PNX Metals Ltd (ASX:PNX) has appointed Medea Natural Resources Ltd as lead financial adviser to assist with negotiating, structuring and arranging project financing for development of the Fountain Head Gold Project in the Northern Territory.
This arrangement with the specialist mining finance advisory firm has been made due to PNX’s increased confidence in technical components of the project.
Medea will advise PNX to ensure appropriate financing is in place as Fountain Head is advanced towards a development decision so that the company’s proposed timeline to production can be achieved.
Assistance with financing
PNX managing director James Fox said: “We are delighted to be working with Medea to assist with financing the development of the proposed open-pit heap leach gold project at Fountain Head, which is expected to deliver valuable early cashflows to the company.
“We look forward to finalising the technical components of the project, submitting environmental approvals applications in early 2020, and continuing to engage with potential financing partners.”
Medea provides global corporate and capital advisory services specialising in the mining and metals sector and has offices in London and Singapore.
Medea’s managing director Leonidas Howden said: “We are very excited to be working with the PNX executive team and board to raise development funding for Fountain Head.
“We believe [the project] will attract significant interest from the mining finance community given its excellent economic potential, location in an established mining-focused jurisdiction and the current strength in the gold market.”