Nomad Royalty (TSX:NSR) Company Ltd said it has paid the first deposit of US$13.3 million under the previously announced gold stream deal with Orion Mine Finance and also updated on its asset portfolio.
As reported in October this year, Nomad struck a US$95 million gold purchase deal with Orion Mine Finance over the latter's 40% interest in the Greenstone gold project, which is set to become one of Canada's largest gold mines.
Nomad was required to make up-front cash payments totaling US$95 million, of which US$13.3 million was made yesterday, for 5.938% of gold production attributed to Orion's 40% interest until 120,333 ounces have been delivered, and 3.958% thereafter.
A second and final deposit of US$81.7 million is expected to be advanced no later than June 30, 2023, under the deal.
READ: Nomad Royalty Company further bolsters its portfolio, striking US$95M gold stream deal with Orion Mine Finance for Ontario project
Nomad owns a portfolio of 16 royalty and stream assets, eight of which are related to currently producing mines. Updating on the portfolio, Nomad noted, among others, that Greenstone Gold Mines LP (GGM), the owner of the project, was ramping up to full-scale construction with first gold scheduled for the first half of 2024.
The development is well advanced with 85% of the project engineering completed, it said.
Elsewhere, Blyvoor Gold Capital Pty (Blyvoor Gold) in South Africa has revised its 2022 gold production to between 40,000 and 50,000 ounces. During the fourth quarter, the Blyvoor mine also became cash-flow positive, an important milestone, noted the company.
On November 4, 2021, Barrick Gold Corporation (Barrick) announced that resource definition drilling was ongoing at Robertson, Nevada, with results continuing to meet expectations and remaining on track to add significant resources for the year-end update.
At RDM in Brazil, highlighted Nomad, the stripping program continued during the third quarter and was expected to last until the end of 2021.
Higher volumes of low grade were mined during the third quarter, but the operation still achieved production of 15,880 ounces, and RDM remains on track to achieve 2021 guidance of 60,000 to 65,000 ounces, reported the firm.
Also, Elevation Gold Corp had also announced exciting results from its infill-exploration drilling program which demonstrates the expansion potential at the Moss mine in Arizona.
Meanwhile, in Quebec, following extensive exploration programs of over 150,000 meters of drilling, Troilus Gold Corp (TSX:TLG, OTCQX:CHXMF) anticipates releasing an inaugural reserve and initiating the federal permitting process by the end of 2021, Nomad noted.
Contact the author at giles@proactiveinvestors.com