Toronto – October 12, 2026 -- Highlander Silver Corp. has signed a mandate letter with Natixis Corporate & Investment Banking to lead a fully underwritten, 7-year, $330 million senior secured structured project finance facility for the Corani Silver Project in Peru.
The company will back the facility with a cost overrun facility of up to $100 million, which must be established before the first draw. Final facility amounts remain subject to due diligence. As of June 30, Highlander Silver reported cash of about $100 million and no debt.
Facility closing is targeted for the first quarter of 2027
The deal still requires definitive documentation, which will include customary project finance terms, fees and conditions. It also depends on credit approvals and on completion of ongoing technical, financial, environmental and social due diligence. Highlander Silver describes the mandate as a major step toward a fully funded construction package for Corani.
Highlander Silver contrasts structured debt with peer high-yield and convertible deals
President and CEO Daniel Earle said the facility follows a multidisciplinary due diligence process that sets it apart from recent peer financings in the high-yield and convertible debt markets. He called Natixis CIB one of the world's leading project finance institutions.
The company has retained 100% of Corani's offtake rights. Earle said this preserves optionality and value as global competition for clean concentrates intensifies.
Execution risks remain across documentation, diligence and costs
The company flagged several risks that could derail the financing. Definitive documentation may not be completed on the contemplated terms or at all. Natixis CIB may not be satisfied with due diligence results. The cost overrun facility may not be established on acceptable terms, and drawdowns may be delayed. Project costs may also rise, and technical, environmental, social, permitting or construction risks could delay development of Corani.