SSR Mining Announces the Sale of Its San Luis Project for Total Consideration of up to US$42.5 Million and a 4% NSR Royalty
30 Noviembre 2023 - 6:05AM
Business Wire
SSR Mining Inc. (NASDAQ/TSX: SSRM, ASX: SSR) (“SSR Mining” or
the “Company”) announced today that it has entered into a
definitive agreement to sell its San Luis Project (“San Luis” or
the “Project”) to Highlander Silver Corp. (CSE:HSLV) (“Highlander
Silver”) in exchange for total consideration of up to US$42.5
million (the “Transaction”).
Total consideration consists of US$5.0 million in upfront cash
and up to US$37.5 million in contingent payments payable in cash.
Pursuant to the terms of the agreement, SSR Mining will retain a 4%
net smelter returns (“NSR”) royalty on the Project, which will be
granted prior to the closing of the Transaction.
The upfront cash component of the consideration will be paid
upon closing of the Transaction and the contingent payments are
expected to be received in five installments beginning with the
commencement of an initial drilling program at the Project and
ending on the second anniversary of commercial production from the
Project. Under the terms of the agreement, at any time until
commencement of construction, half of the NSR royalty can be
repurchased by Highlander Silver for US$15 million in cash.
Closing of the Transaction is expected to occur in the first
quarter of 2024, and is subject to the receipt of any required
regulatory approvals and certain customary closing conditions for
transactions of this nature.
The Transaction is expected to be accretive to SSR Mining on a
NAV per share basis, based on street consensus estimates. With this
transaction, SSR Mining continues to deliver on its goal of
portfolio rationalization, realizing more than US$300 million in
aggregate consideration for non-core assets since the start of
2021.
San Luis is a greenfield gold and silver development project
located in the Ancash Department of Central Peru.
About Highlander Silver
Highlander Silver Corp., backed by the Augusta Group and the
Lundin Family, is a mineral exploration company focused on the
discovery of exceptional silver-gold-polymetallic projects in the
Central Andes, leveraging the team’s significant technical and
operational experience in Peru and South America more widely.
Currently the Company is developing the La Estrella and Alta
Victoria projects in central Peru. The Company is listed on the CSE
under the ticker symbol HSLV and additional information about
Highlander Silver and its mineral projects can be viewed on the
Company’s SEDAR profile at www.sedarplus.ca and its website at
www.highlandersilver.com.
About SSR Mining
SSR Mining Inc. is a leading, free cash flow focused gold
company with four producing operations located in the USA, Türkiye,
Canada, and Argentina, combined with a global pipeline of
high-quality development and exploration assets. Over the last
three years, the four operating assets combined have produced on
average more than 700,000 gold-equivalent ounces annually. SSR
Mining is listed under the ticker symbol SSRM on the NASDAQ and the
TSX, and SSR on the ASX.
Cautionary Note Regarding Forward-Looking Information
Except for statements of historical fact relating to us, certain
statements contained in this news release constitute
forward-looking information, future oriented financial information,
or financial outlooks (collectively “forward-looking information”)
within the meaning of applicable securities laws. Forward-looking
information may be contained in this document and our other public
filings. Forward-looking information relates to statements
concerning our outlook and anticipated events or results and, in
some cases, can be identified by terminology such as “may”, “will”,
“could”, “should”, “expect”, “plan”, “anticipate”, “believe”,
“intend”, “estimate”, “projects”, “predict”, “potential”,
“continue” or other similar expressions concerning matters that are
not historical facts.
Forward-looking information and statements in this news release
are based on certain key expectations and assumptions made by us.
Although we believe that the expectations and assumptions on which
such forward-looking information and statements are based are
reasonable, undue reliance should not be placed on the
forward-looking information and statements because we can give no
assurance that they will prove to be correct. Forward-looking
information and statements are subject to various risks and
uncertainties which could cause actual results and experience to
differ materially from the anticipated results or expectations
expressed in this news release.
Forward-looking information and statements in this news release
include any statements concerning, among other things: forecasts
and outlook relating to closing of the Transaction, timing and
realized value of the development of the San Luis property,
including timing of exploration, construction and production, the
existence or realization of Mineral Resource estimates, value and
timing of compensation relating to the contingent payment, value
and timing of compensation relating to the NSR royalty; potential
timing of repurchase of part of the NSR royalty; and any and all
other timing, exploration, development, operational, financial,
budgetary, economic, legal, social, environmental, regulatory, and
political matters that may influence or be influenced by future
events or conditions.
The above list is not exhaustive of the factors that may affect
any of the Company’s forward-looking information. You should not
place undue reliance on forward-looking information and statements.
Forward-looking information and statements are only predictions
based on our current expectations and our projections about future
events. Actual results may vary from such forward-looking
information for a variety of reasons including, but not limited to,
risks and uncertainties disclosed in our filings on our website at
www.ssrmining.com, on SEDAR at www.sedarplus.ca, on EDGAR at
www.sec.gov and on the ASX at www.asx.com.au and other unforeseen
events or circumstances. Other than as required by law, we do not
intend, and undertake no obligation to update any forward-looking
information to reflect, among other things, new information or
future events. The information contained on, or that may be
accessed through, our website is not incorporated by reference
into, and is not a part of, this document.
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SSR Mining Contacts: F.
Edward Farid, Executive Vice President, Chief Corporate Development
Officer Alex Hunchak, Director, Corporate Development and Investor
Relations SSR Mining Inc. E-Mail: invest@ssrmining.com Phone: +1
(888) 338-0046 To receive SSR Mining’s news releases by e-mail,
please register using the SSR Mining website at
www.ssrmining.com.
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