Altus Strategies gold Cote d'ivoire
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AIM and TSXV-listed African mining project and royalty generator Altus Strategies has completed the sale of the Prikro and Zenoula gold projects in the Republic of Côte d’Ivoire.

The gold project sale, to TSX-V listed Stellar Africa Gold Inc. is in return for equity and warrants in Stellar, a Net Smelter Returns (NSR) royalty on the projects and potential future project milestone payments.

In consideration, Altus has received:

  • a 2.5% NSR royalty on the gold projects;
  • 2.5 million Stellar shares with a current market value of approximately C$125 000; and
  • 2.5 million share purchase warrants, each exercisable to purchase a Stellar share

Contingent upon reaching exploration milestones on each project, Stellar will also make two further issuances per project of shares, equal to US$250 000 in value:

  • Upon completion of an NI 43-101 resource estimate of not less than 500 000 oz of gold with not less than 250 000 oz in the Inferred category; and
  • Upon completion of a definitive feasibility study.

“Altus is focused on realising value from a high quality, diversified and precious metal focused portfolio of royalty assets. This transaction further underscores our royalty generation strategy and we look forward to Stellar’s exploration progress on the projects,” says Altus Strategies chief executive Steven Poulton.

Transactions over the past 12 months

In the last 12 months to date, Altus has signed a joint venture and royalty deal on the Lakanfla and Tabakorole projects in Mali with Marvel Gold.

Read more: Altus Strategies receives EIA for silver and copper project in Morocco

The company also signed an option agreement with Firering, for a sale and royalty in respect of the application for the Toura nickel-cobalt licence located in the west of the Republic of Côte d’Ivoire.

Altus also closed a royalty and property sale transaction with TSXV-listed Desert Gold Ventures on the Sebessounkoto Sud and Djelimangara gold projects located in western Mali, as well as vended in its bauxite joint venture with ASX-listed Canyon Resources into equity and received the first 15 million shares out of 25 million shares in Canyon.