11:40 AM EDT, 06/16/2025 (MT Newswires) -- (Updates shares.)

Augusta Gold ( AUGG ) on Monday said the Export-Import Bank of the US issued a letter of interest in support of up to US$50 million in financing for the development of the Reward gold project in Nevada.

The non-binding letter of interest outlines a plan to provide a loan with a potential 10-year repayment term, including an interest-only period.

The financing will be made under EXIM's "Make More in America" initiative as the project meets the bank's policy goals of job creation and required export nexus. The letter cited Augusta's experienced management team and potential support from state and local governments.

"Coupled with the EXIM direct loan we are also negotiating to secure high-quality capital in the least dilutive way to fully fund construction at Reward, which should drive an equity re-rate," said chief executive Don Taylor.

Augusta's shares were last seen up $0.04 to $1.02 on the Toronto Stock Exchange.

Price: 1.00, Change: +0.02, Percent Change: +2.04