Trident Royalties Plc has provided a technical update for the Warrawoona Royalty over exploration licence E45/3381, which forms part of the broader Warrawoona Gold Project, owned and operated by ASX-listed Calidus Resources Limited, which has successfully passed a number of important development and finance milestones.
Calidus has stated that it is fully funded to commence gold production at the project, scheduled in early 2022, following the completion of a definitive feasibility study (DFS) in September 2020.
Trident has a binding agreement to acquire a 1.5% net smelter royalty over the eastern part of the planned Warrawoona mine through tenement E45/3381 (which is pending conversion to Mining Lease M45/1289 2). Trident announced the Warrawoona Royalty acquisition on 28 August 2020 in respect of which it has received a certificate of exemption from the requirement to seek approval by Australia's Foreign Investment Review Board and which is expected to complete early in 2021.
Adam Davidson, CEO and Executive Director of Trident, commented: "We are delighted to provide an update on mine development progress at the 1.5 million oz Warrawoona Gold Project, over part of which Trident holds a 1.5% net smelter royalty. Calidus has achieved a number of important financing and development milestones at Warrawoona subsequent to Trident announcing the acquisition of the royalty as part of a portfolio of four gold royalties on 28 August 2020.
"With the recent announcement that the project is fully funded through to mine production, coupled with the pending conversion of part of Trident's royalty tenement E45/3381 to a Mining Lease, we believe that there has been a major de-risking of Trident's investment. We look forward to following developments at the project as main construction commences in 1Q21."
Read the article online at: https://www.globalminingreview.com/finance-business/24122020/trident-royalties-provides-warrawoona-gold-project-production-update/