Kazera Global PLC (AIM:KZG) shares rose 13% in early trading on Tuesday after the company announced its first sale of heavy mineral sands through its subsidiary Whale Head Minerals.
The initial shipment of 10,000 tonnes, invoiced to offtake partner Fujax South Africa, is significantly higher than the originally planned 6,000 tonnes.
Kazera said the sale marks a major milestone for the business and demonstrates the growing strength of its operations.
Under the terms of the agreement, Kazera will receive 80% of the expected final sale price up front, with the balance paid within five days of final sale. Fujax will handle all transportation, processing, and associated costs.
The two companies also plan to build up a stockpile and improve the grade of future shipments. The deal follows a December agreement between the parties and is expected to contribute meaningfully to Kazera’s revenues going forward.