Silver Crown Royalties Inc (SCRi), announce the signing of a definitive silver royalty agreement with PPX Mining Corp. The Agreement contemplates the acquisition of a royalty for up to 15% of the cash equivalent of silver produced from PPX’s Igor 4 project in Peru less customary; deductions for an aggregate of US$2.5 million in cash. The first tranche of US$1.0 million is to be paid on closing which is expected to occur in early 2025, with the second tranche of US$1.5 million to be paid within six months of Closing.
Upon Closing, Silver Crown will be granted a Royalty for 6% of the cash equivalent of silver produced from the
Project which will automatically be increased to 15% upon the completion of the Second Tranche. If the Second Tranche is not completed within 6 months of Closing, PPX may repurchase the royalty for US$1.0 million in cash less any Royalty payments made to date.
The Royalty will be payable immediately based on current operations at the Project and, beginning on and from the earlier of October 1, 2025 and the startup of metallurgical operations at the 250 tpd CIL and flotation plant currently under construction at the Project, will provide for minimum deliveries of the cash equivalent of 14,062.5 ounces of silver per quarter up to a total of 225,000 ounces.
Upon the closing of the Second Tranche, and upon the delivery of the cash equivalent of an aggregate of 225,000 ounces of silver to Silver Crown, the Royalty will automatically terminate. PPX intends to use the proceeds from the sale of the Royalty together with other sources of financing to complete the construction of the Beneficiation Plan.
Peter Bures, Silver Crown’s Chief Executive Officer commented, “The PPX transaction marks a significant step forward toward free cash flow for the Company while underscoring our diversification strategy. We are thrilled to welcome this Peruvian producer into our expanding portfolio of revenue generating royalties. With over 20,000 annual silver ounces currently, we anticipate reaching 80,000 silver ounces annually by Q4 2025 with the full completion of this transaction.”
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