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Notice of Q1 2024 Activities Update
Trident" or the "Company") Trident Royalties PLC (AIM:TRR)(OTCQB:TDTRF), the diversified mining royalty company, will announce its Q1 2024 Activities Update on Tuesday 7 May 2024 at 07.00 BST
Trident Royalties (AIM:TRR,OTC:TDTRF) provides investors with exposure to lithium, gold, copper, silver, iron ore, and other commodities (excluding thermal coal) through its diversified commodity portfolio. Trident is establishing itself as a royalty company using a unique royalty model that brings under its umbrella the entire gamut of the mining industry. This should attract investors willing to participate in the growth of metals such as lithium and copper, without taking the risk associated with investing directly in the mining companies themselves.
The company has acquired 21 assets (royalties and gold offtake agreements), of which 13 are currently cash-flowing. While the current revenue mix is weighted toward gold, asset-level developments across the portfolio, specifically at the Thacker Pass (lithium) and Mimbula (copper) projects, continue to indicate a higher mix of lithium and copper royalty revenue going forward. Thacker Pass is on track to be the largest lithium producer in North America within the next three years.
Trident has developed a portfolio that not only provides material revenue today but includes a tangible growth profile to significantly grow revenue over the next few years. A significant portion of future revenue is underpinned by assets already in construction, including Thacker Pass, Mimbula (in production, ramping-up) and Greenstone (discussed in detail below). Longer-term revenue growth is supported by a mix of expansions and new project development.
Company Highlights
- Trident Royalties is a diversified mining royalty company which provides investors with exposure to the full breadth of mining commodities, including precious, base and battery metals, and bulk/industrial minerals (excluding thermal coal). The company is listed on the AIM market of the London Stock Exchange under the ticker ‘TRR’ and on the US OTCQB market under the ticker ‘TDTRF’.
- Since its listing on London's AIM market in June 2020, the company has acquired 21 assets, of which 13 are currently cash-flowing.
- The company’s broad asset base, which includes exposure to lithium, gold, copper, silver, iron ore and other commodities, differentiates it from its peers, which are mainly limited to precious metals.
- Greater than 60 percent of its asset NAV (by Unrisked Asset NAV – Tamesis Partners, 8 November 2023) is located in resource-friendly countries such as Canada, Australia and the US, which reduces jurisdictional risk.
- Management’s track record for value creation is impressive, delivering shareholder returns of 80 percent since listing.
- Trident has an attractive pipeline of future cash-flowing opportunities in battery and base metals. In particular, the Thacker Pass Lithium Project in the U.S. and the Mimbula Copper Project in Zambia hold significant potential for increased revenue to Trident. Thacker Pass is projected to deliver ~US$15 million in annual royalty revenue within the next three years (Revenue estimates by Tamesis Partners (8 November 2023)
This Trident Royalties profile is part of a paid investor education campaign.*
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TDTRF
Trident Royalties PLC Announces Notice of Q1 2024 Activities Update
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Contact details:
Trident Royalties Plc Adam Davidson / Richard Hughes | +1 (757) 208-5171 / +44 7967 589997 |
Grant Thornton (Nominated Adviser) Colin Aaronson / Samantha Harrison / Enzo Aliaj | +44 020 7383 5100 |
Liberum Capital Limited (Joint Broker) Scott Mathieson / Kane Collings | +44 20 3100 2184 |
Stifel Nicolaus Europe Limited (Joint Broker) Callum Stewart / Ashton Clanfield | +44 20 7710 7600 |
Tamesis Partners LLP (Joint Broker) Richard Greenfield | +44 20 3882 2868 |
St Brides Partners Ltd (Financial PR & IR) Susie Geliher | +44 20 7236 1177 |
About Trident
Trident is a growth-focused diversified mining royalty and streaming company, providing investors with exposure to a mix of base battery, precious, and bulk metals.
Key highlights of Trident's strategy include:
Building upon a royalty and streaming portfolio which broadly mirrors the commodity exposure of the global mining sector (excluding fossil fuels) with a bias towards production or near-production assets, differentiating Trident from the majority of peers which are exclusively, or heavily weighted, to precious metals;
Acquiring royalties and streams in resource-friendly jurisdictions worldwide, while most competitors have portfolios focused on North and South America;
Targeting attractive small-to-mid size transactions which are often ignored in a sector dominated by large players;
Active deal-sourcing which, in addition to writing new royalties and streams, will focus on the acquisition of assets held by natural sellers such as: closed-end funds, prospect generators, junior and mid-tier miners holding royalties as non-core assets, and counterparties seeking to monetise packages of royalties and streams which are otherwise undervalued by the market;
Maintaining a low-overhead model which is capable of supporting a larger scale business without a commensurate increase in operating costs; and
Leveraging the experience of management, the board of directors, and Trident's adviser team, all of whom have deep industry connections and strong transactional experience across multiple commodities and jurisdictions.
