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Highlander hires Natixis for $330M Corani silver debt

The proposed seven-year, fully underwritten senior secured loan includes a cost-overrun provision of up to $100M, with closing targeted for Q1 2027.

Reported · Written up by our desk · Mining

Highlander Silver has hired Natixis Corporate and Investment Banking to lead a proposed $330-million senior secured debt financing for its Corani silver project in Peru. According to Mining.com, the seven-year financing would be fully underwritten and include a cost-overrun provision of as much as $100 million arranged by Highlander before the first draw.

The company said final loan amounts depend on due diligence and other approvals, with closing targeted for the first quarter of 2027. Highlander reported about $100 million in cash and no debt as of June 30, positioning it closer to funding construction at Corani, a fully permitted project in Peru’s Puno region.

Corani is expected to contain 229 million oz. of silver in proven and probable reserves. An updated feasibility study is expected this year, with revisions to reserves and resources and details of Highlander’s staged development plan.

Analysts cited by Mining.com estimate Corani’s build will require $450 million to $500 million in capex, and Highlander expects a revolving credit facility to satisfy the cost-overrun requirement, potentially reducing the need for equity financing. BMO Capital Markets expects construction to begin in the first half of 2027 and first production by the end of 2029, while Scotiabank estimates initial capital spending at about US$460 million.

Latest closeSilver $64.58 ▼2.0%

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