Resolute Mining Limited’s Post

𝗟𝗨𝗖𝗔𝗥𝗔 𝗥𝗘𝗔𝗥𝗥𝗔𝗡𝗚𝗘𝗦 𝗜𝗧𝗦 𝗗𝗘𝗕𝗧 𝗙𝗔𝗖𝗜𝗟𝗜𝗧𝗬 𝗧𝗢 𝗞𝗘𝗘𝗣 𝗞𝗔𝗥𝗢𝗪𝗘 𝗨𝗡𝗗𝗘𝗥𝗚𝗥𝗢𝗨𝗡𝗗 𝗣𝗥𝗢𝗝𝗘𝗖𝗧 𝗙𝗨𝗟𝗟𝗬 𝗙𝗨𝗡𝗗𝗘𝗗. 𝑻𝒉𝒆 𝑷𝒓𝒐𝒋𝒆𝒄𝒕𝒔 | 𝑴𝒊𝒏𝒆 𝑬𝒙𝒑𝒂𝒏𝒔𝒊𝒐𝒏 . Lucara Diamond Corp. the Canadian publicly listed junior miner operating the Karowe Mine in Boteti this week announced that it has signed amendeddocumentation in relation to the senior secured project financing debt package of US$220 million executed in July 2021. While the total quantum of the Facilities has not changed, the repayment profile has beenextended in line with the rebase schedule released July 17, 2023 . Lucara said it expects to continue to develop the Karowe underground expansion using funds from the Project loan, combined with projected excess cash flow from Karowe open pit mine operations and stockpiles processed during the underground construction period. Parties to the Facilities remain Lucara Botswana Proprietary Limited as the Borrower and a syndicate of five international financial institutions: African Export-Import Bank (Afreximbank), Africa Finance Corp., ING, Natixis, and Societe Generale, London Branch. Afreximbank acts as Facility Agent in connection with the Facilities. The Company’s debt package consists of two facilities, a project finance facility which has been rearranged and increased to $190 million from the previous $170 million) to fund the development of the Underground project at the Karowe Mine, and a $30 million (previously$50 million) senior secured working capital facility which is used to support ongoing operations. TheCompany has drawn $125 million from the Project Loan and $15 million from the working capital.The balance in the cost overrun reserve account stands at $33.6 million. William Lamb, President and Chief Executive Offficer of Lucara has commended the recent signing of the amended facilities agreement for the Karowe mine's underground development project saying it marks a significant step in the company's exciting transformation. He said the achievement continues to underscore the exceptional quality of the Karowe asset. According to Lamb adjusting repayment schedule aligns with the expected cash flow from the underground production profile. "We are set to process the most valuable ore from the underground expansion in the first three years of operations. With the solid financial backing from our largest shareholder, who has provided interim funding and guarantees, we can confirm that the underground expansion project is fully funded. Our dedicated team, combined with the support of our strategic shareholder, positions us to create substantial value for our shareholders through the Karowe mine's underground development project." He said

S&P Global Ratings has downgraded debt-laden Vedanta Resources Ltd to ‘selective default’ after the mining conglomerate concluded a deal with creditors to extend the maturities of its three dollar bonds. “We view Vedanta Resources’ just concluded liability management exercise, which involved three of its US dollar-denominated bonds, as a distressed transaction,” the rating agency said in a statement. The junk-rated Vedanta had last week stated that its bondholders have approved extension of the maturities of USD 3.2 billion of bonds maturing in 2024 and 2025. Under the deal, the company will pay USD 779 million upfront, with the remaining principal extended by as much as four years. “On January 12, 2024, we lowered our long-term issuer credit rating on Vedanta Resources to ‘SD’ (selective default) from ‘CC’. We also lowered the issue ratings on the company’s bonds due January 2024, August 2024, and March 2025 to ‘D’ from ‘CC’,” S&P said. The issue rating on the UK- and India-based miner’s April 2026 bond (which was not part of the liability management transaction) remains ‘CCC’ and on CreditWatch with developing implications. As part of the extension exercise, Vedanta addressed the repayment of three bond maturities totaling USD 3.2 billion using a mix of cash and new bonds. It exchanged about half of the January 2024 bond with new bonds maturing in January 2027, with the rest paid in cash. The company also exchanged 94 per cent and 84 per cent respectively of the August 2024 and March 2025 bonds for new amortizing bonds that will mature in December 2028, with the rest prepaid in cash. “We regard the transaction as distressed, and not simply opportunistic,” S&P said. This is because “the likelihood of a conventional default in the absence of the transaction was high” due to Vedanta’s large upcoming debt maturities and reduced access to both internal cash flow and external financing. “We do not consider the new terms of the proposed transaction as constituting adequate compensation to offset the maturity extension and some cashflow subordination to a new financing facility,” it said. Vedanta, the parent firm of Mumbai-listed Vedanta Ltd, has debt repayments of about USD 900 million each in fiscal 2025 and 2026 (years ending March 31). “While this is much lower than the company’s refinancing needs of about USD 3 billion annually over the past two to three years, we believe the maturities are still meaningful, given the company’s reduced financing access. These debt maturities will need to be refinanced or met through the creation of additional dividend capacity at its subsidiaries, particularly at Hindustan Zinc Ltd,” the rating agency said. S&P said it believes further deleveraging at Vedanta Resources, possibly driven by asset sales at subsidiary Vedanta Ltd, will be necessary to sustainably improve access to external