The acquisition and aggregation of individual royalties and streams is expected to deliver strong returns for shareholders as assets are acquired on terms reflective of single asset risk compared with the lower risk profile of a diversified, larger scale portfolio. Further value is expected to be delivered by the introduction of conservative levels of leverage through debt. Once scale has been achieved, strong cash generation is expected to support an attractive dividend policy, providing investors with a desirable mix of inflation protection, growth and income.
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
SOURCE: Trident Royalties PLC
View the original press release on accesswire.com
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Trident Royalties PLC Announces Director Share Purchase
Director Share Purchase
The Company announces that Albert C Gourley Professional Corporation, a corporation controlled by Al Gourley, Non-Executive Chairman, has purchased 350,000 ordinary shares of £0.01 in the Company ("Ordinary Shares") on market at a price of 35.91 pence per Ordinary Share
Following this share purchase, Al Gourley holds (directly and indirectly through Albert C Gourley Professional Corporation) 7,884,125 Ordinary Shares representing 2.7% per cent of the Company's voting rights.
Further details are set out in the PDMR form below, made in accordance with the Market Abuse Regulation (EU) No. 596/2014 which is part of UK law by virtue of the European Union (Withdrawal) Act 2018.
Contact details:
Trident Royalties Plc Adam Davidson / Richard Hughes | www.tridentroyalties.com +1 (757) 208-5171 / +44 7967 589997 |
Grant Thornton (Nominated Adviser) Colin Aaronson / Samantha Harrison / Enzo Aliaj | +44 020 7383 5100 |
Stifel Nicolaus Europe Limited (Joint Broker) Callum Stewart / Ashton Clanfield | +44 20 7710 7600 |
Tamesis Partners LLP (Joint Broker) Richard Greenfield | +44 20 3882 2868 |
Liberum Capital Limited (Joint Broker) Scott Mathieson | +44 20 3100 2184 |
St Brides Partners Ltd (Financial PR & IR) Susie Geliher | +44 20 7236 1177 |
Notification of Transactions of Persons Discharging Managerial Responsibility and Persons Closely Associated with them
1. | Details of the person discharging managerial responsibilities / person closely associated | |||||
a. | Name | Albert Gourley | ||||
2. | Reason for the notification | |||||
a. | Position/status | Non-Executive Chairman | ||||
b. | Initial notification/Amendment | Initial Notification | ||||
3. | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||
a. | Name | Trident Royalties Plc | ||||
b. | LEI | 213800V6U8KJ7U2BV956 | ||||
4. | Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted | |||||
a. | Description of the Financial instrument, type of instrument Identification code | Ordinary Shares of £0.01 each ISIN: GB00BF7J2535 | ||||
b. | Nature of the transaction | Purchase of Ordinary Shares | ||||
c. | Price(s) and volume(s) |
| ||||
d. | Aggregated information ·Aggregated volume ·Price | 350,000 35.91 pence | ||||
e. | Date of the transaction | 18 March 2024 | ||||
f. | Place of the transaction | London Stock Exchange's AIM Market (XLON) | ||||
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About Trident
Trident is a growth-focused diversified mining royalty and streaming company, providing investors with exposure to a mix of base battery, precious, and bulk metals.
Key highlights of Trident's strategy include:
Building upon a royalty and streaming portfolio which broadly mirrors the commodity exposure of the global mining sector (excluding fossil fuels) with a bias towards production or near-production assets, differentiating Trident from the majority of peers which are exclusively, or heavily weighted, to precious metals; | |
Acquiring royalties and streams in resource-friendly jurisdictions worldwide, while most competitors have portfolios focused on North and South America; | |
Targeting attractive small-to-mid size transactions which are often ignored in a sector dominated by large players; | |
Active deal-sourcing which, in addition to writing new royalties and streams, will focus on the acquisition of assets held by natural sellers such as: closed-end funds, prospect generators, junior and mid-tier miners holding royalties as non-core assets, and counterparties seeking to monetise packages of royalties and streams which are otherwise undervalued by the market; | |
Maintaining a low-overhead model which is capable of supporting a larger scale business without a commensurate increase in operating costs; and | |
Leveraging the experience of management, the board of directors, and Trident's adviser team, all of whom have deep industry connections and strong transactional experience across multiple commodities and jurisdictions. |
The acquisition and aggregation of individual royalties and streams is expected to deliver strong returns for shareholders as assets are acquired on terms reflective of single asset risk compared with the lower risk profile of a diversified, larger scale portfolio. Further value is expected to be delivered by the introduction of conservative levels of leverage through debt. Once scale has been achieved, strong cash generation is expected to support an attractive dividend policy, providing investors with a desirable mix of inflation protection, growth and income.
