MetalsTech Limited (ASX: MTC) has announced that it has secured a working capital and PFS funding facility with Minerva Investment Company Limited to advance the company’s flagship 2.7Moz Sturec Gold Project in Slovakia.
Commenting on the facility, executive director, Mr Gino D’Anna said, “This facility will allow us to deliver on relatively low risk value milestones without diluting shareholders at a time when we believe the value of our project is significant and the sentiment for gold is strong.”
Initial funding advance of A$1M has been secured to commence the PFS with further advances under the facility anticipated up to a maximum of A$5M.
The deal represents a significant value opportunity with gold price currently trading at over US$2,700/oz compared to the previous Sturec scoping study assumption of US$1,850/oz.
In addition, MetalsTech has also commissioned a short scoping study update to reflect improvements to the gold and silver price as well as increased mining inventory opportunities recently identified.
To find out more, please visit www.metalstech.net
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