Troilus Progresses Project Financing with Two Additional LOIs for up to Another US$500 Million from Scandanavian Export Credit Agencies Finnvera (Finland) and EKN (Sweden)
19 Noviembre 2024 - 6:00AM
Troilus Gold Corp. (“Troilus” or the “Company”, TSX: TLG; OTCQX:
CHXMF; FSE: CM5R) is pleased to announce a further advancement in
its project financing strategy with two Letters of Intent (“LOI”)
from Finnvera plc (“Finnvera”), the official Export Credit Agency
of Finland, for up to US$300 million and The Swedish Export
Credit Agency (EKN) for approximately US$200 million. These LOI’s
have been presented to support the development of the copper
and gold Troilus Project (the “Project”). These new LOIs, follow
the recent US$500 million LOI from Euler Hermes announced on
November 13, 2024, and further enhance the Company’s strategic
approach to securing a comprehensive financing package for the
Project’s development.
Highlights:
- Troilus has
received an LOI from Finnvera, the official export credit agency of
Finland, confirming in-principle eligibility for an untied loan
guarantee of up to US$300 million to support the Project’s
financing package.
- Finnvera’s support
is contingent on strategic partnerships with a Finnish equipment
provider and Boliden, one of Europe’s largest smelting companies
with copper operations in Sweden and Finland. This collaboration
contemplates equipment procurement from the Finnish provider for
between US$50-100 million and an anticipated 10-year copper-gold
concentrate offtake agreement with Boliden, estimated at an annual
value of approximately US$200 million.
- The Swedish Export
Credit Agency (EKN) in parallel with Finnvera is providing cover of
approximately US$200 million or up to 25% of the offtake agreement
with Boliden under the Swedish Raw Material Guarantee.
- Such support is
also subject to customary due diligence including but not limited
to, economic, technical, environmental, governance and social.
- These LOI’s from
Finnvera and EKN complement the US$500 million LOI received from
Euler Hermes, securing support from premier European credit
agencies and significantly strengthening Troilus’s ability to
execute its development plans.
Justin Reid, CEO of Troilus, commented, “With
the addition of US$500 million in LOIs from Finnvera and EKN, we
have now received in-principle support representing a significant
percentage of the Project’s total capex. This further demonstrates
the strength and strategic importance of the Troilus Project on an
international scale. The partnerships with the Finnish, Swedish and
German export credit agencies, underscore the strength of the
Project's fundamentals and the confidence these global institutions
have in Troilus. As we progress towards securing a fully funded
construction package, we’re confident in our approach and proud to
see Troilus recognized as a critical North American copper-gold
asset in the global supply chain.”
Troilus remains focused on finalizing its
financing strategy and advancing the Troilus Project toward
development. These recent LOIs form a strong foundation, and the
Company looks forward to sharing further updates on this
multi-faceted financing package in the coming weeks and months.
Auramet International Inc. continues to assist
with the structuring, identification and engagement of potential
financing participants.About Troilus Gold
Corp.
Troilus Gold Corp. is
a Canadian development-stage mining company focused on the
systematic advancement of the former gold and copper Troilus Mine
towards production. Troilus is located in the tier-one mining
jurisdiction of Quebec, Canada, where it holds a large land
position of 435 km² in the Frôtet-Evans Greenstone Belt. A
Feasibility Study completed in May 2024 supports a large-scale
22-year, 50ktpd open-pit mining operation, positioning it as a
cornerstone project in North America.
For more information:
Caroline ArsenaultVP Corporate
Communications+1 (647) 407-7123info@troilusgold.com
Cautionary Note Regarding
Forward-Looking Statements and Information
This press release
contains “forward-looking statements” within the meaning of
applicable Canadian securities legislation. Forward-looking
statements include, but are not limited to, statements regarding
the non-binding nature of the LOI and the likelihood that binding
funding commitments and strategic partnerships will result in
secured financing on the timeline projected or at all, the
likelihood the Company will successfully satisfy diligence
requirements, including but not limited to, economic, technical,
environmental and social, development plans, opportunity to expand
the scale of the project, the project becoming a cornerstone mining
project in Noth America; the development potential and timetable of
the project; the estimation of mineral resources and reserves;
realization of mineral resource and reserve estimates; the timing
and amount of estimated future exploration; costs of future
activities; capital and operating expenditures; success of
exploration activities; the anticipated ability of investors to
continue benefiting from the Company’s low discovery costs,
technical expertise and support from local communities, the timing
and amount of estimated future exploration; and the anticipated
results of the Company’s 2024 drill program and their possible
impact on the potential size of the mineral resource estimate.
Generally, forward-looking statements can be identified by the use
of forward-looking terminology such as “plans”, “expects” or “does
not expect”, “is expected”, “budget”, “scheduled”, “estimates”,
“forecasts”, “intends”, “continue”, “anticipates” or “does not
anticipate”, or “believes”, or variations of such words and phrases
or statements that certain actions, events or results “may”,
“could”, “would”, “will”, “might” or “will be taken”, “occur” or
“be achieved”. Forward-looking statements are made based upon
certain assumptions and other important facts that, if untrue,
could cause the actual results, performances or achievements of
Troilus to be materially different from future results,
performances or achievements expressed or implied by such
statements. Such statements and information are based on numerous
assumptions regarding present and future business strategies and
the environment in which Troilus will operate in the future.
Certain important factors that could cause actual results,
performances or achievements to differ materially from those in the
forward-looking statements include, amongst others, currency
fluctuations, the global economic climate, dilution, share price
volatility and competition. Forward-looking statements are subject
to known and unknown risks, uncertainties and other important
factors that may cause the actual results, level of activity,
performance or achievements of Troilus to be materially different
from those expressed or implied by such forward-looking statements,
including but not limited to: there being no assurance that the
exploration program or programs of the Company will result in
expanded mineral resources; risks and uncertainties inherent to
mineral resource and reserve estimates; the high degree of
uncertainties inherent to feasibility studies and other mining and
economic studies which are based to a significant extent on various
assumptions; variations in gold prices and other metals, exchange
rate fluctuations; variations in cost of supplies and labour;
receipt of necessary approvals; availability of financing for
project development; uncertainties and risks with respect to
developing mining projects; general business, economic,
competitive, political and social uncertainties; future gold and
other metal prices; accidents, labour disputes and shortages;
environmental and other risks of the mining industry, including
without limitation, risks and uncertainties discussed in the
Company’s latest Annual Information Form, its technical reports and
other continuous disclosure documents of the Company available
under the Company’s profile at www.sedarplus.ca. Although Troilus
has attempted to identify important factors that could cause actual
results to differ materially from those contained in
forward-looking statements, there may be other factors that cause
results not to be as anticipated, estimated or intended. There can
be no assurance that such statements will prove to be accurate, as
actual results and future events could differ materially from those
anticipated in such statements. Accordingly, readers should not
place undue reliance on forward-looking statements. Troilus does
not undertake to update any forward-looking statements, except in
accordance with applicable securities laws.
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