Oriole sells royalty over Türkiye project
Oriole Resources has reached an agreement with pellet manufacturing company Ardent Steel for the sale of its 1.2% net smelter return royalty over the Muratdere gold, copper and molybdenum project, in Türkiye for $1.2-million.
The payment by Ardent Steel will be made in three tranches, with $400 000 of the consideration already received.
Oriole adds that the balance is payable in two further tranches of $400 000 that are payable by March 19, 2027, and by September 19, 2027, respectively.
“We are pleased to announce the disposal of our noncore Muratdere royalty as the sale provides significant cash proceeds which can be devoted to funding the company’s important activities in Cameroon,” Oriole CEO Martin Rosser says.
The company’s focus is on its flagship Mbe project, in Cameroon, which has a mineral resource estimate of 1.66-million ounces of gold in the inferred category.