Noranda Income Fund and BaseCore Metals announce stream agreement

On July 31, 2020, Noranda Income Fund (the "Noranda") through its wholly-owned subsidiary, Noranda Income Limited Partnership, closed the previously announced streaming transaction with BaseCore Metals LP ("BaseCore") for reference zinc processed and refined at the Noranda's electrolytic zinc processing facility in Salaberry-de-Valleyfield, Quebec. Under the terms of the agreement, BaseCore will purchase from Noranda London Metal Exchange ("LME") zinc warrants corresponding to 1.00% of zinc processed and refined at the Salaberry-de-Valleyfield processing facility until the later of (i) June 30, 2030 or (ii) 68 million pounds of LME zinc warrants have been delivered.

BaseCore made an advance payment of US$40 million against the purchase price for the sale of zinc and will make on-going payments equal to 20% of the zinc LME cash settlement price at the time of delivery.

Proceeds from the transaction will be used to improve the processing facility's filtration and cooling processes to support increased zinc production capacity and for general corporate purposes

Further information can be found on Globe Newswire's website.

Noranda Income Fund is an income trust that owns the electrolytic zinc processing facility and ancillary assets located in Salaberry-de-Valleyfield, Québec, the second-largest zinc processing facility in North America.

BaseCore Metals, an independent 50/50 joint venture between Glencore Canada Corporation and Ontario Teachers' Pension Plan Board, is a leading base metals focused streaming and royalty company.