Canadian firm secures $62 million gold stream from Côte d’Ivoire’s Tongon mine

Canadian precious metals company Empress Royalty Corp. has completed a $62 million acquisition of rights to a portion of future gold production from the Tongon mine in northern Côte d’Ivoire, strengthening its position in the African gold sector.

The transaction, completed on October 19, gives Empress Royalty a contractual entitlement to a share of the mine’s payable gold production over an estimated 29-year period. It does not involve the purchase of the mine or a transfer of operational control.

Tongon remains owned and operated by Atlantic Group, which acquired the mine from Canadian mining company Barrick Gold in 2025. The agreement was concluded with Appian Tongon Streamco Ltd., the previous holder of the gold stream.

Under the terms of the deal, Empress Royalty will receive 3.58% of payable gold production until 400,000 ounces have been delivered, followed by 2.93% until cumulative deliveries reach 600,000 ounces. The rate will then fall to 0.81% for the remainder of the agreement.

In return, Empress will pay an amount equivalent to 0.5% of the market price of gold for each ounce delivered, in addition to the initial payment of $62 million.

To finance the transaction, the Canadian company also secured a $75 million senior secured credit facility with Appian Empire Loanco Ltd. An initial drawdown of $55 million is intended to help fund the acquisition, while the remaining $20 million is available for potential future royalty and streaming transactions.

Located in northern Côte d’Ivoire, approximately 540 kilometres from Abidjan, the Tongon mine is one of the country’s established gold-producing assets.

The deal illustrates the growing role of royalty and streaming agreements in mining finance. Under this model, investors provide upfront capital in exchange for the right to receive a share of a mine’s future production, without directly managing its operations.

For Empress Royalty, the Tongon agreement provides long-term exposure to gold production in Côte d’Ivoire while leaving the mine’s ownership and day-to-day operations with Atlantic Group.