Tesla infill drilling shows continuity
Foran Mining has amended and restated a credit agreement with Sprott Resource Lending, with the senior secured project credit facility upsized from US$150 million to $250 million. Funds will be used towards construction of its McIlvenna Bay property in Saskatchewan, Canada. The credit facility is a $250 million non-revolving facility with a maturity date of September 2031. It does not require hedging, production-linked payments, or warrant issuance.
Commissioning and mining ramp-up is due to start in the June quarter of 2025, with initial production expected in the December quarter of 2025 and commercial production expected in the first semester of 2026.Foran estimates the phase one capital budget at $604 million and expects it to be eligible for federal investment tax credits, potentially resulting in refundable investment tax credits of $130-150 million.
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