Orion targets Cloncurry gold restart with $25m financing deal
ASX-listed AuKing partner Orion Resources has secured a nonbinding, indicative term sheet for a $25-million senior secured credit facility, marking a key step towards restarting gold production at the Cloncurry gold project in northern Queensland.
The financing, which remains subject to due diligence and formal documentation, will enable Orion to acquire the project’s assets and fund development across multiple sites, including the proposed Tick Hill joint venture and Mt Freda mine. Processing will be undertaken at the nearby Lorena plant.
The facility, if completed, will be provided by a long-established, US-based lender with experience in mining and energy projects. Terms include a three-year tenor with a 13% yearly interest rate and a 0.5% line fee on undrawn amounts. The financier’s identity remains confidential pending final approvals.
“This is a significant milestone for Orion as it seeks to complete the acquisition of the Cloncurry gold project assets and progress to early gold production,” said AuKing Mining MD Paul Williams.
AuKing, which has the right to acquire a 50% stake in Orion through A$5-million of staged expenditure by June 30, 2027, said the proposed facility underscored momentum at the project.
AuKing disclosed its interest in Orion in an announcement last month.
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