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Precious metal deals dominate mining M&A for week ended Sept. 30

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Precious metal deals dominate mining M&A for week ended Sept. 30

Deals in the precious metals space dominated the top five metals and mining transactions during the week ended Sept. 30, according to a screener on S&P Capital IQ Pro.

Skeena Resources Ltd. completed its repurchase of a 0.5% net smelter royalty on its Eskay Creek gold-silver project in British Columbia from Barrick Gold Corp. for $12.9 million. The transaction reduced Barrick's net smelter royalty to 0.5%.

RCF Management LLC will pay $10.6 million to acquire the remaining 51.69% stake that it does not already own in NorZinc Ltd., owner of the Prairie Creek zinc-lead project in Canada's Northwest Territories.

Green Light Metals Inc. closed its acquisition of the Kalium Canyon gold project in Nevada from Orogen Royalties Inc. for $5.3 million. Orogen will retain a 2%-3% net smelter royalty on certain claims within the property.

Newcrest Mining Ltd. subsidiary Newcrest Resources Inc agreed to acquire up to 75% of Gunpoint Exploration Ltd.'s Appaloosa property within its Talapoosa gold-silver project in Nevada by paying $5.0 million in cash, spending $35.0 million on exploration and delivering a resource estimate outlining at least 1.0 million ounces of gold in the indicated category over the eight-year earn-in period.

Rounding out the top five transactions of the week, Kingsmen Resources Ltd. signed a letter of intent to acquire the Los Colorados gold-silver project in Mexico for $2.1 million from an investor group.

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In other M&A developments, Toronto-listed NioCorp Developments Ltd. agreed to merge with GX Acquisition Corp. II, a Nasdaq-listed special purpose acquisition company, to create a new entity with an estimated value of $313.5 million. NioCorp is focused on developing the Elk Creek critical minerals project in Nebraska.

Maverix Metals Inc. closed its purchase of a portfolio of 22 royalties from Barrick in a deal previously valued at $60 million. Maverix's upfront cash payment was reduced to $37.2 million from $50 million after Skeena exercised its right to halve Barrick's net smelter royalty on Eskay Creek. Consideration also includes contingent consideration of up to $10 million.

Gold Royalty Corp. completed its $27.5 million acquisition of a royalty portfolio from Nevada Gold Mines LLC, a joint venture between Barrick and Newmont Corp.

Australia-listed gold miner St Barbara Ltd. confirmed preliminary merger talks with Red 5 Ltd. aimed at consolidating assets in Western Australia's Leonora province.

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