Arcadia Minerals is engaging several potential partners to develop four of its five projects in Namibia.
The company owns the Swanson Tantalum Project, the Kum-Kum Nickel Project, the Karibib Copper and Gold Project, and the Bitterwasser Lithium-in-Brines Project.
The Swanson Tantalum Project licence 5047 is held by Orange River Pegmatite (Pty) Ltd (ORP).
The project is in the Karas Region in the southern part of Namibia, some 15 km north of the Orange River.
Arcadia Minerals cancelled the agreement with HeBei Construction after the latter failed to fund A$548,550 to develop the Swanson project.
The equipment needed to complete the plant cost US$9,8 million, and the South African supplier has agreed to hold on to the order.
Arcadia Minerals says it finalised the information memorandum for the project used to initiate a competitive bidding process to secure the needed funds.
Although the bidding process is ongoing, Arcadia Minerals says the quality and number of potential strategic equity and development partners are pleasing.
On the Bitterwasser project, Arcadia Minerals has entered into discussions with potential strategic equity partners to retain maximum exposure and minimise dilution.
Arcadia Minerals says it is pursuing additional funding for technical expertise in exchange for the project-level interest.
Regarding the Karibib Copper-Gold Project, Arcadia Minerals has engaged partners to prioritise non-dilutive project-level funding through joint ventures and strategic equity investment.
The Karibib Project is owned by Goas Pegmatite Exploration (Pty) Ltd (Goas) through its Exclusive Prospecting License, EPL 4663, which covers some 40 986 ha in the Erongo District in central Namibia.
The EPL is approximately 45 km south of the town of Karibib.
Brines Mining Exploration Namibia (Pty) Ltd (BME) owns the Bitterwasser Lithium Brines & Lithium Project, comprising four EPLs 7614, 8101, 8102, and 8103.
The Bitterwasser Project is in the Hardap Region in the southern-central part of Namibia, approximately 190 km south-southeast of the capital, Windhoek.
