It's not often hear companies reducing their debt profile when developing a mine.
"On 27 May 2024 the Company announced that it had signed a terms sheet with Ocean Partners for a US$10M Prepayment Facility, subject to conditions precedent. Following on from the revised mine design and Gravity plant flow sheet, because of the decision to utilise an ore sorter, the capital expenditure required to develop the mine was significantly lowered. A facility of this size is no longer expected to be required by the Company and the parties have agreed that the proposed arrangement will not be completed, with no penalty to the Company. The Company is in negotiations with several parties in relation to a significantly smaller debt or prepayment facility."
VTX Price at posting:
19.0¢ Sentiment: Buy Disclosure: Held
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