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
SOURCE: Trident Royalties PLC
View the original press release on accesswire.com
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Trident Royalties PLC Announces Thacker Pass: $2.3bn Loan Commitment from DOE
Thacker Pass Update: Conditional Commitment for $2.3 billion DoE Loan
Trident Royalties PLC (AIM:TRR)(OTCQB:TDTRF), the diversified mining royalty company, is pleased to note recent positive announcements by Lithium Americas Corporation ("LAC", NYSE: LAC) in relation to its Thacker Pass Lithium Project ("Thacker Pass"). Trident holds a net 1.05% gross revenue royalty over Thacker Pass (after expected exercise of a partial royalty buyback, which would see $13.2 million to Trident
U.S. Government Advanced Technology Vehicles Manufacturing Loan1
- LAC has received a conditional commitment (the "Conditional Commitment") from the U.S. Department of Energy ("DOE") for a $2.26 billion loan under the Advanced Technology Vehicles Manufacturing ("ATVM") Loan Program (the "Loan") for financing the construction of the processing facilities at Thacker Pass.
- The Loan is intended to help finance the construction of Thacker Pass, targeted to produce an initial 40,000 tonnes per year ("tpa") of battery grade lithium carbonate ("Phase 1").
- Thacker Pass supports the U.S. government's commitment to securing a domestic supply chain for critical minerals to reduce reliance on foreign materials. Phase 1 production could support lithium needs for up to 800,000 electric vehicles annually.
Construction Update2
- Approximately US$194 million was spent on Thacker Pass in 2023, with site preparation for the first phase of major earthworks completed, including all site clearing, commissioning a water supply system, site access improvements and site infrastructure.
- General Motors released $320 million in funding in February 2023 in the largest investment publicly disclosed to date by an automaker in a company to produce battery raw materials, with the second tranche of $330 million expected before or in connection with closing of the DOE loan.
- Lithium Americas is currently focused on advancing detailed engineering, procurement and execution planning for the construction of Thacker Pass Phase 1. Detailed engineering is approximately 30% design complete to date. Lithium Americas plans to continue to increase the level of detailed engineering in advance of issuing full notice to proceed ("FNTP"), which is expected in the second half of 2024.
- Estimated total capital cost for Phase 1 construction has been revised to $2.93 billion to reflect updated quantities and execution planning tied to increased engineering progress, use of union labor through a PLA for construction of Thacker Pass, development of an all-inclusive housing facility for construction workers, updated equipment pricing and a larger project contingency.
- Mechanical completion of Thacker Pass Phase 1 is targeted for 2027 following a three-year construction period, with full capacity production targeted for 2028. Major construction is expected to commence in the second half of 2024 following the anticipated closing of the DOE Loan and issuance of FNTP.
Jonathan Evans, President and CEO of LAC, commented for the purposes of their announcement1:
"The United States has an incredible opportunity to lead the next chapter of global electrification in a way that both strengthens our battery supply chains and ensures that the economic benefits are directed toward American workers, companies and communities. The ATVM Loan Conditional Commitment announced today by the DOE is a significant milestone for Thacker Pass, which will help meet the growing domestic need for lithium chemicals and strengthen our nation's security.
"We are pleased to have completed the rigorous DOE due diligence process. The Loan plus GM's strategic investment will provide the vast majority of the capital necessary to fund Phase 1. We deeply appreciate the U.S. government's support as we advance the responsible development of Thacker Pass, and we are excited to continue collaborating with all of our stakeholders to bring shared success for America."
Adam Davidson, Chief Executive Officer of Trident commented:
"Thacker Passis a high priority asset with considerable strategic value for the United States, and the commitment of a $2.26 billion loan from the U.S. Department of Energy underscores the level of support to bring this asset to production. The DoE loan is expected to coincide with the release of the second tranche of funding from General Motors of $330 million, such that the capex for Phase 1 production is largely secured.
"We anticipate first production from Thacker Pass within three years and the associated royalty payments thereafter. As previously disclosed, we expect Thacker Pass royalty receipts to have a dramatic impact on our revenue, with $10.5 million generated per year at Phase 1 production and a $25,000 lithium price, increasing to $21 million per year at Phase 2."
