Federation Mining - Project Funding update

28 April 2024
Federation Mining
Federation Mining is pleased to provide an update on the funding of the Snowy River Mine project on the West Coast of the New Zealand South Island.

AustralianSuper has been a strong supporter of the project and valued foundation investor along with the New Zealand Government through the Provincial Growth fund (PGF). This week, AustralianSuper has agreed to an additional funding package to the value of AUD$75 million dollars through the issuing of a 4th Convertible Note (CN).

Federation Mining (the Company) is grateful for the continued support from AustralianSuper and in parallel is pursuing a variety of additional funding opportunities to assist in the construction of the processing plant. This funding package will facilitate the payment to OceanaGold for the purchase of the mine asset, continued development of the mine and completion of process plant engineering.

The Company acknowledges the support and stewardship of OceanaGold over the past 6 years as Federation has developed the Snowy River Mine. The Company has completed a Pre-Feasibility Study (“PFS”) with assistance from a leading consultant which is being shared with potential investors, NZP&M and AustralianSuper.

Snowy River Mine is fully permitted for all construction and production activities, and currently employs over 60 staff and contractors. The construction and operations phases will provide strong employment opportunities for an additional 100+ employees with positive flow-on effects in the local West Coast community

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