Business
Altius Minerals Provides 2nd Quarter 2020 Project Generation Update
ST. JOHN’S, Newfoundland and Labrador--(BUSINESS WIRE)--Altius Minerals Corporation (“Altius”) (ALS:TSX) (ATUSF: OTCQX) is pleased to provide an update on its P
About this update from Altius Minerals Corporation
[{"type":"text","content":"ST. JOHN’S, Newfoundland and Labrador--(BUSINESS WIRE)--Altius Minerals Corporation (“Altius”) (ALS:TSX) (ATUSF: OTCQX) is pleased to provide an update on its Project Generation (“PG”) business activities and the performance of its related junior equities portfolio for the second quarter of 2020. The market value of the junior equities portfolio was $48.4 million at June 30, 2020 compared to $34 million at March 31, 2020. The increase in the portfolio value during the quarter is consistent with the broader junior mining sector recovery following initial negative market impacts in the first quarter related to the COVID-19 pandemic. During the quarter, sales of equities generated $340,000 in cash proceeds, while new investments required cash of $324,700. An updated list of the public equity holdings is posted to the Altius website at http://altiusminerals.com/projects/junior-equities. Q2 2020 Portfolio Company and Project Updates During the quarter the Company exchanged its 8.22 million common shares of Antler Gold Inc. (TSXV: ANTL) in return for the 100% re-acquisition of the Wilding Lake gold project. The Company has since executed a Letter of Intent for the sale of the project to a third party. Adventus Mining Corporation (TSXV:ADZN) was very active during the quarter with commencement of a US$7 million exploration campaign on June 8, 2020 to include drilling of several targets at its Pijili, Santiago and Curipamba, projects in Ecuador - http://adventusmining.com/news/122545. Altius retains a 2% NSR on the Curipamba project. Alderon Iron Ore Corp. (TSX:IRON) (“Alderon”) announced that it had defaulted on a US$14 million secured loan as well as the resignation of its board of directors and management group. On June 17th the Newfoundland and Labrador Supreme Court appointed Deloitte Restructuring Inc. as receiver of Alderon and the Kami Mine Limited Partnership, with power to sell their assets and property. Altius retains a 3% gross sales royalty which comprises an interest in land and follows the Kami project into the hands of any purchaser from the receiver. Evrim Resources Corp. (TSX-V: EVM) (“Evrim”) and Renaissance Gold Inc. (TSX-V:REN) (“Renaissance”) announced a proposed arrangement agreement on June 10th to combine in a merger-of-equals transaction. Evrim will acquire all of the outstanding common shares of Renaissance in...