SilverStream Acquires a Producing Graphite Royalty on the Graphmada Mine
GEORGE TOWN, Cayman Islands--(BUSINESS WIRE)--Feb 27, 2019--SilverStream SEZC (“SilverStream”) is pleased to announce the acquisition of a 2.5% royalty (the “Royalty”) on the producing Graphmada graphite mine (“Graphmada”) located in Eastern Madagascar. Graphmada is owned and operated by ASX-listed Bass Metals Limited (“Bass”). SilverStream is acquiring the royalty, which applies to gross concentrate sales minus certain deductions, from Tectonic Gold Plc (“Tectonic”).
Graphmada produces a high-purity large-flake graphite concentrate and is operating at nameplate capacity of 6,000tpa. Bass plans to more than triple graphite production to 20,000tpa by 2020 and has commenced studies to include an integrated expandable graphite plant.
Kyle Floyd, CEO of SilverStream, commented: “ SilverStream is pleased to be acquiring a cash-flowing royalty on the Graphmada mine. This acquisition represents a continued diversification of our existing royalty and streaming portfolio, generating exposure to graphite which remains an important component in electric vehicle battery technology.”
Brett Boynton, CEO of Tectonic Gold, commented: “ This is a very positive transaction for all the stakeholders. It allows Tectonic to divest a non-core commodity holding and focus resources on our gold assets. The deal also gives our old team at Graphmada a strong partner to go forward with. We wish SilverStream and Graphmada all the best with their plans.”
SilverStream is a privately-held streaming and royalty business with investments across Australia, Canada, the U.S., Mexico, Peru, Brazil and now Madagascar. SilverStream holds a diversified portfolio of royalties and streams over precious, base and battery metals projects as well as several strategic equity positions.
Tectonic Gold is a specialist gold exploration company listed on the NEX Exchange in London (NEX: TTAU) and is focused on the identification and delineation of large-scale, multimillion-ounce Intrusion Related Gold System (“IRGS”) assets. Tectonic Gold holds a number of gold discoveries in the New England Orogen in Eastern Australia, a prolific gold region that is home to Australia’s two largest gold production companies, Newcrest Mining and Evolution Mining.
This news release contains certain information which constitutes ‘forward-looking statements’ and ‘forward-looking information’. Forward-looking statements involve known and unknown risks, most of which are beyond SilverStream’s control. Should one or more of the risks or uncertainties underlying these forward-looking statements materialize, achievements could vary materially from those expressed or implied by the forward-looking statements.
View source version on businesswire.com:https://www.businesswire.com/news/home/20190227006030/en/
CONTACT: Simon Cooper
Vice President, Corporate Development
KEYWORD: CARIBBEAN CAYMAN ISLANDS
INDUSTRY KEYWORD: NATURAL RESOURCES MINING/MINERALS
Copyright Business Wire 2019.
PUB: 02/27/2019 05:35 PM/DISC: 02/27/2019 05:35 PM