Treasury Metals Inc. (TSX: TML) (OTCQX: TSRMF) is pleased to announce that it has closed its previously announced royalty agreement with an affiliate of Sprott Resource Streaming and Royalty Corp. in relation to the Company’s 100% owned Goliath Gold Complex, which comprises the Goliath, Goldlund and Miller Gold Projects.
Under the terms of the agreement, SRSR paid Treasury consideration of US$20 million for a 2.2% net smelter returns royalty covering all minerals produced from the GGC for the life of the Project. For details on the transaction, please see the Company’s press release from February 14, 2022. The proceeds from the financing will be used to advance the Project to a construction decision, including all economic studies, permitting, consultations and corporate G&A costs.
Jeremy Wyeth, President and CEO, commented: “We are extremely pleased to announce the closing of this transaction with our partners at Sprott, which will allow us to move the Goliath Gold Complex forward toward construction and operation. The Company is well funded with this US$20 million (approx. C$25 million at current exchange rate) financing, in addition to the cash resources we have on hand, providing Treasury with the necessary funding and financial flexibility to take us through studies, permitting and community consultations as we advance to a construction decision.”
About Treasury Metals Inc.
Treasury Metals Inc. is a gold focused company with assets in Canada. Treasury’s Goliath Gold Complex, which includes the Goliath, Goldlund and Miller deposits, is located in Northwestern Ontario. The deposits benefit substantially from excellent access to the Trans-Canada Highway, related power and rail infrastructure, and close proximity to several communities including Dryden, Ontario. The Company also owns several other projects throughout Canada, including Weebigee-Sandy Lake Gold Project JV, and grassroots gold exploration property Gold Rock. Treasury Metals is committed to inclusive, informed and meaningful dialogue with regional communities and Indigenous Nations throughout the life of all our Projects and on all aspects, including: creating sustainable economic opportunities, providing safe workplaces, enhancing of social value, and promoting community well-being.
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We acknowledge the [financial] support of the Government of Canada.