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Canadian precious metals producer SSR Mining has agreed to acquire all of the issued and outstanding common shares of Canada’s Taiga Gold for $21m (C$27m).

The transaction values each Taiga Gold share at C$0.265.

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It would eliminate a 2.5% net smelter return (NSR) royalty, which covers most of the Taiga-owned 33,171ha Fisher property in Saskatchewan. This frees the property from future payments.

SSR Mining expects the acquisition to expand its presence in a core jurisdiction with five new properties. It also provides new exploration targets that stretch south from the Seabee mine to the Amisk property.

The deal would also consolidate a 100% interest in the Fisher property that is contiguous to the Seabee mine and run by a joint venture (JV) between SSR (80%) and Taiga (20%).

The transaction is also expected to significantly expand SSR Mining’s Saskatchewan presence while consolidating Fisher Properties ownership.

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SSR Mining president and CEO Rod Antal said: “With this transaction, we will successfully redeploy a portion of the proceeds from the recent non-core royalty portfolio sale into new growth opportunities in a core jurisdiction.

“The acquisition of Taiga Gold reiterates our commitment to the Seabee gold mine and ongoing investment for future resource discoveries as we aim to extend Seabee’s mine life into the next decade.

“Additionally, the acquisition of new greenfields exploration properties across the province of Saskatchewan should allow SSR Mining to build upon our regional expertise in a region we consider exceptionally prospective geologically and underexplored.”

Planned to be completed in the first half of 2022, the deal awaits court, stock exchange and other regulatory approvals.

In 2020, SSR Mining acquired Alacer Gold for $1.72bn.

SSR and Alacer shareholders respectively own around 57% and 43% of the merged business.