As part of the deal, Canada's Royal Road Minerals will pay AngloGold around $4.6 million in cash, with further payments amounting to $35 million in total if certain milestones are reached.
The company has started the permitting process for two high-grade satellite feeder pits that could increase production at its La India gold project in Nicaragua by 50% to 120,000 ounces a year.
A hybrid solar power system will provide electricity to the company's project center while reducing CO2 emissions by 147 tonnes annually and the costs for fuel by $250,000 per year.
The winner’s prize is an “opportunity to negotiate up to a $1 million investment” in their technology, either toward a proof of concept or direct investment.