“With first money stream anticipated in 2023, the acquisition of the royalty on the Côté gold undertaking will additional improve our sector-leading progress profile and develop our portfolio to incorporate 28 producing and creating royalties anchored in Tier one jurisdictions,” mentioned David Garofalo, CEO of Gold Royalty, in a media assertion.
“This transaction represents the fifth main acquisition undertaken by Gold Royalty since our IPO final yr, representing an unprecedented tempo of progress and leading to a various and well-balanced portfolio of 192 high-quality treasured metallic royalty property. This enhanced scale drives elevated buying and selling liquidity, decrease price of capital and, in the end, greater valuations,” Garofalo added.
Along with Canadian Malartic’s Odyssey undertaking, the corporate would now personal royalties on what is anticipated to be two of Canada’s largest and longest-life gold mines.
The Côté undertaking is positioned within the Chester and Yeo townships in northeastern Ontario, inside the District of Sudbury. It’s roughly 125 km southwest of Timmins and 175 km northwest of Sudbury.
In October 2021, Iamgold accomplished a brand new technical report on the undertaking describing a 36,000 tonne per day open pit operation with estimated common annual manufacturing of 489,000 oz. gold over the primary 5 years of operation. Common annual manufacturing over the complete 18-year mine life is estimated at 367,000 oz. gold at an all-in sustaining price of $802/oz.
A development choice on the undertaking was made again in July 2020, with an estimated price of $1.3 billion.
Gold Royalty’s NSR covers the southern portion of the proposed open pit at Côté. Based mostly on the geometry of the deposit, the royalty protection is coincident with the higher-grade mineralization and is anticipated to be scheduled throughout the preliminary phases of manufacturing.
(This text first appeared within the Canadian Mining Journal)