Copper

Nova Royalty Corp. ("Nova" or the "Company") (TSXV: NOVR) (OTCQB: NOVRF) is pleased to announce that it has entered into a purchase agreement (the "Agreement") with arms' length private parties (the "Sellers") pursuant to which Nova has secured the right to acquire a portion of an existing royalty (the "Royalty") on the Josemaria copper-gold-silver project in San Juan, Argentina ("Josemaria"), owned by Lundin Mining Corporation ("Lundin Mining") (TSX:LUN) (Nasdaq Stockholm: LUMI), (the "Transaction"). Nova will also be granted a Right of First Refusal (the "ROFR") in respect to an additional portion of the Royalty that will be retained by the Sellers upon closing of the Transaction.

NOVA SECURES RIGHT TO ACQUIRE A ROYALTY ON LUNDIN MINING’S JOSEMARIA COPPER PROJECT (CNW Group/Nova Royalty Corp.)
NOVA SECURES RIGHT TO ACQUIRE A ROYALTY ON LUNDIN MINING’S JOSEMARIA COPPER PROJECT (CNW Group/Nova Royalty Corp.



Alex Tsukernik, Nova's President and CEO, commented, "Securing rights to a royalty on the Josemaria project further demonstrates Nova's ability to execute on its strategy of building a diversified portfolio of Tier-one copper projects owned by proven operators and mine builders. Josemaria represents one of the most advanced large-scale copper development projects in the Americas; and with a construction decision expected in the second half of 2022, the project has a clear path to production."

Mr. Tsukernik continued, "The addition of the Josemaria royalty means Nova will own royalties on four of the ten largest open pit copper projects in the Americas as measured by copper equivalent reserves. Three of these four projects – Taca Taca, Copper World/Rosemont, and now Josemaria – comprise a significant proportion of what is just a handful of large-scale copper projects being actively advanced by major operators towards production."

Mr. Tsukernik concluded, "Nova continues to consolidate its ownership of royalties on some of the most strategic greenfield copper projects in the Americas – projects which we believe will become the backbone of future copper supply necessary to make the global energy transition a reality. We are excited about our acquisition pipeline of both Tier-one development assets and near-term cash flowing opportunities as we continue to build a one-of-a-kind copper royalty company."

The Royalty, in its entirety, is a 0.5% net profit interest ("NPI") royalty, which covers the area of the mineral reserve estimate for Josemaria and is payable for a period of 10 years, plus an additional $2.0 million payment six months following two full years of production. In addition to Josemaria, the Royalty covers a number of other mining tenements in the Vicuña region (the "Additional Royalty Area").

The portion of the Royalty that will be acquired by Nova (the "Royalty Portion") is subject to the finalization of an estate partitioning process in Argentina. The Transaction is not expected to close until the conclusion of this process, which may require more than 12 months. However, through the Agreement, Nova has secured rights to future ownership of the Royalty Portion at a predetermined price. The Agreement specifies a total purchase price of $13.7 million for 100% of the Royalty (the "Total Royalty Price"), payable at the achievement of future milestones, plus additional advanced payments of $100,000.

The consideration to be paid to the Sellers (the "Transaction Consideration") will be calculated by adjusting the Total Royalty Price for the Royalty Portion on a pro rata basis. Nova currently expects to acquire approximately 16.7% of the Royalty (approximately 0.08325% NPI) for total aggregate consideration of $2.4 million (including the advanced payments), with a ROFR over an additional 16.7% of the Royalty (approximately 0.08325% NPI).

Transaction Highlights

  • Josemaria is one of the most advanced, large-scale development projects in the Americas, with a clear path to production
  • Lundin Mining is a proven mine builder and operator, committed to the development of Josemaria, where a construction decision is expected in the second half of 2022
  • Attractive initial exposure in the Vicuña region, an emerging district that already hosts several world-class deposits (Josemaria, Filo del Sol, Los Helados), and which is an area of considerable focus for Lundin Mining and the Lundin Group of Companies
Royalty Description

The Royalty, it its entirety, comprises a lump-sum payment of $2.0 million, payable within six months of the completion of the second full year of mine operations, and a 0.5% NPI royalty over Josemaria for a period of 10 years. The Royalty covers the vast majority (99.7%) of the area of the current mineral reserve estimate for Josemaria. A map of the area covered by the Royalty in relation to the Josemaria deposit is shown below.

The Royalty also covers the Additional Royalty Area, which includes mining tenements in Argentina that currently form a portion of the Los Helados project. While the Additional Royalty Area does not currently cover any defined mineral resources, it is well situated for further exploration in the Vicuña region, an emerging mining camp hosting other world-class orebodies such as Filo del Sol (Filo Mining) and Los Helados (NGEX Minerals) and may benefit from the definition of new mineral deposits in the area.

