Business
Gold Royalty Completes Acquisition of Existing Royalty on Producing Copper-Silver Cozamin Mine
VANCOUVER, BC, Aug. 30, 2023 /CNW/ - Gold Royalty Corp. ("Gold Royalty" or the "Company") (NYSE American: GROY) is pleased to announce that, further to its news
About this update from Gold Royalty Corp.
[{"type":"text","content":" VANCOUVER, BC, Aug. 30, 2023 /CNW/ - Gold Royalty Corp. (\"Gold Royalty\" or the \"Company\") (NYSE American: GROY) is pleased to announce that, further to its news release dated July 31, 2023, it has completed the indirect acquisition of a 1.0% net smelter return (NSR) royalty (the \"Royalty\") on portions of the Cozamin Copper-Silver Mine, located in Zacatecas, Mexico, from Endeavour Silver Corp. and its subsidiary (\"Endeavour\"). Pursuant to the transaction, Gold Royalty indirectly acquired the Royalty for US$7.5 million in cash consideration. Cozamin is a producing mine operated by Capstone Copper Corp. The Royalty applies to two concessions (Calicanto and Vicochea). Gold Royalty received the option to acquire a 1% NSR royalty on five additional concessions if such royalties are granted to Endeavour in the future. Pursuant to such option, Gold Royalty may acquire such additional royalties, subject to existing rights of first refusal, in exchange for US$300,000, in the case of the Mise concession and US$50,000 in the case of each other concession. Such option consideration may be satisfied, at the option of Gold Royalty, through the issuance of common shares of the Company. As announced on July 31, 2023, the Company's board of directors suspended dividends under its dividend program in connection with the completion of the Cozamin royalty acquisition in order to focus capital on executing its strategic priority of growing cash flow and net asset value per share through accretive acquisitions. About Gold Royalty Corp. Gold Royalty Corp. is a gold-focused royalty company offering creative financing solutions to the metals and mining industry. Its mission is to acquire royalties, streams and similar interests at varying stages of the mine life cycle to build a balanced portfolio offering near, medium and longer-term attractive returns for its investors. Gold Royalty's diversified portfolio currently consists primarily of net smelter return royalties on gold properties located in the Americas. Qualified Person Alastair Still, P.Geo., Director of Technical Services of the Company, is a qualified person as such term is defined under National Instrument 43-101 and has reviewed and approved the technical information disclosed in this news release. Cautionary Statement on Forward-Looking Information: Certain of the information conta...