KGL Resources Limited (ASX:KGL) has announced progress in its finance and project optimisation efforts for the 100%-owned high-grade Jervois Copper Project. KGL Resources is focused on the exploration and development of copper and other mineral resources. The company’s primary asset is the Jervois Copper Project in the Northern Territory. The company also announced that Resource Capital Fund (RCF) has acquired an 8.32% shareholding in KGL via an off-market share purchase. RCF has a history of investing in critical minerals, metals, and mining ventures.
Ongoing project improvements include developing incremental open-cut resources within the current mine life and implementing capital improvements. Metal price increases have prompted the company to undertake further optimisation works for the project. KGL’s advisors, amicaa and Cutfield Freeman & Co, are continuing to advance financing for the Project, and the company is reviewing options for its resource of Bismuth in concentrate, a metal included on the Australian Critical Minerals list.
KGL Resources continues to advance a comprehensive project construction financing process and has received several non-binding finance term sheets and other proposals. They are working with advisors to refine the optimal funding package and terms for a Financial Investment Decision in due course. Reviews continue on opportunities available to the company regarding project structure and execution, and the Jervois Copper Project remains on track for enabling works targeted to commence in late 2025/early 2026, preparing the site for construction.
The company is also investigating opportunities to monetise Bismuth as a by-product in its Copper concentrate together with gold and silver, monitoring the recent surge in market pricing for the mineral. Risk reviews confirm no critical risks with safety, community and logistics remaining key focus areas. Procurement and approvals are aligned to the milestone plan, with timing linked to funding release.