References
1: Source: Lithium Americas Corp news release, 14 March 2024
(https://lithiumamericas.com/news/news-details/2024/Lithium-Americas-Receives-Conditional-Commitment-for-2.26-Billion-ATVM-Loan-from-the-U.S.-DOE-for-Construction-of-Thacker-Pass/default.aspx)
2: Source: Lithium Americas Corp news release, 14 March 2024
(https://lithiumamericas.com/news/news-details/2024/Lithium-Americas-Provides-a-Thacker-Pass-Construction-Plan-Update/default.aspx)
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Contact details:
Trident Royalties Plc | www.tridentroyalties.com |
Grant Thornton (Nominated Adviser) | www.grantthornton.co.uk |
Liberum Capital Limited (Joint Broker) | www.liberum.com |
Stifel Nicolaus Europe Limited (Joint Broker) | www.stifelinstitutional.com |
Tamesis Partners LLP (Joint Broker) | www.tamesispartners.com |
St Brides Partners Ltd (Financial PR & IR) | www.stbridespartners.co.uk |
About Trident
Trident is a growth-focused diversified mining royalty and streaming company, providing investors with exposure to a mix of base battery, precious, and bulk metals.
Key highlights of Trident's strategy include:
· | Building upon a royalty and streaming portfolio which broadly mirrors the commodity exposure of the global mining sector (excluding fossil fuels) with a bias towards production or near-production assets, differentiating Trident from the majority of peers which are exclusively, or heavily weighted, to precious metals; |
· | Acquiring royalties and streams in resource-friendly jurisdictions worldwide, while most competitors have portfolios focused on North and South America; |
· | Targeting attractive small-to-mid size transactions which are often ignored in a sector dominated by large players; |
· | Active deal-sourcing which, in addition to writing new royalties and streams, will focus on the acquisition of assets held by natural sellers such as: closed-end funds, prospect generators, junior and mid-tier miners holding royalties as non-core assets, and counterparties seeking to monetise packages of royalties and streams which are otherwise undervalued by the market; |
· | Maintaining a low-overhead model which is capable of supporting a larger scale business without a commensurate increase in operating costs; and |
· | Leveraging the experience of management, the board of directors, and Trident's adviser team, all of whom have deep industry connections and strong transactional experience across multiple commodities and jurisdictions. |
The acquisition and aggregation of individual royalties and streams is expected to deliver strong returns for shareholders as assets are acquired on terms reflective of single asset risk compared with the lower risk profile of a diversified, larger scale portfolio. Further value is expected to be delivered by the introduction of conservative levels of leverage through debt. Once scale has been achieved, strong cash generation is expected to support an attractive dividend policy, providing investors with a desirable mix of inflation protection, growth and income.
Forward-looking Statements
This news release contains forward‐looking information. The statements are based on reasonable assumptions and expectations of management and Trident provides no assurance that actual events will meet management's expectations. In certain cases, forward‐looking information may be identified by such terms as "anticipates", "believes", "could", "estimates", "expects", "may", "shall", "will", or "would". Although Trident believes the expectations expressed in such forward‐looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those projected. Mining exploration and development is an inherently risky business. In addition, factors that could cause actual events to differ materially from the forward-looking information stated herein include any factors which affect decisions to pursue mineral exploration on the relevant property and the ultimate exercise of option rights, which may include changes in market conditions, changes in metal prices, general economic and political conditions, environmental risks, and community and non-governmental actions. Such factors will also affect whether Trident will ultimately receive the benefits anticipated pursuant to relevant agreements. This list is not exhaustive of the factors that may affect any of the forward‐looking statements. These and other factors should be considered carefully and readers should not place undue reliance on forward-looking information.
Third Party Information
As a royalty and streaming company, Trident often has limited, if any, access to non-public scientific and technical information in respect of the properties underlying its portfolio of royalties and investments, or such information is subject to confidentiality provisions. As such, in preparing this announcement, the Company often largely relies upon information provided by or the public disclosures of the owners and operators of the properties underlying its portfolio of royalties, as available at the date of this announcement.
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
SOURCE: Trident Royalties PLC
View the original press release on accesswire.com
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Trident Royalties PLC Announces Director Share Purchases
Director Share Purchases
The Company announces the following share purchase transactions by directors
Richard Hughes, Chief Financial Officer and executive director, has purchased 73,040 ordinary shares of £0.01 in the Company ("Ordinary Shares") on market at an average price of 35.33 pence per Ordinary Share. Following this share purchase, Richard Hughes and persons closely associated with him, hold 950,000 Ordinary Shares representing 0.32% per cent of the Company's voting rights.
Leslie Stephenson, Non-Executive director, has purchased 4,000 Ordinary Shares on market, through the OTCQB exchange, at an average price of US$0.466 per Ordinary Share. Following this share purchase, Leslie Stephenson holds 4,000 Ordinary Shares representing 0.001% per cent of the Company's voting rights.
Further details are set out in the PDMR forms below, made in accordance with the Market Abuse Regulation (EU) No. 596/2014 which is part of UK law by virtue of the European Union (Withdrawal) Act 2018.
