Maverix Metals completes acquisition of additional royalty on the Hope Bay Mine
Maverix Metals Inc. (NYSE American: MMX, TSX: MMX) is pleased to announce that it has completed the acquisition of an additional net smelter return ("NSR") royalty on the Hope Bay mine ("Hope Bay") in Nunavut, Canada, owned and operated by TMAC Resources Inc. ("TMAC"). Maverix now holds a 2.75% NSR royalty on Hope Bay effective from August 1, 2019. The 2.75% NSR royalty will reduce to 2.5% upon registration of the royalty against the property.
TMAC continues to optimize the established operations and expects Hope Bay to produce over 160,000 ounces of gold in 2019.
Maverix has drawn on its existing credit facility to fund the acquisition.
For additional information on the transaction, please refer to Maverix's news release dated August 14, 2019, available at www.maverixmetals.com.
About Hope Bay
Hope Bay is an 80 km by 20 km Archean greenstone belt located in Nunavut, Canada. Hope Bay is a high-grade gold district with established Measured and Indicated Mineral Resources totaling approximately 4.81 million ounces of gold at an average grade of 8.3 g/t Au and Inferred Mineral Resources totaling approximately 1.62 million ounces of gold at an average grade of 6.9 g/t Au. Proven and Probable Mineral Reserves total approximately 3.59 million ounces of gold at an average grade of 6.8 g/t Au (estimates have an effective date of December 31, 2018. Mineral Resources are inclusive of those resources converted to Mineral Reserves).
For further information on Hope Bay, please visit www.tmacresources.com.
Maverix is a gold royalty and streaming company. Maverix's mission is to provide its shareholders with significant low risk leverage to precious metal prices and to increase underlying per share value by continuing to grow its portfolio with acquisitions of high-quality royalties and streams that offer robust returns.