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Empress Royalty inks US$5M silver stream deal on Telson Mining’s Tahuehueto project in Mexico

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Empress Royalty Corp (CVE:EMPR) (OTCQB:EMPYF) announced it has signed a US$5 million silver stream agreement for Telson Mining Corporation’s (CVE:TSN) (OTCMKTS:SOHFF) (FRA:TSGN) Tahuehueto project in Mexico. 

The stream agreement covers 100% of the payable silver production from Tahuehueto for the first 1.25 million payable ounces, after which it is reduced to 20% of the payable silver output to a maximum of 10 years from first production, at which point, the streaming ends. 

“We are excited to be working with Telson and our strategic partners to get this remarkable asset into production,” Empress Royalty CEO Alexandra Woodyer Sherron said in a statement. 

READ: Empress Royalty looking for royalties and streaming agreements on development to production stage mining projects

“This transaction demonstrates the unique funding solutions we can provide to our mining company partners and highlights the value of our strategic partnerships. We continue to deliver on our strategy to build a portfolio of near-term producing assets and creating value for our shareholders,” Sherron added.

According to Empress, Telson said construction on the Tahuehueto project is about 60% complete, with initial production forecast for late 2021 and full-scale production forecast for early 2022. 

A 2017 pre-feasibility study estimated that the Tahuehueto project has a 21-year mine life at a production rate of 550 tonnes per day.

Empress noted the US$5 million silver stream will be provided in two tranches, with $2 million to be issued shortly and the remaining $3 million to be received on closing of a loan from Accendo Banco, which represents the second stage of a US$25 million full financing package being provided to Telson by Empress and its strategic partners Accendo Banco and Endeavour Financial.

The first stage was the US$8 million private placement in Telson that closed on March 30, while the third stage is the Accendo Banco US$12 million loan facility and re-finance of existing loans.

The company added that in the event the third stage fails to close, the obligations of the stream will terminate and any partial drawdowns of the stream advance are to be converted into shares of Telson at the then market price as calculated on the date of termination. 

Empress Royalty is a precious metal royalty company with a portfolio of 14 royalties, with the most advanced being a 1% net smelter return royalty covering the Pinos Gold-Silver Project in Mexico.

Contact Sean at [email protected]

Story by ProactiveInvestors


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