Business
Triple Flag Precious Metals Acquires Royalty on Thunder Bay North Project
TORONTO / Dec 19, 2022 / Business Wire / Triple Flag Precious Metals Corp. (with its subsidiaries, “Triple Flag” or the “Company”) (TSX:TFPM, NYSE:TFPM) is plea
About this update from Triple Flag Precious Metals Corp.
[{"type":"text","content":"TORONTO / Dec 19, 2022 / Business Wire / Triple Flag Precious Metals Corp. (with its subsidiaries, “Triple Flag” or the “Company”) (TSX:TFPM, NYSE:TFPM) is pleased to announce the acquisition of up to a 2.5% net smelter returns (“NSR”) royalty on the Thunder Bay North Project in Northern Ontario, Canada, owned by Clean Air Metals Inc. (“Clean Air Metals”), effective December 15, 2022 (the “Effective Date”) for up to an aggregate of C$15 million. Highlights: Strategic commodities in Ontario: The Thunder Bay North Project is a platinum, palladium, copper, and nickel project is well situated near the City of Thunder Bay, Ontario, and the Lac des Iles Mine owned by Impala Platinum. More information on Clean Air Metals and the Thunder Bay Project can be found at www.cleanairmetals.ca. Robust Project Economics: January 2022 Preliminary Economic Assessment (“PEA”) features a 10-year ramp-access underground mine plan on both Current and Escape Deposits, with a Preliminary Feasibility Study planned for 2023. Social License to Operate: Agreement with three Proximate First Nation Communities the Fort William First Nation, Red Rock Indian Band, and Biinjitiwaabik Zaaging Anishinaabek. Exploration potential: The Thunder Bay North Project hosts the twin magma conduit bodies that host the Current and Escape deposits, with geological similarities to major PGE-Cu-Ni projects, such as Noril’sk. Clean Air Metals is advancing massive sulfide exploration targets. Transaction Details The C$15 million will be funded in two tranches, with the first tranche of C$10 million funded on the Effective Date, and the remaining C$5 million to be paid on or before 90 days from the Effective Date of the royalty agreement, subject to compliance with the conditions to Rio Tinto Exploration Canada Inc.’s (“RTEC”) consent as set out below. Clean Air Metals has been granted the right by Triple Flag to buy down up to 40% of the NSR royalty and to reduce the NSR royalty percentage to 1.5% on or before three years following the Effective Date of the royalty agreement, for C$10.5 million (assuming the closing of both tranches). Clean Air Metals has granted Triple Flag a right of first refusal on any future stream, royalty, or similar financing for the Thunder Bay North Project and an area of interest around the project. The second tranche, consisting of C$5 million, will ...