The investments come from Triple Flag Precious Metals Corporation, a Toronto Stock Exchange (TSX) listed company specializing in intellectual property licensing royalties. As per miningweekly, Triple Flag Precious Metals has acquired the right to receive a net smelter returns (NSR) royalty on Clean Air Metals' Thunder Bay North project in Northern Ontario, Canada, effective December 15.
A total C$15-million will be funded in two tranches, with the first C$10-million tranche having been funded on December 15 and the second tranche of C$5-million to be paid within the next three months, to allow for due diligence and a decision by Rio Tinto Exploration Canada on whether or not to sell its 1% NSR royalty on a portion of the project to Clean Air Metals for C$2-million.
Rio also has an alternative option to sell its 1% NSR to Clean Air Metals for C$3.5-million at a future date.
The Thunder Bay North project is a platinum, palladium, copper and nickel project, featuring a ten-year tamp-access underground mine plan and more exploration potential.
Vladimir Malakhov, Rough&Polished
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