Ecuador-focused Adventus Mining has drawn down the $13-million early deposit from Wheaton Precious Metals as part of the $175.5-million precious metals stream commitment to the El Domo copper/gold project.
The early deposit has no cost or fees for 18 months, after which it is expected to be consolidated into the full $175.5-million partial precious metals stream.
The early deposit is expected to cover ongoing pre-construction expenditures in the first half of 2023, including continuation of detailed engineering and early site works.
An additional $250 000 is expected to be drawn as part of the deposit in the first quarter of 2023 to fund select 2023 project community and social development initiatives at El Domo and the greater Curipamba district areas.
"We appreciate Wheaton's ongoing long-term support for the development of El Domo from project to future operations. The early deposit was envisioned to be drawn by year-end to fund our continuing detailed engineering and pre-construction program, while we actively pursue our final construction and permitting approvals.
"Between Wheaton, Trafigura and the Stracon-Ripconciv joint venture arrangements, we have secured additional non-equity dilutive facilities to fund the remaining El Domo work programs prior to the start of full construction,” said president and CEO Christian Kargl-Simard.
Including current cash, the early deposit, available financial flexibility from its project financiers, and the Stracon-Ripconciv arrangement, Adventus Mining has current capital liquidity of $25-million, of which $20-million is designated for El Domo project expenditures.