Axmin Receives $300K Royalty Payment From Teranga Gold
TGZ numbers are out. I estimated they would be getting around $300k for the quarter. Teranga still owes around $600-700K in payments which will likely paid over the next two quarters. Given Axmin's strict costs, the company should earn around $140-150K USD net profit for Q4 2018 and over $1 million USD for 2019. Again we are waiting for CAR to get going, but Senegal is a nice added bonus in the meantime. Plus we could be working on new targets right now given that Gora mining is completed and there are advanced stage targets within 1-3km's.
TGZ Year End - Feb 2019
AXM Year End - Apr 2019 (Books will be cleaned as per October 2018)
TGZ Q1 2019 - Apr 2019
AXM Q1 2019 - May 2019
TGZ Q2 2019 - Jul 2019
AXM Q2 2019 - Aug 2019
Another note, for any new possible targets on the 337km2 lease, Axmin still owns a 20% interest. However the 17 targets currently identified, the company has a 1.5% NSR.
From page 36 of TGZ year end results:
The joint venture partner of the exploration permit has elected a 1.5 percent net smelter royalty on all currently identified targets within the original Sounkounkou permit and including the Gora project in exchange for its fully participatory 20 percent interest. The joint venture partner retains a 20 percent participatory right for any new exploration targets identified or to elect the royalty.
AI
