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Horizon Copper (HNCUF) announces a favorable arbitration outcome for Entrée Resources regarding its Joint Venture Agreement (JVA) on the Oyu Tolgoi copper project in Mongolia. The international arbitration Tribunal issued a partial final award on December 19, 2024, upholding key aspects of Entrée's JVA with Oyu Tolgoi (OTLLC). The ruling confirms OTLLC's obligations to provide an executed JVA copy and facilitate the transfer of the Shivee Tolgoi and Javhlant mining licenses. Additionally, any taxes and fees for the license transfer will be subject to JVA terms, with OTLLC contributing Entrée's 20% share as a loan. Horizon Copper maintains 24% equity ownership in Entrée, providing exposure to the Hugo North Extension of the Oyu Tolgoi mine.
Horizon Copper Corp. (TSXV: HCU) (OTCQX: HNCUF) has announced the granting of 1,240,000 Restricted Share Rights (RSRs) to its officers, directors, employees, and consultants under the Company's Equity Incentive Plan. The RSRs will vest in three equal annual tranches over a three-year period, with the first vesting occurring on the first anniversary of the grant date.
Horizon Copper reports development updates from its portfolio assets. At the Hugo North Extension, underground development work has begun at Oyu Tolgoi Lift 1 Panel 1, with up to 212 metres of lateral development planned. Recent drill results show significant high-grade mineralization, including hole EGD 174 intersecting 448 metres grading 1.31% copper. At Hod Maden, where Horizon owns a 30% interest, SSR Mining spent US$10.9 million on pre-construction works in Q3 2024 and plans to outline its 2025 capital expenditure forecast in early 2025.
Horizon Copper Corp. (TSX-V: HCU) (OTCQX: HNCUF) has secured a $30 million revolving credit facility with an additional $20 million accordion feature, totaling up to $50 million in potential financing. The four-year facility, provided by National Bank of Canada and The Bank of Nova Scotia, matures in September 2028 and is extendable. Horizon plans to use the funds for future asset acquisitions, Hod Maden project development, and general corporate purposes. The loan's interest rate is set at SOFR plus 2.50%–3.75%, with a standby fee of 0.56%–0.84% on undrawn amounts. The company must maintain a leverage ratio below 4.0x, excluding debt held by Sandstorm Gold
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