Analyst – Deals Desk

Euro Sun Mining announces non-binding MoU for US$400 million senior debt facility and term sheet for US$3 million strategic equity investment. GlobeNewswire Published Sep 03, 2026 TORONTO, Sept. 03, 2026 (GLOBE NEWSWIRE) - Euro Sun Mining Inc. (TSX: ESM) ("Euro Sun" or the "Company") is pleased to announce that it has entered into a non-binding Memorandum of Understanding ("MoU") dated September 3, 2026 with Macquarie Bank Limited ("Macquarie") and Trafigura PTE LTD ("Trafigura"). Under the terms of the MoU, the parties will work together on a proposed senior project finance facility of up to US$400 million (the "Facility") to support the development of the Company's Rovina Valley Gold-Copper Project in Romania. Under the MoU, Macquarie and Trafigura will work together during an 18-month mandate period to conduct due diligence, develop a financing structure, and seek internal approvals required to deliver a commitment letter for arranging, syndicating and underwriting the Facility. While the MoU represents a binding agreement between the parties for appointment and process, the MoU does not constitute a financing commitment, and any Facility remains subject to successful completion of due diligence, internal approvals and execution of definitive documentation. Top Stories Interested in more newsletters? Browse here. The MoU includes customary exclusivity provisions during the mandate period, a right of first refusal for Macquarie to participate in up to 15% of any qualifying alternative financing transaction during the term of the MoU and for 12 months following termination, and standard cost reimbursement, confidentiality and indemnity provisions. Private Placement Separately, Euro Sun has agreed to a term sheet with Urion Investments Holdings Limited ("Urion"), a Trafigura Group company, for a US$3 million strategic equity investment (the "Offering"), subject to certain conditions. Under the proposed terms of the Offering, Urion would subscribe for approximately 21.5 million units (each, a "Unit") at C$0.19 per Unit. Each Unit shall consist of one common share of the Company (each, a "Common Share") and one-half of one common share purchase warrant (each whole warrant, a "Warrant"). Each Warrant shall be exercisable to acquire one Common Share at a price of C$0.40 per share for 48 months from the closing of the Offering. Closing of the Offering is expected to occur on or about September 4, 2026. All securities issued in connection with the Offering will be subject to a statutory hold period of four-months and one day. Completion of the Offering is subject to a number of conditions, including without limitation, receipt of Toronto Stock Exchange approval, board approval, execution of definitive agreements, and other customary conditions. The Company intends to use the net proceeds of the Offering for the Rovina Valley Project and general corporate purposes. The MoU and term sheet are non-binding and intended solely as a basis for further discussion. Any financing or investment transaction remains subject to negotiation and execution of definitive agreements. The MoU and Offering are supplementary to, and do not alter or replace, the existing US$200 million commitment from Trafigura, which remains in full force and effect on its current terms. "The signing of this MoU with Macquarie and Trafigura, alongside the strategic equity investment by Trafigura, represent a significant milestone for the Rovina Valley Project. Together with our existing arrangements, these agreements establish a substantial portion of the financing framework contemplated to advance the Project toward construction, subject to securing the remaining financing, and support our continued commitment to shareholders," says Grant Sboros, CEO of Euro Sun. This advertisement has not loaded yet. This advertisement has not loaded yet, but your article continues below. About Euro Sun Mining Inc. Euro Sun is a Toronto Stock Exchange-listed mining company focused on the exploration and development of its 100%-owned Rovina Valley Project located in west-central Romania, which hosts the second largest copper & gold deposit in Europe. Already granted European strategic status, the Rovina Valley Project is expected to unlock much needed investment and job creation in Hunedoara County and will deliver critical minerals necessary for Europe's green energy transition. Further information: For further information about Euro Sun, or the contents of this press release, please contact Investor Relations at [email protected]. Caution regarding forward-looking information: This press release contains statements which constitute "forward-looking information" within the meaning of applicable securities laws, including statements regarding the MoU and Offering, particularly in respect of the potential arrangement of a senior debt facility, the potential completion of the proposed equity investment, and the Company's expectations for the use of net proceeds and the Rovina Valley Project more generally. Forward-looking information is often identified by the words "may", "would", "could", "should", "will", "intend", "plan", "anticipate", "believe", "estimate", "expect" or