Ormonde Mining (LON:ORM) has made "very significant" progress on its proposed financing with Oaktree Capital Management for the flagship Barruecopardo tungsten project in Spain, it said.
In February, Ormonde entered an exclusivity period with Oaktree, extending to April 10 over the package that would fund the site's development.
"Very significant progress has been made during the exclusivity period, and the parties are expected to be in a position to finalise agreements shortly," the firm said.
Ormonde shares added 3.31% to 3.125p.
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