Electric Royalties Ltd (TSX-V:ELEC, OTC:ELECF) said it has seen notable progress across its royalty portfolio this summer with 19 updates from its asset partners over four months.
At the Penouta tin-tantalum mine, where the company holds a 1.5% gross revenue royalty, Strategic Minerals Europe reported record second-quarter production, increasing 36% year-over-year to 246 tonnes.
At the Mont Sorcier iron and vanadium project operated by Cerrado Gold, Cerrado has commenced the tender phase for the Mandated Leader Arranger of its US$420 million project financing program.
The US$420 million amount represents 70% of the Mont Sorcier Project's total capital expenditure, interest payable during construction, political risk insurance premium, and other approved expenditures, Electric Royalties noted.
At the Råna nickel-copper-cobalt project, Global Energy Metals and Kingsrose Mining reported results from the first two diamond drill holes at the property, one of which intercepted massive nickel-copper-cobalt mineralization that extends the mineralization 20 metres Southwest and on strike from a historical massive sulphide drill intercept.
Electric Royalties holds a 1% gross metal royalty on the Mont Sorcier project and a 1% net smelter royalty on the Råna project.
Finally, at the Chubb lithium project, where it holds a 2% gross metal royalty, Burley Minerals has recommended a 3,000- to 4,000-metre diamond drill program.
This follows up on an initial program that started in April 2023. Results are expected in September.
“We're especially excited about the most recent production update on our cash-flowing Penouta tin-tantalum royalty, on which we've increased our royalty rate to 1.5% gross revenue royalty in July,” Electric Royalties CEO Brendan Yurik commented in a statement.
"The management team at Strategic Minerals has done a fantastic job operationally at the Penouta mine.”
He added that it was exciting to note serious progress at Mont Sorcier, a large iron and vanadium asset in a top-tier mining jurisdiction that is being advanced in partnership with Glencore.
“The process for project financing is moving ahead towards due diligence due to commence shortly,” he said.
Electric Royalties is a royalty company established to take advantage of the demand for a wide range of commodities (lithium, vanadium, manganese, tin, graphite, cobalt, nickel, zinc, and copper) that will benefit from the drive toward electrification of a variety of consumer products: cars, rechargeable batteries, large scale energy storage, renewable energy generation and other applications.
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