similar expressions. Investors are cautioned that forward-looking information is not based on historical facts but instead reflect management's expectations, estimates or projections concerning future results or events based on the opinions, assumptions and estimates of management considered reasonable at the date the statements are made. Although the Company believes that the expectations reflected in such forward-looking information are reasonable, such information involves risks and uncertainties, including: the risk that the MoU or term sheet may not result in definitive agreements; the risk that necessary approvals, including Toronto Stock Exchange approval, may not be obtained; general business, economic, competitive, political and social uncertainties in Romania and the European Union; future commodity prices and market demand; accidents, labour disputes and shortages; risks inherent in the mining industry; and other risks described in the Company's public disclosure. Undue reliance should not be placed on such information, as unknown or unpredictable factors could have material adverse effects on future results, performance or achievements of the Company. This information is qualified in its entirety by cautionary statements and risk factor disclosure contained in filings made by the Company with the Canadian securities regulators, including the Company's annual information form, financial statements and related MD&A for the financial year ended December 31, 2025, filed with the securities regulatory authorities in certain provinces of Canada and available at www.sedarplus.ca. Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking information prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated or expected. Although the Company has attempted to identify important risks, uncertainties and factors which could cause actual results to differ materially, there may be others that cause results not to be as anticipated, estimated or intended. The Company does not intend, and do not assume any obligation, to update this forward-looking information except as otherwise required by applicable law. Quick Picks

U.S. Department of Energy selects Nth Cycle to enter award negotiations for up to $100 million to build new critical mineral refining facility. * Grant will support development and construction of new battery materials refining facility in the Southeast US to process up to 24,000 metric tons of domestic black mass annually. * Named Project SHIELD, the new facility will produce high-purity nickel MHP and battery grade lithium carbonate to supply industrial inputs for the country's most strategic industries, including defense and AI. * Operations will provide commercial scale refining capacity supporting public and private sector demand, including the recent federal black mass export ban and $1.1b binding off-take term sheet with Trafigura. * Nth Cycle's proprietary electroextraction platform and OYSTER system are designed to bypass the expense, delays, and waste that have stalled domestic refining, offering a cheaper, faster, and cleaner alternative. BURLINGTON, Mass., Aug. 20, 2026 (GLOBE NEWSWIRE) - Nth Cycle, a pure play critical minerals refining company, has been selected by the U.S. Department of Energy (DOE) to enter into award negotiations for up to $100 million to develop and construct a commercial-scale black mass refining facility, which will be built in the Southeast US. The selection was made by DOE's Office of Critical Minerals and Energy Innovation (CMEI), Manufacturing Deployment Office (MDO) under the Battery Materials Processing and Battery Manufacturing & Recycling grant program, funded to expand U.S. critical mineral processing and domestic battery manufacturing capacity. The new facility, designated Project SHIELD (Strategic Hub for Industrial Electroextraction & Logistics Defense), will strengthen domestic supply chains supported by federal initiatives and industry demand. Using the company's proprietary electroextraction platform and OYSTER system, it will refine up to 24,000 metric tons of domestic black mass annually, converting it into high-purity nickel mixed hydroxide precipitate (MHP) and battery grade lithium carbonate for military systems, AI data centers, electric grid storage, and transportation. "Domestic refining capacity is the difference between critical mineral access and critical mineral security," said Megan O'Connor, Co-Founder and CEO of Nth Cycle. "The Trump Administration has recognized that keeping recoverable critical minerals in the United States is a matter of national security. But without refining capacity, those resources can't be used for new manufacturing. Being selected by the DOE to fill this gap validates the role we play to onshore one of the most consequential supply chains of our time." First Commercial Scale Black Mass Refinery in United States Aligned with Export Ban The need for Project SHIELD has taken on added urgency following recent government actions. On July 30, 2026, President Trump issued a determination identifying recoverable critical minerals as strategic assets essential