VANCOUVER, BC and GITLAXT’AAMIKS, BC, Feb. 1, 2024 /CNW/ – In a groundbreaking development for Canada’s natural resources and Indigenous business sector, the Nisga’a Nation and Vega Mining Inc. (“Vega“) announce that they have entered into an agreement dated February 1, 2024, pursuant to which, among other things, Vega will acquire from the Nisga’a Nation the rights to five annual benefit payment entitlements (the “Royalties“) in Benefit Agreements the Nisga’a Nation has in place in respect of mines and projects within the Golden Triangle Area located in northwest British Columbia, in exchange for common shares in the capital of Vega (the “Transaction“). Upon completion of the Transaction, Vega will be majority owned by the Nisga’a Nation and will be renamed “Nations Royalty Corp.” (“Nations Royalty” or the “Company“).
The Company’s vision is to unite First Nations and Indigenous groups across Canada, welcoming external investors to join the Company as shareholders. Together, they will combine royalties from mining projects, tapping into the growth, diversification and value potential typical of publicly traded royalty companies.
On closing, Nations Royalty is set to become Canada’s largest majority Indigenous-owned public company, poised to be a significant player in the mining royalty sector. The Company is in discussions with other First Nations and Indigenous groups to join the Company in the near future, marking a transformative moment in Canada’s mining landscape, characterized by unity, empowerment, and a shared vision for the future.
Nations Royalty’s foundation begins with the Royalties that the Nisga’a Nation has in place in respect of the following properties: The high-grade Brucejack gold mine operated by Pretium Resources Inc., a wholly-owned indirect subsidiary of Newmont Corporation, a large underground gold mine in Canada; The KSM Copper-Gold-Silver-Molybdenum deposit, currently in development by Seabridge Gold Inc.; The Premier Gold Project and Red Mountain Gold Deposit, in construction by Ascot Resources Ltd., with gold production expected in the coming months1; and The Kitsault Molybdenum Deposit, a large, fully permitted brownfield site owned and being actively advanced by New Moly LLC, majority-owned by Resource Capital Fund VI L.P.
