SSR Mining Inc. said it has entered into a definitive agreement to sell its San Luis project to Highlander Silver Corp. for $42.5 million. San Luis is a greenfield gold and silver development project located in the Ancash Department of Central Peru. Backed by the Augusta Group and the Lundin Family, Highlander is a mineral exploration company focused on the Central Andes.
Total consideration consists of $5 million in upfront cash and up to $37.5 million in contingent payments payable in cash. Pursuant to the terms of the agreement, SSR Mining will retain a 4% net smelter returns royalty on the project, which will be granted prior to the closing of the transaction, which is expected in Q1 2024.
