Yanacocha NSR Royalty Project – Peru
Solitario received a Term Sheet from a third-party to purchase the Yanacocha Royalty as part of discussions concerning the potential sale of Solitario’s entire portfolio of royalty properties. Newmont had a 30-day Right of First Refusal (“ROFR”) to match any third-party offer to purchase the Yanacocha Royalty from Solitario. Newmont exercised its ROFR rights and paid Solitario approximately $501,100 in cash. The transaction closed on April 27, 2018.
The Yanacocha royalty covers a strategically located 61,000-hectare (approximately 200 square miles) property position adjacent to the largest gold producing district in South America – the Yanacocha district. There are significant mining operations to the south and north of our property and development projects to both the east and west. Solitario currently receives no income from this royalty.