TSXV: NOVR
OTCQB: NOVRF
(All dollar amounts are in United States Dollars unless otherwise
indicated)
VANCOUVER, BC, July 13,
2023 /CNW/ - Nova Royalty
Corp. ("Nova" or the "Company") (TSXV: NOVR)
(OTCQB: NOVRF) is pleased to announce that, further to its news
release dated June 29, 2023, the
Company has completed its acquisition of an existing 0.25% net
smelter return ("NSR") royalty (the "Royalty"), on
the Tatogga Property ("Tatogga"), which contains the Saddle
North copper-gold-silver deposit ("Saddle North") located in
British Columbia, Canada, owned by
Newmont Corporation ("Newmont") (NYSE: NEM) (TSX: NGT). Nova
has also been granted a Right of First Refusal (the "ROFR")
with respect to an additional 0.25% NSR royalty owned by the Seller
covering the same area as the Royalty (collectively, the
"Transaction").
The aggregate purchase price for the Transaction was
$3,750,000 and included upfront
consideration of $1,000,000 in cash
and $2,750,000 in common shares of
Nova (the "Consideration Shares"), of which Nova issued
2,159,429 Consideration Shares at C$1.6879 per Consideration
Share, calculated based on the 20-day volume weighted average
trading price of the common shares of Nova prior to the effective
date of the Transaction agreement.
Other terms of the Transaction were disclosed in Nova's news
release dated June 29, 2023.
About Saddle North and
Tatogga(1)
Saddle North is a large-scale, high-quality copper-gold-silver
deposit located on the Tatogga Property in British Columbia's Golden Triangle, one of
Canada's premier mining camps.
Tatogga is owned by Newmont, an industry-leading mining company
with a track record of success. The Royalty covers approximately
37,000 hectares and has considerable exploration potential. The
last reported mineral resource estimate for Saddle North included
1.81 billion pounds of copper, 3.47 million ounces of gold, and
7.58 million ounces of silver contained in Indicated Resources, and
2.98 billion pounds of copper, 5.46 million ounces of gold, and
11.64 million ounces of silver contained in Inferred Resources.
About Nova
Nova Royalty Corp. is a copper and nickel-focused royalty
company. Nova has assembled a portfolio of royalties on a
significant proportion of the next generation of major copper
projects located in 1st-tier jurisdictions, providing investors
exposure to some of the most critical resource assets for the clean
energy transition. These projects are being advanced by the world's
premier mining companies, which include First Quantum, Lundin
Mining, Newmont, Hudbay, Anglo
American and Glencore, among others. The Company is
headquartered in Vancouver, British
Columbia and is listed on the TSX Venture Exchange under the
trading symbol "NOVR" and on the US OTCQB under the trading symbol
"NOVRF".
On Behalf of Nova Royalty Corp.,
(signed) "Hashim Ahmed"
Interim Chief Executive Officer
Phone: (647) 970-4113
Neither the TSX Venture Exchange nor its Regulation Service
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Notes:
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(1)
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Refer to GT Gold
Corp.'s NI 43-101 Technical Report entitled "NI 43-101 Technical
Report on the Saddle North Copper-Gold Project, Tatogga Property"
prepared by Richard Flynn, P.Geo, Next Mine Consulting. Effective
as of July 6, 2020 and filed under GT Gold Corp.'s profile on SEDAR
on August 20, 2020.
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Technical and Third-Party
Information
Except where otherwise stated, the disclosure in this press
release relating to Saddle North are based on information publicly
disclosed by the current or former owners or operators of the
respective properties and information/data available in the public
domain as at the date hereof and none of this information has been
independently verified by nova. Nova has limited, if any, access to
the properties on which Nova holds a royalty, stream or
other interest. The Company may from time to time receive
operating information from the owners and operators of the mining
properties, which it is not permitted to disclose to the public.
