Osisko Gold Royalties agrees to provide C$10m loan to Highland Copper

Gold-focused royalty and stream company Osisko Gold Royalties on Tuesday said it had agreed to give Canadian explorer Highland Copper Company a C$10-million secured loan in exchange for, among other things, a 3% sliding-scale net smelter return (NSR) royalty on all metals produced from the White Pine North project to be acquired by Highland. Under the transaction, Highland also granted Osisko an exclusive option to buy a 100% silver NSR royalty on all future silver output from Highland's White Pine North and Copperwood projects, located within the Upper Peninsula of Michigan.