LONDON: Altus Strategies Plc, the Africa focused project and royalty generator, announced Graphex Mining Limited has acquired the Joint Venture (JV) 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.
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.
“The board of Graphex has recently been further bolstered by the appointment of Andrew Pardey, former CEO of FTSE250 listed gold producer Centamin Plc. Graphex will be seeking shareholder approval to raise up to A$5M through an equity placement and to change their name to Marvel Gold Ltd. We look forward to updating shareholders on the results from the ongoing Tabakorole drilling programme in due course.”
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.
If the JV proceeds to JV Stage 5 (Construction) and Graphex is sole funding that stage then Graphex will pay to Altus an additional US$1,000,000 in cash, or US$500,000 in cash and US$750,000 in Graphex shares and Altus’ shareholding will be diluted in proportion to the total amounts expended by Graphex during JV Stage 5. Altus will retain a 2.5% NSR on each project, which may be reduced to 1.0% in return for cash payments in certain circumstances.