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"[We'll sell the] projects in Turkey for gold bullion … and royalty interests"

EMX Royalty Corp (TSXV: EMX) has announced it will sell its subsidiaries which own two projects in Turkey for a mix of gold bullion and royalties.
"[We'll sell the] projects in Turkey for gold bullion … and royalty interests" "[We'll sell the] projects in Turkey for gold bullion … and royalty interests" "[We'll sell the] projects in Turkey for gold bullion … and royalty interests" "[We'll sell the] projects in Turkey for gold bullion … and royalty interests" "[We'll sell the] projects in Turkey for gold bullion … and royalty interests"

EMX to receive gold and royalties in exchange for gold-copper projects

Staff reporter

It said private Turkish company Kar Mineral Madencilik İnşaat Turizm Sanayi ve Ticaret AS had agreed to acquire the Alanköy and Trab-23 exploration projects, which both contained outcropping and drill-defined gold and copper mineralisation.

EMX said on the transaction closing, it would receive 40 ounces of gold for Alanköy and 30oz for Trab-23.

"For the Alanköy project, EMX will receive annual advance royalty (AAR) payments of 35oz of gold for the first three years of the agreement, AAR payments of 45oz of gold in years four through six of the agreement, and AAR payments of 70oz of gold from and after the 7th anniversary," EMX said.

For Trab-23, it would get AAR payments of 35oz through the fourth anniversary of the agreement, and AAR payments of 45oz from and after the fifth anniversary.

It would also receive an uncapped 2.5% NSR on each project, plus a milestone payment of 500oz on receipt of key mine development permits at each.

"The gold bullion payments referred to above may be made in troy ounces of gold bullion or their cash equivalents," EMX said.

The transaction is subject to approval from the mining ministry and the renewal of the Alanköy licence.

EMX had C$75.5 million (US$57 million) in cash at June 30.

It has said it's aiming to sustain its royalty generation, royalty acquisition and strategic investment activities with positive cash flow, as was realised in 2018.

Its shares have ranged from C$1.40-$2 over the past year and closed down 2c yesterday to $1.81, capitalising it at $149 million (US$112 million).