Empress Royalty Corp (TSX-V:EMPR, OTCQB:EMPYF) announced that it has made the final payment of its US$10 million gold stream agreement on the Sierra Antapite mine in Peru owned by the Sierra Sun Group.
The Vancouver-based royalty made the final US$2.5 million payment of the agreement, it said in a statement.
The agreement was funded in three tranches: US$5 million in July 2021; US$2.5 million in September 2021 and the remaining US$2.5 million in December.
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"We are excited to fully fund the US$10 million gold stream and receive additional revenue from the investment," CEO Alexandra Woodyer Sherron said.
The stream is on 4.5% of the payable gold production for the first 11,000 gold ounces and 1% thereafter for the life of mine at 20% of the gold spot price. It is registered and secured against the mine, plant and concessions.
Sierra Sun will use the investment from Empress to increase its processing capacity from 750 to 1,000 tonnes-per-day, according to Empress.
Earlier this week Empress announced a US$15 million credit agreement with Nebari Natural Resources Credit Fund I LP.
"With the Nebari credit facility, we were able to quickly deploy the capital to allow Sierra Antapite to stay on track for production expansion and to immediately increase Empress' current revenue by 25%,” Woodyer Sherron added. “We are looking forward to a strong year ahead with significant revenue and the increased ability to execute on our additional investment opportunities to build the portfolio."
Empress Royalty is a new royalty and streaming creation company focused on providing investors with a diversified portfolio of gold and silver investments. It currently has 17 projects in its royalty portfolio.
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