Curipamba

Commodity
Copper, Zinc, Gold and Silver

Location
Ecuador

Operator
Adventus Mining (75%) / Salzaar Resources (25%)

Royalty Details
Terms: Altius owns a 2% Net Smelter Returns (NSR) royalty on the Curipamba project that includes the high grade El Domo Deposit.

Asset Highlights

• High-grade asset - 5.2% copper equivalent of near surface Measured and Indicated Resources.
• Highlights from the Preliminary Economic Assessment completed in May 2019: After-tax IRR of 40% with C1 co-product cash cost of US$0.96/lb Copper equivalent with US$450 million of free cashflow in the first 6 years of mine life.

Overview

In early 2022 Adventus announced a US$235.5 million stream/offtake project finance package for Curipamba with Wheaton Precious Metals and Trafigura - https://www.adventusmining.com/news/122583. The package consists of $180 million in precious metal stream financing from Wheaton and a $55 million loan and offtake agreement with Trafigura.  This financial commitment is a major milestone for the project, and secures the ability of Adventus/Salzaar to further optimize and begin construction of the Curipamba project.

Background

In December 2016, Altius effectively founded Adventus through an IPO process to liberate an extensive portfolio of zinc exploration projects in Ireland and Eastern Canada that was opportunistically assembled over 4 years. Altius received shares of Adventus and underlying project-based royalties on projects it vended in Ireland and Newfoundland.

Altius later acquired the Curipamba project royalty from Resource Capital Fund (RCF) in 2019 for US$10 million to secure royalty exposure on this high caliber asset. This also aligned Altius founding equity stake in Adventus with a royalty covering its Ecuador focus. Further details on Curipamba project can be found here.