The Ontario Superior Court of Justice ruled Prism's 7.5% net profit interest in the Aurora and Sunday Lake claims blocks constitutes an interest in property and is enforceable. The court also awarded costs in favour of Prism.
The Aurora claims cover areas which include Detour's high-grade Zone 58N discovery, which has an indicated resource of 534,000oz grading 5.8 grams per tonne.
Prism filed a claim against Detour in April 2019 after Detour had informed the company the royalty was invalid. Prism had previously entered into an agreement to sell the royalty to AuRico Metals and Aurico Metals Canadian Royalty Partnership for C$1.5 million in cash and stock.
Kirkland Lake recently announced the 2021 life-of-mine plan for Detour Lake in which production is expected to average 680,000-720,000 ounces a year from 2021-2024, before increasing to 800,000oz in 2025 and over 900,000oz beginning in 2032.
Shares in Prism Resources are trading at C11c, valuing the company at $6 million.
Shares in Kirkland Lake Gold are trading at C$35.27, valuing the company at $9.5 billion.