Oil pipeline operator #TransMountain plans to borrow in the bond market to refinance some of its outstanding debt before the Canadian government eventually sells it, Bloomberg News reported on Monday, citing people familiar with the matter. Follow @Kathari.News for news and views on the #energytransition #cdnecon #pipelines #oilandgas

Nighthawk Gold Corp. (TSX: NHK) is pleased to announce that it has closed the previously announced “bought deal” subscription receipt concurrent private placement that was being conducted in connection with the arrangement between Nighthawk and Moneta Gold Inc. announced on November 28, 2023. Pursuant to the Concurrent Financing, Nighthawk issued 38,235,294 subscription receipts of Nighthawk at a price of C$0.34 per Subscription Receipt for aggregate gross proceeds of C$13.0 million, which reflects a partial exercise of the Underwriters’ Option. Upon completion of the Transaction, the net proceeds of the Concurrent Financing are expected to be used by MergeCo to fund the exploration and advancement of the Tower Gold Project and Colomac Gold Project and for working capital and general corporate purposes. The Concurrent Financing was led by SCP Resource Finance LP and included BMO Capital Markets, Haywood Securities Inc., Laurentian Bank Securities Inc., National Bank Financial Inc., Paradigm Capital Inc., PI Financial Corp., and Stifel Nicolaus Canada Inc. The Concurrent Financing is subject to final acceptance of the Toronto Stock Exchange. The securities issued pursuant to the Concurrent Financing shall be subject to a four-month plus one day hold period in Canada commencing on the date hereof under applicable Canadian securities laws. Certain insiders of the Company participated in the Concurrent Financing. By virtue of their participation, the Concurrent Financing constitutes a “related party transaction” under applicable securities laws. The Company will release a material change report including details with respect to the related party transaction following the closing of the Concurrent Financing. As the related party transaction does not exceed specified limits and will constitute a distribution of securities for cash, neither a formal valuation nor minority shareholder approval will be required in connection with the Concurrent Financing. https://lnkd.in/g2--DbUj

Blast from the past. 2018: Woohoo Welcome China 🇨🇳 money💰 2024: China 🇨🇳 BAD! FEOC. Foreign Entity of Concern (FEOC). Ineligible for IRA, DoE, DoD, LPO ATVM subsidies, conditional loans, EV tax credits. Dumps Lithium Argentina. LAC remains pre-commercial, pre-revenue for years. Needs US$3 billion CAPEX to build Thacker Pass clay lithium mine. Lithium Americas stock crashes -90% from $41.56 to $4.28. Blame China 🇨🇳 for everything. Behold: 2018 Highlights: 🔘 GFL agrees to purchase SQM’s interest in Caucharí-Olaroz. GFL has agreed to purchase SQM’s interest in Caucharí-Olaroz and enter into a new shareholders’ agreement with LAC to govern Minera Exar. 🔘 LAC increases its interest in Caucharí-Olaroz to 62.5%. LAC will increase its interest in Caucharí-Olaroz from 50% to 62.5% with GFL holding the remaining 37.5% interest. 🔘 GFL has agreed to provide LAC with a new US$100 million unsecured, limited recourse, subordinated loan facility. With this new source of financing, to be provided as part of the Transaction, LAC expects to have more than sufficient financial resources to fully fund its 62.5% share of the capital expenditures for Stage 1 of Cauchari-Olaroz. 🔘 Construction remains on track for first production in 2020. Construction continues with over 400 employees and contractors mobilized in Jujuy, Argentina. Further optimization expected. LAC’s and GFL’s technical teams expect to immediately collaborate on ways to improve design efficiencies and leverage GFL’s technical and project execution expertise including experience producing battery quality lithium carbonate from concentrated brine. 🔘 LAC and GFL enter Strategic Collaboration Agreement to explore future partnership opportunities. LAC and GFL have agreed to collaborate and explore future opportunities to jointly develop lithium resources across North and South America. Link in comments.

