VANCOUVER, BC, Dec. 21, 2020 /CNW/ - Maverix Metals Inc. (the
"Company" or "Maverix") (NYSE American: MMX) (TSX: MMX) is pleased
to provide an update on certain royalties included in the Newmont
Corporation ("Newmont") royalty portfolio that the Company acquired
on October 29, 2020.
Rights of First Refusal
Certain royalties included in the Newmont royalty portfolio were
subject to a right of first refusal ("ROFR") in favour of the
underlying asset owner.
Camino Rojo
Orla Mining Ltd. ("Orla") has elected not to exercise its ROFR
on the 2.0% net smelter return ("NSR") royalty on oxide and
transitional ore production from the Camino Rojo project located in
Zacatecas, Mexico. On November 26, 2020, Orla provided a construction
update on the project announcing that all permit conditions have
been satisfied for site activities to begin. Earth moving
activities have started and detailed engineering is 90% complete.
Current activities include mobilization of the earthworks
contractor and installation of the construction camp and offices.
Construction of the power line to site continues ahead of schedule
and process plant equipment has started to arrive on site,
including crusher and conveyor equipment. Orla expects the first
gold pour in the second half of 2021.(1)
Yecora
Criscora, S.A. de C.V. ("Criscora"), a wholly owned subsidiary
of TCP1 Corporation, will acquire the 1.0% NSR royalty on the
Yecora project located in
Sonora, Mexico for a cash payment
of $1.5 million, which Maverix will
receive.
Cristina
The ROFR on the Cristina project located in Chihuahua, Mexico, was not exercised and
Maverix will acquire the 2.0% NSR royalty.
Mexico Anti-Trust Approval
The transfer of the Mexican royalties to Maverix is subject to
the authorization of the Federal Economic Competition Commission in
Mexico (Comisión Federal de
Competencia Económica).
(1) For more information on Camino
Rojo, please refer to Camino Rojo description page on the Orla
website, the December 2020 corporate presentation, the news
releases dated November 26, 2020, and the Technical Report entitled
"Feasibility Study, NI 43-101 Technical Report on the Camino Rojo
Gold Project – Municipality of Mazapil, Zacatecas, Mexico" dated
June 25, 2019, available at www.orlamining.com, or under Orla's
profile at www.sedar.com.
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Qualified Person
Brendan Pidcock, P.Eng., is Vice
President Technical Services for Maverix, and a qualified person
under National Instrument 43-101 – Standards of Disclosure for
Mineral Projects, has reviewed and approved the scientific and
technical disclosure contained in this news release.
About Maverix
Maverix is a gold-focused royalty and streaming company with a
globally diversified portfolio of over 100 assets. Maverix's
mission is to increase per share value by acquiring precious metals
royalties and streams. Its shares trade on both the NYSE American
and the TSX under the symbol "MMX".
Cautionary statements to U.S. investors
Information contained or referenced in this press release or in
the documents referenced herein concerning the properties,
technical information and operations of Maverix has been prepared
in accordance with requirements and standards under Canadian
securities laws, which differ from the requirements of US
securities laws. The terms "mineral resource" and "inferred mineral
resource" used in this press release or in the documents
incorporated by reference herein are mining terms as defined in
accordance with NI 43-101 under guidelines set out in the
Definition Standards for Mineral Resources and Mineral Reserves
adopted by the Canadian Institute of Mining, Metallurgy and
Petroleum Council on 11 December
2005. While the terms "mineral resource", and "inferred
mineral resource" are recognized and required by Canadian
securities laws, they are not recognized by SEC standards and
normally are not permitted to be used in reports filed with the
SEC. Investors are cautioned not to assume that all or any part of
the disclosed mineral resource estimates will ever be confirmed or
converted into reserves that meet the definitions used by the
SEC. Disclosure of contained ounces are or may be
permitted disclosure under regulations applicable to Maverix;
however, the SEC normally only permits issuers to report
mineralization that does not constitute "reserves" by SEC standards
as in-place tonnage and grade without reference to unit of
production measures. Accordingly, certain information contained in
this press release concerning descriptions of mineralization and
mineral resources under these standards may not be comparable to
similar information made public by US companies subject to
reporting and disclosure requirements of the SEC.
