Altus Strategies Plc has executed a sale and purchase agreement (SPA) with Firering Strategic Minerals Plc for the sale of the company's wholly-owned Toura nickel-cobalt licence application located in western Côte d'Ivoire. In consideration for the project, Firering will grant the company a gross revenue royalty (GRR) of up to 1% on nickel and cobalt sales from the project and pay the company €15 000.
- SPA with Firering which will acquire a 100% interest in the company's local subsidiary.
- Royalty generated on the Toura nickel-cobalt Project application in western Côte d'Ivoire.
- Altus to receive a GRR of up to 1%, subject to prevailing nickel prices, and €15 000.
- Toura located in an emerging and highly prospective nickel-cobalt province.
- Potential for strong future demand for nickel and cobalt from growing electric vehicle sector.
- Altus's business model includes the generation of low-cost royalties by staking and monetising projects.
Steven Poulton, Chief Executive of Altus, commented: “We are pleased to generate this new nickel-cobalt royalty on our Toura application in Côte d'Ivoire, which is strategically located in an emerging and highly prospective nickel-cobalt province. Altus will receive a gross revenue royalty of up to 1% on any future production from the project and a nominal cash consideration upfront. This transaction illustrates the value of our 'boots on the ground' approach, where Altus can generate royalties at low cost, by directly staking and monetising projects. We look forward to following Firering's progress as it advances the project.”
Read the article online at: https://www.globalminingreview.com/finance-business/16032022/altus-strategies-executes-spa-with-firering-strategic-metals/