Projects & Royalties

Mount Isa (Other Tenements)

Project: Mount Isa (Other Tenements)
Commodity: Gold
Royalty: 2.0% NSR
Subsidiary: Altus Royalties Holdings Ltd
Location: Australia
Deposit Style: IOCG and ISCG
Key Attributes: EPM27098, EPM16398, EPM16622, EPM18172, EPM18174, EPM14416, EPM18207, EPM25213, EPM19483
Asset Stage: Exploration
Results: Pre-resource stage
Next Phase of Work: Exploration
Deal Partner: GBM Resources (GBZ.ASX)
Deal Terms: Acquired from Newcrest Mining

Project Overview

The royalty covers 9 tenements that form part of GBM Resources’ Mt Margaret and Mt Morgan projects in Queensland, Australia. Four of the tenements are wholly owned by GBM Resources. The remaining five tenements are subject to an earn-in agreement with JX Nippon Mining and Metal and are held 45.767% by GBM Resources. For every A$1.1m of expenditure JX Nippon incurs, it earns an additional 1% of project equity.

Total JV expenditure to April 2022 has been $17.1 million exploring for Iron-Oxide-Copper-Gold (IOCG) and more recently Iron-Sulphide-Copper-Gold (ISCG) style deposits in the Cloncurry Region of the North-West Mineral Province of Queensland. GBM Resources remains the manager of the JV and retains a free carried interest of 10% through to completion of a definitive feasibility study. The JV includes 11 exploration permits covering a combined area of 810 square kilometres in the Mount Margaret and Bungalien Projects.

The Mt Morgan project is adjacent to the world-class Mt Morgan Gold Mine which has produced over 8 million ounces of gold and 400,000 tonnes of copper as is one of the largest known porphyry copper systems in Eastern Australia. Mt Morgan mine operated between 1882 and 1981 producing 50 Mt at 0.72% Cu, 4.75 g/t Au for 7.7 Moz gold and 361 kt copper.

Royalty Overview

Altus owns an 80.1% interest in a 2.0% NSR royalty for gold and other minerals across nine exploration tenements located in Queensland, Australia.

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