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• Capitan Silver announced it has completed the purchase of the Altiplano Royalty at the Cruz de Plata Silver-Gold Project.
• The royalty was eliminated through a series of cash and share payments which totalled US$1.0M.
• On Monday (June 9th) Capitan announced an LOI to acquire 100% ownership of the remaining land surrounding the Cruz de Plata Project, read our note on this here.
This morning, Capitan Silver announced that it has completed the purchase of the Altiplano Royalty (NSR) at the Cruz de Plata Project, from Exploraciones del Altiplano (Altiplano), originally announced January 13, 2022, and amended January 24, 2025. The NSR ranged up to 2% on the original Cruz de Plata property and covered a number of key targets, including the gold-silver resource areas at Capitan Hill and Jesús María. We view this as another major step in de-risking the project and positions CAPT in a more favourable way to both investors and potential acquirers. We are maintaining our BUY rating and target price of $1.30/share on CAPT.
Beyond the 2% NSR on much of the project, the NSR also had a punitive Area of Interest (AOI) clause, which would allow for the royalty to extend onto any subsequent land acquisitions that bordered the original properties that were acquired from Altiplano. This makes today’s news even more valuable following the land acquisition on Monday. The royalty was eliminated through a series of cash and share payments which totalled US$1.0M.
The only remaining royalties on Capitan’s Cruz de Plata project are already under contract to be retired or eliminated under favorable terms, see details below.
• As part of the December 22, 2022 announcement to consolidate the Jesús María silver trend at Cruz de Plata, Peñoles received a 1% royalty that can be retired by Capitan at any point over the next 10 years for a cash payment of US$1.0M.
• As part of the asset spin out transaction in 2020 that created Capitan Silver, Riverside Resources received a 1% royalty, which can be retired by a cash payment of $250K at any time.
CAPT: Completes Purchase of Antiplano Royalty
What you need to know:• Capitan Silver announced it has completed the purchase of the Altiplano Royalty at the Cruz de Plata Silver-Gold Project.
• The royalty was eliminated through a series of cash and share payments which totalled US$1.0M.
• On Monday (June 9th) Capitan announced an LOI to acquire 100% ownership of the remaining land surrounding the Cruz de Plata Project, read our note on this here.
This morning, Capitan Silver announced that it has completed the purchase of the Altiplano Royalty (NSR) at the Cruz de Plata Project, from Exploraciones del Altiplano (Altiplano), originally announced January 13, 2022, and amended January 24, 2025. The NSR ranged up to 2% on the original Cruz de Plata property and covered a number of key targets, including the gold-silver resource areas at Capitan Hill and Jesús María. We view this as another major step in de-risking the project and positions CAPT in a more favourable way to both investors and potential acquirers. We are maintaining our BUY rating and target price of $1.30/share on CAPT.
Beyond the 2% NSR on much of the project, the NSR also had a punitive Area of Interest (AOI) clause, which would allow for the royalty to extend onto any subsequent land acquisitions that bordered the original properties that were acquired from Altiplano. This makes today’s news even more valuable following the land acquisition on Monday. The royalty was eliminated through a series of cash and share payments which totalled US$1.0M.
The only remaining royalties on Capitan’s Cruz de Plata project are already under contract to be retired or eliminated under favorable terms, see details below.
• As part of the December 22, 2022 announcement to consolidate the Jesús María silver trend at Cruz de Plata, Peñoles received a 1% royalty that can be retired by Capitan at any point over the next 10 years for a cash payment of US$1.0M.
• As part of the asset spin out transaction in 2020 that created Capitan Silver, Riverside Resources received a 1% royalty, which can be retired by a cash payment of $250K at any time.
Underlying
CAPITAN SILVER CORP
Provider
Atrium Research Corporation
Atrium Research provides institutional quality issuer paid research on North American public equities using deep fundamental analysis. Our research reports are disseminated through Bloomberg, FactSet, Capital IQ, Reuters and many more, as well as through our social media and email distribution lists.
Ben Pirie
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