Market Information

(Capitalization as of November 30, 2020)1

Market Information
Common Shares Market Cap Options Warrants Gold-Linked Notes Fully Diluted
99,800,162 C$234.5M 5.2M 49.7M US$83,066,000 154.8M

1 Capitalization table will be updated at the end of each month.

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Gold-Linked Notes

NEO Exchange
U.S. dollars
7.5% per annum paid monthly in cash
7 years
August 26, 2027


  • First year is interest only.
  • Beginning September 1, 2021, the Company will deposit a prescribed amount of gold into a Gold Trust Account on a monthly basis to be used to fund the quarterly Amortizing Payments of principal.
  • Each three months (in February, May, August and November) starting November 2021, the Company will sell the gold in the market on the 15th of the month, and the proceeds will be paid out to holders (pro rata to their holdings) at the end of the month such that:
    • The proceeds up to US$1,400 per ounce (the “Floor Price”) will be applied to reduce the principal of the Notes, and
    • The proceeds above US$1,400 per ounce, if any, will be paid as a Gold Premium.
    • The Company is responsible for any shortfall in proceeds if the gold price is below US$1,400 per ounce and will use commercially reasonable efforts to hedge the Floor Price on a “rolling 4 quarters’ basis.


Notes represent senior secured obligations of the Company, ranking pari passu with all present and future senior indebtedness.


  • Attractive Yield with exposure to rising gold prices.
  • Trust accounts for construction period interest (first two years) and yearly amortizing payments of principal through the Gold Trust Account starting year 2.
  • There is no upside cap on the gold premium.
  • Gold deposits to the Gold Trust Account represent less than 10% of annual gold production as shown below.
  • Strong credit metrics and debt service coverage.

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