Technology Minerals PLC (LSE:TM1) revealed that the Cameroon Ministry of Mines, Industry and Technological Development has confirmed that the five exploration permits at the Technology Minerals Cameroon property have been validated under Cameroon law and granted to the company.
The property covers an area of 2,456 square kilometres in south-eastern Cameroon, proximal to the world-class Nkamouna nickel-cobalt laterite deposit.
At least three of the permits are in areas considered prospective for nickel-cobalt rich laterite.
Technology Minerals Cameroon has already performed a reconnaissance exploration on the five permit areas, which entailed geochemical evaluation, soil sampling, and lithogeochemical sampling.
With the approval of the permits finalised, the company plans to continue further exploration and perform a more detailed remote sensing study of the area for nickel, cobalt and manganese.
"We are pleased to receive confirmation that these exploration permits have been validated and awarded to the company,” said Alex Stanbury, chief executive of Technology Minerals in a statement.
“With the prospect located near the world-class Nkamouna nickel-cobalt laterite deposit and covering around 2,500 square kilometres in an area considered prospective for nickel and cobalt, we look forward to further exploration work to increase our understanding of the prospect's potential," he added.
Separately, the company said it has drawn down a further £560,000 from the £4mln convertible bond facility that it holds with Macquarie Bank Limited and Atlas Capital Markets LLC.
Following this, a total of £1.06mln of the facility has been drawn down.
This convertible bond tranche has a coupon of 5% per annum over the SONIA rate (Sterling Overnight Index Average), payable quarterly in cash or in shares at the company's discretion.
In addition, the company has received further conversion notices from Macquarie Bank Limited for a total of £210,000.