Business
Gold Royalty Receives Initial Royalty Payments on Newmont's Producing Borden Mine
VANCOUVER, BC, July 5, 2022 /CNW/ - Gold Royalty Corp. ("Gold Royalty" or the "Company") (NYSE American: GROY) is pleased to announce that it has begun to recei
About this update from Gold Royalty Corp.
[{"type":"text","content":" VANCOUVER, BC, July 5, 2022 /CNW/ - Gold Royalty Corp. (\"Gold Royalty\" or the \"Company\") (NYSE American: GROY) is pleased to announce that it has begun to receive royalty payments related to its Borden Lake net smelter return (\"NSR\") royalty (the \"Royalty\") over Newmont Corporation's (\"Newmont\") producing Borden Mine located in Ontario, Canada. Ely Gold Royalties Inc, a wholly owned subsidiary of Gold Royalty, originally purchased the Royalty on May 6, 2020. The Royalty included a five (5) kilometer area of interest (\"AOI\") with a 0.50% NSR (the \"AOI Royalty\") on certain claims within the AOI (the \"AOI Claims\"). (See Ely Gold press release dated May 28, 2020) It has now been confirmed that mining at the Borden Mine (\"Borden\" or \"Borden Mine\") is occurring on the AOI Claims and therefore Newmont has begun making royalty payments under the AOI Royalty. Gold Royalty has received approximately $1.4 million in royalty back payments. The AOI Royalty has been registered on the mining licence with the Ministry of Mining in Ontario. David Garofalo, Chairman and CEO of Gold Royalty commented: \"Borden brings another high-quality cash flowing asset into our portfolio. Along with the expected start of production at Beaufor this month, we will have eight royalties on producing assets and twenty assets in development supporting our industry leading revenue growth profile. As the former CEO of Goldcorp, I recall our team developing Borden as a next generation, environmentally friendly mine, and I am excited for Gold Royalty to now be a part of this asset as a royalty holder.\" The Borden Mine The Borden Mine is operated by Newmont near Chapleau, Ontario as part of the larger Porcupine complex near Timmins. Described on Ontario's Invest Ontario website as the \"mine of the future\", Borden features state-of-the-art health and safety controls, digital mining technologies and processes, and low-carbon energy vehicles. In addition, Borden's all-electric underground fleet eliminates diesel particulate matter from the underground environment and lowers greenhouse gas emissions. This helps to reduce energy costs, protect employee health and minimize impacts to the environment. Newmont commenced production at Borden in late 2019 and the initial mine plan outlined a seven-year mine life extending to 2027 projecting over 100,000 oun...