Electric Royalties CEO Brendan Yurik joined Proactive's Stephen Gunnion with the news that the company has exercised its option to increase its royalty interest in the producing Penouta tin-tantalum mine in Spain to 1.5% from 0.75% for C$1.25 million. Yurik told Proactive that the additional royalty exposure to the producing mine strengthens the cash-generating portion of the company's royalty portfolio of clean energy metals. He also said the company is encouraged by the progress that miner operator Strategic Minerals Europe has made in improving operations at Penouta, steadily increasing primary concentrate production and sales. Upon Electric Royalties receipt of C$1,666,667 in aggregate royalty revenue from the Gross Revenue Royalty, the royalty rate will be reduced to 1.25%. Its royalty rate will be reduced to 1% upon the receipt of $3,333,334 in aggregate royalty revenue. Penouta is the largest producer of tin and tantalum in the European Union, producing 121 tonnes in the first quarter of 2023, according to Electric Royalties.
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Electric Royalties Ltd