The Prospector News

More Progress at Globex Mont Sorcier Iron Royalty Project

You have opened a direct link to the current edition PDF

Open PDF Close
Uncategorized

Share this news article

More Progress at Globex Mont Sorcier Iron Royalty Project

 

 

 

 

 

GLOBEX MINING ENTERPRISES INC. (TSE:GMX) (FRA:G1MN) (OTCQX:GLBXF)  is pleased to inform shareholders that Cerrado Gold Inc. (TSX-V:CERT) (OTCQX:CRDOF) has announced that it has “completed the tender process for its Export Credit Agency (ECA) Supported Non-Recourse Project Financing, and expects to complete the on-boarding and appointment process within the next few weeks.” Cerrado has chosen an international bank to act as Mandated Lead Arranger (MLA) for the Mont Sorcier Iron-Vanadium project in the Chibougamau area of Quebec (click to Cerrado press release of October 18, 2023).

 

The appointment of the MLA is a significant milestone for the project financing requirement. The next phase will be comprised of a formal due diligence period to be started in 6 months to align closely with completion of the planned feasibility study, before a final binding offer and documentation which is expected to be completed in 2Q of 2024.

 

Globex retains a one percent (1%) Gross Metal Royalty on all iron production from the Mont Sorcier property, currently expected to generate US$235M per annum in free cash flow over a 21-year period and having an NPV of US$1.6B based on Indicated Resources only which represents 25% of the total defined resource leaving room for optimization and expansion potential (see Cerrado press release of March 7, 2023). Separately, Globex owns a large share position in Electric Royalties (ELEC-TSXV) which has a 1% GMR on all vanadium produced from the project.

 

This press release was written by Jack Stoch, Geo., President and CEO of Globex in his capacity as a Qualified Person (Q.P.) under NI 43-101.

 

Posted October 23, 2023

Share this news article

MORE or "UNCATEGORIZED"


ESGold Announces Closing of C$8.0 Million Brokered LIFE Offering

ESGold Corp. (CSE: ESAU) (FSE: Z7D) is pleased to announce the c... READ MORE

September 18, 2025

NevGold Announces Updated Open-Pit, Heap-Leach Gold Mineral Resource Including 1,186,000 ozs Indicated and 548,000 ozs Inferred At Nutmeg Mountain in Idaho

NevGold Corp.  (TSX-V:NAU) (OTCQX:NAUFF) (Frankfurt:5E50) is ple... READ MORE

September 18, 2025

Western Gold Intersects High-Grade Gold Within Its Newly Discovered Porphyry-Breccia Pipe at Ardlochan Prospect

WESTERN GOLD EXPLORATION LTD. (TSX-V: WGLD) is pleased to announc... READ MORE

September 18, 2025

Bayhorse Silver Closes Its Recently Announced 25 Million Unit Private Placement For Ongoing Work at The Bayhorse Silver Mine and IP Survey On Its Adjacent Pegasus Project, Idaho, USA

Bayhorse Silver Inc, (TSX-V: BHS) (OTCQB: BHSIF) (FSE: 7KXN) ann... READ MORE

September 18, 2025

The City of Duparquet and First Mining Gold Sign Historic Memorandum of Understanding for Community Development and Collaboration on the Duparquet Gold Project

The City of Duparquet and First Mining Gold Corp. (TSX: FF) (OTCQ... READ MORE

September 18, 2025

Copyright 2025 The Prospector News