Empress Royalty (TSXV: EMPR) has agreed to acquire a portfolio of 14 pre-production net smelter return royalties from Almadex Minerals (TSXV: DEX) for total consideration of US$2.5 million.
The royalties cover mineral properties spread across Canada, the United States and Mexico, giving the royalty and streaming company early-stage exposure to a mix of gold, silver, copper, zinc and lead projects. The 14 royalties all consist of a 2.0% NSR, save for one royalty on Candelaria Mining’s Caballo Blanco project, which boasts a 1.5% NSR.
Under the agreement, Empress will pay US$1 million in cash and issue US$1.5 million in stock through the issuance of 2,562,802 common shares. Those shares are priced at C$0.83 apiece, based on the 20 day volume weighted average price the day before the deal was signed. The shares carry a four month and one day hold period from closing.
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The projects underpinning the royalties are held by operators that include Alamos Gold, McEwen, Kodiak Copper and Westhaven Gold, several of which have exploration or development programs already running.
Among the assets is the Los Venados royalty, a 2.0% NSR over ground inside Alamos Gold’s producing Mulatos district in Sonora, Mexico. The royalty claim covers ground one to two kilometres from the Mulatos open pit and near the Puerto Del Aire underground project, which Alamos expects to bring into production in mid-2027.
The portfolio also includes the Dillard royalty, a 2.0% NSR tied to Kodiak Copper’s MPD copper-gold project in southern British Columbia. Kodiak folded the Dillard deposit into its first mineral resource estimate for MPD in January and has flagged an updated estimate for the first quarter of 2027.
“By acquiring these royalties at an early stage, we are expanding Empress’ pipeline of future royalty opportunities while maintaining our disciplined approach to capital allocation,” said Alexandra Woodyer Sherron, chief executive and president. She added that the company’s primary focus remains on producing and near-term producing precious metal royalties and streams.
Closing is expected before August 31, subject to customary conditions and approval from the TSX Venture Exchange.
Empress Royalty last traded at $0.82 on the TSX Venture.
