Adventus Mining Corporation (TSX-V: ADZN) (OTCQX: ADVZF) is pleased to announce that it has entered into definitive agreements that constitute the Offtake Financing Agreement with Trafigura Pte Ltd which secures up to US$55 million towards the advancement of the El Domo-Curipamba copper-gold project. This follows the binding commitment by Adventus Mining and Trafigura previously announced on January 17, 2022, together with the financial commitment by Wheaton Precious Metals Corp.
With OFA completion, Adventus Mining has definitively secured up to US$235.5 million for the advancement and future construction of the El Domo Project, of which only US$2.5 million has been drawn to date. In addition to and permitted by Trafigura and Wheaton agreement terms, Adventus Mining is in discussions with third parties for up to an additional US$40 million of debt-related facilities that would serve as an optional future cash buffer for the El Domo Project. Currently, Adventus Mining has access to over US$35 million in cash from existing cash balances and available sources, which is sufficient to fund the company and the El Domo Project to the start of full-scale construction.
Trafigura Offtake Financing Agreement
Pursuant to the OFA, Trafigura will provide Adventus Mining with a senior debt facility of US$45 million, US$5 million of which can be paid on an early deposit basis to be used for pre-construction activities at the El Domo Project. The remainder of the cash consideration is payable in two staged installments during future construction of the El Domo Project, subject to certain customary conditions precedent being satisfied.
About Adventus Mining
Adventus Mining Corporation is an Ecuador-focused copper-gold exploration and development company. Adventus Mining is majority owner of the 215 sq. km Curipamba copper-gold project, which has a completed feasibility study on the shallow and high-grade El Domo deposit. In addition, Adventus Mining is engaged in a country-wide exploration alliance in Ecuador, which has incorporated the Pijili and Santiago copper-gold porphyry projects to date. Outside of Ecuador, Adventus Mining owns an exploration project portfolio in Ireland with South32 Limited as the funding participant. Its strategic shareholders include Altius Minerals Corporation, Greenstone Resources LP, Wheaton Precious Metals Corp., and the Nobis Group of Ecuador.
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We acknowledge the [financial] support of the Government of Canada.