Latest news with #NSR
Cision Canada
22-07-2025
- Business
- Cision Canada
Summit Royalty to Acquire Cash Flowing 1.0% NSR Royalty on the Madsen Project
TORONTO, July 22, 2025 /CNW/ - Summit Royalty Corp. (" Summit" or the " Company"), a private royalty and streaming company, is pleased to announce that it has entered into a definitive agreement to acquire an existing 1.0% net smelter return ("NSR") royalty on the producing Madsen Project (" Madsen") from a Fund managed by Sprott Resource Lending Corp. for total consideration of $9.9 million. Madsen is located in the prolific Red Lake mining district of Ontario and is 100% owned and operated by West Red Lake Gold Mines Ltd. (TSXV: WRLG) (" West Red Lake"). Unless otherwise indicated, all $ amounts are expressed in US dollars. "We are very pleased to announce this royalty acquisition on a producing mine within Canada that materially enhances Summit's existing royalty portfolio," said Drew Clark, Founder and President of the Company. "Madsen is a storied mine within the prolific Red Lake mining district, having produced over 2.5 million ounces of high-grade gold during its lifetime. This acquisition materially increases Summit's cash flow and is accretive across all metrics and, importantly, provides Summit with a substantial portion of the Company's pro-forma net asset value to Canada. This acquisition also demonstrates our ability to continue to source deals on a bilateral basis outside of a typical sales process, which we will continue to do as we grow Summit into a preeminent cash flowing junior royalty and streaming company focused on precious metals." Key Acquisition Terms and Transaction Highlights A 1.0% NSR royalty that covers all mineral properties comprising Madsen, covering approximately 4,700 ha of highly prospective exploration ground. $9.9 million purchase price, with $7.9 million in cash due at closing and a contingent $2.0 million cash payment due after the earlier of: (i) production on Madsen exceeding 60 Koz of recovered gold (annualized) for three consecutive quarters; and (ii) total production on Madsen reaching a cumulative 150 Koz of recovered gold from the date of signing the definitive agreement. Accretive to Summit's pro-forma net asset value, revenue and cash flow per share, while allowing for potential tax synergies as a Canadian-domiciled corporation. Peak royalty revenue of over $2.5 million per annum, based on the analyst consensus production profile on Madsen and consensus gold prices. In conjunction with the previously announced reverse takeover of Eagle Royalties Ltd. (the " RTO Transaction") announced in Summit's July 2, 2025 news release, nearly half of Summit's pro-forma net asset value will be located in Canada following completion of the RTO Transaction and the acquisition of the NSR royalty on Madsen. Project Background Madsen is an underground gold mine located in Red Lake, Ontario, and is currently ramping-up to commercial production, which is expected in Q4-2025. West Red Lake acquired Madsen in 2023 and has since invested over C$160 million focused on technical and development work. When combined with the previous operator, over C$500 million has been invested in Madsen since 2017. Historically, Madsen produced 2.5 Moz Au at 9.7 g/t Au between 1938 to 1976 and 1997 to 1999. In May 2025, West Red Lake completed a 14,490 tonne bulk sample that resulted in strong grade and contained gold reconciliation and confirmed the efficacy of their strong emphasis on tighter drill spacing. As of December 31, 2021, and using a gold price of US$1,800 per ounce, Madsen had an Indicated Resource of 6.9 Mt at a grade of 7.4 g/t Au containing 1.7 Moz of gold, and an Inferred Resource of 1.8 Mt at a grade of 6.3 g/t Au containing an additional 0.4 Moz of gold. This 2021 resource estimate, done at a materially lower gold price, does not include the substantial amount of drilling completed by the previous operator and West Red Lake since the beginning of 2022. As of June 30, 2024, and using a US$1,680/oz gold price, Madsen has a Probable Reserve of 1.8 Mt at 8.2 g/t Au containing 0.5 Moz of gold. Royalty Coverage Area Advisors Haywood Securities Inc. is acting as financial advisor and Bennett Jones LLP is acting as legal advisor to Summit in connection with the acquisition of the NSR royalty and RTO Transaction. About Summit Royalty Corp. Summit