Pathfinder Tonopah has announced the receipt of a non-binding indicative letter of interest (LoI) from the Export-Import Bank of the United States (EXIM), proposing $896m in financing.
This funding aims to advance the development of a copper and molybdenum mine located in Tonopah, Nevada, potentially revitalising a historic brownfield site. The project positions Pathfinder Tonopah as a key supplier of critical minerals within the US, contributing to national security and advanced manufacturing.
Pathfinder Tonopah CEO Brianna Hanson said: “We are thrilled to receive this letter of interest from EXIM, a powerful validation of Pathfinder Tonopah’s mission to secure a domestic supply of critical minerals.
“This potential financing would enable us to scale our operations, delivering copper and molybdenum to meet America’s growing needs while strengthening national security and economic resilience.”
The EXIM Bank’s letter of interest is part of its Make More in America initiative and China and Transformational Exports Program. These programmes focus on financing projects that bolster domestic production of critical minerals and reduce dependency on international supply chains.
The mine in Tonopah is situated mainly on private land, featuring existing infrastructure that facilitates the extraction of high-grade copper and molybdenum concentrate.
Pathfinder Tonopah has developed an integrated mining plan that combines historically mined supergene copper and hypogene molybdenum resources. New exploration activities have also revealed significant potential for silver.
A 2023 drilling campaign has converted historic waste materials into ore, supported by infrastructure with water rights, power connections, and paved road access.
The proposed financing from EXIM would fund the construction of a modern mining and processing facility. This facility would employ flotation and leaching methods to produce copper cathode, molybdenum concentrate, and potentially higher-value molybdenum products.
In 2024, Pathfinder Tonopah completed a preliminary economic assessment (PEA) integrating historically mined supergene copper resources with hypogene molybdenum-focused resources into a unified mine project plan. The flow sheet offers flexibility to transition between resource types with minor process modifications.
The company is exploring opportunities for an onsite facility to produce higher-value molybdenum products and serve as a regional toll-processing centre.
