Mining News
SolGold completes $50 million royalty financing with Osisko
(Kitco News) - SolGold (TSX:SOLG) announced Thursday that the company has completed the previously announced US$50 million royalty financing with Osisko Gold Royalties in relation to the company's Cascabel copper-gold project in northern Ecuador.
In its press release, the company said that Osisko has been granted a 0.6% royalty interest to be calculated by reference to net smelter returns from the Cascabel concession area in accordance with the terms and conditions set out in the royalty financing agreement.
Interim CEO Scott Caldwell commented, "I would like to sincerely thank Osisko for their unwavering endorsement of SolGold and the Cascabel project. World class deposits need many world class partners in order to achieve their maximum potential, and we are pleased to add Osisko to our list of supporters.
“This financing provides the company with greater optionality going forward and is an overwhelmingly positive development for all our stakeholders. SolGold is very well-positioned to advance strategic project initiatives and accelerate exploration opportunities that hold the most significant potential to generate shareholder value."
SolGold is a resources company focused on the discovery, definition and development of world-class copper and gold deposits. SolGold said it is exploring the length and breadth of the highly prospective and gold-rich section of the Andean Copper Belt which is currently responsible for ~40% of global mined copper production.
Cascabel is SolGold’s flagship project. The company indicated that results of the Cascabel project PFS were announced in April 2022, confirming "the world class, Tier 1 potential of the project to be a large, low-cost, and long-life mining operation that is based on achievable, proven, and tested mining and processing assumptions."
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