Josemaria Overview

Josemaria is 100% owned by Lundin Mining and is located in the San Juan Province of Argentina, approximately 9km east of the Chile-Argentina border. Josemaria is currently expected to employ conventional truck and shovel open pit mining, with conventional primary crushing, grinding and flotation to produce a gold-rich copper concentrate. Over a 19-year mine life, average annual production is forecast to be 131,000 tonnes of copper, 224,000 oz of gold and 1.0 million oz of silver at an average total cash cost of US$1.55/lb copper equivalent.(1)

Lundin Mining acquired Josemaria through its acquisition of Josemaria Resources, which closed in April 2022. On April 11, 2022, the mining authority of San Juan, Argentina approved the Environmental Social Impact Assessment for Josemaria. Lundin Mining reported that it is currently advancing commercial agreements and additional sectoral permits with national and provincial authorities in Argentina, which it expects to complete in 2022 ahead of a construction decision. Lundin Mining reported that it is completing basic engineering and study work for an updated technical report, which will include updated cost estimates and evaluation of potential scope changes compared to plans envisaged in a Feasibility Study completed by Josemaria Resources in November 2020. Lundin Mining reported that it expects to publish an updated technical report in Q4 2022 and intends to spend up to $300 million to advance development of Josemaria ahead of a construction decision in H2 2022.(2)

As of December 20, 2021, Lundin Mining disclosed the mineral reserve and resource estimates for Josemaria as follows, which were estimated by Josemaria Resources and extracted from the Feasibility Study completed by Josemaria Resources in November 2020:

Mineral Reserve Statement (3)



Grade

Contained Metal

Category

Tonnes (Mt)

Cu (%)

Au (g/t)

Ag (g/t)

Cu (Mlbs)

Au (Moz)

Ag (Moz)

Proven

197

0.43

0.34

1.33

1,844

2.14

8.43

Probable

815

0.27

0.19

0.85

4,861

4.87

22.29

Total (P&P)

1,012

0.30

0.22

0.94

6,705

7.02

30.72

Sulphide Mineral Resource Statement at 0.1% Copper Equivalent Cut-Off (3)



Grade

Contained Metal

Category

Tonnes (Mt)

Cu (%)

Au (g/t)

Ag (g/t)

Cu (Blbs)

Au (Moz)

Ag (Moz)

Measured

197

0.43

0.34

1.3

1.9

2.2

8.5

Indicated

962

0.26

0.18

0.9

5.5

5.6

26.6

Total (M&I)

1,159

0.29

0.21

0.9

7.4

7.8

33.5

Inferred

704

0.19

0.10

0.8

2.9

2.3

18.6

Oxide Mineral Resource Statement at 0.2g/t Gold Cut-Off (3)



Grade

Contained Metal

Category

Tonnes (Mt)

Au (g/t)

Ag (g/t)

Au (Koz)

Ag (Koz)

Measured

26

0.33

1.2

280

994

Indicated

15

0.28

1.3

132

632

Total (M&I)

41

0.31

1.2

410

1,585

Inferred

-

-

-

-

-


Transaction Details

The Agreement defines a total purchase price of $13.7 million for 100% of the Royalty, payable at the achievement of future milestones, plus advanced payments of $100,000. The Transaction Consideration will be calculated pro rata for the Royalty Portion acquired by Nova. Payments in connection with the Transaction will be as follows:

  • Advanced payments totaling $100,000, payable in cash
  • 50% of the Transaction Consideration, payable in cash 30 business days following the receipt of notice that Nova has been recorded as sole titleholder of the Royalty Portion with the relevant mining authority
  • 25% of the Transaction Consideration, payable in cash 30 business days following commencement of construction at Josemaria, provided, however, that the estate partitioning has first been finalized
  • 25% of the Transaction Consideration, payable in cash 30 business days following the 12-month anniversary of commercial production at Josemaria, provided, however, that the estate partitioning has first been finalized
Transaction Financing

Nova also announces that it will draw down (the "Drawdown") an additional C$1.5 million under its existing amended and restated convertible loan facility with Beedie Capital (the "Beedie Capital Facility"), the terms of which are disclosed in the Company's news release dated February 10, 2021. Proceeds from the Drawdown will be used to fund the advanced payments a portion of the future Transaction Consideration and general corporate purposes.

The Drawdown will increase the total amount drawn under the Beedie Capital Facility to C$8.0 million, with an additional C$17.0 million remaining available to the Company. The Drawdown is subject to the acceptance of the TSXV.

The Drawdown is convertible by Beedie Capital into 546,764 common shares of the Company at a conversion price of C$2.74342 per share which is based on a 20% premium above the 30-day volume-weighted average price of the common shares of Nova on ‎the TSXV calculated up to and including May 20, 2022, in accordance with the terms of the Beedie Capital Facility‎. Any common shares of the Company issued upon conversion of the Drawdown Amount will be subject to a four month and one day hold period.

Qualified Person

Technical information contained in this news release originates in the public disclosure set out above and has been reviewed and approved by Christian Rios, AIPG Certified Professional Geologist, Advisor to Nova and a Qualified Person as defined in National Instrument 43-101, Standards of Disclosure for Mineral Projects.

About Nova

Nova is a royalty company focused on providing investors with exposure to the key building blocks of clean energy – copper and nickel. The Company is headquartered in Vancouver, British Columbia and is listed on the TSXV under the trading symbol "NOVR" and on the US OTCQB under the ticker "NOVRF".

On Behalf of Nova Royalty Corp.,

(signed) "Alex Tsukernik"
President and Chief Executive Officer

Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Notes:

(1)

Refer to the press release titled "Lundin Mining to Acquire Josemaria Resources, Meaningfully Increasing Copper
and Gold Growth Profile" published by Lundin Mining Corporation dated December 20, 2021.

(2)

Refer to the press release titled "Lundin Mining Announces Closing of Acquisition of Josemaria Resources and
Provides Update on Josemaria Project" published by Lundin Mining Corporation dated April 28, 2022.

(3)

Refer to the press release titled "Lundin Mining to Acquire Josemaria Resources, Meaningfully Increasing Copper
and Gold Growth Profile" published by Lundin Mining Corporation dated December 20, 2021.

