08:20 AM EDT, 09/30/2024 (MT Newswires) -- Osisko Gold Royalties ( OR ) said Monday that it agreed to acquire royalties on Spartan Resources' Dalgaranga gold project in Western Australia for US$50 million.

Osisko said it is buying a 1.8% gross revenue royalty (GRR) on the project for US$44 million as well as a 1.35% GRR on additional regional exploration licenses near the site for US$6 million.

Tembo Capital Mining Fund III is the seller for both transactions, Osisko said.

Closing is expected in the coming weeks, subject to the approval of Australia's Foreign Investment Review Board.

"We're extremely pleased to be associated with one of Australia's most exciting gold development and re-start opportunities, and with an asset that boasts such exciting exploration upside potential," Osisko President and CEO Jason Attew said. "We look forward to our partnership with the Spartan team going forward."

Osisko's share price was down 0.1% at last look to US$18.39 on NYSE pre-market trading.