Trident Royalties Acquires Copper-Zinc Royalty
Trident Royalties Plc the AIM-listed mining royalty company, has acquired a net smelter return royalty on all metal production from New World’s flagship Antler Copper Project copper-zinc polymetallic deposit located in Arizona, USA. Under the terms of the deal trident will pay A$11 million for 0.90% NSR royalty over the current tenement package which covers the entire project, including the Antler deposit and five named exploration targets and an additional 0.45% NSR royalty over any ground subsequently acquired by New World within 5km of the project.
Antler is an advanced stage, high-grade copper-zinc polymetallic deposit in a secure mining supportive jurisdiction1 with a JORC (2012) compliant Mineral Resource estimate of 11.4Mt @ 4.1% Cu-equivalent for approximately 467,000 tonnes of Cu-equivalent. Enhanced Scoping Study published in May 20233, highlighted the strong project economics, with a pre-tax NPV@7% of US$835 million and a low capital expenditure of US$252 million, delivering an IRR of 40.2% with commencement of pre-construction development works targeted for Q1 2025.
Adam Davidson, Chief Executive Officer of Trident commented:
“At the end of last year, we indicated that the market for royalties was becoming more active as projects looked for funding outside of traditional equity and debt markets. That has proven to be the case, with Antler marking our fifth transaction this year.
“This is a highly attractive royalty. The commodity mix complements our existing portfolio, with future-facing base metals to sit alongside our lithium, precious metals, and existing base metals exposure. The location and management of the asset are both excellent and we expect the royalty to deliver significant value for Trident shareholders.”