08:01 AM EST, 03/05/2024 (MT Newswires) -- Adventus Mining Corp. ( ADVZF ) said Tuesday that it has signed an investment agreement with the Government of Ecuador for the development of the Condor mining project.

Under the terms, Adventus must invest at least US$100 million, which includes US$52 million of historical spending made on the project from 2010 to 2023 and the future investment commitment of US$48 million for 2024 to 2038.

The agreement also includes any additional investments made by Adventus during the period

The company said the agreement outlined mutual interest between the parties for a future Investment Protection Agreement over the project.

Adventus gained 2.1% on Monday.