Contact details:
Trident Royalties Plc Adam Davidson / Richard Hughes | +1 (757) 208-5171 / +44 7967 589997 |
Grant Thornton (Nominated Adviser) Colin Aaronson / Samantha Harrison / Enzo Aliaj | +44 020 7383 5100 |
Stifel Nicolaus Europe Limited (Joint Broker) Callum Stewart / Ashton Clanfield | +44 20 7710 7600 |
Tamesis Partners LLP (Joint Broker) Richard Greenfield | +44 20 3882 2868 |
Liberum Capital Limited (Joint Broker) Scott Mathieson | +44 20 3100 2184 |
St Brides Partners Ltd (Financial PR & IR) Susie Geliher | +44 20 7236 1177 |
Notification of Transactions of Persons Discharging Managerial Responsibility and Persons Closely Associated with them
1. | Details of the person discharging managerial responsibilities / person closely associated | ||
a. | Name | Richard Hughes | |
2. | Reason for the notification | ||
a. | Position/status | CFO and executive director | |
b. | Initial notification/Amendment | Initial Notification | |
3. | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | ||
a. | Name | Trident Royalties Plc | |
b. | LEI | 213800V6U8KJ7U2BV956 | |
4. | Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted | ||
a. | Description of the Financial instrument, type of instrument Identification code | Ordinary Shares of £0.01 each ISIN: GB00BF7J2535 | |
b. | Nature of the transaction | Purchase of Ordinary Shares | |
c. | Price(s) and volume(s) | Price(s) | Volume(s) |
35.33p | 25,000 | ||
35.35p | 25,000 | ||
d. | Aggregated information
| 73,040 35.33 pence | |
e. | Date of the transaction | 23 February 2024 | |
f. | Place of the transaction | London Stock Exchange's AIM Market (XLON) | |
1. | Details of the person discharging managerial responsibilities / person closely associated | ||
a. | Name | Leslie Stephenson | |
2. | Reason for the notification | ||
a. | Position/status | Non-Executive director | |
b. | Initial notification/Amendment | Initial Notification | |
3. | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | ||
a. | Name | Trident Royalties Plc | |
b. | LEI | 213800V6U8KJ7U2BV956 | |
4. | Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted | ||
a. | Description of the Financial instrument, type of instrument Identification code | Ordinary Shares of £0.01 each ISIN: GB00BF7J2535 | |
b. | Nature of the transaction | Purchase of Ordinary Shares | |
c. | Price(s) and volume(s) | Price(s) | Volume(s) |
US$0.466 | 4000 | ||
d. | Aggregated information
| 4,000 US$0.466 | |
e. | Date of the transaction | 23 February 2024 | |
f. | Place of the transaction | OTCQB Exchange | |
** Ends **
About Trident
Trident is a growth-focused diversified mining royalty and streaming company, providing investors with exposure to a mix of base battery, precious, and bulk metals.
Key highlights of Trident's strategy include:
Building upon a royalty and streaming portfolio which broadly mirrors the commodity exposure of the global mining sector (excluding fossil fuels) with a bias towards production or near-production assets, differentiating Trident from the majority of peers which are exclusively, or heavily weighted, to precious metals; | |
Acquiring royalties and streams in resource-friendly jurisdictions worldwide, while most competitors have portfolios focused on North and South America; | |
Targeting attractive small-to-mid size transactions which are often ignored in a sector dominated by large players; | |
Active deal-sourcing which, in addition to writing new royalties and streams, will focus on the acquisition of assets held by natural sellers such as: closed-end funds, prospect generators, junior and mid-tier miners holding royalties as non-core assets, and counterparties seeking to monetise packages of royalties and streams which are otherwise undervalued by the market; | |
Maintaining a low-overhead model which is capable of supporting a larger scale business without a commensurate increase in operating costs; and | |
Leveraging the experience of management, the board of directors, and Trident's adviser team, all of whom have deep industry connections and strong transactional experience across multiple commodities and jurisdictions. |
The acquisition and aggregation of individual royalties and streams is expected to deliver strong returns for shareholders as assets are acquired on terms reflective of single asset risk compared with the lower risk profile of a diversified, larger scale portfolio. Further value is expected to be delivered by the introduction of conservative levels of leverage through debt. Once scale has been achieved, strong cash generation is expected to support an attractive dividend policy, providing investors with a desirable mix of inflation protection, growth and income.
