Canada-based gold development company Artemis Gold has finalised the previously announced C$385m ($283m) project loan facility (PLF) for its Blackwater gold project in central British Columbia, Canada.

The syndicated project facility has been secured from Macquarie Bank, National Bank of Canada, ING Capital, Société Générale, and Bank of Montreal with whom Artemis Gold executed definitive documents.

Under the project loan facility, the gold development company will also secure a C$40m ($29.41m) standby cost overrun facility. The standby cost might be cancelled by Artemis Gold upon completing the project development.

The execution of the credit-approved commitment letter and term sheet for the loan facility was announced by the company in February 2022.

The utilisation of the project loan facility is subject to the satisfaction of certain preceding customary conditions.

According to Artemis Gold, the loan has been secured through guarantees and a first ranking charge on all of the company’s assets and each of its material subsidiaries.

Artemis Gold chairman and CEO Steven Dean said: “Execution of the definitive documents for the PLF is yet another major milestone on the development path for Blackwater.

“The calibre of the syndicate banks who have joined the leads National Bank and Macquarie is further testimony to the financial strength of the Project.”

As per the 2021 feasibility study technical report, the initial development capital estimated for the Blackwater gold project is C$645m ($474m).

Located 160km south-west of Prince George and 446km northeast of Vancouver, the Blackwater project is an open-pit gold and silver mine.

The project is estimated to have a gold reserve of eight million ounces and silver reserve of 60 million ounces.