Mkango Resources Ltd (AIM:MKA, TSX-V:MKA, OTC:MKNGF) said discussions are ongoing with potential offtake partners for its Songwe Hill rare earth project in Malawi.
A definitive feasibility study for the project has been published and environmental impact studies approved.
A mine development agreement with the government is the next step.
Mkango had cash of C$5.2mln (£4.2mln) at the end of March 2023 with a loss after tax for the first quarter of C$560,000 (C$2.2mln).
The reduced loss reflects the completion of the feasibility work at Songwe Hill, said the company.