ASX:G1A

Galena Completes First US$30m Drawdown under Abra Debt Facilities

GALENA MINING LTD. ("Galena" or the "Company") (ASX: G1A) announces that Abra Mining Pty Limited ("AMPL"), the joint-venture company for the Abra Base Metals Project ("Abra" or the "Project") has received US$30 million following completion of the first drawdown of the Taurus Debt Facilities (see Galena ASX announcements of 12 November 2020 and 15 June 2021 for more information on the terms of the Taurus Debt Facilities).


Managing Director, Tony James commented, "The receipt of the first US$30 million drawdown from Taurus is an important milestone on our pathway to first production of high-value, high-grade lead-silver concentrate from Abra in the first quarter of 2023. We appreciate the great relationship we have with Taurus as a funding partner."

Following this initial US$30 million received, US$80 million of funding remains under the Taurus Debt Facilities (equivalent to A$105 million at current exchange rates), made up of:

  • US$70 million Project Finance Facility; and
  • US$10 million Cost Overrun Facility.

The Taurus Debt Facilities are secured against Abra Project assets and over the shares that each of Galena and Toho own in AMPL, and additional drawdowns remain subject to satisfaction of customary conditions precedent.

The Board of Directors of Galena authorised this announcement for release to the market.

Click here for the full ASX release.

G1A:AU
The Conversation (0)

Galena Mining

Galena Mining CEO Tony James said, “People have been just sitting and watching how we would perform this year, a perceived difficult construction period. But we've done a great job."

Galena Mining CEO Tony James said, “People have been just sitting and watching how we would perform this year, a perceived difficult construction period. But we've done a great job." Keep Reading...
A metallic paper airplane rests on a smooth light gray surface.

Record Silver Price a Key Q1 Tailwind for Miners

Following an unprecedented first quarter that saw silver prices break into triple digits before sharply correcting, the sector’s top producers registered massive cash generation and bolstered balance sheets. Silver achieved a historic milestone early in the first quarter, surging past US$100 an... Keep Reading...
Silver bars on shiny metallic surface.

Silver Stocks: 5 Biggest Silver-mining Companies in 2026

Silver mining companies are being supported by a silver price bull run in 2026. After climbing through 2025, silver broke its all-time high set in 1980 in October before reaching a new high of US$121.62 per ounce on January 29.The factors driving the metal's rise remain, most notably tightening... Keep Reading...
Lynette Zang, gold and silver bars.

Lynette Zang: Silver Fuse, Gold Anchor — This Currency Lifecycle is Ending

Lynette Zang, founder and CEO of Zang International, explains what gold and silver are saying about the world today, noting that while spot prices for the precious metals are down, they are on track to eventually assume their true fundamental value. "What I really want people to understand is... Keep Reading...
Stacks of shiny silver bars labeled "fine silver" and "999" purity.

ASX Silver Stocks: 5 Biggest Companies in 2026

Investor interest in primary silver-mining stocks is high in 2026 alongside the silver price, which rose to new records of AU$171.85 and US$121.82 in late January.Silver's recent performance is supported by its dual role as a precious and industrial metal.Economic and geopolitical uncertainty in... Keep Reading...
Two silver bars rest on a blue background with white financial chart lines; text reads: FINE SILVER 999.9.

Silver Institute: Sustained Supply Deficit Exposes Market to Squeezes

The global silver market is entering its sixth consecutive year of a supply deficit, but the underlying mechanics of the shortage have fundamentally shifted. According to the Silver Institute’s latest World Silver Survey, produced alongside London-based consultancy Metals Focus, the market will... Keep Reading...

Interactive Chart

Latest Press Releases

Related News