Business
Vox Royalty to Acquire Royalties on Sibanye Stillwater 18 Million Ounce Limpopo PGM Project
TORONTO, ON / ACCESSWIRE / January 18, 2022 / Vox Royalty Corp. (TSXV:VOX) (OTCQX:VOXCF) ("Vox" or the "Company"), a high growth precious metals focused royalty
About this update from Vox Royalty Corp
[{"type":"text","content":" TORONTO, ON / ACCESSWIRE / January 18, 2022 / Vox Royalty Corp. (TSXV:VOX) (OTCQX:VOXCF) (\"Vox\" or the \"Company\"), a high growth precious metals focused royalty company, is pleased to announce that it has executed a binding agreement with a private South African registered company, to acquire two platinum group metals (\"PGM\") royalties for total consideration of up to C$10,400,000. Pursuant to the terms of the purchase and sale agreement, Vox will issue C$1,500,000 of Vox common shares (the \"Vox Shares\") upon closing and make additional cash payments or issue additional Vox Shares (at Vox's sole election) upon achievement of certain production milestones (the \"Transaction\"). Closing of the Transaction remains conditional upon customary approval by the TSX Venture Exchange for the issue. The royalties include a 1.0% gross receipts royalty over the Dwaalkop Project (\"Dwaalkop\") and a 0.704% gross receipts royalty over the Messina Project (\"Messina\", and together with Dwaalkop, the \"Royalties\"), which collectively cover the full extent of the Limpopo PGM Project (\"Limpopo\"), operated by Sibanye Stillwater Ltd. (\"Sibanye\") (JSE: SSW / NYSE: SBSW). Limpopo was last mined in 2009 via the existing Baobab shaft and concentrator (\"Baobab Operation\"), which are both in place and subject to ongoing re-opening feasibility studies by Sibanye. Transaction Highlights(1)(2)(4) Provides exposure to a substantial 18 million ounce 4E (platinum, palladium, rhodium, gold) Measured and Indicated PGM resource and a further 18 million ounce 4E Inferred PGM resource over past-producing mine on prolific Bushveld Igneous Complex (\"BIC\"); Full surface and underground infrastructure in place at the Baobab Operation, including a vertical shaft to 450m depth and a 90,000tpm concentrator which is currently on short-term lease to Anglo American Platinum; Detailed feasibility study completed by Sibanye in 2017 and in 2020 the feasibility study was reviewed and a conceptual level re-opening study for the Baobab Operation was completed, which demonstrated the financial viability of the project; High-quality operating partner in Sibanye (current market capitalization US$10 billion), who currently manages 5 PGM and 5 gold operations in Sub-Saharan Africa as well as 2 PGM operations in Montana; Significantly increases Vox's exposure to ‘...