Orion Mine Finance acquires 50% interest in the Greenstone Project

On January 19, 2021, Premier Gold Mines Limited (“Premier”) announced the completion of the previously announced transaction pursuant to which an affiliate of the Orion Mine Finance Group (“Orion”) acquired the 50% interest in the Greenstone Gold Mines Partnership (the “Partnership”) held by Centerra Gold Inc. ("Centerra"). At the time of closing, Premier owned the remaining 50% interest in the Partnership.

The Partnership's principal asset is the Greenstone Project (also referred to as the Hardrock Mine Project) located on the Trans-Canada Highway near Geraldton in Ontario, Canada. The project encompasses the former Hardrock, MacLeod-Cockshutt and Mosher underground mines and represents one of the most significant large-scale, permitted, mine development opportunities in North America.

Centerra received an up-front cash payment of approximately US$210 million (including adjustments) and is entitled to further contingent payments of up to approximately US$75 million (assuming a US$1,500 gold price) upon the Greenstone Project meeting certain construction and/or production milestones.

Further information can be found in the following press releases from Canada Newswire’s website on December 15, 2020 and January 19, 2021.

Orion is a global industry leader in delivering customized financial solutions to base and precious metals mining companies.

Premier is a gold-producer and respected exploration and development company with a high-quality pipeline of precious metal projects in proven, accessible, and safe mining jurisdictions in Canada, the United States, and Mexico.

Centerra is a Canadian-based gold mining company focused on operating, developing, exploring and acquiring gold properties in North America, Asia and other markets worldwide and is one of the largest Western-based gold producers in Central Asia. It operates three mines, the Kumtor Mine in the Kyrgyz Republic, the Mount Milligan Mine in British Columbia, Canada and the Öksüt Mine in Turkey.