(Kitco News) - On Monday, Triple Flag Precious Metals (TSX: TFPM, NYSE: TFPM) announced the acquisition of up to a 2.5% net smelter returns royalty on the Thunder Bay North project in Northern Ontario, Canada, owned by Clean Air Metals, effective December 15, 2022 for up to an aggregate of C$15 million.
The Thunder Bay North project is a platinum, palladium, copper, and nickel project situated near the City of Thunder Bay, Ontario, and the Lac des Iles mine owned by Impala Platinum.
The company said that the project has robust economics and strong exploration potential, adding that January 2022 preliminary economic assessment features a 10-year ramp-access underground mine plan on both Current and Escape Deposits, with a preliminary feasibility study planned for 2023.
According to a company press release, the C$15 million will be funded in two tranches, with the first tranche of C$10 million funded on the effective date, and the remaining C$5 million to be paid on or before 90 days from the effective date of the royalty agreement, subject to compliance with the conditions to Rio Tinto Exploration Canada consent.
Triple Flag is a pure play, gold-focused, emerging senior streaming and royalty company. The company offers bespoke financing solutions to the metals and mining industry with exposure primarily to gold and silver in the Americas and Australia, with a total of 80 assets, including 9 streams and 71 royalties. These investments are tied to mining assets at various stages of the mine life cycle, including 15 producing mines and 65 development and exploration stage projects.
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