The Cornwall-focused tin developer raised an oversubscribed $210 million senior secured bond and up to £52 million in bridge facilities as it edges toward a final investment decision on its South Crofty project.

The AIM-listed tin developer has drawn down £20.6 million from its two largest shareholders to keep underground development moving at its Cornwall project.

First hole of a two-hole surface drilling programme at South Crofty hits multiple tin intercepts, with several structures sitting outside the current mineral resource estimate.

"Dewatering is underway through the fully commissioned 195-level pump station for the first time in over 28 years," CEO Don Turvey said.

"The completion of SDD26_001A is an important milestone; visual indications are encouraging and support our interpretation of continued mineralisation west of the existing Mineral Resource areas," said Don Turvey

The UK mine developer has entered secured credit facilities with National Wealth Fund and Vision Blue Resources totalling up to approximately £52 million to advance the South Crofty tin project.