Euro Sun Mining plans $400m financing for Rovina Valley Project

Euro Sun Mining has signed a non-binding memorandum of understanding (MoU) aimed at securing up to $400m (C$552.16m) in financing for its Rovina Valley Gold-Copper Project in Romania.

The Rovina Valley Project has 10.1 million ounces (moz) of gold equivalent, comprising 7moz of gold and 233,000t of copper.

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The agreement involves Macquarie Bank and Trafigura, and outlines a collaborative effort over an 18-month period to conduct due diligence, develop a financing structure and gain necessary approvals.

While the MoU represents a preliminary accord between Euro Sun, Macquarie and Trafigura, it does not guarantee financing, which remains contingent upon various conditions including the completion of due diligence and execution of definitive agreements.

The agreement also grants Macquarie a right of first refusal to take part in up to 15% of any alternate financing transactions within a set period.

In a separate arrangement, Euro Sun has agreed to a term sheet with Urion Investments Holdings, a Trafigura Group entity, concerning a $3m equity investment.

This deal stipulates that Urion will acquire around 21.5 million units of Euro Sun, each priced at C$0.19.

Each unit consists of one common share and half a warrant, with the warrant allowing the acquisition of an additional share at C$0.40 within four years.

The equity investment is expected to close around 4 September 2026, pending conditions such as Toronto Stock Exchange approval, board approval and final agreements. The funds raised will be used to develop the Rovina Valley Project and for general corporate purposes.

Euro Sun CEO Grant Sboros said: “The signing of this MoU with Macquarie and Trafigura, alongside the strategic equity investment by Trafigura, represent a significant milestone for the Rovina Valley Project.

“Together with our existing arrangements, these agreements establish a substantial portion of the financing framework contemplated to advance the project toward construction, subject to securing the remaining financing, and support our continued commitment to shareholders.”

These agreements build upon, without altering, the existing $200m commitment from Trafigura, which remains active.