is a private precious metals streaming and royalty company with an aggressive growth trajectory. Summit's current portfolio is backstopped by cash flow production with additional expansion and exploration upside. Summit intends to rapidly expand to be the next mid-tier streaming and royalty company through a series of actionable and accretive acquisitions which, given Summit's size, can have an outsized effect on its production and cash flow growth. Summit currently has no debt and sufficient cash on-hand for use in future acquisitions. Summit intends to complete a go-public transaction before year-end 2025. ON BEHALF OF THE BOARD OF DIRECTORS OF SUMMIT ROYALTY CORP. Drew Clark, President and Director [email protected] Qualified Person The scientific and technical information in this news release has been reviewed and approved by Richard Breger, Professional Geoscientist PGeo., member of the Association of Professional Geoscientists of Ontario and a technical advisor to Summit. Mr. Breger is a qualified person for purposes of National Instrument 43-101 – Standards of Disclosure for Mineral Projects (" NI 43-101") and independent of Summit for purposes of Section 1.5 of NI 43-101. Forward-looking Statements This news release contains "forward-looking information" within the meaning of applicable Canadian securities legislation based on expectations, estimates and projections as at the date of this news release. Any statement that involves predictions, expectations, interpretations, beliefs, plans projections, objectives, assumptions, future events or performance (often, but not always, using phrases such as "expects", or "does not expect", "is expected", "interpreted", management's view", "anticipates" or "does not anticipate", "plans", "budget", "scheduled", "forecasts", "estimates", "potential", "feasibility", "believes" or "intends" or variations of such words and phrases or stating that certain actions, events or results "may" or "could", "would", "might" or "will" be taken, occur or be achieved) are not statements of historical fact and may be forward-looking information and are intended to identify forward-looking information. This news release contains forward-looking information pertaining to, among other things: the completion of the acquisition of the NSR on Madsen; the anticipated increase to Summit's cash flow, accretive effects and redistribution of Summit's pro forma net asset value; the Company's growth strategy; the deferred cash payment and future production on Madsen; the anticipated increase in cash flow per share; the potential tax synergies resulting from the acquisition; the expected peak royalty revenue of Madsen; the anticipated actions of the operator of Madsen, including expected timing of commercial production, if any; the Company's ability to expand and complete a series of actionable and accretive transactions; and the anticipated timing and completion of any go-public transaction, including the RTO Transaction. Forward-looking information is not a guarantee of future performance and is based upon a number of estimates and assumptions of management, in light of management's experience and perception of trends, current conditions and expected developments, as well as other factors that management believes to be relevant and reasonable in the circumstances, including, without limitation, assumptions about: future prices of gold and silver; and the accuracy of anticipated production and cash flow from Madsen. Forward-looking information involves risks, uncertainties and other factors that could cause actual events, results, performance, prospects and opportunities to differ materially from those expected or implied by such forward-looking information. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, uncertainties relating to the availability and costs of financing needed in the future; changes in equity markets; inflation; the global economic climate; fluctuations in commodity prices; the ability of the Company to complete further acquisition activities; community and non-governmental actions; risks involved in the mineral exploration and development industry; the ability of the Company to retain its key management employees and skilled and experienced personnel; and other risks applicable to junior production royalties companies. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.
