Loading ...part: First Majestic Silver Corp. AG recently concluded the previously announced acquisition of a silver stream on 50% of the payable silver produced from First Mining’s Springpole Gold Project. First Majestic will pay a total consideration of $22.5 million, through cash and stocks in three phases, covering the life of the project. The silver stream purchase agreement enhances First Majestic’s silver exposure and provides significant upside potential to higher silver prices, while reducing risks and costs.
The company has made the first payment consisting of $2.5 million in cash and $7.5 million in its shares to First Mining. For all payable silver delivered by Springpole, First Majestic will make cash payments of 33% of the silver spot price per ounce, subject to a maximum of $7.50 per ounce.
Based in Ontario, Canada, Springpole is one of largest undeveloped gold projects covering 41,943 hectares. The project contains NI 43-101 compliant resources of 24.19 million ounces of silver in the Indicated category and 1.12 million ounces of silver in the Inferred category, plus 4.67 million ounces of gold in the Indicated category and 0.23 million ounces of gold in the Inferred category. According to the Preliminary Economic Assessment (PEA) in 2019, average silver production from Springpole is estimated to reach 2.4 million ounces per year. A total of 22 million silver ounces is expected to be produced during the life of the project — 50% of which would be purchased by First Majestic.
First Mining Gold, looks good too, added to my watch lists:
https://finance.yahoo.com/quote/FFMGF?p=FFMGF
Are We Happy? Or What? We seem to be locked in gear.