Strategic Minerals Europe Corp. (NEO: SNTA) (FRA: 26K0) (OTCQB: SNTAF) a company focused on the production, development, and exploration of tin, tantalum and niobium, is pleased to announce that Electric Royalties Ltd. (TSXV: ELEC) (OTCQB: ELECF) has exercised its option to increase its existing 0.75% Gross Revenue Royalty on the producing Penouta tin-tantalum mine in Spain by a further 0.75% in exchange for a cash payment of C$1,250,000. Electric Royalties now holds an aggregated 1.5% GRR on Penouta.
Upon receipt by Electric Royalties of C$1,666,667 in aggregate royalty revenues from the GRR, the royalty rate will be reduced to 1.25%. Upon receipt by Electric Royalties of C$3,333,334 in aggregate royalty revenues from the GRR, the royalty rate will be reduced to 1.0%. Electric Royalties acquired the Option as part of its acquisition of the original 0.75% GRR on Penouta in January 2023.
Jaime Perez Branger, CEO of Strategic Minerals, commented: “The exercise of the Option by Electric Royalties reaffirms its confidence in our operations at the Penouta Mine, which has been experiencing a steady increase in primary concentrate production and sales”.
About Strategic Minerals Europe Corp.
Strategic Minerals’ wholly-owned subsidiary, Strategic Minerals Spain, S.L.U. produces, identifies, explores, and develops mineral resource properties critical to the green economy, predominantly in Spain. SMS holds permits, and a production license for the Penouta Project, and a 30% carried joint venture interest in the Alberta II/Carlota Lithium Project. SMS is the largest producer of cassiterite concentrate and tantalite in the European Union and has been recognized within the EU as an exemplary company of good practices in the circular economy. The Company is well-positioned as a major producer of sustainable and conflict-free tin, tantalum, and niobium and, through the Alberta II/Carlota Joint Venture, is exploring for lithium. Strategic Minerals is a “reporting issuer” under applicable securities legislation in the provinces of British Columbia, Alberta, and Ontario.
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