What we own

The Group has a 1% life of mine NSR royalty on the Four Mile uranium mine in South Australia. Four Mile is operated by Quasar Resources Pty Ltd (‘Quasar’).

Performance

The Group received £0.5m in royalty income from Four Mile in 2020, compared to £0.3m in 2019, although we remain in dispute with Quasar in relation to the level of charges which are being
applied against the royalty revenue. Anglo Pacific remains of the view that this amount should be considerably higher as Quasar, in our view, treats the contract as akin to a profit interest, whereas the Group remains of the view that this is an NSR and that refining or processing costs should not be allowable deductions.
Anglo Pacific has applied to the courts in Australia and remains committed to pursuing this matter in full. We are hopeful that there will be some tangible progress made in relation to this case over the coming months.