Tintina Mines (TSXV: TTS) has secured a C$91 million ($65.8 million) investment from Japan’s Sumitomo Corp. and the Gignac family to advance its Domeyko Sulfuros copper-gold project in Chile’s Atacama Region. The funding, announced on Tuesday, consists of a private placement of subscription receipts priced at C$0.68 each, split into two tranches: C$62 million in common shares and warrants, and C$29 million in common shares.
Upon exercise of the warrants, an additional C$82 million could be available. This financing will enable Tintina to advance the project toward a final investment decision (FID) while allowing Sumitomo and the Gignac family to eventually own 25% of the company, potentially increasing to 38% after warrant exercise. The Domeyko Sulfuros project has a pre-money valuation of C$138 million, with estimated resources of 100.8 million tonnes at 0.35% copper and 0.28 g/t gold.
Tintina’s shares surged over 150%, reaching C$1.70, following the investment announcement, boosting its market capitalization to $216.3 million. The company plans to allocate C$55 million from the investment to develop the Domeyko Sulfuros project, with an expected annual output of 37,000 tonnes of copper and 57,000 oz. of gold, based on a preliminary economic assessment.
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