TECHNICAL AND THIRD-PARTY INFORMATION

Except where otherwise stated, the disclosure in this press release relating to the Josemaria project is based on information publicly disclosed by Lundin Mining Corporation, as the owner and operator of the property, information publicly disclosed by Josemaria Resources Inc., as the owner and operator of the property prior to its acquisition by Lundin Mining Corporation, and information/data available in the public domain as at the date hereof and none of this information has been independently verified by Nova. Specifically, as a future royalty holder, Nova has limited, if any, access to the property subject to the Royalty. Although Nova does not have any knowledge that such information may not be accurate, there can be no assurance that such third party information is complete or accurate. Some information publicly reported by the operator may relate to a larger property than the area covered by the Royalty. Nova's royalty interests often cover less than 100% and sometimes only a portion of the publicly reported mineral reserves, mineral resources and production of a property.

Cautionary Note Regarding Forward-Looking Statements

This press release contains "forward-looking information" and "forward-looking statements" within the meaning of applicable securities legislation. The forward-looking statements herein are made as of the date of this press release only, and the Company does not assume any obligation to update or revise them to reflect new information, estimates or opinions, future events or results or otherwise, except as required by applicable law. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects", "is expected", "budgets", "scheduled", "estimates", "forecasts", "predicts", "projects", "intends", "targets", "aims", "anticipates" or "believes" or variations (including negative variations) of such words and phrases or may be identified by statements to the effect that certain actions "may", "could", "should", "would", "might" or "will" be taken, occur or be achieved. Forward-looking information in this press release includes, but is not limited to, exploration and expansion potential, production, recoveries and other anticipated or possible future developments on the Josemaria project, current commodity prices, the payment frequency of the under the Royalty, current and potential future estimates of mineral reserves and resources; future commercial production from the Josemaria project or other designated areas; the favourable and timely completion of the estate partitioning process in Argentina; and the attainment of any required regulatory approval to the acquisitions of the Royalty. Forward-looking statements and information are subject to various known and unknown risks and uncertainties, many of which are beyond the ability of Nova to control or predict, that may cause Nova's actual results, performance or achievements to be materially different from those expressed or implied thereby, and are developed based on assumptions about such risks, uncertainties and other factors set out herein, including, but not limited to, the risk factors set out under the heading "Risk Factors" in the Company's annual information form dated April 29, 2022 available for review on the Company's profile at www.sedar.com. Such forward-looking information represents management's best judgment based on information currently available. Except as required by applicable securities laws, the Company undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change. No forward-looking statement can be guaranteed and actual future results may vary materially. Accordingly, readers are advised not to place undue reliance on forward-looking statements or information.

Click here to connect with Nova Royalty Corp. (TSXV: NOVR) (OTCQB: NOVRF) to receive an Investor Presentation

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NOVA ROYALTY ANNOUNCES VOTING RESULTS FOR ANNUAL GENERAL MEETING AND PROVIDES LETTER TO SHAREHOLDERS

NOVA ROYALTY ANNOUNCES VOTING RESULTS FOR ANNUAL GENERAL MEETING AND PROVIDES LETTER TO SHAREHOLDERS

TSXV: NOVR
OTCQB: NOVRF

Nova Royalty Corp. logo (CNW Group/Nova Royalty Corp.)

Nova Royalty Corp. (" Nova " or the " Company ") (TSXV: NOVR) (OTCQB: NOVRF) is pleased to announce the voting results for its annual general meeting of shareholders held on June 21, 2022 (the " Meeting "). Brett Heath Alex Tsukernik E.B. Tucker, Johanna Fipke Andrew Greville and Luke Leslie were re-elected to serve as directors of the Company. A total of 41,317,681 common shares were represented at the Meeting, representing 48.51% of the Company's issued and outstanding common shares.

Shareholders approved all matters brought before the Meeting as follows:

MOTIONS

NUMBER OF SHARES

PERCENTAGE OF VOTES CAST

FOR

AGAINST

WITHHELD/
ABSTAIN

SPOILED

FOR

AGAINST

WITHHELD/
ABSTAIN

Number of Directors

26,215,051

202,861

0

0

99.23 %

0.77 %

0.00 %

Brett Heath

26,328,042

0

89,870

0

99.66 %

0.00 %

0.34 %

Alex Tsukernik

26,350,978

0

66,934

0

99.75 %

0.00 %

0.25 %

E.B. Tucker

26,343,718

0

74,194

0

99.72 %

0.00 %

0.28 %

Johanna Fipke

26,328,626

0

89,286

0

99.66 %

0.00 %

0.34 %

Andrew Greville

26,328,627

0

89,285

0

99.66 %

0.00 %

0.34 %

Luke Leslie

26,317,561

0

100,351

0

99.62 %

0.00 %

0.38 %

Appointment of
Auditors

41,167,571

0

150,110

0

99.64 %

0.00 %

0.36 %

Approval of Share
Compensation Plan

24,840,211

1,577,701

0

0

94.03 %

5.97 %

0.00 %

LETTER TO SHAREHOLDERS

Nova is also pleased to provide a Company update via a letter to shareholders written by President and CEO, Alex Tsukernik . The letter can be accessed on the Nova Royalty website, by clicking here .

ABOUT NOVA

Nova Royalty is a company focused on providing investors with royalty exposure to the key building blocks of clean energy – copper and nickel. The Company is headquartered in Vancouver, British Columbia and is listed on the TSX Venture Exchange under the trading symbol "NOVR" and on the US OTCQB under the trading symbol "NOVRF".

