The Gorno Project has been transferred to Vedra Metals SRL (Vedra), a special purpose joint-venture company owned by Altamin (via its wholly owned subsidiary, Energia Minerals (Italia) SRL (EMI)) and Appian Italy B.V (Appian), following completion under the binding subscription and joint venture agreement.
Appian has paid ~A$3.8 million1 (US$2.6 million) to earn an initial interest of approximately 9.96% in Vedra, with all conditions precedent to the remaining first tranche funding having been satisfied or waived.
Vedra to draw a further ~A$10.9 million1 (US$7.4 million) of first tranche funding under the Joint Venture Agreement, following which Appian’s interest in Vedra will increase up to approximately 29.9%
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