firm Riverstone Holdings, part of a larger US$70.7 million offering by LRC. Pursuant to this investment Altius has exercised its pro-rata equity participation right (through investments in affiliated limited partnership LRC LP I) by committing an additional US$7.6 million. Altius also continues to maintain a direct 10% co-participation right with respect to future LRC royalty level investments and a board nomination right. Lithium Royalty Corporation was founded in May 2018 as a private royalty and streaming company focused on the lithium mining sector. It is managed through Waratah Capital Advisors Ltd. and led by CEO Ernie Ortiz. Since inception, LRC has acquired four pre-feasibility through production stage royalties including both brine and spodumene based projects that are located in Australia, Brazil and Argentina. Lithium Royalty Portfolio Highlights Mount Cattlin (Galaxy Resources Limited, ASX:GXY, Producing) The Mount Cattlin royalty was acquired by LRC in June 2018 and is composed of a A$1.50 per tonne royalty on ore mined and treated from the Mount Cattlin Project. Mount Cattlin is a reliable, low-cost producer of high-quality lithium concentrate located two kilometres north of the town of Ravensthorpe in Western Australia. Conventional mining and processing techniques are used for Mount Cattlin with open-pit mining of a relatively flat-lying pegmatite ore body. The Mount Cattlin operation produces a lithium concentrate (spodumene) product with up to a 6.0% Li2O grade that is trucked to Esperance Port for export. Spodumene concentrate production is anticipated to reach 100-110,000 tonnes in 2020 with a further increase for 2021 currently under consideration. For further information visit www.gxy.com In operation since 2011, Galaxy has increased mineral resources by 42% since the time of LRC’s royalty acquisition. As at 31 December 2019, Mt Cattlin had a Mineral Resource of 14.6Mt at 1.29% Li2O and an Ore Reserve of 8.2 Mt @ 1.29% Li2O https://gxy.com/wp-cont...