Nautilus Minerals Inc. amended its funding agreement with M. Horn & Co. Ltd., switching to a nonexclusive arrangement as the mining hopeful continues to seek project financing to complete the development of its Solwara 1 copper-gold project, part of its Solwara concessions off the coast of Papua New Guinea.
The company engaged M. Horn & Co. as sole financial adviser in early January, targeting project financing of up to US$350 million, and went on to flag the funding issues earlier in May, warning of a possible delay in initial production from Solwara 1 beyond the third quarter of 2019.
Nautilus said May 14 that the revised agreement, which expires Jan. 8, 2019, will allow for more options and flexibility.
The company remains in talks with various third parties and financial advisers as it considers various financing structures and alternatives.