Nova is dependent on (i) the operators of the mining properties and
their qualified persons to provide information to Nova, or (ii)
publicly available information to prepare disclosure pertaining to
properties and operations on the properties on which Nova holds
royalty or other interests, and generally has limited or no ability
to independently verify such information. Although Nova does not
have any knowledge that such information may not be accurate, there
can be no assurance that such third-party information is complete
or accurate. Some reported public information in respect of a
mining property may relate to a larger property area than the area
covered by Nova's royalty or other interest. Nova's royalty or
other interests may cover less than 100% of a specific mining
property and sometimes may only apply to a portion of the publicly
reported mineral reserves, mineral resources and or production from
a mining property.
Unless otherwise indicated, the technical and scientific
disclosure contained or referenced in this press release, including
any references to mineral resources or mineral reserves, was
prepared in accordance with Canadian National Instrument 43-101
Standards of Disclosure for Mineral Projects ("NI 43-101").
Canadian standards for public disclosure of scientific and
technical information concerning mineral projects differ
significantly from the requirements of the U.S. Securities and
Exchange Commission under subpart 1300 of Regulation S-K (the
"SEC Modernization Rules"). Nova is not currently subject to
the SEC Modernization Rules. Accordingly, the scientific and
technical information contained or referenced in this press release
may not be comparable to similar information made public by U.S.
companies subject to the reporting and disclosure requirements of
the SEC Modernization Rules.
"Inferred mineral resources" have a great amount of uncertainty
as to their existence and great uncertainty as to their economic
and legal feasibility. It cannot be assumed that all or any part of
an inferred mineral resource will ever be upgraded to a higher
category. Historical results or feasibility models presented herein
are not guarantees or expectations of future performance.
Qualified Person
Technical information contained in this press release originates
in the public disclosure set out above and has been reviewed and
approved by Christian Rios, AIPG Certified Professional
Geologist, Advisor to Nova and a Qualified Person as defined in NI
43-101.
Cautionary Note Regarding
Forward-Looking Statements
This press release contains "forward-looking information" and
"forward-looking statements" within the meaning of applicable
securities legislation. The forward-looking statements herein are
made as of the date of this press release only, and the Company
does not assume any obligation to update or revise them to reflect
new information, estimates or opinions, future events or results or
otherwise, except as required by applicable law. Often, but not
always, forward-looking statements can be identified by the use of
words such as "plans", "expects", "is expected", "budgets",
"scheduled", "estimates", "forecasts", "predicts", "projects",
"intends", "targets", "aims", "anticipates" or "believes" or
variations (including negative variations) of such words and
phrases or may be identified by statements to the effect that
certain actions "may", "could", "should", "would", "might" or
"will" be taken, occur or be achieved. Forward-looking information
in this press release includes, but is not limited to, exploration
and expansion potential, production, recoveries and other
anticipated or possible future developments on the Saddle North
project, including, without limitation, exploration and
development activities; current commodity prices; the payment
frequency of the Royalty; current and potential future estimates of
mineral reserves and resources; future commercial production from
the Saddle North project or other designated areas; and exercise of
the ROFR. Forward-looking statements and information are subject to
various known and unknown risks and uncertainties, many of which
are beyond the ability of Nova to control or predict, that may
cause Nova's actual results, performance or achievements to be
materially different from those expressed or implied thereby, and
are developed based on assumptions about such risks, uncertainties
and other factors set out herein, including, but not limited to,
the risk that the exploration and expansion potential, production,
recoveries and other anticipated or possible future developments
on the Saddle North project, including, without limitation,
exploration and development activities will not occur or be as
anticipated; that the ROFR will not be exercised; that the payment
frequency of the Royalty and the future commercial production from
the Saddle North project or other designated areas will not be as
anticipated; that the current and potential future estimates of
mineral reserves and resources will not be accurate; and the risk
factors set out under the heading "Risk Factors" in the Company's
annual information form dated March 23,
2023 available for review on the Company's profile at
www.sedar.com. Such forward-looking information
represents management's best judgment based on information
currently available. Except as required by applicable securities
laws, the Company undertakes no obligation to update these
forward-looking statements in the event that management's beliefs,
estimates or opinions, or other factors, should change. No
forward-looking statement can be guaranteed and actual future
results may vary materially. Accordingly, readers are advised not
to place undue reliance on forward-looking statements or
information.
SOURCE Nova Royalty Corp.