Solidus Resources has secured a Letter of Interest (LoI) from the Export-Import Bank of the United States (EXIM) for potential financing amounting to $835m for the Spring Valley Project in Nevada.
This funding consideration falls under EXIM’s Make More in America initiative and its China and Transformational Exports Program.
The Spring Valley gold project, located in Pershing County, is being developed by Solidus Resources, which is a subsidiary of Waterton Mining. The project aims to advance through permitting, construction, and operation phases.
Waterton Mining chairman and CEO Isser Elishis said: “The Spring Valley Project will be Nevada’s next long-life heap leach gold mine.
“The significance of this transaction will be far-reaching, boosting domestic non-fuel mineral production, creating thousands of high-paying jobs, increasing significantly both local wages and tax revenues, and enhancing US mining competitiveness.”
In February 2025, Solidus Resources released a positive feasibility study for the project.
The feasibility study outlines key economic highlights, including large-scale gold production with a lifespan exceeding ten years. The mine is expected to produce an average of over 300,000 ounces of gold annually during its active phase and 348,000 ounces per annum in the initial five years.
Capital expenditure for the project is estimated at $823m, translating to a capex intensity of $269 per ounce of gold produced.
The study projects life-of-mine revenue of approximately $6.8bn and an after-tax net present value at a 5% discount rate (NPV5%) of $1.5bn with an internal rate of return (IRR) after tax of 36%, alongside a payback period of less than two years.
The Spring Valley operation will be a single open-pit design optimised for heap leaching due to ore amenability.
Mineral resources include 4.4 million ounces of indicated gold and 0.6 million ounces inferred at a base gold price assumption of $1,700 per ounce. The mine will utilise autonomous haul trucks and advanced technology drills within its operations.
Exploration prospects near the site span across a land package exceeding 30,000 acres, showcasing significant expansion potential. Since consolidating full ownership in 2015, Solidus Resources is said to have undertaken extensive drilling and testing campaigns to mitigate project risks.
Proven mineral reserves within the site are estimated at 3.8 million ounces of gold with a grade of 0.016 ounces per ton. The processing will handle both higher-grade crushed ore and lower-grade run-of-mine ore through conventional heap leaching and an adsorption desorption recovery (ADR) circuit.
