Trident Royalties PLC (AIM:TRR, OTCQX:TDTRF) has signed a royalty agreement with ASX-listed New World Resources over its Antler copper project in Arizona.
For US$11 million in cash, Trident will receive a 0.90% net smelter royalty (NSR) over the current tenements, which cover the entire project including the Antler deposit and five named exploration targets.
Trident also gets a 0.45% NSR over any ground subsequently acquired by New World within 5km of the project area royalty boundary (AOI Royalty).
Antler is an advanced-stage, high-grade copper-zinc polymetallic deposit, said Trident, with a JORC-compliant mineral resource estimate of 467,000 tonnes of copper equivalent.
A scoping study in May 2023 indicated a pre-tax cashflow value (NPV7%) of US$835 million on capital expenditure of US$252 million, delivering a return (IRR) of 40.2%.
Mining will take place over 13 years at average annual production of 32,700 tonnes with 50% of the expected revenue coming from copper and 38% from zinc.
A pre-feasibility study on the project is expected this quarter with construction scheduled to start in 2025.
Adam Davidson, Trident’s chief executive, said Antler marked its fifth transaction this year.
"This is a highly attractive royalty. The commodity mix complements our existing portfolio, with future-facing base metals to sit alongside our lithium, precious metals, and existing base metals exposure.
“The location and management of the asset are both excellent."