Maverix Metals Inc (TSE:MMX) (NYSEAMERICAN:MMX) (FRA:7781) updated Monday on its portfolio of gold royalties it acquired in October this year from mining giant Newmont Corp (TSE:NGT) (NYSE:NEM) (FRA:NMM), which included the Camino Rojo gold project in in Zacatecas state, Mexico.
Construction of the power line to site continues ahead of schedule and process plant equipment has started to arrive, reported Maverix in a statement. Orla Mining (TSE:OLA) (OTCMKTS:ORRLF) (FRA:O8M) expects the first gold pour in the second half of 2021.
Orla has decided not to exercise its right of first refusal (ROFR) on the 2% net smelter return (NSR) royalty on output from the project, so Maverix will acquire the royalty and is set to benefit.
Elsewhere, the ROFR on the Cristina project in Chihuahua, Mexico, was not exercised and Maverix will also acquire the 2% NSR royalty.
Conversely, Criscora, which is a wholly-owned subsidiary of TCP1 Corporation, will acquire the 1% NSR royalty on the Yecora project in the Sonora state, Mexico for a cash payment of $1.5 million, which Maverix will receive.
Earlier this year, Maverix said the US$90 million deal for 11 gold royalties on a selection of Newmont’s North American assets provided it with an enhanced growth pipeline with near term cash flow.
Maverix is a gold-focused royalty and streaming company with a global portfolio of over 100 assets.
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