Cavalier Resources Limited (ASX: CVR) has entered into binding term sheets to secure approximately A$23 million in debt financing for its Crawford gold project. The funding package, provided by Javelin Global Commodities and Ottomin Pty Ltd, is designed to support essential development activities, including site establishment, the procurement of long-lead equipment, project construction, and general working capital requirements as the company moves toward its first gold production.

The financing consists of two primary facilities: a US$13 million gold prepayment facility from Javelin and an A$5 million gold loan facility from Ottomin. Both lenders will hold equal-ranking senior security over the project assets. By utilizing this debt-focused structure, the company aims to fund the transition into the construction phase while minimizing dilution for existing shareholders. The repayment obligations are specifically structured to align with projected future cash flows and gold output from the mine.

Management is now focused on finalizing the definitive legal documentation and satisfying customary conditions precedent to reach financial close. As part of this process, the company has entered into a 45-day exclusivity period with Javelin to complete due diligence. Consequently, previous discussions regarding alternative non-binding funding arrangements have been placed on hold. The definitive documentation for the Ottomin facility is targeted for completion within a three-month timeframe.

To oversee these operational and capital milestones, the company recently expanded its leadership team by appointing Jamie Brown as Chief Operating Officer. Brown is tasked with guiding the executive team through the upcoming mine start-up phase. These funding and management updates arrive as the company continues to progress its remaining project approvals and site preparation work. Following the execution of these binding agreements, the focus for the company remains on concluding the final technical and financial due diligence workstreams.

Read the full announcement: Binding Project Financing Secured for Crawford Gold Project