(Alliance News) - Trident Royalties PLC on Wednesday hailed a long-term land-use agreement at La Preciosa project in Mexico.
Trident Royalties is a mining royalty and streaming, providing investment exposure to base, battery, precious and bulk metals.
Trident noted recent positive progress announced by Avino Silver and Gold Mines Ltd. Avino updated markets on La Preciosa, an attractive long-life silver asset in Mexico.
On Tuesday, Avino reported that it has signed a long-term land-use agreement with a local community for the development of La Preciosa. "La Preciosa hosts one of the largest undeveloped primary silver resources in Mexico and is located approximately 19 kilometres from the current Avino Mine operations, which has an operating 2,500 tonnes per day mill processing facility and all the necessary infrastructure to allow for mineral processing from La Preciosa," Trident said.
In May 2023, Trident Royalties entered an agreement to buy royalties and a milestone payment over the La Preciosa. The royalty assets comprise: 1.25% net smelter return royalty covering the Gloria and Abundancia veins; 2.00% gross value return royalty covering all other areas of La Preciosa; and a USD8.8 million milestone payment payable within 12 months of first silver production at La Preciosa.
Adam Davidson, chief executive officer of Trident, said: "2024 is off to a great start at Trident with Avino's progress at La Preciosa. With the land-use agreement in place, Avino is moving to first production from its stockpiles while it obtains the requisite permits to commence underground production. We want to congratulate Avino on this milestone and look forward to continued growth at the broader Avino operation, with La Preciosa playing a key role moving forward."
Shares in Trident rose 1.5% to 35.00 pence each in London on Wednesday afternoon.
By Sophie Rose, Alliance News senior reporter
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