Trident acquires royalty over Arizona copper project

21st Nov 2023 11:53

(Sharecast News) - Trident Royalties has successfully acquired a 0.9% net smelter return royalty over a copper project in Arizona, it announced on Tuesday.

The AIM-traded firm said the royalty pertained to New World Resources' Antler copper project in Arizona.

It said the acquisition encompassed a 0.45% net smelter return over any prospective land acquired by New World within a five-kilometre radius, including recently acquired mining rights from Newmont.

The acquisition, initially announced on 8 November, had now satisfied all pre-conditions stipulated in the agreement.

Trident Royalties secured the royalty for a total consideration of AUD 11m (£5.77m).

"The Antler royalty is a substantial addition to our business and represents the fifth royalty acquired by Trident in 2023," said chief executive officer Adam Davidson.

"Antler is an exciting polymetallic deposit and provides Trident with exposure to a highly attractive suite of future-facing base metals, including copper and zinc."

Davidson said the recently announced mining rights acquisition by New World highlighted the significant potential for further growth in the resource and mine life.

"We are excited to add another royalty to the Trident portfolio and continue to see significant deal flow and opportunities for further value accretive growth."

At 1020 GMT, shares in Trident Royalties were up 0.72% at 33.74p.

Reporting by Josh White for Sharecast.com.