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
SOURCE: Trident Royalties PLC
View the original press release on accesswire.com
News Provided by ACCESSWIRE via QuoteMedia
Trident Royalties PLC Announces Portfolio Update: Sonora Lithium Royalty
Trident Royalties PLC ("Trident" or the "Company") (AIM:TRR)(OTCQB:TDTRF), the diversified mining royalty company, is pleased to provide an update in respect of Sonoroy Holdings Limited ("Sonoroy"), its 50%-held joint venture which agreed to acquire a 3.0% Gross Revenue Royalty (1.5% attributable to Trident) (the "Royalty", and the acquisition thereof, the "Transaction") over the Sonora Lithium Project in Mexico ("Sonora") from the Estate of Colin Orr-Ewing (the "Estate
In accordance with the terms of the agreement to acquire the Royalty, the long-stop date to complete the Transaction has been extended to 31 December 2026. Trident has also agreed that other than in limited circumstances, the repayment date for its loan to Sonoroy is extended until the earlier of: (i) 31 December 2026; or (ii) completion of the Transaction.
As previously notified, the Royalty is the subject of litigation between the Estate and Bacanora, which is being adjudicated by the Court of King's Bench of Alberta. Trident may terminate the JV if the litigation is finally resolved in favor of Bacanora, or if it is unresolved by the long-stop date. In addition, the project operator Ganfeng Lithium Co, Ltd., and its Mexican subsidiaries, have filed administrative review recourses before the Secretary of Economy in relation to the cancellation of nine lithium concessions by the Mexican Government, which comprise the Sonora project. Ganfeng notes the cancellation as violating both Mexican and international law.1 Trident is not required to provide funding in respect of Sonoroy to enable it to complete the acquisition, if at the time of funding there are changes to Mexico's regulatory regime which, in Trident's reasonable opinion, materially affects the Sonora project.
Adam Davidson, Chief Executive Officer of Trident commented:
"The Sonora royalty has the potential to become a Tier 1 royalty, providing exposure to a long-life lithium project with expansion optionality and operated by a world class lithium specialist. The transaction structure provides Trident with the ability to participate in the potential significant upside associated with the project from a low-cost and protected position.
This extension to complete the Sonora royalty acquisition gives sufficient time to allow a resolution to both the Alberta litigation, as well as the administrative review filed by Ganfeng regarding the cancellation of the project concessions. The Estate and its advisors continue to be excellent partners, and we look forward to continued work alongside them as the situation evolves."
References
1: Source: Ganfeng Lithium 30 June 2023 Interim Results dated 29 August 2023
(https://www.ganfenglithium.com/ir_detail_en/id/2640.html )
The information contained within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 which is part of UK law by virtue of the European Union (Withdrawal) Act 2018. Upon the publication of this announcement, this inside information is now considered to be in the public domain.
** Ends **
Contact details:
Trident Royalties Plc Adam Davidson / Richard Hughes | +1 (757) 208-5171 / +44 7967 589997 |
Grant Thornton (Nominated Adviser) Colin Aaronson / Samantha Harrison / Enzo Aliaj | +44 020 7383 5100 |
Liberum Capital Limited (Joint Broker) Scott Mathieson / Cara Murphy | +44 20 3100 2184 |
Stifel Nicolaus Europe Limited (Joint Broker) Callum Stewart / Ashton Clanfield | +44 20 7710 7600 |
Tamesis Partners LLP (Joint Broker) Richard Greenfield | +44 20 3882 2868 |
St Brides Partners Ltd (Financial PR & IR) Susie Geliher / Zoe Briggs | +44 20 7236 1177 |
About Trident
Trident is a growth-focused diversified mining royalty and streaming company, providing investors with exposure to a mix of base battery, precious, and bulk metals.
Key highlights of Trident's strategy include:
· | Building upon a royalty and streaming portfolio which broadly mirrors the commodity exposure of the global mining sector (excluding fossil fuels) with a bias towards production or near-production assets, differentiating Trident from the majority of peers which are exclusively, or heavily weighted, to precious metals; |
· | Acquiring royalties and streams in resource-friendly jurisdictions worldwide, while most competitors have portfolios focused on North and South America; |
· | Targeting attractive small-to-mid size transactions which are often ignored in a sector dominated by large players; |
· | Active deal-sourcing which, in addition to writing new royalties and streams, will focus on the acquisition of assets held by natural sellers such as: closed-end funds, prospect generators, junior and mid-tier miners holding royalties as non-core assets, and counterparties seeking to monetise packages of royalties and streams which are otherwise undervalued by the market; |
· | Maintaining a low-overhead model which is capable of supporting a larger scale business without a commensurate increase in operating costs; and |
· | Leveraging the experience of management, the board of directors, and Trident's adviser team, all of whom have deep industry connections and strong transactional experience across multiple commodities and jurisdictions. |
The acquisition and aggregation of individual royalties and streams is expected to deliver strong returns for shareholders as assets are acquired on terms reflective of single asset risk compared with the lower risk profile of a diversified, larger scale portfolio. Further value is expected to be delivered by the introduction of conservative levels of leverage through debt. Once scale has been achieved, strong cash generation is expected to support an attractive dividend policy, providing investors with a desirable mix of inflation protection, growth and income.
