Proactive Investors - Run By Investors For Investors

Maverix Metals closes previously announced Moss mine silver stream acquisition

The stream has been bought from a wholly owned subsidiary of Northern Vertex Mining Corp, the firm said
Maverix Metals closes previously announced Moss mine silver stream acquisition
In exchange for an up-front cash payment of US$20 million, Maverix can now buy 100% of the silver produced from the Moss mine

Maverix Metals Inc (CVE:MMX) told investors Thursday it had closed its previously announced acquisition of a silver stream on the operating Moss mine in northwest Arizona, USA.

The stream has been bought from a wholly owned subsidiary of Northern Vertex Mining Corp.

READ: M averix Metals strikes Silver Stream agreement on Northern Vertex's Moss Mine

As reported on December 6, in exchange for an up-front cash payment of US$20 million, Maverix can now buy 100% of the silver produced from the Moss mine, which is operated by Golden Vertex Corp, a subsidiary of Northern Vertex.

Once Maverix has purchased 3.5 million ounces of silver, the company will have the right to purchase 50% of the life-of-mine silver produced from the Moss mine.

With Moss seeing commercial production in September this year, the silver stream will generate immediate revenue for Maverix.

“Maverix is excited to partner with Northern Vertex by offering a financing solution that will allow them to significantly de-lever their balance sheet and keep the operating team at Moss fully focused on unlocking the mine’s long-term potential,” said Dan O’Flaherty, CEO of Maverix.

“The addition of this cash flowing asset in a stable jurisdiction further strengthens our portfolio and meaningfully increases our attributable precious metals production per share,” O’Flaherty added.

Maverix aims to give shareholders significant low-risk leverage to the gold price and to increase underlying per-share value.

Contact Giles Gwinnett  at [email protected]

Follow him on Twitter @Gile74

View full MMX profile View Profile

Maverix Metals Inc Timeline

Related Articles

Ilmenite ore
January 02 2019
The upgraded resource, which now stands at 101mln tonnes at 7.1% ilmenite, comes as the group prepares to publish a pre-feasibility study in the first quarter of 2019
County road at Anson's Paradox Lithium Project
November 11 2018
The company is seeking to estimate a JORC-compliant lithium resource at the project in Utah.
copper
December 18 2018
Tshukudu is a joint venture is set up on a 70/30 MOD/Metal Tiger basis to continue exploration in Botswana
Copyright © Proactiveinvestors.com, 2019. All Rights Reserved - Proactive Investors North America Inc., Proactive Investors LLC

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use