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Summary
- Royalty sale agreement signed in February 2020 with Vox Royalty has been executed today for a consideration of AU$500,000 worth of shares in Vox.
- Sale was conditional on fulfilment of several conditions of which listing of SilverStream shares on TSX by May 15, 2020 was one of them.
- The sale is in line with the Company’s strategy of detecting funding opportunity and will lead to strengthen its cash balance.
Mineral Explorer, Element 25 Limited (ASX: E25), developing its world-class Butcherbird Manganese Project (100%-owned) located in Tier-1 Mining jurisdiction of Western Australia’s southern Pilbara Region, has announced that the royalty sale agreement with Vox Royalty Corp. (TSXV:VOX) announced on 26 February 2020, has been completed.
A binding sale and purchase agreement was signed between the Company and SilverStream SEZC dba Vox Royalty to dispose of a portfolio of royalties relating to several project areas.
The following royalties have been included in the sale agreement:
- The 1.0% Gross Revenue royalty over the Fortnum / Peak Hill project held by Westgold Resources Limited.
- The 2.0% NSR royalty over the Green Dam project held by St Barbara Limited;
- The 1.0% NSR royalty over the Holleton project held by Ramelius Resources Limited;
- The 0.75% Gross Revenue royalty over the Yalbra project held by Buxton Resources Limited; and
- The AU $7.50 / ounce discovery payment over the Yamarna project held by Gold Road Resources Limited.
As a growth and precious metals focused mining royalty and streaming company, Vox Royalty Corp’s portfolio comprises 36 royalties and streaming assets and 1 royalty option, with around 12 separate royalty transactions completed since January 2019. In addition, Vox’s interests cover 7 territories including Brazil, Mexico, Australia, Canada, Peru, the United States as well as Madagascar.
In consideration for the sale of the royalty portfolio, Element 25 has been issued 151,700 shares in VOX (not subject to escrow conditions) at a deemed valuation of CAD$ 3.00 per share for a total consideration of AU$ 500,000.
The proceeds from the sale of Vox Royalty shares have been indicated to be directed towards advancement of development activities related to the Company’s world-class Butcherbird Manganese Project (wholly owned), which hosts a very large manganese resource containing over 260 million tonnes of resources, and straddles the Great Northern Highway and the Goldfields Gas Pipeline.
For Details, Read: Element 25’ Butcherbird Project: Turbocharged By Early Cashflow From A Low-Capex Concentrate Export Opportunity
The Pre-Feasibility Study (PFS), indicated outstanding economics, with respect to developing the deposit has already been completed to produce the manganese concentrate for export to generate early cashflow with a modest capital requirement. Core approach of Producing high-purity Manganese Sulphate and EMM (Electrolytic Manganese Metal) to be used in specialty metals and lithium-ion battery (LIB) cathodes are reinforced by PFS of E25’s.
Meanwhile, Element 25 is also looking to integrate renewable energy into the power solution to minimise the carbon intensity and lower energy costs of the Project.
Stock Info: The E25 stock settled the day’s trade on 28 May 2020 at AU$ 0.405, climbing up 1.25% by AU$ 0.005 with ~ 1.087 million shares traded. E25 has generated positive returns of 135.29% Year-to-date, 105.13% in the last six months, 122.22% in the last three months and 135.29% in the last one month.
