Empress Royalty Corp said it has received its first revenue from the Sierra Antapite gold mine in Peru.
The revenue is part of a US$10 million gold stream agreement with Sierra Sun Group, signed on July 28, 2021, on the payable gold production from the Sierra Antapite mine at 20% of the gold spot price.
“Empress Royalty is now a revenue-generating royalty and streaming company. Achieving this milestone only eight months after publicly listing confirms our ability to deliver on our strategy,” Empress Royalty CEO Alexandra Woodyer Sherron said in a statement.
READ: Empress Royalty looking for royalties and streaming agreements on development to production stage mining projects
“With a solid portfolio of investments and a strong pipeline, Empress will continue to increase revenue generation with corresponding value creation for our shareholders,” Woodyer Sherron added.
The company noted the Sierra Antapite stream is on 4.5% of the payable gold production for the first 11,000 gold ounces and 1% thereafter for life-of-mine.
The US$10 million stream agreement is being funded in two tranches, with the first tranche of US$5 million delivered on July 28 while the final tranche is anticipated to be completed in the next couple of months.
Sierra Sun Group plans to use this investment to increase processing capacity at the mine from 750 to 1,000 tonnes per day.
Empress is a precious metal royalty company with a portfolio of 16 royalties, with the most advanced being a 1% net smelter return royalty covering the Pinos Gold-Silver Project in Mexico.
Contact Sean at sean@proactiveinvestors.com