Forward-looking Statements
This news release contains forward‐looking information. The statements are based on reasonable assumptions and expectations of management and Trident provides no assurance that actual events will meet management's expectations. In certain cases, forward‐looking information may be identified by such terms as "anticipates", "believes", "could", "estimates", "expects", "may", "shall", "will", or "would". Although Trident believes the expectations expressed in such forward‐looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those projected. Mining exploration and development is an inherently risky business. In addition, factors that could cause actual events to differ materially from the forward-looking information stated herein include any factors which affect decisions to pursue mineral exploration on the relevant property and the ultimate exercise of option rights, which may include changes in market conditions, changes in metal prices, general economic and political conditions, environmental risks, and community and non-governmental actions. Such factors will also affect whether Trident will ultimately receive the benefits anticipated pursuant to relevant agreements. This list is not exhaustive of the factors that may affect any of the forward‐looking statements. These and other factors should be considered carefully and readers should not place undue reliance on forward-looking information.
Third Party Information
As a royalty and streaming company, Trident often has limited, if any, access to non-public scientific and technical information in respect of the properties underlying its portfolio of royalties and investments, or such information is subject to confidentiality provisions. As such, in preparing this announcement, the Company often largely relies upon information provided by or the public disclosures of the owners and operators of the properties underlying its portfolio of royalties, as available at the date of this announcement.
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
SOURCE: Trident Royalties PLC
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Mining Exploration Entity or Oil and Gas Exploration Entity Quarterly Cash Flow Report
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RM Research Outlines Potential Rerating of Culpeo Minerals Driven by Chilean Copper Projects
ASX-listed Culpeo Minerals maintains two copper projects in Chile - Lana Corina and Fortuna - both located in Chile’s Coastal Cordillera, targeting district-scale, underexplored mineralised systems.
“RM Research maintains a speculative buy on the back of the potential to outline high-grade copper-molybdenum at Lana Corina which we believe has potential for mineral resources of +80Mt (million tons) @ >0.80 percent CuEq (copper equivalent,” RM Research stated in its analyst report dated April 16, 2024.
Culpeo recently increased its ownership of Lana Corina to 50 percent, earning 80 percent to 100 percent. Recent drilling at Lana Corina showed copper-molybdenum mineralization over a strike length of 2 to 3 kilometres.
“The return of a drill rig to Lana Corina is imminent with extensions of breccia/porphyry hosted mineralisation being targeted as well as deeper copper and molybdenum associated with the silica cupola. Further surface geochemical results are also due this quarter from the La Florida Prospect,” the analyst report cited as near-term catalysts.
The Fotuna property is 10 kilometres north of Lana Corina, comprising three prospects along a 3-kilometre strike length. Results of recent drilling at Fortuna include 26 metres @ 0.81 percent copper equivalent, with elevated surface channel and rock chip samples up to 1.3 percent copper and 2.4 grams per ton gold.
Report highlights:
- Culpeo has increased its ownership of Lana Corina, where recent drilling returned impressive results of copper and molybdenum, over a 2 to 3 kilometre strike length. Near-term drilling will likely target extensions of the wide high-grade copper mineralisation hosted within the outcropping breccia pipes and associated porphyry intrusion.
- Achieving success in either the Lana Corina or Fortuna projects may lead to a rerating of Culpeo Minerals to more than $100 million market capitalization.
- RM Research maintains a speculative buy for Culpeo, driven by the potential to define the high-grade copper-molybdenum at Lana Corina, with a possible mineral resource of more than 80 million tons @ more than 0.80 percent copper equivalent.
Read the full report here.
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Significant Gold, Copper and Nickel Soil Anomalies at Lady Grey Project
- New Gold, Copper and Nickel soil anomalies identified in the recently completed soil sampling programme
- >2km long gold anomaly coincident with structural flexure
- Peak result of 256ppb Au, with a total of 87 samples returning ≥25ppb Au
- Historic Bounty Gold Mine which produced ~1.3moz Au on Covalent Lithium’s (SQM & Wesfarmers, 50/50) Earl Grey Mine, 189Mt @1.53% Li2O¹ Mount Holland mine site located adjacent to Lady Grey Project
- Peak result of 170ppm Cu, with a total of 300 samples returning ≥50ppm Cu
- Peak result of 263ppm Ni, with a total of 464 samples returning ≥100ppm Ni
- Strong spatial correlation between Gold, Copper, Nickel and Sulphur anomalism
- Exploration work programmes targeting drilling mid year
Mr Brian Thomas, Technical Director of Lanthanein commented: “We are greatly encouraged by the identification of multiple new gold, copper and nickel anomalies picked up by the recent tenement wide soil sampling programme which adds another dimension to the project wide prospectivity following the recent discovery of two large Lithium anomalies, Godzilla and Avenger. The Forrestania region is well known historically for its significant gold production with the old Bounty Mine producing ~1.3moz Au, plus the region has proven nickel endowment with the IGO’s, Forrestania Operations ~30km to the south. We will now accelerate our work programmes and approvals processes to be drilling these targets by mid-year.”
