Troilus Gold has secured a mandate with a syndicate of global lenders including Societe Generale, KfW IPEX-Bank and Export Development Canada for a project financing package of up to $700m (C$1.01bn).
This financing will support the development and construction of the Troilus Gold-Copper Project in north-central Quebec, Canada.
This mandate follows four previously announced letters of intent (LOI) from global export credit agencies totalling up to $1.3bn.
Troilus expects that export credit agencies and other organisations will offer financing and guarantees to assist companies and offtake agreements within their local economies.
Detailed technical, financial and environmental due diligence is under way with the mandated lead arrangers. Troilus aims to finalise the project debt package by the end of 2025.
The company and its advisors are also advancing non-dilutive financing components and negotiating offtake agreements with domestic and foreign smelters.
Troilus CEO Justin Reid said: “Securing this mandate with three globally recognised financial institutions that have expertise in structuring financing solutions for large-scale mining development is a pivotal step in delivering a fully funded construction package for the Troilus project.
“These institutions bring world-class mining finance expertise, and their participation further validates the project’s strong fundamentals and strategic importance.
“Project due diligence is under way in parallel with continued permitting and detailed engineering; our development schedule is on track as we advance Troilus towards construction.”
The financing package’s completion remains subject to due diligence, credit approvals and negotiation of definitive agreements.
Auramet International is taking on the role of project finance advisor, supporting the structuring process and liaising with potential financiers.
The next phase of the Troilus project development includes final submission of the Environmental and Social Impact Assessment and the advancement of engineering.
Troilus recently awarded BBA the contract for engineering work for the Troilus Project.
BBA, with a long-standing connection to the Troilus site, will develop on-site infrastructure including mine services buildings, administrative offices and access roads.