Hans India
10-07-2025
- Health
- Hans India
NSR Pre-doc fellow Muhammed Sadiq becomes programme's first PhD graduate
Bengaluru: IIM Bangalore announced that Muhammed Sadiq T, a Fellow from the inaugural cohort (2018–19) of the N. S. Ramaswamy Pre-doctoral Fellowship (NSR Pre-doc), has successfully defended his doctoral thesis at the Indian Institute of Technology Madras and will be formally awarded the PhD degree at the upcoming convocation of IIT Madras. This marks a milestone for IIMB's one-year, fulltime, fully-funded research-intensive programme, as Sadiq becomes the first Fellow to complete a doctoral degree. The feat also reaffirms the programme's vision of preparing aspiring scholars, especially aspirants from underrepresented backgrounds, for academic excellence in management research. 'Currently, 51 of our Predoc Fellows have been admitted into PhD programs across the globe. This is the first PhD grant to a Predoc Fellow, and we believe it is the beginning of several such successful grants to come', said Prof. Anil B. Suraj, Chairperson of the NSR Pre-doc programme and the Committee on Diversity and Inclusion. Sadiq completed his PhD in the Information Systems area at the Department of Management Studies, IIT Madras, under the guidance of Professor Saji K. Mathew. His doctoral research, titled 'Health Misinformation on Social Media: Psychological Drivers and Control Strategies', examines the spread of health misinformation online. His thesis maps key drivers and control strategies of misinformation across social media platforms, evaluates the effectiveness of digital nudges to reduce misinformation on end-to-end encrypted messaging platforms, and investigates the socio-psychological factors that motivate users to share health-related misinformation, offering several implications for public health communication. His work has resulted in high-quality academic publications, including, 'The disaster of misinformation: A review of research in social media', published in the International Journal of Data Science and Analytics (Springer, 2022), and 'Infodemic and its cure: A digital nudging approach', presented at AMCIS 2023. He has also presented his research work at major international IS conferences such as ICIS and AMCIS. As part of his PhD journey, Sadiq was also a doctoral visiting researcher at the University of Illinois, Chicago, USA, where he collaborated with international scholars on projects related to users' digital health behavior, which was later published in the Journal of Medical Internet Research. During his time at IIMB, Sadiq was mentored by Prof. Rajendra K. Bandi, Information Systems area, with Prof. Rajluxmi V. Murthy, Decision Sciences area, serving as the Chairperson of the NSR Pre-doc Programme. 'I am deeply thankful to Prof. Bandi for his guidance and support during my Pre-Doc days at IIMB. His encouragement played a key role in my decision to pursue the PhD programme in Information Systems. I would also like to extend my sincere thanks to Dr. Sunil Reddy Kunduru (currently faculty at IIM Amritsar), who also passionately mentored me. I extend my gratitude to Prof. Rajluxmi V. Murthy, who was our Predoc chairperson then', said Sadiq, sharing the news. On the fellowship with having shaped the trajectory of his academic career, Sadiq shared, 'I truly appreciate the opportunities and exposure the NSR Pre-Doc program at IIMB gave me, which laid a strong foundation for my academic pursuits and growth. Thank you for designing such a wonderful programme. I sincerely hope IIMB will continue to support more such diverse and impactful programmes in the future'. On the achievement, Prof. Rishikesha T. Krishnan, Director, IIMB, said, 'Sadiq's doctoral completion is a defining moment for the NSR Pre-doc Fellowship. It reflects the academic rigour and design that have shaped the programme from the outset. We remain committed to strengthening the research pipeline in management through such initiatives and look forward to many more such milestones'.
