EMX Royalty to Buy New Royalties With Franco-Nevada
By Robb M. Stewart
EMX Royalty is partnering with miner Franco-Nevada to jointly buy up to $10 million in precious metals and copper royalties sourced by EMX.
The precious-, base- and battery-metals royalty company said Tuesday that it has signed a binding term sheet that will see it commit up to $4.5 million and Franco-Nevada up to $5.5 million for the acquisition of royalties.
The agreement is expected to accelerate the growth of EMX's royalty portfolio by allowing the company to direct a larger amount of capital toward new royalty acquisitions through exploration royalty financing or other entrepreneurial means. EMX's portfolio includes more than 250 exploration and early stage royalty generation projects, and six producing and 11 advanced royalty properties.
The initial term of the agreement is three years, or until the maximum contribution totaling $10 million from both companies has been met, and may be extended, EMX said.
EMX said it will source newly created precious-metals royalties and/or copper royalties exclusively for the two companies, though the agreement won't apply to the purchase of existing third-party royalty interests or exploration lands.
Write to Robb M. Stewart at robb.stewart@wsj.com
(END) Dow Jones Newswires
August 01, 2023 07:10 ET (11:10 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.-
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