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Trident to acquire royalty on Spring Hill from Thor Mining

Trident is moving to do deals quickly, following its recent listing on AIM

Trident Royalties PLC -

Trident Royalties PLC (LON:TRR) is to acquire a royalty on the Spring Hill gold project in Northern Territory, Australia, from Thor Mining PLC (LON:THR) (ASX:THR).

Trident will pay A$400,000 upfront for the royalty, with further payments due later.

The royalty itself is pegged to the gold price, and will run at A$5.70 per ounce of gold produced if the gold price goes below A$1,500 per ounce, and at the much higher A$13.30 if gold is higher.

The current Australian gold price is upwards of A$2,560, so if and when Spring Hill gets back into production, Trident can be confident of significant cash flow.

The existing resource amounts 350,000 ounces, but there is certainly potential for more.

The thinking is that Spring Hill will be put back into production within a couple of years to serve as a satellite deposit to the major and nearby Union Reef project currently owned by Kirkland Lake Gold.

Trident’s Tyron Rees described the project as only ever having been “lightly drilled”.

Quick facts: Trident Royalties PLC

Price: 30 GBX

LSE:TRR
Market: LSE
Market Cap: £31.05 m
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