Foran Mining closes $150 million senior secured facility via Sprott

By Mary-Katherine Stinson

Lexington, Ky., Dec. 21 – Foran Mining Corp. announced it closed on a $150 million non-revolving senior secured project credit facility with a fund managed by Sprott Resource Lending Corp., according to a press release.

The facility matures Sept. 30, 2030.

Interest will accrue at SOFR plus 695 basis points, subject to a 2% floor.

The company will begin repaying principal on June 30, 2026 in equal quarterly repayments totaling 4% of the outstanding principal including capitalized interest and other costs. The remainder is due at maturity.

The credit facility has no requirements for hedging, cash sweeps, standby charges, production-linked payments, issuance of shares, or issuance of warrants

The company drew down an initial advance of $29.5 million at closing. Subsequent advances are available to the company upon the satisfaction of customary conditions.

Proceeds will be used towards construction of the McIlvenna Bay project in east-central Saskatchewan as well as for general corporate purposes.

Foran is a copper, zinc, gold and silver mining company based in Vancouver, B.C.

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