RMB facilitates N$2.8 billion syndicated loan for QKR Navachab’s Mine Expansion RMB has been appointed by QKR Navachab as the initial mandated lead arranger, underwriter, and coordinator of a syndicated loan from Namibian and South African banks. The loan providing bespoke term funding, worth USD155 million (about N$2.8 billion), is earmarked for the mine’s recently announced expansion programme. The multifaceted solution is crucial for the critical ramp-up of the mining and processing activities. This expansion will significantly scale up the mine’s gold output, making a substantial contribution to Namibia’s economic sustainability. In addition to the funding, RMB and the banking syndicate will provide risk management solutions to optimise the mine’s exposure to commodity prices, currency, and major operating expenses. “ This deal stands out as one of the largest resources transactions structured and executed by a Namibian financial institution. It underscores RMB’s ability to deliver complex, market-leading solutions bringing together stakeholders from across the financial ecosystem. By participating in such opportunities, RMB demonstrates its commitment to develop Namibia's capital markets and fostering shared prosperity for our clients and the communities in which they operate,” says Jason Shikalepo, Head of Investment Banking at RMB in Namibia. https://lnkd.in/dX3rr_JA

ANALYSIS OF Q4 MARCH 2024 GOOD RESULTS 35. JAIPRAKASH POWER VENTURES LTD PART 6 Weaknesses: Average financial risk profile, marked by significant debt-funded capex to be incurred over the medium term: Post restructuring of debt in April 2019, total debt reduced to Rs 4,870 crore (includes long-term debt of Rs 4,361 crore) as on December 31, 2022, from Rs 11,149 crore (including working capital) as on March 31, 2019. This has contributed to JPVL’s outstanding debt reducing to Rs 2.2 crore per MW which is one of the lowest in its peer group. However, JPVL plans to undertake debt-funded capex of around Rs 1,195 crore (for implementation of flue gas desulphurization (FGD) for adhering to emission norms as per government guidelines) over the medium term (on or before December 2026), for which funding is yet to be secured by the company. The ability of the company to get timely sanction of new term loans from lenders will remain a key monitorable. The rating further draws comfort from DSRA (partly utilized in March 2023 but replenished in April 2023) equivalent to three months of debt servicing in the form of cash worth about Rs 200 crore. Also, a cushion of Rs 50-60 crore (as an unutilized fund-based limit) supports liquidity.  Exposure of cash flow to weak financial risk profiles of counterparties: Exposure to receivables collection risk persists given the weak credit risk profile of key consumers, who are primarily state discoms. The Nigrie plant has a PPA with Tamilnadu (through PTC) and MPPMCL while Bina has a single PPA with MPPMCL and Vishnuprayag with Uttar Pradesh. Overall receivables have increased to Rs 1,112 crore i.e. 74 days in fiscal 2023 (67 days and 88 days in fiscal 2022 and 2021, respectively). Any further build-up of receivables and delayed collections from counterparties resulting in a weakening of the credit risk profile will remain key monitorable Annual Report 2023 excerpts COMPANY’S PLANTS AND OPERATIONS The Company continued to be engaged in the business of thermal and hydropower generation, coal mining, sand mining, and cement grinding. The company presently owns and operates three Power plants with an aggregate capacity of 2220 MW, 2 MTPA Cement Grinding Units and 3.36 MTPA Coal Mine as per details given below:- (i) 400 MW Vishnuprayag Hydro-Electric Plant in the State of Uttarakhand, which has been in operation since October 2006. (ii) 500 MW Jaypee Bina Thermal Power Plant in Distt. Sagar (M.P.) consisting of two units of 250 MW each, The First unit has been in operation since August 2012 and the second unit since April 2013. (iii) 1320 MW Jaypee Nigrie Supercritical Thermal Power Plant (JNSTPP) in Distt. Singrauli (M.P.) consisting of two units of 660 MW each, The First unit has been in operation since September 2014 and the second unit since February 2015.

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