Apollo has sold its 1.2% NSR interest over the Séguéla Gold Project to Gold Royalty Corp. for $20M cash. This is a good outcome for AOP as it absolves it of any development risk. The $20M is freed up for exploration and potential development of Lake Rebecca and reduces equity dilution in our model. We maintain our speculative buy recommendation and increase our valuation to $0.51 per share, prior $0.48 per share.
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