Aftermath Silver is a leading Canadian junior exploration company focused on silver and aims to deliver shareholder value through the discovery, acquisition and development of quality silver projects in stable jurisdictions.
EMX Royalty Corp. has provided an update on its Berenguela silver-copper-manganese project in southern Peru. The company has an option to acquire a 100-per-cent interest in the project through binding agreements with SSR Mining Inc. (see Aftermath news release dated Oct. 21, 2020, for further details regarding the original option with SSR) and EMX Royalty Corp. following EMX's assumption of certain interests contained in Aftermath's agreement with SSR. The project is located in the Department of Puno, in southern central Peru.
The Company has paid the US$2.5-million "Second Anniversary Payment" to EMX ahead of the November 2023 payment due date, and EMX has agreed to defer the US$3,000,000 payment due on or before November 23, 2024 until May 15, 2025.
Ralph Rushton, President and CEO of Aftermath Silver Ltd. (TSX-V: AAG) (OTCQB: AAGFF) (FSE: FLM1) commented:
"Aftermath would like to thank David Cole and the team at EMX for their flexibility in agreeing to adjust the terms of the Berenguela agreement. The revised agreement allows us over the next 24 months to focus firstly on completing the planned metallurgical test work program that's underway on the silver-copper-manganese mineralization from Berenguela, and secondly, on engineering studies which will incorporate the results of the met' test work into a Preliminary Economic Assessment."
EMX's interest in Berenguela resulted from EMX's acquisition of a portfolio of royalty interests and payments from SSR and certain of its subsidiaries (see EMX news releases dated July 29 and October 21, 2021). Aftermath Silver's payment obligations, which arise pursuant to a definitive acquisition agreement, originally executed with SSR totalling US$13-million and other consideration to acquire a 100% interest in the Project, are summarized below (as now amended). The following represent the remaining payments to EMX:
US$3-million cash to be paid on the May 15, 2025;
US$3.25-million cash to be paid on the sixth anniversary of the initial closing date (i.e. November 2026);
A sliding-scale NSR royalty on all mineral production from the Project for the life of mine commencing at the declaration of commercial production, and based on the following:
1.0% NSR royalty on all mineral production when the silver market price is up to and including US$25 per ounce;
1.25% NSR royalty on all mineral production when the silver market price is over US$25 per ounce and when the copper market price is above US$2 per pound.
Qualified person
Michael Parker, a fellow of the AusIMM and a non-independent director of Aftermath, is a non-independent qualified person, as defined by National Instrument 43-101. Mr. Parker has reviewed the technical content of this news release and consents to the information provided in the form and context in which it appears.
About EMX Royalty Corp.
EMX is a precious, base and battery metals royalty company. EMX's investors are provided with discovery, development and commodity price optionality, while limiting exposure to risks inherent to operating companies.
About Aftermath Silver Ltd.
Aftermath Silver is a leading Canadian junior exploration company focused on silver and aims to deliver shareholder value through the discovery, acquisition and development of quality silver projects in stable jurisdictions. Aftermath has developed a pipeline of projects at various stages of advancement. The company's projects have been selected based on growth and development potential.
ON BEHALF OF THE BOARD OF DIRECTORS
"Ralph Rushton"
Ralph Rushton CEO and Director 604-484-7855
Source: Aftermath Silver
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