ON BEHALF OF Nova Royalty CORP.,

(signed) "Alex Tsukernik"
President and Chief Executive Officer

Website: www.novaroyalty.com

Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Cautionary Note Regarding Forward-Looking Statements

This press release contains "forward-looking information" and "forward-looking statements" within the meaning of applicable securities legislation. The forward-looking statements herein are made as of the date of this press release only, and the Company does not assume any obligation to update or revise them to reflect new information, estimates or opinions, future events or results or otherwise, except as required by applicable law. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects", "is expected", "budgets", "scheduled", "estimates", "forecasts", "predicts", "projects", "intends", "targets", "aims", "anticipates" or "believes" or variations (including negative variations) of such words and phrases or may be identified by statements to the effect that certain actions "may", "could", "should", "would", "might" or "will" be taken, occur or be achieved. Forward-looking statements and information are subject to various known and unknown risks and uncertainties, many of which are beyond the ability of Nova to control or predict, that may cause Nova's actual results, performance or achievements to be materially different from those expressed or implied thereby, and are developed based on assumptions about such risks, uncertainties and other factors set out herein, including, but not limited to, the risk factors set out under the heading "Risk Factors" in the Company's annual information form dated April 29, 2022 and other filings available for review on the Company's profile at www.sedar.com . Such forward-looking information represents management's best judgment based on information currently available. Except as required by applicable securities laws, the Company undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change. No forward-looking statement can be guaranteed and actual future results may vary materially. Accordingly, readers are advised not to place undue reliance on forward-looking statements or information.

SOURCE Nova Royalty Corp.

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Nova Royalty Corp. Opens the Market

Nova Royalty Corp. Opens the Market

Alex Tsukernik President & Chief Executive Officer, Nova Royalty Corp. ("Nova" or the "Company") (TSXV: NOVR) and his team joined Dean McPherson Head, Global Mining Business Development, Toronto Stock Exchange, to celebrate the Company's new listing on TSX Venture Exchange and open the market.

Nova Royalty is focused on providing investors with exposure to premier copper and nickel assets – the key building blocks of the global energy transition.

For Market Openings: Media may pick up a feed from the TOC (television operations centre) for all market open ceremonies. The feed is named TSX Transmit 1 (SD-SDI) and is produced at the TMX Broadcast Centre and sent live to the TOC. To pick up the feed via the Dejero network, please contact avservices@tmx.com . The client feature video will begin playing on the TMX media wall at approximately 9:27 a.m. ET and the markets will open with the sound of a siren at 9:30 a.m. ET

Date:

Thursday, June 16, 2022



Time:

9:00am - 9:30am



Place:

120 Adelaide St W.

SOURCE TSX Venture Exchange

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NOVA ROYALTY REPORTS FINANCIAL RESULTS FOR THE THREE MONTHS ENDED MARCH 31, 2022

NOVA ROYALTY REPORTS FINANCIAL RESULTS FOR THE THREE MONTHS ENDED MARCH 31, 2022

TSXV: NOVR
OTCQB: NOVRF

Nova Royalty logo (CNW Group/Nova Royalty Corp.)

Nova Royalty Corp. (" Nova " or the " Company ") has reported its financial results for the three months ended March 31, 2022 . Nova's financial statements and management's discussion and analysis for the three months ended March 31, 2022 are available on Nova's website at www.novaroyalty.com and on SEDAR at www.sedar.com .

Q1 2022 highlights:

  • Quarterly Revenue: The Company recognized royalty revenue of $673,519 , primarily related to the Aranzazu Royalty.
  • Acquisition of Copper World and Rosemont Royalty : In February 2022 , Nova acquired a 0.135% NSR on the Copper World and Rosemont copper projects in Arizona, USA , owned by Hudbay Minerals Inc. (" Hudbay "). Nova was also granted a Right of First Refusal in respect to an additional 0.540% NSR covering the same area as the Copper World and Rosemont Royalty . Hudbay has reported that it expects to publish a preliminary economic assessment in Q2 2022, which will incorporate a two-phase mine plan with the first phase reflecting a standalone operation with processing infrastructure on Hudbay's private land and mining occurring on portions of the Copper World and Rosemont deposits located on patented mining claims. (1)

Subsequent to quarter-end:

  • Secured Right to Acquire Josemaria Royalty: In May 2022 , Nova entered into a purchase agreement with arms' length private parties (the " Sellers ") pursuant to which Nova has secured the right to acquire a portion of an existing royalty on the Josemaria copper-gold-silver project in San Juan, Argentina , owned by Lundin Mining Corporation (" Lundin Mining "). Lundin Mining reported that it is completing basic engineering and study work for an updated technical report ahead of a construction decision in H2 2022 (2) . Nova will also be granted a Right of First Refusal in respect to an additional portion of the Josemaria Royalty. At the request of the Sellers, Nova has agreed to issue 3,941 shares that will be subject to a four-month hold, valued at $2.11 per share, to satisfy a portion of the advanced payments referenced in the Company's press release on May 24, 2022 (subject to the acceptance of the TSXV).
  • Drawdown of $1.5 million from Beedie Facility: In May 2022 , Nova drew down $1,500,000 under its existing amended and restated convertible loan facility with Beedie Capital, the terms of which are disclosed in the Company's news release dated February 10, 2021 . The drawdown will increase the total amount drawn under this facility to $8,000,000 , with an additional $17,000,000 remaining available to the Company. The drawdown is convertible at the option of Beedie Capital into 546,764 common shares of the Company at a conversion price of $2.74342 per share, which is based on a 20% premium above the 30-day volume-weighted average price of the common shares of Nova on ‎the TSX Venture calculated up to and including May 20, 2022 .

