Business
Gold Royalty Announces Acquisition of Québec Royalty Portfolio; Welcomes SOQUEM as Shareholder
VANCOUVER, BC, Nov. 2, 2023 /CNW/ - Gold Royalty Corp. ("Gold Royalty" or the "Company") (NYSE American: GROY) is pleased to announce that it has entered into a
About this update from Gold Royalty Corp.
[{"type":"text","content":" VANCOUVER, BC, Nov. 2, 2023 /CNW/ - Gold Royalty Corp. (\"Gold Royalty\" or the \"Company\") (NYSE American: GROY) is pleased to announce that it has entered into an agreement to acquire a portfolio of 22 royalties (the \"Portfolio\") located in Québec from SOQUEM (Société Québécoise d'exploration minière), a subsidiary of Investissement Québec, for C$1 million in common shares of the Company. David Garofalo, Chairman and CEO of Gold Royalty, commented, \"We are excited to further expand our royalty position in Québec, one of the best mining jurisdictions in the world, to now over 90 royalties by acquiring a highly prospective royalty portfolio from SOQUEM. The Portfolio covers over 65,000 hectares and is primarily focused on gold properties. Several of the properties are being advanced by leading mining companies such as Osisko Mining, IAMGOLD, and Probe Gold. Furthermore, we look forward to welcoming Investissement Québec as a strategic shareholder and look forward to exploring further opportunities for growth in the province.\" Acquisition Highlights and Overview 22 royalties on exploration and resource stage projects in Québec, as well as the right for Gold Royalty to receive a milestone payment of C$1 million once Probe Gold's Detour project publishes a positive preliminary economic assessment (PEA) mine study. Payment to SOQUEM of C$1 million, satisfied in common shares of the Company based on the 20-day volume weighted average price of such shares prior to closing. SOQUEM will be entitled to 50% of any buyback proceeds received from the Portfolio in the future. Total potential buyback and milestone proceeds associated with the Portfolio of C$18.2M Predominantly precious metals focused portfolio, with some diversified and base metals royalties. Royalty coverage of approximately 65,000 hectares along prolific and established mining districts. Gold Royalty will hold over 240 royalties, including 94 royalties in Québec, upon closing of the transaction. Table 1. SOQUEM Royalty Portfolio Property Royalty Commodities Operator Aquilon 1.0% NSR Au Sirios Resources Casault 1.0% NSR Au Midland Exploration Chute-des-Passes 0.5% NSR Ni Canada Silver Cobalt Works Des Meloizes 3.0% NSR Zn, Ag Generic Gold Corp Detour Milestone Payment Au Probe Gold Dileo Nord 1.0% NSR Cu, Mo, Au, Ag Troilus Gold Corp Duquet 0.75 NSR Zn, Cu, Pb, Au...