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    MGT   AU000000MGT5

MAGNETITE MINES LIMITED

(MGT)
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Magnetite Mines Limited : - Rothsay Royalty Agreement Update

10/13/2020 | 11:12am EDT

Magnetite Mines Limited (ASX: MGT) (Company) is please to provide an update on the Royalty Agreement between Silver Lake Resources Limited (Silver Lake) (ASX: SLR) and the Company dated June 2007 relating to the Rothsay gold operation owned by Silver Lake.

The Company has been advised by Silver Lake that it anticipates royalty obligations will commence in the second half of calendar 2021, when ore from the Rothsay gold operation is expected to be processed and sold.

Under the Royalty Agreement, the Company is entitled to a royalty of A$10 per ounce of gold extracted from the Rothsay tenements commencing once Silver Lake has sold 10,000 ounces from the Rothsay gold tenements. The Royalty payable to the Company will cease after the cumulative Royalty payments reach an amount of A$595,000. Silver Lake has been updating the market on the development of the Rothsay gold project in Western Australia in their ASX announcements.

Mr Peter Schubert, Chairman, said: 'The royalty payment will be welcome additional cash flow that the Company intends to apply to its accelerated development strategy for the Razorback High Grade Iron Ore Project in South Australia'.

Contact:

Peter Schubert

Tel: +61 416 375 346

(C) 2020 Electronic News Publishing, source ENP Newswire

Stocks mentioned in the article
ChangeLast1st jan.
MAGNETITE MINES LIMITED -7.14% 0.026 End-of-day quote.85.71%
SILVER LAKE RESOURCES LIMITED -4.29% 1.34 End-of-day quote.-25.14%
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Financials
Sales 2020 - - -
Net income 2020 -0,37 M -0,27 M -0,27 M
Net Debt 2020 1,25 M 0,91 M 0,91 M
P/E ratio 2020 -9,20x
Yield 2020 -
Capitalization 81,8 M 59,5 M 59,4 M
EV / Sales 2019 -
EV / Sales 2020 -
Nbr of Employees -
Free-Float 91,2%
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Managers and Directors
Peter Schubert Executive Chairman & Chief Executive Officer
Frank DeMarte Chief Financial Officer & Secretary
Mark Richard Eames Technical Director
Malcolm Roger Joseph Randall Independent Non-Executive Director
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