About Nova

Nova Royalty is a company focused on providing investors with royalty exposure to the key building blocks of clean energy – copper and nickel. The Company is headquartered in Vancouver, British Columbia and is listed on the TSX Venture Exchange under the trading symbol "NOVR" and on the US OTCQB under the trading symbol "NOVRF".

ON BEHALF OF Nova Royalty CORP.,

(signed) "Alex Tsukernik"
President and Chief Executive Officer

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Notes:


(1)

Refer to the press release titled "Hudbay Receives Favourable U.S. District Court Ruling on Copper World" published by Hudbay Minerals Inc. on May 24, 2022.

(2)

Refer to the press release titled "Lundin Mining Announces Closing of Acquisition of Josemaria Resources and Provides Update on Josemaria Project" published by Lundin Mining Corporation dated April 28, 2022.


Cautionary Note Regarding Forward-Looking Statements

This press release contains "forward-looking information" and "forward-looking statements" within the meaning of applicable securities legislation. The forward-looking statements herein are made as of the date of this press release only, and the Company does not assume any obligation to update or revise them to reflect new information, estimates or opinions, future events or results or otherwise, except as required by applicable law. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects", "is expected", "budgets", "scheduled", "estimates", "forecasts", "predicts", "projects", "intends", "targets", "aims", "anticipates" or "believes" or variations (including negative variations) of such words and phrases or may be identified by statements to the effect that certain actions "may", "could", "should", "would", "might" or "will" be taken, occur or be achieved. Forward-looking statements and information are subject to various known and unknown risks and uncertainties, many of which are beyond the ability of Nova to control or predict, that may cause Nova's actual results, performance or achievements to be materially different from those expressed or implied thereby, and are developed based on assumptions about such risks, uncertainties and other factors set out herein, including, but not limited to, the risk factors set out under the heading "Risk Factors" in the Company's annual information form dated April 29, 2022 and other filings available for review on the Company's profile at www.sedar.com . Such forward-looking information represents management's best judgment based on information currently available. Except as required by applicable securities laws, the Company undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change. No forward-looking statement can be guaranteed and actual future results may vary materially. Accordingly, readers are advised not to place undue reliance on forward-looking statements or information.

SOURCE Nova Royalty Corp.

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NOVA ROYALTY REPORTS AUDITED FINANCIAL RESULTS FOR THE YEAR ENDED DECEMBER 31, 2021 AND PROVIDES PORTFOLIO UPDATE

NOVA ROYALTY REPORTS AUDITED FINANCIAL RESULTS FOR THE YEAR ENDED DECEMBER 31, 2021 AND PROVIDES PORTFOLIO UPDATE

TSXV: NOVR
OTCQB: NOVRF

Nova Royalty logo (CNW Group/Nova Royalty Corp.)

Nova Royalty Corp. (" Nova " or the " Company ") has reported its financial results for the year ended December 31, 2021 . Nova's audited financial statements and management's discussion and analysis for the year ended December 31, 2021 are available on Nova's website at www.novaroyalty.com and on SEDAR at www.sedar.com .

Alex Tsukernik , President and CEO of Nova, commented, "2021 was a transformational year for Nova on the back of a similarly exciting 2020. We now own royalties on a significant proportion of the next generation of major copper assets being advanced into production and are continually adding to our portfolio. During 2021, we nearly doubled our royalty exposure on Taca Taca (First Quantum) and added royalties on West Wall ( Anglo American and Glencore), Vizcachitas (Los Andes Copper), and Copper World and Rosemont (Hudbay), the last of which was announced early in January 2022 ."

Mr. Tsukernik continued, "Additionally, we added our first cash flowing royalty by acquiring a royalty on the producing Aranzazu mine, operated by Aura Minerals Inc. Performance at Aranzazu has exceeded our initial expectations, having achieved multiple throughput expansions and cost reductions since 2018. The royalty is currently generating approximately US$1.5 million US$2.0 million of revenue on an annualized basis, with Aura guiding toward future production increases."

Mr. Tsukernik concluded, "As we advance through 2022, we continue to build Nova into what we believe will be the world's premier copper investment vehicle with additional exposure to strategic nickel assets. We are advancing on both of our main strategic priorities: acquiring additional royalties on advancing multi-generational projects such as Taca Taca and Copper World/Rosemont, and adding current cash flows from strong mid-size operators such as Aranzazu. We look forward to updating the market on our continued progress."

Portfolio Additions

  • Acquisition of Aranzazu Royalty: In August 2021 , Nova acquired a 1.0% net smelter return (" NSR ") royalty on the producing Aranzazu copper-gold-silver mine (the " Aranzazu Royalty ") owned by Aura Minerals Inc. (" Aura "; TSX: ORA) for consideration of US$8.0 million cash and US$1.0 million in common shares of the Company, paid on closing of the acquisition on August 27, 2021 . The seller of the Aranzazu Royalty was entitled to economic benefits on Aranzazu Royalty payments that accrued from July 1, 2021 up to the closing date of the Aranzazu Royalty acquisition. Nova fulfilled this obligation by paying approximately US$200,000 in cash in addition to the purchase price. Nova is entitled to receive 100% of the payments from the Aranzazu Royalty corresponding to the net smelter returns generated at Aranzazu following June 30, 2021 .

