Today’s capital crunch is a mix of debt funding and government grants, led by Ramelius Resources (ASX:RMS) executing an agreement for a $175 million revolving debt facility.
Several major banks – such as Australia and New Zealand Banking Group, Commonwealth Bank of Australia, National Australia Bank, Natixis, and Westpac Banking – will provide Ramelius with the facility, which has an initial four-year term with the option to extend by a further year.
The new facility, which is undrawn, is an upsized replacement to the previous $100 million facility.
Leeuwin Capital Partners acted as financial advisors to Ramelius.
Lithium developer Winsome Resources (ASX:WR1) has received a grant from the Québec Government of C$130,000 ($142,354) through its subsidiary Lithium Winsome Adina.
The grant will be put towards metallurgical testwork on samples from its wholly owned Adina Lithium Project in the Eeyou Istchee James Bay region of Québec, Canada.
Winsome says the testwork will inform the upcoming project studies for Adina, which are expected to be published in the second half of this year.
The studies will include evaluations of the company’s recent option to acquire the Renard Operation, which lies about 60km from Adina.
The grant has been offered under the Mineral Exploration Support Program for Critical and Strategic Minerals, which is overseen by the Québec Ministry of Natural Resources and Forests.
Meanwhile, Castille Resources (ASX:CST) has been awarded an exploration grant of $95,540 from the Northern Territory Government’s geophysics and drilling collaborations program.
The grant will be used to co-fund a diamond core hole (24P35DD001) to test the coincident gravity-magnetic anomaly, Pathfinder 35, for iron-oxide copper-gold (IOCG) mineralisation.
Castille was awarded a similar grant in June 2023 to drill Pathfinder 35, but due to delays in permitting and inclement weather the company was unable to complete the program.
The Northern Territory Government replenished and increased the grant on re-application.
Write to Aaliyah Rogan at Mining.com.au
Images: Ramelius Resources