to national security. The Department of Commerce issued a subsequent one-year export ban on black mass - the material created from shredding spent lithium-ion batteries. With insufficient domestic refining capacity to match the country's growing supply, China has held a near-monopoly on its processing. Together, the administration's policies, the DOE grant, and Nth Cycle's new facility address that bottleneck: establishing one of the first U.S. commercial-scale black mass refineries ensures these recycled materials - and the refining to make them usable - stay in America. Grant Backs Nth Cycle's Commercial Agreements, Expands Operations The DOE grant and Project SHIELD will also support the company's private sector momentum, including a binding 10-year offtake term sheet with Trafigura valued at approximately $1.1 billion. Under the term sheet, Trafigura will purchase 2,000 metric tons of nickel contained in MHP and 1,500 metric tons of battery grade lithium carbonate from Nth Cycle. The new Southeast facility expands the company's existing operations. Its first facility in Fairfield, Ohio, began operations in 2024, was deployed in less than 18 months, and became one of the country's first commercial-scale sources of high purity nickel MHP produced from scrap. To date, it's completed 3,400 production hours with 99% recovery and 98% MHP purity rates. The Southeastern location will establish strategic port access and proximity to one of North America's fastest-growing energy and advanced-manufacturing corridors. It's expected to create approximately 800-1,000 construction related jobs and 54 permanent jobs from commissioning, ramp-up, and ongoing operations. Scalable, Accelerated Deployment Project SHIELD is expected to become operational as early as 2029. The schedule is enabled by Nth Cycle's proprietary electro-extraction platform and modular OYSTER system. While traditional refineries assume high capital intensity, permitting delays, and full capacity to operate profitably, the OYSTER is designed to be installed in existing industrial buildings, including permitting, in as little as two years, be capable of being deployed with more than 70% lower capital intensity than incumbent refining technologies and operate profitably at approximately one-tenth the scale. The DOE selection is subject to award negotiations, including DOE review and approval of project plans, milestones and other terms. The selection is not a commitment by DOE to issue an award, and final funding amounts may differ. About Nth Cycle Nth Cycle is a critical minerals midstream refining company building the technology and infrastructure needed for Western supply chains. The company addresses the structural bottleneck of foreign dependence to process domestic critical mineral resources with its modular OYSTER system and proprietary electroextraction platform. Combined, they dramatically lower capital intensity, deployment time and emissions to convert industrial scrap, black mass, primary and waste feeds into intermediate and refined products within the battery materials, copper and rare earth value chains. These advancements enable the domestic production and allied partnerships vital to industrial competitiveness, economic growth, and national security. Cautionary Note Regarding Forward-Looking Statements This press release contains certain statements that are not historical facts but may be considered "forward-looking statements" within the meaning of Section 27(a) of the Securities Act of 1933 and Section 21(e) of the Securities Exchange Act of 1934. Forward-looking statements generally are accompanied by words such as "believe," "may," "will," "estimate," "continue," "anticipate," "intend," "expect," "should," "would," "plan," "predict," "potential," "seem," "seek," "future," "outlook" or the negatives of these terms or variations of them or similar terminology or expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements include, but are not limited to, statements regarding benefits of the award from the DOE and the timing and benefits of the proposed facility. These statements are based on the current expectations of Nth Cycle and are not predictions of actual performance. These forward-looking statements are not intended to serve as, and must not be relied on, as a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. Many actual events and circumstances are beyond the control of Nth Cycle. While Nth Cycle may elect to update these forward-looking statements in the future, it specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing Nth Cycle's assessments as of any date subsequent to the date of this press release. Accordingly, undue reliance should not be placed upon the forward-looking statements. Nothing herein should be regarded as a representation by any person that the forward-looking statements set forth herein will be achieved or results of such forward-looking statements will be achieved. MEDIA CONTACT: James McCusker Alpha Advisory Group [email protected] Legal Disclaimer: EIN Presswire provides this news content "as is" without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the author above.