Business
Maverix Increases and Expands Royalty Interest at Omolon
Maverix Increases and Expands Royalty Interest at Omolon PR Newswire Al...
About this update from Mustang Minerals Limited
[{"type":"text","content":"\n \n \n \n Maverix Increases and Expands Royalty Interest at Omolon\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prntac{\nTEXT-ALIGN: CENTER\n}\n \n \n \n \n \n \n PR Newswire\n \n \n \n \n All amounts are in U.S. dollars unless otherwise indicated.\n \n \n \n VANCOUVER, BC\n \n ,\n \n Oct. 18, 2021\n \n /PRNewswire/ - Maverix Metals Inc. (the \"Company\" or \"Maverix\") (NYSE American: MMX) (TSX: MMX) is pleased to announce it has reached an agreement with Omolon Gold Mining Company LLC, a wholly owned subsidiary of Polymetal International plc (\"Polymetal\") to increase and expand Maverix's royalty interest in the Omolon hub operation located in Magadan Region,\n \n Russia\n \n .\n \n \n \n \n \n \n \n \n \n \n Dan O'Flaherty\n \n , CEO of Maverix, commented, \"Maverix acquired its original 2% partial royalty interest in Omolon through the acquisition of a royalty portfolio from\n \n Kinross\n \n in 2019 and we are pleased to increase this to 2.5% and expand the coverage across all Omolon hub licenses, which cover over 60,000 hectares. Omolon has a long and continuous history of gold and silver production and we look forward to our strengthened relationship with Polymetal as they continue to operate and extend the mine life at Omolon. This transaction is expected to increase Omolon's annual contribution to Maverix's attributable gold equivalent ounces from approximately 2,000 ounces to approximately 5,000 ounces. Additionally, the expanded area of royalty coverage provides Maverix with exposure to several new promising projects and exceptional exploration potential at Omolon.\"\n \n \n \n \n Transaction Summary\n \n \n \n \n Maverix will make a cash payment equal to\n \n $23.5 million\n \n to increase its effective interest to a 2.5% gross revenue royalty and expand the royalty coverage to include all 13 licenses that currently comprise the Omolon hub and potentially an additional three that are in the application phase. Prior to this transaction, Maverix's 2% gross revenue royalty covered two licenses (Tsokol Kubaka and Birkachan).\n \n \n Upon sales of one million gold...