Hans India
10-07-2025
- Business
- Hans India
First NSR Pre-doc fellow completes PhD, milestone for IIM Bangalore
Bengaluru: Muhammed Sadiq T has become the first fellow to complete a doctoral degree under the N S Ramaswamy Pre-Doctoral Fellowship (NSR Pre-doc) at the Indian Institute of Management Bangalore (IIMB), marking a key milestone for the institute's one-year, full-time, fully funded, research-intensive programme. Sadiq, part of the inaugural 2018–19 NSR Pre-doc cohort, successfully defended his doctoral thesis at the Indian Institute of Technology (IIT) Madras and will be formally awarded the PhD at the upcoming IIMB convocation, the institute said in a press release. 'Currently, 51 of our Pre-doc Fellows have secured admission to PhD programmes across the globe. This is the first PhD awarded to a Pre-doc Fellow, and we believe many more such achievements will follow,' said Prof Anil B Suraj, Chairperson of the NSR Pre-doc programme. Sadiq earned his doctorate in Information Systems from the Department of Management Studies, IIT Madras, under the guidance of Prof Saji K Mathew. His thesis examines key drivers and control strategies for misinformation on social media, assesses the effectiveness of digital nudges to reduce misinformation on encrypted messaging platforms, and explores the socio-psychological factors that influence users to share health-related misinformation. The research offers significant implications for public health communication. Prof Rishikesha T Krishnan, Director, IIMB, said the achievement reflects the academic rigour and thoughtful design that have shaped the NSR Pre-doc Fellowship from its inception. 'We remain committed to strengthening the management research pipeline through such initiatives and look forward to many more such milestones,' he added. Launched in 2018, the NSR Pre-doctoral Fellowship is a unique, fully funded apprenticeship programme designed to enhance diversity in management research and prepare Fellows for doctoral studies at leading institutions in India and abroad. To date, 51 NSR Pre-doc Fellows have been admitted to PhD programmes worldwide.
Business Insider
10-07-2025
- Business
- Business Insider
Triple Flag completes acquisition of Orogen Royalties
Triple Flag (TFPM) completed the acquisition of all the issued and outstanding common shares of Orogen Royalties (OGNRF) pursuant to a plan of arrangement. As part of the transaction, Triple Flag acquired Orogen's 1.0% net smelter returns, or NSR, royalty on the Arthur gold project in Nevada being developed by AngloGold Ashanti (AU). Pursuant to the Transaction, Orogen shareholders had the right to elect to receive either C$1.63 in cash or 0.05355 of a Triple Flag share for each Orogen share, and also received 0.25 shares in a newly created company for each Orogen share. Triple Flag paid in aggregate C$171.5M in cash and issued 5,633,629 Triple Flag common shares to Orogen shareholders. Orogen Spinco was transferred all of Orogen's assets and liabilities other than the 1.0% NSR royalty on the Arthur gold project. In conjunction with the completion of the Transaction, Triple Flag invested C$10M to acquire 6,756,757 common shares in the capital of Orogen Spinco at a price of C$1.48 per share, representing an approximate 11% equity interest in Orogen Spinco. Don't Miss TipRanks' Half-Year Sale
The Hindu
07-07-2025
- Politics
- The Hindu
Authorities to lift crest gates of Srisailam project today
The authorities will lift the crest gates of Neelam Sanjeeva Reddy (NSR) Srisailam project on Tuesday to release water downstream. Chief Minister Nara Chandrababu Naidu will perform 'Jala Harathi' to river Krishna on the occasion. Officials said that this is first time in the recent years that the project gates are being opened in the first week of July. According to the statistics provided by officials, in 2019, gates opened on August 11, when the project received 203.42 TMC ft of water and levels reached 882.80 ft. In 2020, gates were opened on August 21 with the project receiving 207.40 TMC ft of water and levels touching 883.50 ft. In 2021 and 2022, the gates were opened on July 29 and July 23 respectively. However, in 2023, the project gates were not lifted as it did not receive much water. Last year, the gates were opened on July 29 when water touched 878.90 ft with 179.18 TMC ft water in the project. As on 7 p.m. on Monday (July 7), the project has 880.90 ft of water as against its full reservoir level of 885 ft and 185.54 TMC ft against its capacity to hold 215.80 TMC ft. The project is receiving 1,67,669 cusecs of inflow from upstream Jurala and Sunkesula projects and officials released 83,233 cusecs of water into Pothireddypadu village as well as for power generation in the right and left houses. Meanwhile, the Chief Minister will reach Sundipenta in helicopter from Amaravati on Tuesday morning and will have darshan of the presiding deities at Sri Bhramarambha Mallikarjuna Swamy temple in Srisailam. From there, he will proceed to Srisailam project to offer 'Jala Harathi' to river Krishna. He will later interact with water user associations at Sundipenta and then return to Amaravati.
