Silver Crown Royalties Inc. (“Silver Crown”, “SCRi”, the “Corporation”, or the “Company”) is pleased to announce that it has entered into an agreement (the “Letter Agreement”) with Elk Gold Mining Corp. (“Elk Gold”), a wholly owned subsidiary of Gold Mountain Mining Corp. (“GMTN”), to amend the payment terms of its royalty agreement dated May 11, 2023 (the “Royalty Agreement”) for the fourth quarter of 2023 and the first and second quarters of 2024. Pursuant to the terms of the Letter Agreement, Elk Gold paid an initial $10,000 cash payment to Silver Crown on July 25, 2024. Additionally, Elk Gold and GMTN have agreed to pay Silver Crown the remaining $121,483.86 that will be payable to SCRi pursuant to the terms of the Royalty Agreement as of July 30, 2024, in cash on or before September 30, 2024. SCRi expects regular quarterly royalty payments to resume on October 30, 2024.
Peter Bures, Silver Crown’s Chief Executive Officer, commented: “We are pleased to acknowledge this resolution with Elk Gold regarding the royalty payments that are due to the Company. This arrangement reflects a strong mutual commitment to good faith and reinforces our belief in maintaining a positive and long-term relationship with our valued partners. We look forward to continuing our collaboration and achieving mutual success.”
