Foran Mining Corporation (TSX: FOM) (OTCQX: FMCXF) is pleased to announce the execution of an amended and restated credit agreement and closing of its upsized US$250 million senior secured project credit facility with a fund managed by Sprott Resource Lending Corp. Funds from the Credit Facility will be used towards construction of the McIlvenna Bay project in east-central Saskatchewan as well as general corporate purposes.
Credit Facility Details
James Steels, Foran’s Chief Financial Officer, commented “Partnering with Sprott on this expanded credit facility highlights the robust nature of the McIlvenna Bay project and the critical need for new greenfield sources of essential minerals. This expanded facility not only provides Foran with the flexibility to fully realize the value of McIlvenna Bay but also enables us to maximize risk-adjusted returns for our shareholders, while creating value for all our stakeholders and partners. We are grateful for Sprott’s growing support as we continue construction and prepare for McIlvenna Bay’s transition to producer status.”
Narinder Nagra, Managing Partner of Sprott, commented “As one of the largest investors and financier to the natural resource sector, Sprott is excited to expand its partnership with Foran. Our unique financing structure allows Foran to advance with the development of its McIlvenna Bay project and highlights our approach of offering innovative and flexible capital to unlock the full potential of exceptional projects. We are excited to continue our partnership with Foran on its journey to becoming a premier critical metals producer.”
About Foran Mining
Foran Mining is a copper-zinc-gold-silver exploration and development company, committed to supporting a greener future, empowering communities and creating circular economies which create value for all our stakeholders, while also safeguarding the environment. The McIlvenna Bay Project is located entirely within the documented traditional territory of the Peter Ballantyne Cree Nation, comprises the infrastructure and works related to development and advanced exploration activities of the Company, and hosts the McIlvenna Bay Deposit and Tesla Zone. The Company also owns the Bigstone Deposit, a resource-development stage deposit located 25 km southwest of the McIlvenna Bay Property.
The McIlvenna Bay Deposit is a copper-zinc-gold-silver rich VHMS deposit intended to be the centre of a new mining camp in a prolific district that has already been producing for 100 years. The McIlvenna Bay Property sits just 65 km West of Flin Flon, Manitoba, and is part of the world class Flin Flon Greenstone Belt that extends from Snow Lake, Manitoba, through Flin Flon to Foran’s ground in eastern Saskatchewan, a distance of over 225 km.
The McIlvenna Bay Deposit is the largest undeveloped VHMS deposit in the region. The Company announced the results from its NI 43-101 compliant Technical Report on the 2022 Feasibility Study for the McIlvenna Bay Deposit on February 28, 2022, outlining that current Mineral Reserves would potentially support an 18-year mine life producing an average of 65 million pounds of copper equivalent annually. The Company filed the 2022 Feasibility Study on April 14, 2022, with an effective date of February 28, 2022. The Company also filed a NI 43-101 Technical Report for the Bigstone Deposit resource estimate on January 21, 2021, as amended on February 1, 2022. Investors are encouraged to consult the full text of these technical reports which may be found on the Company’s profile on www.sedarplus.ca.
About Sprott
Sprott is an alternative asset manager and global leader in precious metals and critical materials investments. Sprott is dedicated to providing investors with best in-class investment strategies that include Exchange Listed Products, Managed Equities and Private Strategies. Sprott is based in Toronto with offices in New York, Connecticut, Carlsbad, and Vancouver and the shares of its parent company, Sprott Inc., are listed on the New York Stock Exchange and the Toronto Stock Exchange.
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