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Chilean Cobalt Corp. Announces Receipt of USD $317 Million Letter of Interest From US EXIM Bank

Friday, 14 June 2024 09:00 AM

Chilean Cobalt Corp.

BERWYN, PA / ACCESSWIRE / June 14, 2024 / Chilean Cobalt Corp. (OTCQB:COBA) ("C3" or the "Company") is pleased to announce it has received a non-binding Letter of Interest ("LOI") from the Export-Import Bank of the United States ("EXIM Bank") for a potential debt funding package of up to $317,400,000 with loan tenor of up to 15 years to fund development efforts within C3's mining concessions that comprise the La Cobaltera cobalt-copper project located within the San Juan District in northern Chile, as well as other mining concessions within this region the Company may acquire.

This debt funding is part of EXIM Bank's China and Transformational Export Program ("CTEP"), an initiative designed to help American companies facing competition from the People's Republic of China ("PRC") in sectors including Renewable Energy, Storage, & Efficiency, and may be eligible for special consideration under Section 402 of EXIM Bank's 2019 reauthorization (P.L. 116-94).

Given the PRC's dominant and controlling market position in cobalt, a critical mineral used in lithium-ion battery and advanced superalloy applications, EXIM Bank's potential funding for C3's La Cobaltera project supports an Americas-focused cobalt supply chain and helps advance the Company's strategic partnerships for domestic US processing.

This support would provide funding for substantially all the anticipated construction and development capital required for Phase 1 of C3's La Cobaltera project, focused on the deposit's cobalt-copper oxide zones. Additionally, based on certain early drawdown conditions, this funding may be available to fund a Definitive Feasibility Study.

Following C3's formal application for debt funding, EXIM Bank is expected to complete their remaining due diligence and other required underwriting analysis to determine their final funding commitment.

This press release does not constitute an offer or sale of, or the solicitation of an offer to buy, securities of the Company nor shall there be any sale of any securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About Chilean Cobalt Corp.

Chilean Cobalt Corp. ("C3") is a US-based and US-listed critical minerals exploration and development company focused on the La Cobaltera cobalt-copper project, located in the past-producing San Juan District in northern Chile, one of the world's few primary cobalt districts known globally. C3 has a deliberate focus on building a dynamic and sustainable business with an emphasis on applying leading environmental stewardship, social engagement, and corporate governance practices to its strategy.

Safe Harbor Statement

This news release contains statements that involve expectations, plans, or intentions (such as those relating to the Company's ability to enter into a definitive agreement with EXIM Bank for the debt financing as provided for in the LOI) and other factors discussed from time to time in the Company's Securities and Exchange Commission filings. These statements are forward-looking and are subject to risks and uncertainties, so actual results may vary materially. These forward-looking statements can be identified by words such as "may," "should," "expect," "anticipate," "believe," "estimate," "intend," "plan," and other similar expressions. Examples of forward-looking statements include, among others, statements the Company makes regarding its ability to enter into a definitive agreement with EXIM Bank for debt funding as provided for in the LOI, approval for special consideration under Qualification under Section 402 of EXIM Bank's 2019 reauthorization (P.L. 116-94), ability to establish "Proven" or "Probable" Reserves, as defined by the SEC under Industry Guide 7, through the completion of a Feasibility Study for the minerals that the Company seeks to produce and the inherent risks of mining exploration, development, and processing operations that may negatively impact the business. Consequently, the Company's actual results could differ materially from those anticipated in these forward-looking statements as a result of certain factors not within the control of the Company. The Company cautions readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made. The Company disclaims any obligation subsequently to revise any forward-looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events.


Chilean Cobalt Corp.
Duncan T. Blount
Chairman & CEO
[email protected]

SOURCE: Chilean Cobalt Corp.

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