Turmalina Metals Corp Secures Approval for Colquemayo Project
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Turmalina Metals Corp Secures TSX Venture Exchange Approval
Turmalina Metals Corp. (“Turmalina” or the “Company”; TBX-TSXV, TBXXF-OTCQX, 3RI-FSE) recently announced a significant milestone in its exploration efforts: the approval from the TSX Venture Exchange (the “TSXV”) for its Mineral Property Option Agreement. This agreement is set to enhance Turmalina's interests in the mining sector, particularly through its association with Compania De Minas Buenaventura S.A.A. (the “Optionor”) and Aurora Copper Peru, a fully-owned subsidiary of Turmalina.
Details of the Agreement
This Option Agreement grants Turmalina the opportunity to acquire 100% of the Optionor’s interest in nine mining concessions located in Peru, collectively known as the Colquemayo Project. The importance of this project cannot be overstated as it represents a strategic addition to Turmalina's portfolio.
Commercial Terms Overview
As per the Option Agreement, Turmalina SubCo, a subsidiary of the Company, must fulfill certain financial and operational commitments to exercise the Option:
(i) A total of $1,560,000 will be paid in cash in several installments, including:
- $60,000 within a year from the approval date,
- $200,000 by the anniversary of either the first anniversary or upon exploration permit issuance,
- Subsequent payments of $250,000 at the second and third anniversaries, and
- $800,000 by the fourth anniversary.
(ii) An additional $6,200,000 must be invested in exploration expenditures on the Colquemayo Project over the specified timeline, with initial expenditures of $200,000 due within the first year.
Potential for Shares
Turmalina may offset up to 50% of the Cash Payments by issuing common shares to the Optionor, following a regulatory hold period. This flexibility can provide Turmalina with a unique advantage in managing its liquidity and financial strategy.
Post-Option Agreement Obligations
Once the Option is exercised, Turmalina SubCo is obligated to pay the Optionor a 2.0% net smelter returns royalty on the project. However, there is an opportunity to reduce this royalty to 1.0% by making a one-time cash payment of $2,500,000 within the first year of commercial production.
Company Leadership and Vision
James Rogers, Chief Executive Officer and Director of Turmalina, highlights the Company’s dedication to exploring high-grade mining opportunities in South America. The expertise of Turmalina's management team, known for previous successful discoveries in gold-copper-silver mining, bolsters investor confidence in what's to come.
About Turmalina Metals Corp
Turmalina Metals is a TSXV-listed exploration company focused on developing a portfolio of high-grade gold-copper-silver projects in South America. Their standout project is the San Francisco project located in San Juan, Argentina, which showcases the potential for significant mineralization. For further information, the technical report entitled “NI43-101 Technical Report San Francisco Copper Gold Project” can be referenced.
Frequently Asked Questions
What is the Colquemayo Project?
The Colquemayo Project consists of nine mining concessions in Peru and represents a vital opportunity for Turmalina Metals Corp. to expand its mining portfolio.
How much is Turmalina required to pay under the Option Agreement?
Turmalina must make total cash payments of $1,560,000 and incur $6,200,000 in exploration expenditures over the agreement's term.
Can Turmalina use shares in the Cash Payments?
Yes, Turmalina can use up to 50% of the cash payments by issuing common shares to the Optionor, providing them financial flexibility.
What are the royalty obligations after exercising the Option?
Upon exercising the Option, Turmalina must pay a 2.0% net smelter returns royalty, which can be reduced to 1.0% with a $2,500,000 payment after the commencement of commercial production.
Who leads Turmalina Metals Corp.?
James Rogers serves as the Chief Executive Officer and Director, guiding the Company with extensive experience in the mining industry.
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