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TICKERS: ELY; ELYGF

Agreement Reached on Royalty on Quebec Project
News Update

Source:

The asset's operator and its royalty holder have reached agreement and clarified the terms of the royalty.

Ely Gold Royalties Inc. (ELY:TSX.V; ELYGF:OTCQB) announced in a news release that it and Wallbridge Mining Co. agreed to amend certain terms and conditions regarding the Morrison royalty, which is Ely Gold's 2% net smelter return royalty on the Wallbridge-operated Fenelon property in Quebec.

The two companies agreed that as of June 30, 2019, Wallbridge would register the Morrison royalty with the appropriate Ministries in Quebec. Accordingly, the Morrison royalty now is listed on the Registre Public des Droits Miniers, Réels et Immobiliers, maintained by the Quebec Ministry of Energy and Natural Resources.

Further, Ely Gold and Wallbridge agreed that payment of the Morrison royalty on bulk samples at Fenelon would apply only after June 30, 2019, and toll milling would not be counted as a deductible expense in the calculation of royalty payments.

"We are pleased to reach this agreement with Wallbridge," Ely Gold President and CEO Trey Wasser said in the release. "As a royalty holder, we are excited with the work Wallbridge has completed to date [at Fenelon], and we have total confidence in its development team to bring this great asset into production."

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