By:Mining

Sprott Resource Lending received investment committee approval to provide Robex with a senior debt facility of up to US$105 million ($168.95 million), with the option to increase it to up to US$130 million.

The financier is a wholly owned subsidiary of Sprott and general partner of several funds whose investors include pension plans, retirement systems, insurance companies, foundations and endowments.

Since September 2010, Sprott has originated and managed more than 80 investments totalling more than C$3 billion ($3.33 billion).

The loan will be used to finance the construction of the Kiniero Gold Project in Guinea.

This comes close on the heels of a C$34 million capital raising that provides Robex with sufficient cash to advance construction, engineering and the procurement of long-lead items for the project.

Robex Managing Director Matthew Wilcox says Sprott Resource Lending completed comprehensive due diligence on the Kiniero Gold Project before securing investment committee approval. 

“This debt facility will allow us to keep our target of Q4 2025 for first pour,” he says. 

The senior secured debt facility will have a repayment moratorium of more than two years and final maturity in March 2030.

First drawdown of the facility, which attracts an interest rate of 6.5% per annum, is expected in the first quarter of 2025.