Nunavut miner TMAC Resources has evaluated a number of options to strengthen its balance sheet before deciding on the $40-million royalty agreement with Maverix Metals and CEO Jason Neal said this week that the royalty amendment would give the company the “greatest financial and strategic flexibility” to fund its growth plans in the Hope Bay greenstone belt.
The royalty amendment, which provides Maverix with an additional 1.5% net smelter royalty, strengthens the balance sheet with gross proceeds of C$57-million, enabling the miner to fund ongoing investment at Hope Bay, which comprises the Doris, Madrid and Boston gold deposits.