Royalty Agreements

Cornish Metals Inc.

Through its strategic alliance with Osisko Gold Royalties, Cornish Metals acquired royalties in the Cantung (1%) and Mactung (4%) tungsten properties located in Yukon and Northwest Territories, Canada.

Osisko Gold Royalties

On August 30, 2017, Cornish Metals announced it agreed to sell a 1.5% Net Smelter Returns royalty to Osisko Gold Royalties Ltd. (TSX-OR) on all metals and minerals produced from the South Crofty tin project in Cornwall, UK, for $7.17 million. On February 22, 2021, Cornish Metals announced Osisko had converted its C$7.17 million senior secured convertible note into a 1.5% Net Smelter Return royalty with respect to the South Crofty tin project and a 0.5% NSR royalty on other mineral rights held by the Cornish Metals in Cornwall.

Electric Royalties Ltd.

On March 9, 2022, Cornish Metals announced that it has reached an agreement, through a wholly-owned subsidiary of the Company, to sell a 1% Net Smelter Returns Royalty (NSR) on its Sleitat tin-silver project in Alaska to Electric Royalties Ltd. (TSX-V:ELEC / OTCQB:ELECF) for the following consideration:

  • 1,000,000 common shares of Electric Royalties Ltd (“Consideration Shares”)
  • CDN$100,000 cash

Upon issuance at closing of the transaction, the Consideration Shares will be subject to a voluntary lock-up agreement whereby 50% of the Consideration Shares will be subject to a six month hold period and the balance subject to a one year hold period. The completion of the transaction noted herein is subject to completion of due diligence, approval of the TSX Venture Exchange and other customary conditions.

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