Empress Closes $62M Tongon Gold Stream, Lifts 2026 Output Guidance
EMPYF sits 30% above its 52-week low of $0.527.
Summary
Empress closed the Tongon gold stream it announced September 17, paying US$62M upfront for 3.58% of payable gold until 400,000 ounces are delivered, stepping down to 2.93% and then 0.81% over a roughly 29-year term. It funded the deal with a US$55M draw on a US$75M Appian credit facility, leaving US$20M available for 12 months for future royalty and stream purchases, plus existing cash. The company raised 2026 production guidance to 8,000-8,500 attributable GEOs from 7,045-7,430, a roughly 14% increase at the midpoint. Costs include 3.52M warrants to Appian at $1.17 and US$2.69M in advisory fees, part paid in 2.16M shares at $0.97, including a related-party issuance to Endeavour. Atlantic, the mine operator, separately refinanced with a US$120M Rand Merchant Bank bridge, which supports continued investment at Tongon. An updated life-of-mine plan is expected by December 2026.
At the time of this announcement, EMPYF was trading at $0.68 on OTC in the Finance sector, with a market capitalization of approximately $92.4M. The 52-week trading range was $0.53 to $0.94. This news item was assessed with positive market sentiment and an importance score of 7 out of 10. Source: ACCESS Newswire.