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Osisko Gold Royalties Ltd (the "Corporation" or "Osisko") (OR: TSX & NYSE) is pleased to announce that it has acquired a 1.0% net smelter return ("NSR") royalty (the "Royalty") covering the Namdini Gold Project ("Namdini") in Ghana. Osisko has closed the transaction with Savannah Mining Limited ("Savannah"), acquiring a direct interest in 50% of Savannah's 2.0% NSR royalty for total consideration of US$35 million (excluding applicable taxes and levies).
HIGHLIGHTS
Near-term gold equivalent ounces ("GEO") from a Fully-Permitted Project Currently Under Construction
Operator is a Large-Scale and Experienced Global Miner
Jurisdiction with Well-Established Mining Act and Laws
Osisko Granted Additional Rights
Paul Martin, Interim CEO of Osisko commented: "Today's announcement highlights Osisko's continued ability to uncover and execute on accretive precious metals transactions. Namdini is a long-life, low-cost, open-pit gold project located in Ghana, one of West Africa's most prolific gold producing countries. The project is being advanced through construction and into production by Shandong; a company which Osisko is confident will continue to develop and operate the mine in a responsible manner. We look forward to having the 1.0% NSR on Namdini contribute to our near-term cash flows and GEO growth profile."
NAMDINI GOLD PROJECT
The Namdini Gold Project is an open-pit gold project located in Ghana, approximately 50 km southeast of the town of Bolgatanga, and close to the southern border of Burkina Faso. In January 2021, Shandong closed the A$540 million (~US$400M) acquisition of the company that owned Namdini, Cardinal Resources Inc.
An October 2019 NI 43-101 compliant Feasibility Study on Namdini, completed by Lycopodium for the previous project owner Cardinal (the "Feasibility Study"), outlined average annual gold production of 287,000 ounces over an initial 15-year mine life. The Feasibility Study also highlighted ~421,000 ounces of gold to be produced in the first 12 months of operation, and 1.1 million ounces forecasted in the first 3 years of full production. The total Proven and Probable Ore Reserve in the Feasibility Study was estimated at 138.6 Mt at 1.13 g/t Au with a contained gold content of 5.1 Moz. Of this total, 92% of the contained gold was within the Probable Ore Reserve category.
The Feasibility Study also highlighted the development of a single open-pit mine feeding a conventional crushing, SAG mill, regrind, high shear oxidation and CIL circuits, with development expected to initially focus on a high-grade starter pit area towards the north of the deposit.
Qualified Person
The scientific and technical content of this news release has been reviewed and approved by Guy Desharnais, Ph.D., P.Geo., Vice President, Project Evaluation at Osisko Gold Royalties Ltd, who is a "qualified person" as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects ("NI 43-101").
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