Electric Royalties Ltd (TSX-V:ELEC, OTC:ELECF) has provided a sweeping update on its current royalty portfolio which showed that it was seeing payments from its new acquisition, as well as zinc and tin royalties.
In a statement, Electric Royalties CEO Brendan Yurik said: "We're pleased to have begun receiving payments from our recently acquired Penouta tin-tantalum royalty.”
“We are now generating cash flow from both zinc and tin royalties, and expect our lithium royalty on the Authier project to begin generating cash in the near future upon its integration into the production mix at Sayona Mining's operating North American lithium facility.”
Yurik noted that an additional eight projects in its royalty portfolio have made “good progress” in the last month, all funded by third parties at no cost to it.
“We're excited about the portfolio we've built that is diversified across nine clean energy metals, with a growing exposure to each metal. Going forward, we will continue to prioritize the acquisition of near-term revenue-generating royalties," he added.
Penouta's project operators Strategic Minerals Europe Corp reported its full-year and fourth quarter 2022 financial results highlighted by primary concentrate production of 105 tonnes at the Penouta mine in Spain, or a 310% increase over the same period in 2021.
Sales reached 121 tonnes of concentrate and 80 tonnes of contained minerals, increasing 89% and 113%, respectively, compared to the same period in 2021. Electric Royalties has now received its first royalty payment from Penouta.
At the Authier project, Sayona Mining Limited revealed results of its feasibility study that combines its Québec flagship North American Lithium (NAL) operation with nearby Authier, on part of which Electric Royalties holds a 0.5% gross metal royalty.
NAL began operations with more than 3,000 tonnes of saleable spodumene (lithium) concentrate, and it is expected that Authier will begin to add to that production profile over the coming year, Electric Royalties said.
The company also provided a positive update on its other royalties such as the Råna nickel-copper-cobalt project, the Kenbridge nickel project that is advancing to the advanced exploration phase with its Kenbridge project in Ontario, and the Chubb lithium project.
Contact the author Uttara Choudhury at uttara@proactiveinvestors.com
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