Canadian mining developer Solaris Resources (TSX: SLS)(NYSE: SLSR) has secured a $200 million financing deal from streaming and royalty company Royal Gold (NASDAQ: RGLD) to advance its Warintza copper-gold project in Ecuador.
The agreement includes a gold stream and a net smelter return (NSR) royalty. It will be structured in three instalments: $100 million upon closing, $50 million after achieving key milestones such as a pre-feasibility study and environmental approval, and a final $50 million one year later.
“This transaction is a clear endorsement of the potential scale, geological qualities and the near-surface nature, economics and stage of development of Warintza,” Solaris president and chief executive Matthew Rowlinson, said in the statement. He called the project one of the few near-term, globally significant copper opportunities not held by a major producer.
Under the deal, Royal Gold…