  • Acquisition of West Wall Royalty: In June 2021 , Nova acquired rights to a 1.0% net proceeds royalty (" NPR ") on the West Wall copper-gold-molybdenum project, owned by a 50-50 joint venture between Anglo American PLC (LSE: AAL) and Glencore PLC (LSE: GLEN). Cash consideration of US$4.2 million was paid on closing of the acquisition on June 18, 2021 .

  • Acquisition of Vizcachitas Royalty: In February 2021 , Nova acquired a NSR royalty of 0.98% on open pit operations and 0.49% on underground operations on the San José 1/3000 exploitation concession that forms part of the Vizcachitas project in Chile , which is 100% owned by Los Andes Copper Ltd. (" Los Andes "; TSX-V:LA). Under the terms of the transaction US$6.5 million in cash was paid on closing of the acquisition on February 22, 2021 , and up to US$9.5 million in common shares of the Company are payable contingent upon the achievement of certain milestones. On June 10, 2021 , Nova announced the issuance of common shares of the Company reflecting a milestone payment of US$1.75 million due upon issuance of a valid Resolución de Calificación Ambienta for Vizcachitas. On October 20, 2021 , Nova announced the issuance of common shares of the Company reflecting an additional milestone payment of US$1.75 million upon the issuance of other permits required to commence drilling at Vizcachitas.

  • Acquisition of Additional Taca Taca Royalty: In February 2021 , Nova acquired a 0.18% NSR royalty on the Taca Taca copper-gold-molybdenum project in Argentina , which is 100% owned by First Quantum Minerals (" First Quantum "; TSX: FM). Nova had previously acquired a 0.24% royalty interest in the Taca Taca project on November 30, 2020 and this subsequent NSR royalty acquisition increased Nova's NSR royalty interest to 0.42%. The purchase price for the 0.18% interest in the NSR included upfront consideration of US$3.0 million in cash and the issuance of common shares of the Company with a value of approximately US$13.0 million , based on the average of the 10-day and 15-day volume weighted average prices of the common shares of the Company as of January 8, 2021 . Nova will make an additional cash payment of US$4 million within 10 business days after the date of the commencement of commercial production on the Taca Taca project.

  • Acquisition of Copper World & Rosemont Royalty : Subsequent to the year ended December 31, 2021 , in February 2022 , Nova acquired a 0.135% NSR on the Copper World and Rosemont copper projects in Arizona, USA , (the " Copper World & Rosemont Royalty ") owned by Hudbay Minerals Inc. (" Hudbay "; TSX: HBM and NYSE: HBM). Nova was also granted a Right of First Refusal (" ROFR ") in respect to an additional 0.540% NSR covering the same area as the Copper World & Rosemont Royalty . The Copper World & Rosemont Royalty covers all metals, including copper, molybdenum, silver, and gold extracted from the majority of mining claims covering Copper World and Rosemont. Specifically, 132 patented claims (all the patented claims associated with Copper World and Rosemont), 603 unpatented claims, and one parcel of fee associated land are covered by the Copper World & Rosemont Royalty .
Portfolio Updates
  • Taca Taca (0.42% NSR Royalty): First Quantum is continuing pre-development and feasibility activities at Taca Taca. Taca Taca is envisaged to have a similar mine design and plant configuration as First Quantum's other large throughput mines, such as Sentinel, Cobre Panama, and the planned S3 expansion at Kansanshi, which will allow First Quantum to leverage continuous learnings from the design and execution of these operations in the development of Taca Taca. During the second quarter of 2021, First Quantum submitted two environmental permits regarding key infrastructure at Taca Taca. The primary Environmental and Social Impact Assessment (" ESIA ") for Taca Taca was submitted to the Secretariat of Mining of Salta Province in 2019 and approval of the ESIA is anticipated in late 2022. First Quantum expects to continue permitting work at Taca Taca during 2022, in addition to engaging with government regarding key aspects of an administrative and fiscal regime for investment into Argentina . (1)

  • Aranzazu (1.0% NSR Royalty): Aura recently achieved a throughput expansion at Aranzazu, increasing capacity by approximately 30% to 100,000 tons per month. As a result of this expansion, Aranzazu hit record production in Q3 2021, achieving monthly average ore mined and processed of 103kt during the quarter. Aranzazu subsequently delivered another quarter of record production in Q4 2021. Aura disclosed that Aranzazu produced 13.3 Mlbs CuEq at cash costs of US$1.29 /lb CuEq during Q4 2021 and 45.9 Mlbs CuEq at cash costs of US$1.56 /lb CuEq for the year ended December 31, 2021 . (2)

  • Vizcachitas (0.98% open pit / 0.49% underground NSR Royalty): During 2021, Los Andes received all permits and permissions necessary to commence drilling activities at Vizcachitas, allowing Los Andes to undertake the drilling program needed to complete a Pre-Feasibility Study (" PFS "). Los Andes announced that additional drilling commenced at Vizcachitas on November 10, 2021 . (3) In March 2022 , Los Andes announced that sufficient drilling had been completed in order to provide an updated resource estimation and complete a PFS. Los Andes expects to publish an updated resource estimation for Vizcachitas in Q3 2022 with a PFS completed in Q4 2022. (4) Earlier in March 2022 , Los Andes announced a plan to temporarily suspend the remaining drilling at Vizcachitas in response to a Second Environmental Court decree granting a preliminary injunction on Los Andes's drilling activities. (5) Los Andes is currently in the process of appealing the court decision, while proceeding with the updated resource estimate and PFS.

