Australian uranium firm Vimy Resources has signed legally binding agreements with Resource Capital Fund VI to get the remaining A$25 million ($18.3 million) of a A$30 million ($22 million) funding package. The company secured the $22 million funding package in May this year to finance its Mulga Rock uranium project in Western Australia.\n\nThe funding package includes a A$15 million ($11 million) unsecured bridging loan and a A$10 million ($7.3 million) payment in return for a 1.15% royalty. A A$5 million ($3.6 million) placement to RCF VI was undertaken in May.\n\nVimy Resources CEO and managing director Mike Young said that the completion of the funding agreements with RCF VI complements the progress Vimy has been making on ore beneficiation and environmental approvals.
They are now well placed from a funding perspective to continue to progress of the Mulga Rock Uranium Project to project financing. The project is located 240 km ENE of Kalgoorlie in the Great Victoria Desert of Western Australia.\n\nA scoping study estimated that the project will generate average yearly earnings before interest, taxes, depreciation and amortization of A$161 million ($126 million), at a uranium price of $75 per lb uranium oxide. It will have a pretax net present value of A$764 million ($602 million) and an internal rate of return of about 39%, Mr. Young said earlier.
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