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Vedra has drawn a further US$3.7 million, increasing Appian's interest in Vedra to 21.14%, as part of the US$10 million first tranche funding under the Joint Venture Agreement.
The first tranche funding is being used for advancing a ~19,000m drilling campaign, a Definitive Feasibility Study (DFS), and Gorno Project permitting in preparation for a final investment decision (FID).
Appian's interest in Vedra will increase up to 29.85% as the remaining US$3.7 million of first tranche funding is drawn.