SOLG’s $750 million syndicated funding agreement with Franco-Nevada and Osisko Bermuda may represent the first step towards securing financing for the +US$1.55B development of Cascabel. We expect the balance of funding to be provided through a mix of equity, strategic investment and debt. Ecuador remains a challenging operational jurisdiction. However, we think the scale and quality of Cascabel should ultimately prove sufficient to attract a suitably cashed up partner. Future catalysts could include news of strategic partnering success, divestment of non-core assets and exploration success.
To access the full report please log in under the Research Portal at the bottom of this page.
Argonaut’s Research Portal allows you to access Argonaut’s wealth of Research, as well as view descriptions of the Morning Note, Companies covered and the Team.
If you would like to access our research please contact us to create an account.
