Tintina Mines (TSX-V:TTS) has completed a C$91 million ($93 million) private placement to advance its Domeyko Sulfuros Copper-Gold Project in Chile towards a final investment decision.
The financing comprised subscription receipts priced at C$0.68 each and was completed in two tranches of C$62 million and C$29 million.
The placement attracted a broad mix of strategic, institutional, and retail investors, along with global asset managers, Tintina says.
A new investment company, jointly backed by Japan’s Sumitomo and Canada’s Gignac family, invested C$48 million in the first tranche. Franco-Nevada (TSX:FNV), a cornerstone investor, also subscribed for C$14 million.
Tintina will use the proceeds to advance Domeyko Sulfuros and fund the acquisition of the remaining 26.25% interest in the project for US$26.25 million ($37.9 million).
“This is an important step for Tintina and for Domeyko Sulfuros,” CEO Juan Enrique Rassmuss says.
Located in Chile’s Atacama region, Domeyko Sulfuros hosts multiple copper-gold porphyry targets.
Earlier this year, Tintina published a Preliminary Economic Assessment (PEA) outlining a potential 25-year open pit mine producing about 37,000 tonnes of copper and 57,000 ounces of gold annually.
The company says the new funding will support PEA optimisation, infill and exploration drilling, environmental studies, permitting, community engagement, and preparation of a Definitive Feasibility Study.
“The project has the scale, location, and geological potential to become a meaningful copper-gold development opportunity, and this financing brings in the partners and capital required to move it into its next phase,” Rassmuss says.
Tintina Mines is a mineral exploration and development company focused on advancing the Domeyko Sulfuros copper-gold project in the Atacama region of Chile.
Write to Jackson Chen at Mining.com.au
Image: Tintina Mines
