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Be the first with the news that moves the market- EMX Royalty Corporation (EMX) has received initial production royalty payments from its Gediktepe royalty property in western Turkey
- EMX holds a 10-per-cent net smelter return (NSR) royalty on oxide gold production at Gediktepe
- EMX has received payments for production from the months of June and July
- EMX is a precious, base and battery metals royalty company
- EMX Royalty Corporation was up 2.058 per cent, trading at $2.48 as at 10:32 AM ET
EMX Royalty Corporation (EMX) has received initial production royalty payments from its Gediktepe royalty property in western Turkey.
EMX holds a 10-per-cent net smelter return (NSR) royalty on oxide gold production at Gediktepe, a newly commissioned mine operated by Polimetal Madencilik Sanayi ve Ticaret A.S., a private Turkish company.
EMX has received payments for production from the months of June and July, totalling $1,842,452 inclusive of $281,052 in value-added tax for which EMX has credits to recover.
These represent the first royalty payments from Gediktepe after receiving notice that the definition of commercial production had been satisfied in early June.
The June and July payments are based upon the sales of 4,490 ounces of gold and 23,309 ounces of silver in June and 4,030 ounces of gold and 44,164 ounces of silver in July.
It should be noted that the payment for June was pro-rated for the portion of the month’s sales that took place after the satisfaction of the definition of commercial production in the royalty agreement, which took place on June 8.
In addition to the oxide gold royalty, EMX also owns a 2-per-cent NSR royalty on production from an underlying polymetallic copper, zinc, lead and gold deposit that is slated for future development.
Polimetal had informed EMX earlier in 2022 that it expects to produce between 35,000 and 45,000 ounces of gold per year from Gediktepe (with additional contributions from silver production) while mining the oxide gold cap over the next 3-4 years.
The production proceeds received for June and July production are consistent with those projections.
The Gediktepe volcanogenic massive sulfide (VMS) deposit is a polymetallic system with precious metal, copper, and zinc rich domains.
Polimetal is a wholly owned subsidiary of Lidya and serves as the operator for the Gediktepe project.
EMX is a precious, base and battery metals royalty company.
EMX Royalty Corporation was up 2.058 per cent, trading at $2.48 as at 10:32 AM ET.
