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Thread: Vox to Acquire Near-Term Development Vanadium Royalty

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    Vox to Acquire Near-Term Development Vanadium Royalty

    New updates on Vanadium Royalty.

    Vox to Acquire Near-Term Development Vanadium Royalty on Bushveld Minerals' Brits Project

    GEORGE TOWN, Cayman Islands, Nov. 25, 2020 /CNW/ - Vox Royalty Corp. (TSXV: VOX) ("Vox" or the "Company") is pleased to announce that it has entered into a binding agreement with Sable Metals and Minerals Pty Ltd ("Sable") pursuant to which Vox will acquire a royalty over a portion of Bushveld Minerals Limited's ("Bushveld") (LSE: BMN) Brits Vanadium Project ("Brits") for total consideration of US$2,000,000. Bushveld is one of the leading vanadium producers with some of the highest primary vanadium grades globally across its three mines. Vox will pay upfront US$500,000 in cash and US$250,000 in Vox shares (the "Transaction"). Two further milestone payments are payable, in cash or Vox shares, at the Company's election, once certain production tonnage milestones are achieved; US$1,000,000 once 210,000t have been mined over a continuous six-month period and a further US$250,000 once 1,500,000t have been mined over a rolling 3-year time horizon. The Transaction remains conditional upon customary approval by the TSX Venture Exchange and the Financial Surveillance Department of the South African Reserve Bank.
    Transaction Highlights

    • Exposure to a world-class, high-grade, outcropping vanadium resource, located adjacent to the Vametco Mine and within 3.5km from the Vametco Processing Facility.
    • The JORC compliant Competent Person's Report published in January 2020 showed an aggregate Inferred and Indicated Mineral Resource distributed across three seams of 66.8 Mt @ 1.58 % V2O5 in-magnetite (refer to Table 1 for further information).
    • As Bushveld expands its annual vanadium output, Brits provides potential additional ore feed to Bushveld's Vametco Facility and their Vanchem Processing Facility.
    • Bushveld's 2020 production guidance for Vametco is 2,700 mtV – 2,850 mtV, with plans for a production ramp-up to 4,200 mtV per annum, subject to a definitive feasibility study; and 2020 guidance for Vanchem of 960 mtV – 1,100 mtV (currently being ramped-up via a 3-phase programme to >4,200 mtV per annum).(1)(2)
    • Unique exposure to globally significant vanadium producer in Bushveld Minerals, 1 of only 3 operating primary vanadium producers, owning 2 of the world's 4 operating primary vanadium processing facilities.

    Here is the full article.

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    Last edited by Canadian Newbie; 12-01-2020 at 01:50 PM. Reason: source link added.

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