PERTH (miningweekly.com) – ASX-listed Jervois Mining has sold the Nyngan and Flemington royalties to TSX-listed Cobalt 27 Capital Corporation, for $4.5-million.
Jervois held a 1.5% gross revenue royalty over the Flemington-Syerston nickel/cobalt/scandium deposit, in New South Wales, and a 1.7% gross revenue royalty over the Nyngan minerals deposit, also in New South Wales.
Cobalt 27 would acquire the royalties for $1.5-million in cash and $3-million in common shares of Cobalt 27.
Jervois said on Monday that the agreement with Cobalt 27 established a commercial relationship on which to build, with the two companies’ respective business models viewed to be complementary.
The ASX-listed company will retain its royalty interest in the Bullabulling, Forest Reefs and Mt Moss projects, with the Bullabulling gold project identified as the most valuable royalty asset held.