REPEAT -- Euro Sun Enters Into Multi-Facility Agreement With Trafigura to Secure Up to US$200m for Development of Rovina Valley Copper-Gold Project

On December 18, 2025, Euro Sun Mining (ESM) announced it has entered into an amended and restated multi-facility agreement with Trafigura Pte Ltd. to secure up to US$200 million for the development of the Rovina Valley Project. The facility is split into three tranches: - Tranche A: US$2.5 million, which was fully drawn in mid-2025 for pre-development. - Tranche B: US$17.5 million, available for drawdown until June 30, 2027, aimed at permitting and land acquisition. - Tranche C: US$180 million, available for drawdown until June 30, 2031, intended for project construction. In exchange, ESM issued warrants to Trafigura for 40% of the drawn amounts of Tranches A and B at an exercise price of C$0.50 for 42 months. Trafigura also maintains a binding offtake agreement for 100% of the copper concentrate for up to nine years.

The news is Material - Positive as it converts a preliminary term sheet (June 2025) into a definitive, binding agreement with one of the world’s largest commodity traders. - Validation: This agreement provides significant third-party validation of the Rovina Valley economics (NPV US$1.47B post-tax). - Financial Runway: Tranche B (US$17.5M) provides the necessary capital to reach a "shovel-ready" state without immediate, massive equity dilution, which was a critical risk given the company's sub-$2M cash position in late 2025. - Construction Funding: While the US$180M Tranche C is substantial, it only covers ~30% of the US$607M initial CapEx required. The project remains contingent on ESM securing the remaining ~US$400M+ from other sources. - Conditionality: Drawdowns are subject to strict milestones, including land purchases and environmental authorizations. Failure to meet these could result in a funding freeze.

Euro Sun Mining is a Toronto-listed developer focused on the Rovina Valley Copper-Gold Project in west-central Romania. - Flagship Project: Rovina Valley is the second-largest gold deposit in Europe, containing 7.1 Moz of Gold and 1.4 Billion lbs of Copper in M&I resources. - Project Economics (Nov 2025 DFS): Pre-tax NPV(5%) of US$1.78B, IRR 39.7%, and an initial CapEx of US$607.1M. - Strategic Status: Included in the European Union’s list of strategic assets under the Critical Raw Materials Act, intended to fast-track permitting to secure domestic copper supply.