Solitario Exploration & Royalty Corp. (XPL, SLR.TO) and Ely Gold & Minerals (ELY.V) said Monday that Sandstorm Gold (SSL.V) has purchased a 2.4 percent net smelter returns, or NSR, royalty on the Mt. Hamilton gold project for $10 million.
Mt. Hamilton gold project, held by Mt. Hamilton LLC, or MH-LLC, is 80 percent-owned by Solitario and 20 percent-owned by Ely.
MH-LLC received an upfront payment of $6.0 million upon signing the agreement and will receive a future cash remittance of $4.0 million on January 15, 2013.
As per the deal, MH-LLC has a 30- months option, to repurchase up to 100 percent of the NSR for $12 million, provided that Solitario enters into a gold stream agreement with Sandstorm that has an upfront deposit of no less than $30 million.
In addition, MH-LLC has provided Sandstorm with a right of first refusal on any future royalty or gold stream financing for the Mt. Hamilton project.
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