Empress Royalty Corp. Details Its US$62M Tongon Gold Stream Deal

September 30, 2026No CommentsEmpress Royalty, Appian Capital, Atlantic Group, Daily Update, Gold, Mining, Precious Metals, Royalty, Tongon Gold

Recorded on September 29, 2026 at NRS Studios
TSXV: EMPR
OTCQX: EMPYF
David Rhodes, Executive Chairman of Empress Royalty Corp., joins Andy Millette to discuss Empress's agreement to acquire the Tongon Gold Stream in Côte d'Ivoire and the financing behind the transaction.
Rhodes explains why Empress stepped beyond its usual smaller-stream niche for Tongon, how its Appian relationship supported the transaction, and why due diligence focused on the operator, infrastructure, jurisdiction and long-term reserve-replacement potential. He also discusses Atlantic Group's plans to invest in exploration and grow the asset.
Under the announced agreements, Empress would pay US$62 million in cash at closing. A US$75 million Appian credit facility provides for an expected US$55 million initial draw and US$20 million for future mutually agreed royalty and stream acquisitions. The stream begins at 3.58% of payable gold production and runs at stepped-down percentages over an approximately 29-year term. The transaction had been signed but not yet closed when this interview was recorded.
Rhodes also explains why Empress held back from deals when counterparties were using aggressive gold-price assumptions while continuing to build its pipeline. He says the core strategy remains smaller royalty and stream opportunities, with larger transactions considered when the asset, counterparties and financing align.
Disclosure: Andy Millette states in this interview that he is a shareholder of Empress Royalty Corp. and that Empress Royalty is a sponsor of NaturalResourceStocks.net.
KEY TOPICS
• Tongon Gold Stream in Côte d'Ivoire
• US$62M acquisition and Appian financing
• 3.58% initial payable-gold stream
• Atlantic Group, exploration and mine-life potential
• Capital discipline and non-dilutive finance
• Future royalty and stream pipeline
EMPRESS ROYALTY CORP.
Website: https://www.empressroyalty.com/
Tongon Gold Stream announcement: https://www.empressroyalty.com/news/160494
Investor Center: https://www.empressroyalty.com/investor
LinkedIn: https://www.linkedin.com/company/empress-resources-corp/
DAVID RHODES
Empress corporate profile: https://www.empressroyalty.com/corporate
Endeavour Financial profile: https://endeavourfinancial.com/who-we-are/advisory-team/david-rhodes/
HOST: ANDY MILLETTE — NATURAL RESOURCE STOCKS
Website: https://naturalresourcestocks.net/
YouTube Main: https://www.youtube.com/@naturalresourcestocks
YouTube World: https://www.youtube.com/@NaturalResoureStocksWorld
X: https://x.com/theandymillette
LinkedIn: https://www.linkedin.com/in/andymillette/
NRS LinkedIn: https://www.linkedin.com/company/naturalresourcestocks-net/
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CHAPTERS

00:00 Capital Discipline at Higher Gold Prices
00:58 Introduction and Disclosure
02:10 The US$62M Tongon Gold Stream
03:27 Due Diligence and the Appian Relationship
04:41 The 3.58% Tongon Stream
05:54 Financing and Counterparty Alignment
06:32 Cash Flow and Long-Term Mine Potential
08:10 Closing Timeline and Future Financial Detail
08:58 Investment Thesis and Valuation
10:01 Atlantic Group's Development Plan
11:00 Does Tongon Change Empress's Business Model?
14:01 Transaction Size and Stream Exposure
14:41 What's Next for Empress?
16:39 Near-Production Project Pipeline
17:35 Where to Research Empress Royalty
18:44 Closing Thoughts

Visit Empress Royalty Corp Website

Empress Royalty Corp may be a sponsor of NaturalResourceStocks.net. This news release is provided by Empress Royalty Corp.

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