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Osino receives offers to finance Twin Hills

CANADIAN company Osino Resources has announced receiving eight project finance offers from institutions for the construction financing of its wholly owned Twin Hills Gold Project in central Namibia.

According to statement from Heye Daun, Osino’s co-founder, president and chief executive officer, the receipt of indicative term sheets is an important milestone in the overall financing process and underlines the quality of Namibia as a premier lending jurisdiction and more specifically, the financeability of Twin Hills.

Daun said this process is taking place while the company is working to meet set project development timelines.

“We are very pleased with the competitiveness of the process and resulting quality of project financing offers received from eight reputable institutions with impressive track records of successful project financing.

“Choosing the appropriate financing partners is an important next step for Osino. We look forward to the appointment of our preferred debt financing provider and finalising terms in the coming months as we continue to advance the development of Twin Hills,” Daun said.

Osino is expected to select its preferred financing partners in the next few months and to progress the project financing package in parallel with the delivery of the definitive feasibility study, which is on track to be delivered before the end of June 2023.

According to Daun, subject to the conclusion of all necessary approvals and permits, this would allow for an investment decision and commencement of early works during the second half of 2023.

Osino has appointed Terrafranca Capital Partners Ltd, a leading independent financial advisor, to advise on and progress the debt financing work stream. Terrafranca has a strong track record of arranging financing for junior mining projects in Africa.

Osino released a pre-feasibility study for Twin Hills entitled, “Amended and Restated Pre-Feasibility Study of the Twin Hills Gold Project, Namibia, National Instrument 43-101 Technical Report” dated effective September 6, 2022 signed October 25, 2022 stating 2.15 Moz in reserves, outlining a 13-year open-pit mine life with an average annual gold production rate of 169koz per annum at all-in sustaining costs of US$930/oz in the first 10 years of operation.

The comprehensive nature of the study and the resulting economic robustness of the project has allowed the company to fast track the project finance process. The DFS is on track for completion in about mid-2023.

Since its grassroots discovery by Osino in August 2019 the company has completed more than 220 000m of drilling and has completed a suite of specialist technical studies culminating in the recently published Twin Hills PFS. The PFS describes a technically simple and economically robust open-pit gold operation with a 2.15moz gold reserve, 13-year mine life and average annual gold production of over 169koz per annum.

Osino has a commanding ground position of approximately 6,900km2 located within Namibia’s prospective Damara sedimentary mineral belt, mostly in proximity to and along strike of the producing Navachab and Otjikoto Gold Mines.

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