Empress Royalty Acquires Gold Stream from Tongon Mine for $62 Million
Empress Royalty has entered into an agreement to acquire a gold stream on the Tongon Gold Mine in Côte d'Ivoire, paying $62 million upfront. The deal is structured through its subsidiary Empress Holdings and involves receiving varying percentages of payable gold output over time until cumulative delivery reaches 600,000 ounces. A credit facility worth up to $75 million has been arranged with Appian Empire Loanco to partially fund the acquisition. The Tongon Gold Mine, operated by Atlantic Group since 2010, produced more than three million ounces of gold and generated significant revenue in recent years. Empress CEO Alexandra Woodyer Sherron described the transaction as transformational for the company's growth prospects due to increased production potential from an established mine with ongoing exploration opportunities. The agreement includes contingent payments based on future delivery milestones and additional participation clauses tied to annual output levels, though these are conditional upon certain terms. The deal is expected to enhance Empress’s gold ounces, revenue, and cash flow significantly.
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