Excelsior Mining Closes US$75 Million Project Financing Package and Announces Construction Decision for the Gunnison Copper Project
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NEWS RELEASE
Excelsior Mining Closes US$75 Million Project Financing Package and
Announces Construction Decision for the Gunnison Copper Project
November 30, 2018
Excelsior Mining Corp. (TSX: MIN) (FSE: 3XS) (OTCQX: EXMGF) ("E xcelsior" or the “Company”)
is pleased to announce that the Company has closed a US$75 mill ion project financing package
(collectively, the "Financing") (see Excelsior press release dated October 31, 2018). The Financing has
been provided by Triple Flag Mining Finance Bermuda Ltd. (" Triple Flag"), and consists of a US$65
million copper metal stream (the “Stream”) and a concurrent US$10 million private placement of common
shares of Excelsior (the “Equity Placement”).
“With this comprehensive financing package, Excelsior will initiate construction activities at the Gunnison
Copper Project before year-end,” said Stephen Twyerould, Presid ent & CEO. “With the two crucial
milestones of permitting and construction financing now behind us, we look forward to unlocking the
remarkable economics of this project as we advance towards first copper production from the wellfield in
2019.”
The closing of the Financing resulted in Excelsior receiving in itial gross proceeds of US$20 million. This
amount consists of the initial US$10 million of the US$65 million deposit (the “Stage 1 Upfront Deposit”)
under the terms of a metals purchase and sale agreement (the "Stream Agreement"), and US$10 million
proceeds of the Equity Placement. The balance of the Stage 1 Up front Deposit will be provided in
instalments at the request of Excelsior as it expends or alloca tes previously received funds for the
construction of the Gunnison Copper Project. As per the Equity Placement component of the Financing,
Excelsior has issued to Triple Flag 13,818,977 common shares at an aggregate subscription price of
US$10 million, or equal to approximately Cdn$0.95 per share at current exchange rates. The common
shares are subject to a four-month statutory hold period that expires on March 31, 2018.
In consideration of the Stream, Excelsior has also issued to Tr iple Flag 3.5 million five-year common
share purchase warrants, whose five-year term shall begin on No vember 30, 2018, entitling Triple Flag
to purchase 3.5 million Excelsior common shares at a strike price of C$1.50 per share issued.
Excelsior is expecting an additional US$9.4 million in financin g proceeds from affiliates of Greenstone
Resources L.P. pursuant to the terms of a previously announced subscription agreement (see Excelsior
news release dated November 21, 2018 – Greenstone Resources Confirms US$9.4 Million Equity
Placement). In addition, if Altius Royalty Corporation chooses to exercise its construction royalty option,
Excelsior shall receive an further Cdn$5 million in financing proceeds.
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Construction Decision
Excelsior also announces that the decision has been made by the Board of Director’s to proceed with
construction at the Gunnison Copper Project. This decision foll ows the close of the US$75 million
Financing.
“With access to over US$75 million in capital, Excelsior is ideally positioned to start construction this year,
and we are supremely confident in the ability of our management team to execute and maintain our
construction schedule,” added Mark Morabito, the Chairman of th e Board. “I want to thank our project
financing partners, Triple Flag and Greenstone Resources for th eir commitment and support as we now
move towards first production in 2019.”
About Triple Flag
Triple Flag Mining Finance Bermuda Ltd. and Triple Flag Mining Finance Ltd. together constitute Triple
Flag Mining. Triple Flag Mining primarily targets streaming and royalty investments in the mining sector
with backing by funds advised by Elliott Management Corporation, an experienced global investment firm
with more than $35 billion of assets under management. Triple Flag Mining’s focus is on being a leading
sought-after long-term funding partner to mining companies throughout the commodity cycle. In less than
2 years, Triple Flag has committed over US$800 million to the m ining sector, with a primary focus on
precious metal streaming and royalty investments. For more info rmation,
visit http://www.tripleflagmining.com.
About Excelsior Mining
Excelsior “The Copper Solution Company ” is a mineral exploration and development company that is
advancing the Gunnison Copper Project in Cochise County, Arizon a. The project is a fully-permitted,
advanced staged, low cost, environmentally friendly in-situ rec overy copper extraction project. The
Feasibility Study projected an after-tax NPV of US$ 807 million and an IRR of 40% using a US$ 2.75 per
pound copper price and a 7.5% discount rate.
