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Aston Bay Announces Strategic Partnership for the Storm Copper Project, Nunavut, Canada
Offtake and funding deal to advance development and exploration activities TORONTO, ON / AC...
About this update from Aston Bay Holdings Ltd.
[{"type":"text","content":"Aston Bay Announces Strategic Partnership for the Storm Copper Project, Nunavut, CanadaOfftake and funding deal to advance development and exploration activities TORONTO, ON / ACCESS Newswire / April 9, 2025 / Aston Bay Holdings Ltd. (TSXV:BAY)(OTCQB:ATBHF) (\"Aston Bay\" or the \"Company\") is pleased to announce that its Storm Copper Project (\"Storm\" or the \"Project\") joint venture partners American West Metals Ltd (\"American West\") has entered into a strategic partnership and funding agreement with Ocean Partners Holdings Ltd (\"Ocean Partners\" or \"OP\") for the development of Storm including financing of up to 80% of the initial capital for development of the Project.In addition, Taurus Mining Royalty has agreed to advance the second tranche of the Royalty payment (see June 24, 2024, Aston Bay news release).The Storm Copper Project is a 20/80 unincorporated joint venture between Aston Bay and American West, the Project operator. Aston Bay maintains a free carried interest until a decision to mine is made upon completion of a bankable feasibility study.Highlights:Strategic Partnership with Ocean Partners. Aston Bay's joint venture partner, American West Metals, has entered into a partnership and funding agreement with Ocean Partners Holdings Ltd - a global metal trading, technical advisory, and financing company - for the development of the Storm Copper Project. Terms of the binding heads of agreement include:Project Financing - OP will provide up to 80% of initial capital for the development of the Project via a senior secured loan facility, subject to a bankable feasibility study and formal documentationOfftake - OP will enter into a binding offtake agreement (\"Offtake Agreement\") which secures OP 100% of the offtake of copper and silver products from the Project for the near-surface copper mineralization at Storm; subject to this agreement, OP will subscribe to a US$2m financing in American WestTechnical and copper market advisory. The American West/OP strategic alliance will work together to optimise and advance the development activities to define the best outcomes for the ProjectUS$3.5m Royalty funding brought forward. Taurus Mining Royalty has agreed to advance the US$3.5m second tranche of the Royalty payment, with payments to be made this month. Aston Bay will be allocated 20% of the funding from the royalt...