IAMGOLD Corp (TSX: IMG) has reportedly sold off a portfolio of royalty and streams to Summit Royalty Corp, a new royalty and streaming company in the process of being established.
The portfolio sold off includes a total of seven royalties and one stream, which was sold for total consideration of $17.5 million. Cash consideration under the sale amounts to $10 million, while the remaining $7.5 million was settled via the issuance of shares.
“Anchored by a cash flowing silver stream on the Bomboré mine operated by Orezone Gold Corporation and coupled with a suite of royalties with definitive timelines to production and meaningful expansion and exploration upside, Summit is poised to be the preeminent cash flowing junior royalty and streaming company focused on precious metals,” commented Summit’s CEO Drew Clark.
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Assets sold under the arrangement include:
- Bombore Silver Stream – A cash flowing 50% silver stream on the Bombore Mine operated by Orezone Gold in Burkina Faso
- Pitangui Royalty – A $80 per ounce production royalty on the first 250,000 ounces of gold sold on the mine operated by Jaguar Mining, which converts to a 1.5% NSR after the threshold has been met
- Zancudo Royalty – A 0.5% NSR royalty on the Zancudo Mine operated by Denarius Metals with production expected to begin in Q2 2025.
- Lavras do Sul Royalty – A 3.0% NSR royalty on the project owned by Lavras Gold Corp
Details on the additional royalty assets sold were not released.
IAMGOLD last traded at $10.28 on the TSX.
Information for this story was found via the sources and companies mentioned. The author has no securities or affiliations related to the organizations discussed. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
