2nd Sep 2022 10:37
Trident Royalties PLC - London-based mining royalty and streaming company - Plans to fast track proposals for stage 2 production at the Lincoln Gold project in California. Says it has adjusted the payment arrangements after its developer Seduli Sutter Operations Corp said it intends to suspend Stage 1 production and prioritise mineral resource expansion and study activities. This is to facilitate the funding and development of Stage 2 production, aiming for 1,000 tonnes per day and about 80,000 ounces of gold per year.
Says it has "agreed to provide various waivers in relation to its security position in exchange for the implementation of a minimum payment schedule, which will replace the revenue expected from deferred Stage 1 production". Says it has received the first payment of USD173,500 yesterday, with additional payments scheduled on a quarterly basis until the company has received a total of USD3.0 million.
Chief Executive Officer Adam Davidson says: "Trident is supportive of the proposed re-focus on resource expansion and fast-track plans for Stage 2 production. Seduli is now able to focus on maximising the value of Lincoln with additional exploration and study work to support a larger operation in due course."
Current stock price: 46.50 pence
12-month change: up 33%
By Xindi Wei; [email protected]
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