Empress Royalty Corp executed a binding term sheet with Milford Mining Company Utah, LLC to purchase a 5% royalty on the gross gold and silver ounces produced and sold from the Milford Mine, for US$3,000,000. Milford Mining advises that it intends to use the proceeds from the sale of the Royalty to increase the production capacity of the Mine to meet the growing global demand.
Since acquiring the Mine in 2023, Milford Mining has focused on revitalizing processing infrastructure and implementing sustainable mining practices to enhance operational efficiency at the Mine. The planned expansion aims to scale operations, exploring new targets across the mineralized district, and enhance infrastructure to support future growth.
“This transaction represents a significant milestone for Empress – our first US royalty and a highly strategic addition to our portfolio of precious metal royalties and streams,” stated Alexandra Woodyer Sherron, CEO & President of Empress Royalty. “The Milford Mine offers near-term production, a scalable restart plan, and valuable gold and silver by-products that align with our core investment thesis.
We structured the royalty to reflect our disciplined approach to capital allocation, and we expect to fund the investment using our existing cash and precious metal holdings. We are excited to support Milford Mining and look forward to closing the transaction in the near future.”
The closing and funding of the Royalty are subject to the execution of a definitive agreement between the Company and Milford. Certain key terms that have been agreed include; 1: The Royalty is a 5% royalty on the gross gold and silver ounces produced and sold from the Mine. 2: The purchase price for the Royalty is US $3,000,000 payable to Milford Mining at closing. 3: The Royalty will terminate when the payments made to Empress total US $12,000,000.
– If certain minimum monthly gold and silver sales are not achieved by Milford Mining, Empress will receive a payment to top it up to the amount of the Royalty payments it would have received had these minimum sales levels been met.
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