Trident Royalties PLC (AIM:TRR) said it received its inaugural shipment under a gold offtake with Nevada-focussed i-80 Gold Corp.
The first gold delivery came from the processing of stockpiled material from Ruby Hill and ongoing gold extraction from an existing heap leach pad and was the first gold sale in i-80’s history.
"We congratulate i-80 on this milestone first gold delivery from Ruby Hill, a meaningful step towards their becoming a premier gold producer in Nevada, the jurisdiction which accounts for over 75% of total US gold production and is recognised as one of the most mining-investment friendly regions in the world,” said Trident chief executive Adam Davidson.
Under the offtake agreement, Trident can buy all gold produced from the Ruby Hill, Granite Creek and McCoy-Cove projects up to an annual cap of 37,500 ounces in 2022 and 2023, rising to 40,000 ounces until year-end 2028.
“First gold at Ruby Hill further delivers on the growth trajectory expected of the gold offtakes with additional near-term growth expected from the commencement of production this year at i-80's Granite Creek project and Equinox Gold (TSX:EQX)'s Santa Luz project, as well as continued ramp-up of production at Blyvoor Gold,” said Davidson.
Trident holds 12 cash generating assets as well as a portfolio of advanced stage assets.