• London
  • Vancouver
  • Camana Bay

US$174mTransaction amount

Fenix Gold Project / Rio2 Limited

Fenix Gold Project in the Atacama Region of Chile

Background

Endeavour advised Rio2 Limited on a US$174 million financing and stream restructuring relating to the Fenix Gold Project in the Atacama Region of Chile

Comprehensive financial advisory role including:
  • Technical guidance during the completion of the FS
  • Review and restructuring of the existing gold stream, removing the delay ounce delivery obligations linked to the EIA delayed approval (saving client >US$10 million)
  • Thorough market process involving commercial banks, export credit agencies, credit funds and offtakers to determine most competitive terms
  • Parallel competitive financing track progressed with multiple lenders to maintain optionality and certainty of execution

Key Contacts

George Pyper

Managing Director


Daniel Hill

Director


Challenges

  • Delay in the company’s EIA approval
  • Half of the original US$50 million gold stream drawn in 2021 pre-permits, and required restructuring due to Project permitting delays
  • Requirement to ensure the project financing did not compromise any future expansions of the Project

Solutions

  • Completion of due-diligence materials ahead of time; presentation of a financing package
  • Competitive process enabled US$124 million new financing package
  • No hedging or cash sweep requirements or additional long-term ‘hooks’

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