Altus enter Gold JV in Mali
Altus Strategies Plc, the Africa focused project and royalty generator, announces that Graphex Mining Limited has acquired the Joint Venture earn-in rights previously held by Glomin Services Ltd on the Company’s 100% owned Lakanfla and Tabakorole gold projects, located in western and southern Mali respectively.
According to the key MoU, Graphex has acquired Glomin’s interest in the Tabakorole and Lakanfla gold JV to earn up to an 80% interest in each Project by completing up to four key stages culminating in a Definitive Feasibility Study and Altus will retain a 2.5% Net Smelter Return royalty on the Projects.
Drilling at Tabakorole underway with an initial 1,600m campaign financed by Graphex, Graphex also inks undertaking a A$5.0M capital raising to support exploration activities in Mali.
Steven Poulton, Chief Executive of Altus, commented: “We are delighted to have Graphex as our joint venture partner to advance the Lakanfla and Tabakorole gold projects, in western and southern Mali respectively. We are confident that Graphex has the necessary operating experience, technical skills and shareholder support required to realise the potentially significant value in these projects.
Initially, On 16 June 2020, Altus signed a JV agreement and a Royalty agreement with Graphex and a JV Termination agreement with Glomin. Glomin is expected to receive shares in Graphex for assigning its JV interests to Graphex. The Graphex JV is primarily based on the commercial terms as those previously signed with Glomin, as announced by the Company on 02 December 2019.
