Empress Royalty has signed a stream purchase agreement (SPA) for an interest in production from the Tongon Gold Mine in Côte d’Ivoire for an upfront cash payment of $62m (C$86.78m).
The agreement, made through its wholly owned subsidiary Empress Holdings, was reached with Appian Tongon Streamco.
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In connection with the acquisition, Empress Holdings has also entered into a $75m senior secured credit facility with Appian Empire Loanco, providing an initial $55m draw at closing to partially fund the purchase, with a further $20m committed for future royalty and stream transactions.
According to the terms of the stream agreement, Empress Holdings will receive 3.58% of Tongon’s payable gold output until 400,000 cumulative ounces have been delivered from 31 January 2026.
This percentage will then decrease to 2.93% until 600,000oz are delivered, and subsequently to 0.81% of gold production for the remainder of the stream’s term, which is approximately 29 years from the acquisition date.
Empress Holdings will pay 0.5% of the gold market price per delivered ounce.
There is also provision for contingent payments of $40/oz once deliveries reach 400,000oz following closing, subject to an aggregate cap of $19m.
An additional clause allows for participation payments linked to annual gold production above 51,000oz, depending on future volumes and values.
These contingent and participation payments are conditional and may not become payable or may be deferred, in line with the agreement terms.
Empress CEO and president Alexandra Woodyer Sherron said: “This will be a transformational transaction for Empress. The Tongon Gold Stream is expected to substantially increase our gold ounces, revenue and cash flow from an established producing mine.
“Additionally, our due diligence has identified significant opportunity for continued reserve replacement and successful exploration providing additional long-term value to Empress.”
The Tongon Gold Mine, operated by Atlantic Group in northern Côte d’Ivoire, has produced more than three million ounces (moz) since opening in 2010.
In 2025, the mine produced approximately 125,600oz, generating around $445m in revenue and $164m in earnings before interest, taxes, depreciation and amortisation, with $75m in free cash flow reported in the first half of 2026.
The facility features open pits, processing infrastructure and ongoing exploration to extend mine life.
Drawdown under the credit facility is subject to customary conditions, due diligence and necessary approvals.