  • Copper World & Rosemont (0.135% NSR Royalty; 0.540% ROFR): In December 2021 , Hudbay announced an initial Indicated Mineral Resource of 272 million tonnes at 0.36% copper and Inferred Mineral Resource of 142 million tonnes at 0.36% copper at the Copper World project in Pima County, Arizona . Hudbay has defined seven deposits at Copper World, which host both oxide and sulphide mineralization over a seven-kilometre strike, potentially amenable to heap leach and floatation processing methods, respectively. Additionally, drilling identified significant high-grade, near surface mineralization with the potential to form part of a low-cost copper operation located primarily on public land. Considerable potential synergies exist between Copper World and the adjacent Rosemont project, on which Hudbay published a positive feasibility study in 2017. Hudbay expects to reflect preliminary expectations of these synergies in a Preliminary Economic Assessment of Copper World, which Hudbay expects to complete in H1 2022. Hudbay is also planning to advance a PFS on Copper World in H2 2022. (6)

  • Twin Metals (2.4% NSR Royalty): In September 2021 , the United States Forest Service submitted an application to withdraw approximately 225,000 acres of land in the Superior National Forest from the scope of federal mineral leasing laws, subject to valid existing rights. In October 2021 , the United States Bureau of Land Management rejected Twin Metals' Preference Right Lease Applications (" PRLAs ") and Prospecting Permit Applications (" PPAs "). In January 2022 , the United States Department of the Interior cancelled Twin Metals' MNES-1352 and MNES-1353 federal mineral leases. The PRLAs and federal mineral leases form a significant proportion of the mineral resources contained within Twin Metals' current project plan and, accordingly, it was determined that these events collectively represented an impairment trigger of the Company's royalty interest in the project. The Company believes that Antofagasta PLC (" Antofagasta "), which owns the Twin Metals project through its subsidiary, Twin Metals Minnesota, has a valid legal right to the mining leases and a strong case to defend its legal rights. Although Antofagasta intends to pursue validation of those rights, considering the time and uncertainty related to any legal action to challenge the government decisions, a full impairment has been recognised as at December 31, 2021 in respect of the royalty interests previously capitalized.
About Nova

Nova Royalty is a company focused on providing investors with royalty exposure to the key building blocks of clean energy – copper and nickel. The Company is headquartered in Vancouver, British Columbia and is listed on the TSX Venture Exchange under the trading symbol "NOVR" and on the US OTCQB under the trading symbol "NOVRF".

ON BEHALF OF Nova Royalty CORP.,

(signed) "Alex Tsukernik"
President and Chief Executive Officer

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Notes:

(1)

Refer to First Quantum Minerals 2021 Annual Report, Capital Markets Day Presentation dated January 2022, and
Capital Markets Day Call Transcript, dated Tuesday, January 18, 2022.

(2)

Refer to Aura Management's Discussion and Analysis for the three months and year ended December 31, 2021.

(3)

Refer to the press release published by Los Andes Copper Ltd. on November 10, 2021, entitled "Los Andes
Copper Starts Additional Drilling Program at Vizcachitas Copper Project in Chile".

(4)

Refer to the press released published by Los Andes Copper Ltd. on March 29, 2022, entitled "Los Andes Copper
Corporate Update".

(5)

Refer to the press release published by Los Andes Copper Ltd. on March 21, 2022, entitled "Los Andes Copper
Announces Plan to Temporarily Suspend Drilling".

(6)

Refer to the press release published by Hudbay Minerals Inc. on December 15, 2021, entitled "Hudbay Announces
Initial Mineral Resource Estimate at Copper World".

Cautionary Note Regarding Forward-Looking Statements

This press release contains "forward-looking information" and "forward-looking statements" within the meaning of applicable securities legislation. The forward-looking statements herein are made as of the date of this press release only, and the Company does not assume any obligation to update or revise them to reflect new information, estimates or opinions, future events or results or otherwise, except as required by applicable law. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects", "is expected", "budgets", "scheduled", "estimates", "forecasts", "predicts", "projects", "intends", "targets", "aims", "anticipates" or "believes" or variations (including negative variations) of such words and phrases or may be identified by statements to the effect that certain actions "may", "could", "should", "would", "might" or "will" be taken, occur or be achieved. Forward-looking statements and information are subject to various known and unknown risks and uncertainties, many of which are beyond the ability of Nova to control or predict, that may cause Nova's actual results, performance or achievements to be materially different from those expressed or implied thereby, and are developed based on assumptions about such risks, uncertainties and other factors set out herein, including, but not limited to, the risk factors set out under the heading "Risk Factors" in the Company's annual information form dated April 30, 2021 and other filings available for review on the Company's profile at www.sedar.com . Such forward-looking information represents management's best judgment based on information currently available. Except as required by applicable securities laws, the Company undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change. No forward-looking statement can be guaranteed and actual future results may vary materially. Accordingly, readers are advised not to place undue reliance on forward-looking statements or information.

SOURCE Nova Royalty Corp.

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TIME: 10:00 am EST
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Cyprium Metals Ltd $16m Placement and $10m Non-renounceable Entitlement Offer

Perth, Australia (ABN Newswire) - Cyprium Metals Ltd (ASX:CYM) is pleased to announce a capital raising via a placement and a pro rata non-renounceable rights issue to raise up to approximately $26 million before costs.

