Sabina Gold & Silver has announced that it has raised a total of $520 million for the construction and development of the Goose gold mine.
The Goose gold mine is part of the company’s 100% owned flagship Back River Project in Nunavut, Canada.
According to the official announcement, the finance package was secured after the successful completion of the final documentation with Orion Mine Finance and Wheaton Precious Metals.
“This is a major milestone for Sabina. We are proud to welcome Orion and Wheaton as significant Sabina equity holders,” said Bruce McLeod, President and CEO.
“Their participation in financing the Goose Mine validates the sound exploration, engineering, environmental, and community work we have done on the Project and supports our approach to development of this prolific gold district.
“We appreciate the diligence and professionalism both parties brought to the process and are satisfied that we have concluded a financing package on very acceptable terms.”
The package itself comprises of:
- A US$225 million senior secured debt facility;
- A US$75 million gold prepay facility;
- A US$125 million gold stream arrangement; and
- A US$95 million private placement of Sabina Common shares.
“This Financing enables Sabina to continue on our path to producer status and to first gold at the Goose Mine which we expect in Q1, 2025,” Mr McLeod said.
“The completion of this milestone sets Sabina apart from other developers: we have a financed, fully permitted, significantly advanced, high grade gold project in a tier one mining jurisdiction.
“The Goose Mine is the first mine on the 80 km Back River Gold District. With the George property as the next obvious focus for exploration and development, the Back River Gold District stands to deliver significant opportunities and value creation for all our stakeholders as a multi-generational mining district.”