Triple Flag invests C$15m for royalty on Thunder Bay North project
TSX-listed streaming and royalty company Triple Flag Precious Metals Corporation has acquired a 2.5% net smelter returns (NSR) royalty on Clean Air Metals’ Thunder Bay North project, in Northern Ontario, effective December 15.
A total C$15-million will be funded in two tranches, with the first C$10-million tranche having been funded on December 15 and the second tranche of C$5-million to be paid within the next three months, to allow for due diligence and a decision by Rio Tinto Exploration Canada on whether or not to sell its 1% NSR royalty on a portion of the project to Clean Air Metals for C$2-million.
Rio also has an alternative option to sell its 1% NSR to Clean Air Metals for C$3.5-million at a future date.
The Thunder Bay North project is a platinum, palladium, copper and nickel project, featuring a ten-year tamp-access underground mine plan and more exploration potential.
A preliminary feasibility study on the project is expected to be completed in 2023.
Triple Flag has granted Clean Air Metals a right to buy down up to 40% of the NSR royalty and to reduce the royalty percentage to 1.5% on or before three years from the effective date.
In turn, Clean Air Metals has granted Triple Flag a right of first refusal on any future stream, royalty or similar financing for the project and an area of interest around the project.
Triple Flag now has a total of 80 assets, comprising nine streams and 71 royalties, which are tied to 15 producing mines and 65 development and exploration stage projects.
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