Empress Royalty has funded the 2nd tranche of US$2.5M for the Sierra Antapite mine of Sierra Sun Group (Private) in Peru. Per terms announced earlier (read more), the 2nd tranche was to consist of US$5M, but due to the halt in discussions with Accendo Banco regarding a US$5.2M debt facility (due to the revocation of its license), a 3rd tranche of US$2.5M will now be required. While the stream increases from 2.25% to 3.375% for now, as opposed to 4.5% that was anticipated upon full funding, this delay does not have a material impact on our NAVPS estimate. While the short-term impact of losing the Accendo Banco relationship as a strategic partner isn’t severe, it may reduce opportunities that could have made it into EMPR’s stream creation pipeline. Fortunately, Empress strengthened its relationship with its investment manager Endeavour Financial in July. With experienced management, unique strategic alliances, and a robust pipeline of potential investments, we believe EMPR will continue to grow by adding high-quality, low risk, near-term revenue generating royalties and streams. We view growth as a key share price driver and expect EMPR shares to re-rate as its portfolio expands.