The underwriters have an option to buy up to an additional approximately 2.5 million units, potentially raising an extra C$2.7 million. The funds will be used to develop O3 Mining’s assets in Quebec, along with general corporate expenses.
O3 Mining holds six properties in Quebec, with its flagship asset being the Marban Alliance. This property spans 2,189 hectares across 65 claims between Val-d’Or and Malartic. Exploration here dates back to 1940, with 14 companies having explored or mined the site before O3 Mining’s establishment in 2019.
Marban Alliance is projected to produce 161,000 ounces of gold annually and generate C$668 million in EBITDA over its first two years of production, assuming a gold price of $2,400 per ounce and a 10-year mine life.
