Toronto-listed Solaris Resources has arranged a financing package of $80-million for the advancement of the Warintza project, in Ecuador.
The company entered into definitive agreements with Orion Mine Finance Management for the package, which comprises a $60-million senior secured debt facility, an offtake with a buyback provision, a subscription for $10-million in equity and a commitment for $10-million in additional equity financing.
“This financing package funds the advancement of Warintza through studies and permitting, leading to a substantially de-risked project. This is a very special asset that has the potential to create tremendous long-term value for all stakeholders as it unlocks one of the last remaining major greenfield copper districts at low elevation and adjacent to infrastructure in the entire mining industry,” commented executive chairperson Richard Warke.
Orion and Solaris have entered into an offtake for Orion to purchase 20% of metals produced from the project for 20 years from the start of production.