- Clean Air Metals (AIR) has closed the first tranche of a C$15-million mineral royalty financing agreement with Triple Flag Precious Metals Corp
- The TF Royalty Agreement includes a 2.5 per cent NSR for all mineral products produced on the Thunder Bay North Critical Minerals Project
- CEO and Director Abraham Drost sat down with Daniella Atkinson to discuss the news
- Clean Air Metals is developing its flagship high-grade Thunder Bay North Project, a platinum, palladium, copper and nickel project near Thunder Bay, Ontario
- Clean Air Metals (AIR) opened trading at $0.125 per share
Clean Air Metals (AIR) has closed the first tranche of a C$15-million mineral royalty financing agreement with Triple Flag Precious Metals Corp.
The TF Royalty Agreement features a 2.5 per cent net smelter returns (NSR) mining royalty for all mineral products produced on the Thunder Bay North Critical Minerals Project.
The second tranche, consisting of C$5 million, will be paid within 110 days of the effective date of the TF Royalty Agreement.
Benton Resources Inc. will allow the TF Royalty Agreement to be applied to the former Thunder Bay North claims previously held by Panoramic Resources Inc. and ultimately to the Escape claims formerly held by Benton Resources under option with RTEC.
Proceeds of the royalty financing will be used to finance the last instalment payment of C$1.5 million cash to Panoramic Resources Inc. as the final vesting condition of the option agreement with Benton Resources, complete the Prefeasibility Study for the project, and advance exploration activities.
Abraham Drost, Chief Executive Officer of Clean Air Metals, sat down with Daniella Atkinson to discuss the news.
“The exploration upside at this Mid-Continent Rift-related mineral system being developed at Thunder Bay North is considerable. We look forward to continuing the search for the source of high-value massive sulphide deposits in feeder zone structures for the benefit of our Indigenous partners and other stakeholders, Clean Air Metals shareholders and our new finance partner Triple Flag Precious Metals Corp.
Clean Air Metals is developing its flagship high-grade Thunder Bay North Project, a platinum, palladium, copper and nickel project near Thunder Bay, Ontario.
Clean Air Metals (AIR) opened trading at $0.125 per share.
