Kore on April 1 signed a nonbinding memorandum of understanding with Summit Consortium to arrange the total financing required for the construction of the project.

“Our recent fundraise puts Kore on firm financial footing to complete our portion of the work needed on Kola for optimisation and beyond,” Sampson adds.

The company earlier this month announced plans to raise $11-million in a share placement.

Meanwhile, during the quarter ended March 31, work continued on Phase 1 of the definitive feasibility study (DFS) at Kore’s 97%-owned DX project, also in Congo-Brazzaville.

The current Phase 1 work programme of the DX DFS remains planned for completion during May.

Consultants have completed work on the production well specifications, rock mechanics testing, the blanket design to control cavern formation and initial aquifer modelling.

The drilling campaign at DX was completed during the March quarter. Seven diamond drill holes were completed and the company is currently awaiting assay results.