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.
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