Mactung, which has a 4% net smelter return (NSR) royalty, is an advanced-stage exploration project on the border of Yukon and Northwest . The asset is owned by Fireweed Metals Corp, a Lundin Group company.
The Cantung tungsten project, located in the western part of the Northwest Territories, was in operation on and off from 1962 until its closure in 2015. The Cantung royalty represents a 1% NSR royalty.
“The addition of tungsten to the portfolio offers exposure to one of the most economically important critical minerals in the EU, US and Canada through a royalty on one of the largest, high-grade deposits in the world outside of China,” Frederick Bell, CEO of Elemental Altus, said in a separate statement.
Elemental noted it would enter into an agreement with Teck Resources (TSX: TECK.A, TECK.B)(NYSE: TECK) as it takes over the responsibility of paying a C$1.5 million deferred consideration. This payment will be triggered…
