First Mining to sell non-core royalty portfolio to Elemental Altus

Dan Wilton, CEO of First Mining, stated:

“Following the sale of our Goldlund royalty in December, we are very excited to announce the sale of our remaining non-core royalty portfolio to Elemental Altus. The assembly of our royalty package has been in process over the last few years and this monetisation transaction will provide near-term liquidity while also retaining upside exposure to a premier emerging royalty company in Elemental Altus. The proceeds will provide financial flexibility as we continue to advance our two flagship assets, Springpole and Duparquet.”

First Mining’s royalty portfolio sale to Elemental Altus is comprised of 19 royalties across four countries, and includes a 2.0% net smelter return (NSR) royalty on the Pickle Crow Gold project that is located in Ontario and is being operated by Auteco Minerals Ltd, a 1.5% NSR royalty on the Hope Brook Gold project that is being operated by Big Ridge Gold Corp., and a number of other royalties on exploration and development projects.

Elemental Altus is an income generating precious metals royalty company with 11 producing royalties and a diversified portfolio of pre-production and discovery stage assets, and its common shares trade on the TSX Venture Exchange (the TSXV) under the symbol ELE.

The transaction is subject to customary closing conditions, including the receipt of TSXV listing approval for the common shares of Elemental Altus that are being issued to First Mining under the transaction, and is expected to close on or before 14 February 2023.

Read the article online at: https://www.globalminingreview.com/mining/07022023/first-mining-to-sell-non-core-royalty-portfolio-to-elemental-altus/