The Prospector News

PPX Subscribes US$ 2.5 Million Silver Royalty LOI

You have opened a direct link to the current edition PDF

Open PDF Close

Share this news article

PPX Subscribes US$ 2.5 Million Silver Royalty LOI






PPX Mining Corp. (TSX-V: PPX) (BVL: PPX) is pleased to announce that today, it has subscribed a letter of intent with Silver Crown Royalties Inc. for a silver royalty to complete project financing for the 350 tpd CIL and flotation plant that the Company intends to build. The plant will process oxide and sulfide ore, currently mined from its high-grade Callanquitas Mine (Igor Project), located in La Libertad, Peru. One of the Company’s subsidiaries is in the final stage to receive its permit to start construction.

The key terms of this financing are as follows:

  • US$ 2.5 million funding payable in cash for a 15% silver royalty at the Igor 4 mining concession.
  • The royalty expires upon the delivery of 250,000 ounces of silver or five years from closing, whichever occurs later.
  • Starting June 1, 2025, an annual minimum of 50,000 ounces of silver applies.
  • The Company has the option, at its sole discretion, to increase the minimum annual silver ounces delivered to 100,000, increasing the termination cap from 250,000 to 500,000 silver ounces against additional US$ 2.5 million, payable in shares of SCR at C$0.50 per common share or 5-day trailing VWAP of the common share, whichever is greater.
  • The transaction is subject to due diligence.  At commercially reasonable efforts, both parties expect to conclude due diligence by March 31, finalize definitive agreement by May 15 and close by June 30, 2024.


Brian Imrie, Executive Chairman commented “we are delighted to subscribe this LOI with SCR for a silver royalty transaction. This funding, together with the US$6M facility that the Company had already secured, completes the financing for its processing plant, allowing PPX to start unlocking material value from its Igor Project and setting the basis for a solid growth path.”




PPX Mining Corp. is a Canadian-based mining company with assets in northern Peru. Igor, the Company’s 100%-owned flagship gold and silver project, is located in the prolific Northern Peru gold belt in eastern La Libertad Department.





Founded by industry veterans, SCR is a pre-IPO stage revenue-generating silver-only royalty company focused on silver as by-product credits. SCR aims to minimize the economic impact on mining projects while maximizing returns for shareholders. SCR presently has two sources of revenues and continues to build on this foundation, targeting additional operational silver-producing projects.


Posted March 12, 2024

Share this news article


Atico Produces 3.73 Million Pounds of Cu and 2,874 Ounces of Au in Second Quarter 2024

Atico Mining Corporation (TSX-V: ATY) (OTCQX: ATCMF) announces it... READ MORE

July 19, 2024

Lithium Ionic Completes US$20 Million Royalty Agreement with Appian Capital

Lithium Ionic Corp. (TSX-V: LTH) (OTCQX: LTHCF) (FSE: H3N) is ple... READ MORE

July 19, 2024

Golden Cariboo Intersects New Discovery with Multiple Examples of Visible Gold in Each of Three Drill Holes at the Halo Zone 830m from the Quesnelle Gold Quartz Mine

Golden Cariboo Resources Ltd. (CSE: GCC) (OTC: GCCFF) (WKN: A402C... READ MORE

July 18, 2024

North Bay Resources Acquires Mt. Vernon Gold Mine, Sierra County, California, with Assays up to 4.8 oz. Au per Ton

North Bay Resources Inc. (OTC: NBRI) is pleased to announce it ha... READ MORE

July 18, 2024

Entrée Resources Announces Additional Drill Results and Provides an Update on Underground Development Work

Entrée Resources Ltd. (TSX:ETG) (OTCQB:ERLFF)  is pleased to pr... READ MORE

July 18, 2024

Copyright 2024 The Prospector News