Empress Royalty Corp (TSX-V:EMPR, OTCQB:EMPYF) announced that it increased its total royalty on the Manica gold project in Mozambique with a payment of US$1 million.
The Vancouver-based royalty and streaming company said it increased its royalty to 3.375% from 2.25% on January 17, 2022, with the additional payment under the previously executed Royalty Purchase Agreement.
The royalty is on gold sales from the Manica project operated by Mutapa Mining & Processing LDA (MMP), up to a total of 95,000 ounces of gold. After that, the royalty percentage will be reduced to 1.125% and will continue into perpetuity, the company added.
READ: Empress Royalty says it has fully funded its US$10M gold stream agreement on the Sierra Antapite mine in Peru
“The Manica project is a great investment for Empress, we are excited to have increased the size of the royalty and look forward to receiving revenue from Manica in the second quarter of 2022,” Empress Royalty president and CEO Alexandra Woodyer Sherron said in a statement.
“We believe Empress is positioned for rapid growth and increased shareholder value in the coming year.”
Empress said it has been advised by MMP that the Manica project development phase is nearing completion and is scheduled for commissioning in the second quarter of 2022.
Manica is located in the OdziMutare-Manica Greenstone Belt of Mozambique and comprises several deposits on Xtract Resources PLC (LSE:XTR)’s mining concession licence 3990C, which includes four deposits, being Fair Bride, Guy Fawkes, Boa Esperanza, and Dots Luck.
Empress Royalty is a new royalty and streaming creation company focused on providing investors with a diversified portfolio of gold and silver investments. It currently has 17 projects in its royalty portfolio.
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Story by ProactiveInvestors
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