On January 27, 2025, Discovery Silver Corp. entered into a definitive agreement to acquire from a wholly owned subsidiary of Newmont Corporation, 100% of Newmont’s interest in its Porcupine Operations based in and near Timmins, Ontario, Canada for total consideration of US$425 million.
In connection with the acquisition, Discovery has entered into agreements for a financing package totaling US$555 million. Of the total financing package, US$400 million will be provided through royalty and debt agreements with Franco-Nevada.
Cassels is acting for Discovery in relation to the Franco-Nevada financing and royalty.