HIGHLIGHTS

- Firm commitments received for a Placement to raise $16M at 11.5 cents per share

- Additional pro rata non-renounceable entitlement offer to raise up to $10M

o 1 new share for every 8 held on the record date at 11.5 cents per share
o Offer will be open to all eligible Cyprium shareholders

- Funds raised will place Cyprium in a strong financial position to continue progressing the development of the Nifty Copper Project

- Equity raise supports recently announced $50M Offtake Prepayment Facility with Glencore

- Advanced discussions are continuing with Senior Debt counterparties

Managing Director Barry Cahill commented:

"The Board is very appreciative of the strong support shown from current shareholders and is pleased to welcome a number of new investors to the register.

Cyprium has made significant advances in the past 15 months both in terms of increasing the mineral resource estimate but also particularly in the areas of SX/EW and infrastructure refurbishment, government approvals and metallurgical optimisation.

With the completion of this capital raising, Cyprium will be able to continue to advance the senior debt financing, with the finalisation of the funding package enabling our construction plans and the production of copper metal plate on site in the second half of 2023."

The Company has received firm commitments in respect of a placement to issue approximately 139.1 million new shares (Placement Shares) at 11.5 cents each (Offer Price) to raise $16 million (Placement) from sophisticated and institutional investors.

The Company is also pleased to announce a non-renounceable pro rata entitlement offer at the Offer Price of one (1) new share for every eight (8) shares currently held by eligible shareholders to raise up to $10 million (Entitlement Offer).

The new shares to be issued under the Entitlement Offer will be issued at the same price as the Placement Shares.

Use of Funds

The Placement and Entitlement Offer proceeds will be applied as part of the funding strategy to finance the restart of the Nifty Copper Project which will aim to provide a sustainable, secure, and stable supply of copper metal at 25,000tpa.

As announced on 27 June 2022, Cyprium has entered into an exclusive Letter of Intent (LOI) with Glencore International AG for $50 million in respect of a copper cathode offtake secured prepayment facility, as part of the debt financing package for the restart of the Nifty Copper Project, which includes capital expenditure, contingencies, working capital, and financing costs. The LOI is a non-binding term sheet for both offtake arrangement and project funding and is part of the targeted AUD240 million to AUD260 million debt funding package to finance the restart of the Nifty Copper Project. The Company continues to advance discussions with senior debt providers who are undertaking due diligence activities and reviewing financing documentation.

Details of Placement

Pursuant to the terms of the Placement, the Company has agreed to issue approximately 139.1 million Placement Shares in the Company at the Offer Price of 11.5 cents per share to raise $16 million before costs, under the Company's existing placement capacity pursuant to ASX Listing Rule 7.1 (82,648,514 Placement Shares) and 7.1A (56,481,921 Placement Shares).

Subscribers for the Placement Shares will be entitled to participate in the Entitlement Offer.

Entitlement Offer

Under the Entitlement Offer, eligible shareholders will be able to subscribe for one (1) new ordinary share for every eight (8) existing fully paid ordinary shares held as at 5.00 pm (AEST time) on Friday, 8 July 2022 (Record Date) at the Offer Price.

The Offer Price represents a:

- 28.1% discount to last close on 27 June 2022;

- 19.6% discount to the 10-day VWAP up to and including 27 June 2022;

- 23.9% discount to the 15-day VWAP up to an including 27 June 2022; and

- 25.8% discount to the theoretical ex-rights issue price (TERP) to last close on 27 June 2022.

Cyprium will release a prospectus detailing the terms of the Entitlement Offer shortly, including details as to whether shareholders are eligible to participate in the Entitlement Offer and key risks (Prospectus). The Prospectus will include a personalised entitlement and acceptance form which will provide further details of how to participate in the Entitlement Offer.

Entitlements are non-renounceable and will not be tradeable on ASX or otherwise transferable. Shareholders who do not take up their entitlements will not receive any value in respect of those entitlements that they do not take up.

The Entitlement Offer will include a top up facility under which eligible shareholders who take up their full entitlement will have the opportunity to apply for additional shares from a pool of those not taken up by other eligible shareholders (Top Up Facility). In addition to the Top Up Facility, there will also be a general shortfall offer pursuant to which the Company may place any shares to non-eligible shareholders within three (3) months from the closing date of the Entitlement Offer.

Eligible shareholders should read the Prospectus carefully before making any investment decision regarding the Entitlement Offer. If you are in any doubt about the Entitlement Offer, you should consult your financial or other professional adviser.

Canaccord Genuity (Australia) Limited and Euroz Hartleys Limited are acting as Joint Lead Managers to the Placement. The fees payable to the Joint Lead Managers will be set out in further detail in the Prospectus.

Longreach Capital is acting as financial advisor and Steinepreis Paganin is acting as legal advisor to Cyprium.

*To view the capital structure post placement, please visit:
https://abnnewswire.net/lnk/009WA5D2



About Cyprium Metals Ltd:

Cyprium Metals Limited (ASX:CYM) is poised to grow to a mid-tier mining business and manage a portfolio of Australian copper projects to deliver vital natural resources, strong shareholder returns and sustainable value for our stakeholders. We pursue this aim, in genuine partnerships with employees, customers, shareholders, local communities and other stakeholders, which is based on integrity, co-operation, transparency and mutual value creation.



Source:
Cyprium Metals Ltd

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