VANCOUVER, BC, May 30, 2022 /CNW/ – Nova Royalty Corp. (“Nova” or the “Company“) has reported its financial results for the three months ended March 31, 2022. Nova’s financial statements and management’s discussion and analysis for the three months ended March 31, 2022 are available on Nova’s website at www.novaroyalty.com and on SEDAR at www.sedar.com.
Q1 2022 highlights:
- Quarterly Revenue: The Company recognized royalty revenue of $673,519primarily related to the Aranzazu Royalty.
- Acquisition of Copper World and Rosemont Royalty: In February 2022Nova acquired a 0.135% NSR on the Copper World and Rosemont copper projects in Arizona, USAowned by Hudbay Minerals Inc. (“Hudbay“). Nova was also granted a Right of First Refusal in respect to an additional 0.540% NSR covering the same area as the Copper World and Rosemont Royalty. Hudbay has reported that it expects to publish a preliminary economic assessment in Q2 2022, which will incorporate a two-phase mine plan with the first phase reflecting a standalone operation with processing infrastructure on Hudbay’s private land and mining occurring on portions of the Copper World and Rosemont deposits located on patented mining claims.(1)
Subsequent to quarter-end:
- Secured Right to Acquire Josemaria Royalty: In May 2022Nova entered into a purchase agreement with arms’ length private parties (the “Sellers“) pursuant to which Nova has secured the right to acquire a portion of an existing royalty on the Josemaria copper-gold-silver project in San Juan, Argentinaowned by Lundin Mining Corporation (“Lundin Mining“). Lundin Mining reported that it is completing basic engineering and study work for an updated …