Excelsior’s technical work on the Gunnison Copper Project is supervised by Stephen Twyerould, Fellow
of AUSIMM, President & CEO of Excelsior and a Qualified Person as defined by National Instrument 43-
101. Mr. Twyerould has reviewed and approved the technical information contained in this news release.
Additional information about the Gunnison Copper Project can be found in the technical report filed on
SEDAR at www.sedar.com entitled: “Gunnison Copper Project, NI 4 3-101 Technical Report, Feasibility
Study” dated effective December 17, 2016.
For more information on Excelsior, please visit our website at www.excelsiormining.com.
For further information regarding this press release, please contact:
Excelsior Mining Corp.
Concord Place, Suite 300, 2999 North 44th Street, Phoenix, AZ, 85018.
JJ Jennex, Vice President, Corporate Affairs
T: 604 723 1433
www.excelsiormining.com
Cautionary Note Regarding Forward-Looking Information
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This news release contains "forward-looking information" concerning anticipated developments and events that may
occur in the future. Forward looking information contained in this news release includes, but is not limited to,
statements with respect to: (i) the receipt of future instal ments under the Stream Agreement; (ii) the results of the
Feasibility Study, including operating and capital cost estimates and the economic benefits from the Gunnison
Copper Project; (iii) the timeline for commencement of construction and commercial production from the Gunnison
Copper Project; (iv) the closing of the Greenstone financing; (v) the exercise by Altius Royalty Corporation of its
construction royalty option; and (v) the ability to mine the Gunnison Copper Project using in-situ recovery mining
techniques.
In certain cases, forward-looking information can be identif ied by the use of words such as "plans", "expects" or
"does not expect", "is expected", "budget ", "scheduled", "estimates", "forecasts ", "intends", "anticipates" or "does
not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results
"may", "could", "would", "might" or "w ill be taken", "occur" or "be achieved" suggesting future outcomes, or other
expectations, beliefs, plans, objectives, assumptions, intentions or statements about future events or performance.
Forward-looking information contained in this news release is based on certain factors and assumptions regarding,
among other things, the estimation of mineral resources and mineral reserves, the real ization of resource and
reserve estimates, copper and other metal prices, the timing and amount of future development expenditures, the
estimation of initial and sustaining capital requirements, the estimation of labour and operating costs, the availability
of necessary financing and materials to continue to develop and construct the Gunnison Copper Project in the short
and long-term, the progress of development activities, the receipt of necessary regulatory approvals, the estimation
of insurance coverage, and assumptions with respect to currency fluctuations, environmental risks, title disputes or
claims, and other similar matters. While the Company considers these assumptions to be reasonable based on
information currently available to it, they may prove to be incorrect.
Forward looking information involves known and unknown risks, uncertainties and other factors which may cause
the actual results, performance or achievements of the Company to be materially different from any future results,
performance or achievements expressed or implied by the forward-looking information. Such factors include risks
inherent in the exploration and development of mineral de posits, including risks relating to changes in project
parameters as plans continue to be redefined including the possibility that mining operations may not commence at
the Gunnison Copper Project, risks relating to variations in mineral resources and reserves, grade or recovery rates
resulting from current exploration and development activiti es, risks relating to the abilit y to access infrastructure,
risks relating to changes in copper and other commodity prices and the worldwide demand for and supply of copper
and related products, risks related to increased competit ion in the market for copper and related products and in
the mining industry generally, risks related to current global financial conditions, uncertainties inherent in the
estimation of mineral resources, acce ss and supply risks, reliance on key pers onnel, operational risks inherent in
the conduct of mining activities, including the risk of acci dents, labour disputes, increases in capital and operating
costs and the risk of delays or increased costs t hat might be encountered during the development process,
regulatory risks, financing, capitalization and liquidity risks, including the risk that the financing necessary to fund
the exploration and development activities at the Gunnis on Copper Project may not be available on satisfactory
terms, or at all, risks related to disputes concerning property titles and interest, environmental risks and the
additional risks identified in the “Risk Factors” section of the Company’s reports and filings with applicable Canadian
securities regulators.
Although the Company has attempted to identify important factors that could cause actual actions, events or results
to differ materially from those described in forward-lo oking information, there may be other factors that cause
actions, events or results not to be as anticipated, esti mated or intended. Accordingl y, readers should not place
undue reliance on forward-looking information. The forward-looking information is made as of the date of this news
release. Except as required by applicable securities laws, the Company does not undertake any obligation to
publicly update or revise any forward-looking information.