Figure 1: New Gold Anomalies at the Lady Grey Lithium Project.
Figure 2: New Copper Anomalies at the Lady Grey Lithium Project.
Figure 3: New Nickel Anomalies at the Lady Grey Lithium Project.
Figure 4: New Sulphur Anomalies at the Lady Grey Lithium Project.
UltraFine+TM Soil Sampling Programme
The survey was completed on a minimum spacing of 400m x 100m, with a total of 1,893 soil samples collected.
Figures 1 through 4 show the soil anomalies delineated from the sampling results. The five gold soil anomalies in Figure 1, represent areas with >50ppb Au – considered highly anomalous using this soil sampling technique. The largest gold anomaly is extends over 2km of strike and is located in a highly favourable structural setting. The copper and nickel anomalies are spatially adjacent to each other along with the high sulphur with a peak value of 5.33% and 50 samples >0.05% which would indicate the presence of weathered sulphides. Exploration reconnaissance and further geochemical sampling is planned to investigate the potential for magmatic sulphides and the presence of gossanous outcrop or subcrop.
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This article includes content from Lanthanein Resources, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
Miramar Secures EIS Funding for Bangemall Ni-Cu-Co-PGE Drilling
Miramar has been advised by the Department of Energy, Mines, Industry Regulation and Safety (DEMIRS) that it has been awarded up to $180,000 towards the drilling campaign, which will target Norilsk-style nickel, copper, cobalt and platinum group element (Ni-Cu-Co-PGE) mineralisation at the Mount Vernon and Trouble Bore Projects for the first time (Figure 1).
Miramar is exploring for mafic intrusion-hosted Ni-Cu-Co-PGE sulphide mineralisation related to 1070Ma aged Kulkatharra Dolerite sills, part of the Warakurna Large Igneous Province and the same age as the large Nebo-Babel deposits in the West Musgraves.
Miramar’s Executive Chairman, Mr Allan Kelly, said the funding validated the Company’s exploration model and the potential district-scale opportunity within the Bangemall Project, and looked forward to the maiden drilling campaign.
“Over the last 24 months, the Company has advanced the Bangemall Projects from an exploration concept to regional-scale area selection followed by collection of project-scale datasets and, more recently, to delineation of individual drill targets through ground EM surveys,” Mr Kelly said.
“We have the opportunity to make a discovery of a new style of mineralisation in an underexplored geological province where we are the dominant landholder,” he added.
Upcoming work programme
Miramar’s initial aim is to show “proof of concept” of the Norilsk-style deposit model by discovering Ni-Cu- Co-PGE sulphide mineralisation.
- Upcoming work includes:
- Completion of heritage surveys where required
- Systematic rock chip sampling
- RC drilling
- Working towards grant of various tenement applications
Miramar already has Programme of Work (POW) approval for drilling at Mount Vernon and is currently waiting on approval for Trouble Bore.
Figure 1. Mount Vernon and Trouble Bore Projects showing airborne and ground EM anomalies in relation to Kulkatharra Dolerite sills.
Figure 2. Schematic diagram showing relationship between dolerite sills (green) and sedimentary units of the Edmund and Collier Basins, and the relative position of Miramar’s Ni-Cu-Co-PGE targets (red).
About the Ni-Cu-Co-PGE Bangemall Project
Miramar’s 100%-owned Bangemall Project comprises granted Exploration Licences and Applications covering approximately 2,190 km2 within the Gascoyne region of Western Australia.
The Proterozoic Edmund and Collier Basins have been intruded by numerous 1070Ma aged Kulkatharra Dolerite sills, part of the Warakurna Large Igneous Province, and the same age as the Giles Complex which hosts the large Nebo and Babel Ni-Cu deposits in the West Musgraves.
The region has been identified by both the Geological Survey of Western Australia and Geoscience Australia as having high prospectivity for Ni-Cu-PGE mineralisation associated with the Kulkatharra Dolerite sills, similar to the giant Norilsk-Talnakh Ni-Cu-PGE deposits in Russia.
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