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The company stated in its December 2020 quarterly report that acquisition, which makes up around 50 per cent of the total forecast life-of-mine gold production, will de-risk its development pathway.

Bardoc chief executive officer Robert Ryan said the December quarter demonstrated that the company is advancing towards becoming a mid-tier gold producer.

“A key highlight of the quarter was the announcement in December that we had secured a binding off-take agreement with leading global minerals trader, MRI Trading AG, for the gold concentrate to be produced in the later years of our operations,” he said.

“This represents a significant de-risking milestone for the project and provides a solid foundation for our debt funding strategy.

“MRI has an enormous depth of experience in the global mining commodities market – both with customers and financial institutions – and we’re very pleased to have them on board as a committed customer for our future gold concentrate production, which accounts for approximately half of the forecast life-of-mine output from the Bardoc Project.”

The company is also gearing up to deliver its definitive feasibility study at Bardoc in late March 2021.

Bardoc Gold held a cash reserve of $22.85 million at the end of the December 2020 quarter.