Golconda Gold Announces Closing of Gold Streaming Transaction for Its Galaxy Project
Golconda Gold, its subsidiary Galaxy Gold Reefs (Pty) Ltd., and certain of its affiliates, entered into a metal purchase and sale agreement dated November 21, 2023 (the “Agreement”) with Empress for payable gold production from the Galaxy mine in South Africa.
- Golconda Gold, its subsidiary Galaxy Gold Reefs (Pty) Ltd., and certain of its affiliates, entered into a metal purchase and sale agreement dated November 21, 2023 (the “Agreement”) with Empress for payable gold production from the Galaxy mine in South Africa.
- Pursuant to the terms of the Agreement, Empress has made an up-front cash payment totalling US$5 million (the “Investment”) for payable gold produced from the Galaxy mine.
- The purchase price for the payable gold delivered pursuant to the Agreement is 20% of the gold spot price.
- There are also extensive tailings around the Galaxy mine site which Golconda Gold intends to use to supplement production.