In the three months to March 31 the company raised £18mln of additional capital with an institutional share placing, whilst it advanced efforts to secure a significantly larger project financing for the development of the Araguaia nickel project.
Multiple components of the Araguaia finance package are now reaching final stages, it added.
Other preparations advanced during the quarter with the appointment of Michael Drake as head of projects and the award of a power line licence sufficient to cover the mines intended nameplate capacity.
Since the end of the quarter, it has also contracted the consultant for the Vermelho project’s Environmental and Social Impact Assessment.
In terms of financial results, the pre-revenue company reported a £954,476 loss from continuing operations and at the end of the quarter had £26.3mln of cash and equivalents.