Malawi-focused Mkango Resources Ltd (LON:MKA) closed 2018 with cash of US$2.4mln, a figure boosted by its collaboration with Noble Group division Talaxis.
Since then, the junior has received a further US$9mln from Talaxis following completion of a technical report on the Songwe Hill rare earth project.
Through that investment, Talaxis increased its stake in Lancaster Exploration, the holder of the licence for Songwe in Malawi, to 49%; Mkango holds the remaining 51%.
Mkango posted a loss of US$7.2mln in 2018 as it ramped up spending on a feasibility study at Songwe Hill that will be finished next year.
Once that is published, Talaxis has the option to take a further 26% of the project in return for arranging the finance to take it through to production.