Business
Elemental Altus to Acquire Gold Royalty Portfolio from First Mining
Vancouver, British Columbia--(Newsfile Corp. - February 6, 2023) - Elemental Altus Royalties Corp...
About this update from First Mining Gold Corp.
[{"type":"text","content":"Elemental Altus to Acquire Gold Royalty Portfolio from First MiningVancouver, British Columbia--(Newsfile Corp. - February 6, 2023) - Elemental Altus Royalties Corp. (TSXV: ELE) (OTCQX: ELEMF) (\"Elemental Altus\" or \"the Company\") announces that it has entered into a binding agreement (the \"Agreement\") to acquire a portfolio of 19 royalties (the \"Royalties\") from a wholly owned subsidiary of First Mining Gold Corp. (TSX: FF) (OTCQX: FFMGF) (\"First Mining\") for consideration of US$5,000,000 in cash and common shares (the \"Acquisition\").Acquisition Highlights19 uncapped royalties acquired, significantly expanding the development pipeline including:2.0% Net Smelter Return (\"NSR\") royalty on the development stage Pickle Crow gold project in Ontario, Canada (\"Pickle Crow\"), one of the highest grade +2 million ounce gold deposits in the world, which has previously produced over 1.5 million ounces of gold1.5% NSR royalty on the development stage Hope Brook gold project in Newfoundland, Canada (\"Hope Brook\") which has previously produced approximately 0.75 million ounces of gold Substantially expands the Company's North American royalty presence, with an additional five royalties in Canada and the United States Increases global royalty land coverage by 20% (1,500km2), bringing Elemental Altus' royalty portfolio to over 75 royalties covering approximately 9,000km2To be funded by US$3,500,00 in cash and US$1,500,000 in equityFrederick Bell, CEO of Elemental Altus, commented: \"The acquisition of this royalty portfolio materially expands our development pipeline in Canada. The Pickle Crow and Hope Brook projects are both former operating gold mines which have reportedly produced over 2.2 million ounces of gold historically and are currently the subject of extensive exploration and investment. The portfolio further expands our North American presence and is in line with our strategy of acquiring high-quality royalties. We are delighted to add meaningful ounces to our development pipeline on assets with clear pathways to medium-term production, supported by our peer group leading revenue and cost of capital advantage.\"Portfolio OverviewAssetOperatorCommodityCountryStageInterestPickle CrowAuteco Minerals LtdGoldCanadaDevelopment2.0% NSR1Hope BrookBig Ridge Gold CorpGold, CopperCanadaDevelopment1.5% NSR2PompoiEndeavour Mining...