Wolf Minerals receives further £10m from RCF facility

AIM-listed specialty metals producer Wolf Minerals has received confirmation from Resource Capital Fund VI of the release of a further £10m from the 12-month secured bridge loan facility of up to £30m.

Wolf said the increased bridge facility reinforces RCF's continued support of the company's financial requirements and operations as it works towards commercial production and design performance at the Drakelands open pit mine.

The group said the money will support short-term working capital while additional funding requirements are developed for long term self-sustainable operations at Drakelands.

Managing director Russell Clark said: "The company values the continued support from its major shareholder RCF VI and its affiliates, as the Drakelands mine progresses towards design performance and realisation of its full potential.

"It is also pleasing to see the tungsten price continuing to improve having increased some 40% in the last 12 months."

At 1255 GMT, the shares were up 9.9% to 5.22p.