Can you introduce Euro Sun Mining and the Rovina Valley project?

Euro Sun Mining was formed from the remaining Romanian assets of Carpathian Gold. Owned 100% by Euro Sun Mining, the Rovina Valley project (RVP) is estimated to be the fourteenth largest undeveloped gold deposit in the world and the second largest copper resource in Europe. In March 2025, through the EU’s Critical Raw Materials Act, RVP was one of 47 assets to be designated ‘Strategic’. Since 2003, the project has been thoroughly drilled, top to bottom, with a comprehensive DFS and detailed engineering and design work. We are currently working towards our final permit, after which the company can begin construction. 

The deposit is a porphyry-style mine with two open pits and one underground sub-level block cave. The grades are moderate, but there are large volumes of gold throughout. Unique in our mining plan is that we will have dry-stack tailings and will not use cyanide in our processing, before shipping the concentrate to European smelters. 

The last mine in the region closed in 2006, leading to a prolonged period of economic decline. Today, the region is not only eager to benefit from new job opportunities and infrastructure development, but also well-prepared, having a long history and deep familiarity with mining operations.

Can you explain the recent facility and subsequent offtake agreement with Trafigura Pte.?

The capital requirements for the construction of the mine and one year of sustaining CapEx are in the region of US$620 million. Trafigura has provided a US$200 million facility in exchange for a nine-year offtake, with the potential to secure the US$420 million with their help through lenders and potentially a stream. We have made this decision so as not to dilute our existing shareholders’ positions. 

What can we expect from your upcoming Environmental Impact Assessment, and how will Euro Sun be a responsible mining company in Romania?

We are on the verge of completing our EIA. However, European regulations are stringent and will require constant validation. Recognised as a world-class responsible mining project, we embrace any additional studies that the future may require and remain confident that our processes deliver minimal environmental and social impact. 

There is, of course, continuous work to be done in our communities. This is not only to ensure overall safety, but also to develop our social programmes further to benefit and balance a host of medical, skills development, infrastructure, educational, heritage preservation, and other needs.  We listen to our community concerns and continuously work to ensure that our plans for various upgrades and projects have the full backing of all stakeholders. This transparency has been a key driver for our success, because even though Europe is now once again understanding that it needs mining to create economic sustainability and energy security, the welfare of the surrounding communities to these projects remains critical.

What have been the key drivers of the European mining resurgence, and what does it mean for companies like yours?

The two key aspects of the resurgence are that Europe became heavily reliant on countries with downstream processing capabilities, like China and India, and also, inflationary pressures are being felt around the world. The future digital economy and the energy transition ambitions for Europe cannot be achieved without more control of its resources and the complete reconfiguration of its mining economy. Geopolitical pressures have also spurred this need for control and security. More emphasis is being placed on the defense needs of a country, for example, in the iron and steel sectors, with previous sources of these resources being cut off by Russia. 

For us, the granting of strategic status has improved our relationship with the European Commission, and also highlighted to the Romanian Government the level of governance and economic benefit we will deliver when we operate under European law. Untangling 40 years of mining limitations in Romania has been no small feat, but I am happy with the progress being made. 

How do you plan to progress RVP over the next year?

Our general timeline has always been that once we receive our final permit, we will allow 6 months for pre-orders and getting materials to the site, and then 18 months for construction.