September 3, 2020, Vancouver, British Columbia – Maverix Metals Inc. (the “Company” or “Maverix”) (NYSE American & TSX: MMX) is pleased to announce the closing of the previously announced transaction with Karora Resources Inc. (“Karora”) to reduce the gold royalty on the Beta Hunt mine from 7.5% to 4.75% effective July 1, 2020 (the “Transaction”). The Transaction will allow both Maverix and Karora shareholders to benefit from a renewed focus on exploration, development and potential future production growth at the Beta Hunt mine. As consideration for the Transaction, Maverix will receive total consideration of US$18 million in cash, with US$15.5 million received on closing and an additional US$2.5 million to be paid in January 2021. The Company plans to use the proceeds to reduce the amount drawn under its revolving credit facility.
Dan O’Flaherty, CEO of Maverix, commented, “Maverix is pleased to support Karora as it continues to unlock Beta Hunt’s potential. We remain focused on growing our asset portfolio by pursuing opportunities to acquire high quality royalties and streams, creating further per share value for our shareholders.”
Maverix is a gold-focused royalty and streaming company with a globally diversified portfolio of over 100 assets. Maverix’s mission is to increase per share value by acquiring precious metals royalties and streams. Its shares trade on both the NYSE American and the TSX under the symbol “MMX”.