I did get a quick response from Jim to my follow-up question.
I should have phrased my second question better. I was asking about exim taking up to 9 months to make a decision after receiving the engineering and drilling results?
The results of the drilling, mineral reserve uplift, FS-level engineering, and updated financial model will be provided to EXIM prior to those data sets formally being integrated into the FS. Think of this as our being able to provide to EXIM “chapters” of the FS prior to the final technical report being published. This allows EXIM to continue working its due diligence process on technical and other elements of our application prior to publication of the final FS Technical Report, which EXIM needs to review prior to any final approval of a loan. We anticipate publication of the final FS will be sometime in calendar Q2-2026.
But there are many other work streams that need completing prior to EXIM being able to formally approve our loan application, including a 35-day notification to Congress of EXIM’s intent to finance a project. That notification process does not require any approval by Congress — only notification.
In short, financing deals of this magnitude are quite complex and completing ours will likely take several months beyond completion of the final FS — even at the accelerated pace that we believe EXIM will follow for our project. There is a high degree of visibility and support for our project and our loan application from EXIM in Washington, D.C., and EXIM clearly wants to fund our project, in my view.
Jim
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