Empress Royalty Corp. announced that it has increased its royalty on the Manica gold project in Mozambique by providing an additional USD 1 million in funding, resulting in a total royalty of 3.375%. On January 17, 2022, Empress increased its royalty from 2.25% to 3.375% by paying an additional USD 1 million under the previously executed Royalty Purchase Agreement.

The Royalty is on gold sales from the Manica project operated by Mutapa Mining & Processing LDA, up to a total of 95,000 oz of gold. Thereafter, the royalty percentage will be reduced to 1.125% and shall continue into perpetuity. MMP has advised Empress that the Manica project development phase is nearing completion and is scheduled for commissioning in the second quarter of 2022.

Manica is located in the Odzi-Mutare-Manica Greenstone Belt of Mozambique and comprises of several deposits on Xtract Resources Plc's mining concession licence 3990C, which includes four deposits, being Fair Bride, Guy Fawkes, Boa Esperanza, and Dots Luck.