De Grey Mining (ASX: $DEG) Quarterly Activities Report highlights

De Grey Mining Limited (ASX: $DEG) has successfully completed a A$600 million fully underwritten institutional placement and pro-rata accelerated non-renounceable entitlement offer for the Hemi Gold Project. The company also received credit approved term sheets from leading domestic and offshore commercial banks for an A$1.0 billion senior debt facility, along with an additional A$130m cost overrun facility. With an A$867M cash balance at the end of June and the senior debt facility expected to fully fund the estimated capital cost of the Hemi Gold Project, De Grey Mining is making significant progress in advancing its project development activities.

Executive Commentary on Project Development and Financing

The completion of the A$600 million financing and the receipt of credit approved term sheets for the senior debt facility mark significant milestones for De Grey Mining. These achievements provide the necessary financial resources to advance the Hemi Gold Project towards its development and production phase. The successful financing reflects the confidence of institutional investors and commercial banks in the potential of the Hemi Gold Project. We are also pleased with the progress made in project development, including the execution of a 15-year lease on the Mt Dove tenements, finalization of the process plant layout, and ongoing negotiations for power supply. These developments position us well for the future and demonstrate our commitment to delivering long-term value to our stakeholders.

Summary of Quarterly Activities and Outlook

De Grey Mining's completion of the A$600 million financing and the receipt of credit approved term sheets for the A$1.0 billion senior debt facility signify a major step forward in the development of the Hemi Gold Project. The company's strong cash balance and progress in securing project financing are expected to fully fund the estimated capital cost of the project. Additionally, advancements in project development, including the execution of a 15-year lease, finalization of the process plant layout, and ongoing negotiations for power supply, demonstrate the company's commitment to achieving its strategic objectives. With the Hemi Gold Project representing a significant opportunity in a Tier 1 jurisdiction, De Grey Mining is well-positioned to capitalize on the project's potential and create long-term value for its shareholders and stakeholders.