2022-04-12
Altus Strategies PLC (AIM:ALS, TSX-V:ALTS, OTCQX:ALTUF) said it has been issued with a 10-year mining licence for the Agdz copper and silver project in Morocco.
Agdz is located 14 kilometres southwest of the Bou Skour copper-silver mine in the eastern Anti-Atlas.
Altus’s Moroccan portfolio is held by its 100%-owned subsidiary Aterian Resources Ltd, which is in turn subject to a potential vend-in and royalty generation transaction with Eastinco Mining and Exploration PLC.
Agdz hosts four significant copper-silver prospects, covering an area of approximately eight square kilometres.
The Moroccan portfolio should generate 14 new royalties for Altus in Morocco and one in Rwanda, once the transaction with Eastinco completes.
“The granting of a mining licence for the Agdz copper-silver project in Morocco is a notable milestone for the project,” said Steven Poulton, chief executive of Altus.
“The 10-year licence provides long-term security of tenure for Agdz, where the company has discovered a number of significant copper and silver prospects. Agdz is one of 14 Moroccan projects to be vended by Altus to Eastinco subject to its proposed London Stock Exchange listing. Altus will hold royalties on all of the Moroccan projects, a royalty on a tantalum asset in Rwanda as well as 25% of Eastinco’s enlarged share capital with warrants to purchase up to an additional 10%.”