ELEC - Electric Royalties looks for sustained growth in 2024 after closing large royalty acquisition
(NewsDirect)
Electric Royalties CEO Brendan Yurikjoined Steve Darling from Proactive to share details the company hasannounced the successful closure of the company's previouslydisclosed transaction to acquire a comprehensive portfolio comprising18 royalty agreements and 32 lithium properties situated inOntario.
Yurik elaborated on theportfolio's composition, highlighting its inclusion of 18royalties and 32 lithium properties. Notably, 31 of the 32 propertiesare presently under exploration by third parties pursuant to optionagreements. Subject to the fulfillment of option payments over thenext two and a half years and the exercise of options, each propertywould transition into royalty interests for Electric Royalties. Thecompany would retain ownership of any properties not transferred tooptionees, with the flexibility to re-option, sell, or relinquish suchproperties. These properties encompass promising land situated ongeological trends similar to, and surrounding, significant lithiumdiscoveries in Ontario. Moreover, six out of 24 developed lithiumprospects in Ontario with documented reserves or resources areproximate to these properties.
Electric Royalties'acquisition underscores its strategic positioning within theburgeoning lithium sector, capitalizing on the potential ofOntario's lithium resources and reinforcing its commitment toexpanding its royalty portfolio in key miningjurisdictions.
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