Maritime Resources Repurchases Half Of Hammerdown Royalty At Discount

Maritime Resources (TSXV: MAE) this morning announced that it has reduced its future operating costs for its Hammerdown property as of this morning. The company repurchased half of the outstanding royalty on its Hammerdown Property from that of Commander Resources, bringing the net smelter royalty down to just 1%.

The purchase of effectively the 1% net smelter royalty (NSR) was conducted at an early exercise price of $750,000. The original agreement had called for the royalty to be repurchased for $1.0 million, however they were able to renegotiate a lower price tag on the royalty.

The Hammerdown property is located in Newfoundland, near the towns of Springdale and King’s Point. The property is currently being developed by Maritime, with the goal of commercial production targeted for 2022 currently. The company is currently working towards upgrading the existing mineral resource via infill drilling.

The Hammerdown property remains subject to a 1% NSR, which is presently owned by Commander Resources. This royalty excludes the Orion deposit.

Maritime Resources last trading at $0.15 on the TSX Venture.


Information for this briefing was found via Sedar and Maritime Resources Corp. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

Leave a Reply

Video Articles

Endeavour Mining Q1 Earnings: Cash Flow Is King

G Mining Oko West Feasibility: Move Fast, Break.. Nothing?

New Gold Q1 Earnings: What’s Behind The Market’s Surprising Reaction?

Recommended

First Majestic Posts Record Cash Flows In Q1 As Production Costs Fall

Brazil Potash Secures Funding In Support Of US$2.5 Billion Autozales Project

Related News

BMO: Kirkland Lake Gold Third Quarter Results Are Mixed

Last night, Kirkland Lake Gold (TSX: KL) released their third quarter results. Within the quarter,...

Tuesday, October 13, 2020, 03:01:00 PM

Marathon Gold Enters Cooperation Agreements With Six Local Communities For Valentine Project

Marathon Gold (TSX: MOZ) this morning announced that it has signed cooperation agreements with six...

Wednesday, December 9, 2020, 08:15:33 AM

AUX Resources Begins 2020 Field Program At Golden Triangle Project, Georgia River

Mobilization for AUX Resources Corporation (TSXV: AUX) has begun. The company announced this morning that...

Tuesday, July 14, 2020, 09:41:07 AM

Central Banks Will Likely Increase Gold Purchases in 2021, Suggest Researchers

Although many of the world’s central banks have foregone gold purchases in 2020 during the...

Wednesday, October 7, 2020, 10:28:00 AM

Flat Gold Project: Tectonic Metals’ Tier One Opportunity

At The Rule Symposium in Boca Raton, Florida, Tony Reda, President and CEO of Tectonic...

Thursday, July 11, 2024, 07:15:00 AM