Case Studies

Madsen Gold Project / Pure Gold

Endeavour advised Pure Gold on the US$95 million financing of the Madsen Gold Mine in Ontario, Canada.

US$95m

Transaction Amount

Endeavour advised Pure Gold on the US$95 million financing of the Madsen Gold Mine in Ontario, Canada. The site was formerly an underground mining operation between 1938 and 1999.

The financial advisory role included:
  • Developing the financing plan, contractual structure and technical assistance
  • Managing the independent technical consultant
  • Competitive parallel negotiations with third party finance providers – PE groups, royalty and stream-companies and commercial banks
  • Financial modelling, term sheet and documentation negotiations
  • Brownfields development
  • Resource calculation and ore dilution
  • Ramp-up period
  • Water management
  • Rapid and competitive implementation (work started based on PEA – early appointment of IE)
  • Competitive process enabled US$95 million financing package to overfund initial project capital requirement
  • US$35 million advanced on closing, including equity lead order
  • No hedging, cash sweeps or offtake agreement
  • Closed financing and first drawdown within 6 months of FS release

Key Contact

David Rhodes

Managing Director


George Pyper

Managing Director - Advisory