When a whole sector of the market falls out of favour with investors even the best news can fail to move a company’s share price. Precious metals explorers and developers, no matter how good their stories, have had an incredibly hard time gaining market traction over the last couple of years. Which creates a real challenge for CEO’s like Phil Walford of Marathon Gold (T.MOZ).
Marathon Gold Corporation (“Marathon” or the “Company”) (TSX: MOZ) is excited to announce that it has closed the sale of a 2% net smelter returns royalty (the “NSR”) to Franco-Nevada Corporation (“Franco-Nevada”) (TSX, NYSE: FNV) linked to production at the Valentine Lake Gold Camp in central Newfoundland, for gross proceeds of CAD $18,000,000. The NSR applies to the entire Valentine Lake property and covers the sales of precious and base metals and minerals. Marathon has an option to buy back 0.5% of the NSR for US $7 million until December 31, 2022.