Minto Metals Corp. announced that it has entered into a new term loan agreement dated April 14, 2023 (the ‘Loan Agreement') with Lion Point Capital, LP (‘Lion Point'), Copper Holdings, LLC (‘Copper' and together with Lion Point, the ‘Lenders') and GLAS Americas LLC, as agent for the Lenders. Pursuant to the Loan Agreement, the Lenders have agreed to provide a secured non-revolving term facility (the ‘Facility') in the principal amount of CAD 1 million, which may be increased to CAD 2 million, subject to further commitments being obtained from the Lenders to fund any additional amounts under the Loan Agreement.

The Facility bears interest at the rate of 10% per annuum, payable semi-annually. Repayment of the Facility is due on the earlier of: (i) April 14, 2026; and (ii) the final repayment date under the Company's previously issued secured notes dated June 3, 2019 held by Cedro Holdings I, LLC (‘Cedro') and Stiftelsen Lejonudden.