Cautionary note regarding forward-looking statements
his release contains certain "forward looking statements" and
certain "forward-looking information" as defined under applicable
Canadian and U.S. securities laws. Forward-looking statements and
information can generally be identified by the use of
forward-looking terminology such as "may", "will", "should",
"expect", "intend", "estimate", "anticipate", "believe",
"continue", "plans" or similar terminology. The forward-looking
information contained herein is provided for the purpose of
assisting readers in understanding management's current
expectations and plans relating to the future. Readers are
cautioned that such information may not be appropriate for other
purposes. Forward-looking statements and information include, but
are not limited to, statements with respect to timing and
completion of the transactions with Newmont, including the receipt
of the authorization of the Mexican Federal Economic Competition
Commission, anticipated cash flows upon completion of the
transactions, future financial reporting by Maverix, the receipt of
payments from Maverix's mining royalty and streaming portfolio, the
requirements for regulatory approvals and third party consents, and
the completion of mine expansion under construction phases at the
mines or properties that Maverix holds an interests in.
Forward-looking statements and information are based on forecasts
of future results, estimates of amounts not yet determinable and
assumptions that, while believed by management to be reasonable,
are inherently subject to significant business, economic and
competitive uncertainties and contingencies. Forward-looking
information is subject to known and unknown risks, uncertainties
and other factors that may cause the actual actions, events or
results to be materially different from those expressed or implied
by such forward-looking information, including but not limited to:
impact of general business and economic conditions; the absence of
control over mining operations from which Maverix will purchase
gold and other metals or from which it will receive royalty
payments and risks related to those mining operations, including
risks related to international operations, government and
environmental regulation, delays in mine construction and
operations, actual results of mining and current exploration
activities, conclusions of economic evaluations and changes in
project parameters as plans continue to be refined; accidents,
equipment breakdowns, title matters, labor disputes or other
unanticipated difficulties or interruptions in operations; problems
inherent to the marketability of gold and other metals; the
inherent uncertainty of production and cost estimates and the
potential for unexpected costs and expenses; industry conditions,
including fluctuations in the price of the primary commodities
mined at such operations, fluctuations in foreign exchange rates
and fluctuations in interest rates; government entities
interpreting existing tax legislation or enacting new tax
legislation in a way which adversely affects Maverix; stock market
volatility; regulatory restrictions; liability, competition, the
potential impact of epidemics, pandemics and other public health
crises, including the current outbreak of the novel coronavirus
known as COVID-19 on Maverix's business, operations and financial
condition, loss of key employees, as well as those risk factors
discussed in the section entitled "Risk Factors" in Maverix's
annual information form dated March 23,
2020 available at www.sedar.com. Maverix has attempted to
identify important factors that could cause actual results to
differ materially from those contained in forward-looking
statements, there may be other factors that cause results not to be
as anticipated, estimated or intended. There can be no assurance
that such statements will prove to be accurate, as actual results
and future events could differ materially from those anticipated in
such statements. Accordingly, readers are advised not to place
undue reliance on forward-looking statements or information.
Maverix undertakes no obligation to update forward-looking
information except as required by applicable law. Such
forward-looking information represents management's best judgment
based on information currently available.
Technical and third-party information
The disclosure herein and relating to properties and operations
on the properties in which Maverix holds royalty, stream or other
interests is based on information publicly disclosed by the owners
or operators of these properties and information/data available in
the public domain as at the date hereof, and none of this
information has been independently verified by Maverix.
Specifically, as a royalty or stream holder, Maverix has limited,
if any, access to properties included in its asset portfolio.
Additionally, Maverix may from time to time receive operating
information from the owners and operators of the properties, which
it is not permitted to disclose to the public. Maverix is dependent
on, (i) the operators of the properties and their qualified persons
to provide information to Maverix, or (ii) on publicly available
information to prepare disclosure pertaining to properties and
operations on the properties on which Maverix holds royalty, stream
or other interests, and generally has limited or no ability to
independently verify such information. Although Maverix 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 information publicly reported by operators may
relate to a larger property than the area covered by Maverix's
royalty, stream or other interest. Maverix's royalty, stream or
other interests often cover less than 100% and sometimes only a
portion of the publicly reported mineral reserves, mineral
resources and production of a property.
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SOURCE Maverix Metals Inc.