Nova Royalty Corp. announced that it has entered into an agreement with an arm's length private party pursuant to which Nova will acquire an additional 0.03% net smelter return royalty on the Copper World Complex project located in Arizona, USA, owned by Hudbay Minerals Inc. Upon completion of the Transaction, Nova's consolidated royalty position will be a 0.315% NSR and Nova will retain a right of first refusal in respect of an additional 0.360% NSR (the "ROFR"). The Additional Royalty has the same characteristics as the 0.285% NSR royalty on Copper World already owned by Nova and covers all metals, including copper, molybdenum, silver, and gold extracted from the majority of mining claims covering Copper World.

The aggregate purchase price for the Transaction is $1,400,000 and will be paid as follows: $340,000 in cash, payable upon closing of the Transaction; $170,000 in common shares of Nova payable upon closing; $150,000 in cash, payable 12 months after closing of the Transaction; and $740,000 in cash, payable at the later of: (i) 12 months following the announcement of the commencement of production from the royalty area; and (ii) the receipt by Nova of the first three payments under the Additional Royalty.