Summit Royalties Acquires 1% NSR on Newmont's Saddle North Deposit for C$5 Million
Summit Royalties Ltd. has entered an agreement to acquire a 1% net smelter return royalty on Newmont's Saddle North deposit for C$5 million, to be paid in shares. The transaction is pending customary conditions and regulatory approval. Saddle North is a gold-copper porphyry deposit in British Columbia, acquired by Newmont from GT Gold Corp. in 2021, and includes a buyback option for Newmont.
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Summit Royalties Ltd. will acquire a 1% net smelter return royalty on Newmont Corporation's Saddle North deposit for C$5 million, paid through 2,832,861 common shares at a deemed price of C$1.765 per share. The acquisition is subject to customary conditions and expected to complete soon.
Saddle North, located in British Columbia's Golden Triangle, is a gold-copper deposit previously acquired by Newmont in 2021. The agreement allows Newmont to repurchase 50% of the royalty for C$750,000 during a five-year period after commercial production begins. The deposit is near the Red Chris mine, operated by Newmont.
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