In March 2022, Marathon Gold Corporation (“Marathon”) closed a 6.5-year, US$185 million term loan credit facility with Sprott Private Resource Lending II (Collector-2), LP (“Sprott”).

The senior secured term loan facility matures on June 30, 2028, and will be funded into a debt proceeds account in two tranches, those being US$125 million as of March 31, 2022 and US$60 million on December 30, 2022, with releases from the debt proceeds account being subject to the satisfaction of certain conditions precedent.

Marathon, a Toronto based gold company, will use the financing to advance its 100-percent-owned Valentine Gold Project located in Newfoundland and Labrador, one of the top mining jurisdictions in the world. Upon completion, the Valentine Gold Project will be the largest gold mine in Atlantic Canada and a key contributor to the economy of Newfoundland and Labrador.

Norton Rose Fulbright Canada LLP acted as lead counsel for Marathon on its term loan credit facility. The team was led by Alison Babbitt (Ottawa) and included Michael Cockburn (Ottawa), Barry Segal (Toronto) and Meaghan Farrell, Meghan Fougere and Ethan Sinclair (all Ottawa).

Stewart McKelvey served as NL counsel to Marathon.

DLA Piper (Canada) LLP served as lead counsel to the lender.

Cox & Palmer LLP served as NL counsel to the lender.