Electric Royalties Ltd (CVE:ELEC) gave shareholders an update on ongoing activity as its portfolio of assets.
The royalty firm zeroed in on its Authier, Battery Hill, Seymour Lake, and Millennium Cobalt interests, all of which saw significant activity over the past few weeks.
According to Electric Royalties, Sayona Mining, which owns the Authier lithium project, is “steadily advancing” towards production, having received major approvals, metallurgy results, and financing in the last two months.
READ: Electric Royalties completes C$2M private placement; updates royalty acquisition on Middle Tennessee mine
Electric Royalties has a 0.5% gross revenue royalty (GRR) on the Canadian project.
At Battery Hill, where the company has a 2% GRR, the project’s operator Manganese X recently released a NI 43-101 resource lifting the tonnage by 50% at the manganese project. The company also announced that they will be progressing directly to a feasibility study on the project.
Seymour Lake, one of Electric’s newest royalties having acquired a 1.5% net smelter return (NSR) in February 2021, operator Ardiden Limited exercised an A$8.7 million option to form a joint venture with Great Northern Lithium Pty Ltd to develop its high grade spodumene lithium projects – which includes Seymour Lake.
Finally, Electric said that Global Energy Metals Corp (CVE:GEMC) (OTCMKTS:GLBEF) (FRA:5GE2) had signed a joint venture to advance the Millennium copper-cobalt project in Queensland, with initial work programs set to begin this month.
“In the past month alone over $50 million has been raised by operating partners to fund and advance assets over which we hold royalties; it’s an exciting positive trend across our entire portfolio and beneficial to Electric Royalties shareholders,” CEO Brendan Yurik told shareholders in a statement.
The Vancouver-based company has a portfolio of 12 royalties and 4 more acquisitions in progress.
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Story by ProactiveInvestors
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