Electric Royalties looks for sustained growth in 2024 after closing large royalty acquisition
08.05.2024 | NewsDirect
Electric Royalties CEO Brendan Yurik joined Steve Darling from Proactive to share details the company has announced the successful closure of the company's previously disclosed transaction to acquire a comprehensive portfolio comprising 18 royalty agreements and 32 lithium properties situated in Ontario.Yurik elaborated on the portfolio's composition, highlighting its inclusion of 18 royalties and 32 lithium properties. Notably, 31 of the 32 properties are presently under exploration by third parties pursuant to option agreements. Subject to the fulfillment of option payments over the next two and a half years and the exercise of options, each property would transition into royalty interests for Electric Royalties. The company would retain ownership of any properties not transferred to optionees, with the flexibility to re-option, sell, or relinquish such properties. These properties encompass promising land situated on geological trends similar to, and surrounding, significant lithium discoveries in Ontario. Moreover, six out of 24 developed lithium prospects in Ontario with documented reserves or resources are proximate to these properties.
Electric Royalties' acquisition underscores its strategic positioning within the burgeoning lithium sector, capitalizing on the potential of Ontario's lithium resources and reinforcing its commitment to expanding its royalty portfolio in key mining jurisdictions.
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