Aston Bay Holdings Ltd. (TSX.V: BAY) (OTCQB: ATBHF), a publicly traded mineral exploration company exploring for high-grade copper and gold deposits in Virginia and Nunavut, Canada, along with its joint venture partner American West Metals Limited, has entered into a binding funding agreement with Australian-based Taurus Mining Royalty Fund L.P. According to the announcement, Taurus will provide up to $12.5 million under a royalty package for the Storm Copper Project. The announcement noted that 80% of the funding will be allocated for American West Metals and 20% for Aston Bay Holdings. American West Metals plans to use its funds to accelerate the Storm 2024 resource expansion and exploration programs, bring forward the logistics for the 2025 field activities and expedite the completion of environmental, social and governance (“ESG”), mining and development studies. The funds allocated to Aston Bay have no use restrictions. “This is an excellent development for the Storm Project and Aston Bay,” said Aston Bay CEO Thomas Ullrich in the press release. “The royalty financing provides significant funding and is structured to promote rapid advancement of the Storm Copper Project for our partner American West. At the same time, it provides a significant amount of nondilutive funds for Aston Bay to advance our other critical minerals and gold exploration projects in Nunavut and Virginia.”
To view the full press release, visit https://ibn.fm/2QqKM
About Aston Bay Holdings
Aston Bay is a publicly traded mineral exploration company exploring for high-grade copper and gold deposits in the state of Virginia and in Nunavut, Canada. The company is led by CEO Thomas Ullrich with exploration in Virginia directed by the company’s advisor, Don Taylor, the 2018 Thayer Lindsley Award winner for his discovery of the Taylor Pb-Zn-Ag Deposit in Arizona. The company is currently exploring the high-grade Buckingham Gold Vein in central Virginia and is in advanced stages of negotiation on other lands with high-grade copper potential in the area. The company and its joint venture partners, American West Metals Limited and its wholly owned subsidiary, Tornado Metals Ltd. (collectively, American West), have formed a 20/80 unincorporated joint venture and are finalizing a joint venture agreement in respect to the Storm Project property, which hosts the Storm Copper Project and the Seal Zinc Deposit. Under the unincorporated joint venture, Aston Bay shall have a free carried interest until American West has decided to mine upon completion of a bankable feasibility study, meaning American West will be solely responsible for funding the joint venture until such decision is made. After such decision is made, Aston Bay will be diluted in the event it does not elect to contribute its proportionate share and its interest in the Storm Project property will be converted into a 2% net smelter returns royalty if its interest is diluted to below 10%. For more information, please visit www.AstonBayHoldings.com.
NOTE TO INVESTORS: The latest news and updates relating to ATBHF are available in the company’s newsroom at https://ibn.fm/ATBHF
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