Elemental Royalty (ELE) entered into a $25 million investment package with Quilla Resources and its subsidiary Minera Pampa de Cobre to expand royalty exposure to the producing Chapi copper project in Peru, the company said Wednesday.
The transaction includes an additional perpetual, uncapped 1% net smelter return royalty over the Pampa Negra and Candelaria concessions, increasing Elemental's total royalty interest to 3%.
Elemental also subscribed for shares representing about 9% of Quilla, which plans to triple annual output to 30,000 tons of copper cathode and pursue a public listing.
Elemental shares rose 4.9% in after-hours trading.
