KGL Resources Limited (ASX: KGL), a company focused on developing resource projects, has announced the completion of an $11 million placement to advance enabling works at its high-grade Jervois Copper Project. The placement, priced at $0.14 per share, saw participation from investors, predominantly institutions, and included cornerstone support from Resource Capital Fund (RCF), increasing their ownership to 9.9%. KGL Resources is advancing development activities at its Jervois Copper Project in response to strong interest from potential funding partners.
The funds raised will be allocated to priority enabling works and procurement activities, with the remainder contributing to general working capital. Activities currently underway include detailed engineering and procurement, engagement with vendors for long-lead equipment, and site preparation. The company says these initiatives ensure the project can progress to construction upon a Final Investment Decision and completion of the full financing package, with funds available for drawdown.
To further bolster project execution, the KGL Board has established a Project Steering Committee (PSC) to ensure the Jervois Copper Project is delivered safely, cost-effectively, and on schedule. The PSC will oversee progress, costs, risks, and operational readiness, supporting best-practice execution to meet stakeholder expectations. The committee will include two experienced technical and project-delivery professionals provided by RCF.
KGL is currently evaluating multiple non-binding indicative offers to provide a comprehensive financing solution for construction. The company continues to refine the optimal financing package in support of a Final Investment Decision, leveraging a supportive commodity market outlook driven by accelerating demand and tightening supply for copper, silver, and gold.
