Aim-listed Kazera Global says it has agreed with its lender, Kazera interim CEO and director Richard Jennings, to extend and increase an unsecured loan facility originally entered into in August 2024.

Under the terms of the original loan agreement, it was due for repayment on or before April 30.

The repayment date has now been extended to December 1 and the total amount available to the company has been increased by up to £500 000, in order to provide continued financial flexibility as the company advances its operations.

The total amount outstanding under the existing loan prior to the loan extension was £187 880.

The new facility is expected to be drawn in tranches, including £50 000 on or about May 1 and £50 000 on or about June 1, with further drawdowns at such times and in such amounts as may be mutually agreed in writing between the parties, subject to the aggregate limit of £500 000.

Kazera says its board believes the extension and increase of the facility from Jennings provides the company with additional financial flexibility as it continues to progress its operational priorities and engage constructively with its other lender Tracarta.

Additionally, the company says it remains in discussions with Tracarta about the £436 128 that is also payable to the lender on April 30.

“We are very pleased to have secured this additional funding support from our CEO and largest shareholder Richard Jennings, which provides the company with increased liquidity as we advance the company’s clear strategic priorities as previously announced,” says Kazera nonexecutive chairperson Geoff Eyre.

Eyre says Kazera’s near-term capital requirements are targeted and being spent almost exclusively at the asset level as evidence by the board’s salary deferrals, adding that this facility is an important step in supporting ongoing activity across the business.

“I would like to thank Richard for his continued unwavering support and firm message of confidence in Kazera’s prospects to deliver shareholder value that this facility represents.

“We remain in discussions with Tracarta and are focused on reaching an appropriate outcome that supports the company’s ongoing development whilst delivering value for all shareholders.”

Kazera is a diversified commodity investment company that operates the Deep Blue Minerals diamond asset as well as the Walviskop heavy mineral sands operation, owned by Kazera's 70%-owned subsidiary Whale Head Minerals, both in the Northern Cape.