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Author: Admin | 2025-04-28
Mr. Martino De Ciccio reports: VANCOUVER, British Columbia, Dec. 27, 2024 (GLOBE NEWSWIRE) -- Montage Gold Corp. (“Montage” or the “Company”) (TSXV: MAU, OTCQX: MAUTF) is pleased to announce that it has closed and subsequently drawn the US$75 million fully redeemable subordinated gold stream (the “Zijin Stream”) with Zijin Mining Group Co. Ltd. (through its subsidiary and non-operating division, together with its affiliates, “Zijin”).The Zijin Stream forms part of the US$825 million financing package announced on October 23, 2024. The Zijin Stream proceeds will be allocated toward the construction of Montage’s Koné project in Côte d’Ivoire, for which the construction launch was announced on December 18, 2024. The first gold production is scheduled for Q2-2027, with significant progress already being made as early works are well underway and major construction works are set to commence in the coming weeks, once further construction equipment arrives to site.Following the drawdown of the Zijin Stream, Montage expects to draw, over the course of construction of the project, the US$700 million gold stream and loan provided by Wheaton Precious Metals International Ltd. (the “Wheaton Facilities”) and the US$50 million Zijin loan (the “Zijin Loan”). As a condition precedent to closing the financing, the intercreditor agreement has been finalized and signed by all parties, including Wheaton Precious Metals International Ltd., Zijin, and Montage. Other necessary conditions precedent to the Zijin Stream have been satisfied or waived. The waiver of certain conditions requires Montage to provide additional covenants and deliver certain security and related documents in
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