TD Bank Named Lead Arranger for Mont Sorcier Iron-Vanadium Project

LidoStakeAddict · 2025-12-31T10:51:38+00:00

Chibougamau Independent Mines has made progress on its Mont Sorcier iron-vanadium project in Quebec by appointing TD Bank as the lead financial arranger. The project financing totals up to $598 million, covering 70% of capital expenses, and supports the company’s 2% Gross Metal Royalty from the project.

LidoStakeAddict

2025-12-31 10:51:38

Abstract generation in progress

Chibougamau Independent Mines Inc. has announced significant progress on its Mont Sorcier iron-vanadium royalty property in Quebec through partner Cerrado Gold Inc. The major development centers on the appointment of Toronto Dominion Bank (TD) as the principal financial arranger for the project.

TD Bank Selection and Competitive Process

Following a competitive bidding process initiated in September, TD Bank emerged as the selected lead arranger among global project finance institutions. The company evaluated bids based on export credit agency (ECA) financing expertise, project execution capabilities, and financial competitiveness. TD’s extensive track record with ECA financing, coupled with its established relationship with UKEF (UK Export Finance), positioned the bank as the preferred choice for structuring this major resource project.

Financing Structure and Scale

The project financing arrangement is structured at up to US$598 million on a non-recourse basis with an 11-year tenor. The funding will cover approximately 70% of the Mont Sorcier project’s anticipated capital expenditures. UKEF backing provides the export credit agency support that enables this substantial financing facility for the Quebec-based iron-vanadium development.

Royalty Position and Strategic Significance

Chibougamau Independent Mines retains a 2% Gross Metal Royalty (GMR) on all iron-vanadium production from the Mont Sorcier property. This royalty position allows the company to benefit from the project’s operational success while TD Bank’s appointment as lead arranger validates the project’s commercial viability and financing pathway.

The TD Bank appointment represents a critical milestone, demonstrating confidence from one of North America’s leading financial institutions in the Mont Sorcier project’s economic fundamentals and execution potential.

For further information, contact Jack Stoch, P.Geo., President & CEO at Chibougamau Independent Mines Inc., Tel.: 819.797.5242 or info@chibougamaumines.com

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