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(Kitco News) - On Thursday, Osisko Gold Royalties (TSX: OR) (NYSE: OR) announced that it has completed an amendment to its 75% silver stream with respect to the Gibraltar copper mine, located in B.C., Canada, which is operated by a wholly-owned subsidiary of Taseko Mines.
On March 15th, 2023, Taseko announced the completion of its acquisition of an additional 12.5% interest in Gibraltar from Sojitz Corporation giving Taseko an effective 87.5% interest.
According to a news release, Osisko and Taseko have amended the silver stream to increase Osisko’s effective stream percentage by 12.5% to 87.5%.
Further to this, Osisko and Taseko have also extended the step-down silver delivery threshold to coincide with Taseko’s recently updated mineral reserve estimate for Gibraltar.
Osisko said it will provide total consideration of US$10.25 million to Taseko plus C$50,000 per year for the following three years to help support ongoing ESG initiatives at Gibraltar.
President and CEO Sandeep Singh commented, “We are pleased to increase our silver exposure on the long-life Gibraltar mine and enhance our partnership with Taseko. Our shareholders will benefit from the increased silver stream, coupled with the approximately one-and-a-half million additional ounces of silver to be delivered to Osisko due to the extended threshold.”
Osisko Gold Royalties is an intermediate precious metal royalty company which holds a North American focused portfolio of over 180 royalties, streams and precious metal offtakes. Osisko’s portfolio is anchored by its cornerstone asset, a 5% net smelter return royalty on the Canadian Malartic mine, one of Canada’s largest gold mines.
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