Osino Resources Corp. (TSXV:OSI) has received eight project finance offers from credible institutions for the construction financing of its wholly owned Twin Hills Gold Project in Namibia.
The receipt of indicative term sheets is an important milestone in the overall financing process and underlines the quality of Namibia as a premier lending jurisdiction and more specifically the financeability of Twin Hills. This process is taking place while working to meet our Project development timelines.
“We are very pleased with the competitiveness of the process and resulting quality of project financing offers received from eight reputable institutions with impressive track records of successful project financing,” Heye Daun, Osino’s co-founder, President and CEO, said.
“Choosing the appropriate financing partners is an important next step for Osino. We look forward to the appointment of our preferred debt financing provider and finalising terms in the coming months as we continue to advance the development of Twin Hills.”
Project Finance Process
Osino aims to select its preferred financing partners in the next few months and to progress the project financing package in parallel with the delivery of the definitive feasibility study (DFS), which is on track to be delivered before the end of June 2023. Subject to the conclusion of all necessary approvals and permits, this would allow for an investment decision and commencement of early works during the second half of 2023.
Osino has appointed Terrafranca Capital Partners Ltd to advise on and progress the debt financing workstream. Terrafranca is a leading independent financial advisor with a strong track record of arranging financing for junior mining projects in Africa.
Osino released a pre-feasibility study (PFS) for Twin Hills in late 2022 stating 2.15Moz in reserves (average Au grade of 1.04g/t with a cutoff of 0.3g/t), outlining a 13-year open-pit mine life with an average annual gold production rate of 169koz per annum at all-in sustaining costs of US$930/oz in the first 10 years of operation. The comprehensive nature of the PFS and the resulting economic robustness of the Project has allowed the company to fast track the project finance process. The DFS is on track for completion in about mid-2023.
For further information please visit: https://osinoresources.com/
