Nova will also be granted a right of first refusal regarding an additional 0.540% NSR owned by the sellers on the same area. Nova will pay US$1 million in cash and $500,0000 in stock upon closing, $1 million in cash 12 months later and $3 million in cash following the ramp-up of production at either Copper World or Rosemont.

"We are excited to be adding another high-quality, long-life royalty to Nova's portfolio of generational assets. Copper World and Rosemont represent one of the largest and most strategic copper districts in the USA, with Hudbay recently reporting an initial mineral resource at Copper World of over 400 million tonnes," said Nova Royalty president and CEO Alex Tsukernik.

The royalty covers all the mineral reserves and resources at Copper World and Rosemont, allowing Nova to benefit from development optionality

Copper World hosts an indicated resource of 272Mt grading 0.36% copper, which includes a surface, higher-grade component of 96Mt grading 0.57%. It also includes an inferred resources of 142Mt grading 0.36%. A preliminary economic assessment is on track for delivery in the first half of 2022.

Rosemont hosts proven and probable reserves of 537Mt grading 0.45% copper.