Empress Royalty executes US$10M gold stream agreement on Sierra Antapite mine in Peru

Empress Royalty Corp. has announced the execution of a US$10 million gold stream agreement on the Sierra Antapite mine in Peru.  Sierra Sun Group owns the mine through its Peruvian company Sierra Antapite S.A.C Mining Unit.  "We are pleased to announce that Empress has executed a US$10M gold stream, which will become our first revenue-generating investment," said Empress CEO Alexandra Woodyer Sherron in a statement.  READ: Empress Royalty amends agreement with mining sector advisor Endeavour Financial to accelerate growth "We are excited to be working with Sierra Sun Group to provide funding for expansion of production at their Sierra Antapite gold mine. The Sierra Antapite investment is a turning point for our company, transforming Empress into a revenue-generating royalty and streaming company," Sherronin added. Empress said the gold stream agreement (the Stream) on the payable gold production from the Sierra Antapite mine is at 20% of the gold spot price.  In addition, the Stream is on 4.5% of the payable gold production for the first 11,000 gold ounces and 1% thereafter for the life of mine. The Stream will be registered and secured against the mine.  Empress said the Stream will be funded in two tranches of US$5 million. The first tranche of US$5 million was funded on July 28 and the final tranche is anticipated to be completed by the end of September 2021. The company added that the mine will use its investment to increase processing capacity from 750 to 1,000 tonnes per day. Contact the author: patrick@proactiveinvestors.com Follow him on Twitter @PatrickMGraham