Scotgold Resources Limited, the Australia-based gold exploration firm focused on Scotland, said on Monday its April 2022 gold concentrate sales totalled just over £1 million for the month.

The news came as Scotgold confirmed it received the first £1.2 million tranche of loans out of £3 million from a syndicate of high net worth investors connected to Fern Wealth GmbH of Switzerland.

“It is anticipated that the remaining £1.8 million of the £3 million new loans will be received and fully drawdown on or before 30 June 2022 … ” said ScotGold.

“Subject to the receipt of the full amount of £3m under the new loans the company intends to use the proceeds received to fast-track the company’s optimisation initiatives to achieve a gold production run rate of c.23,500oz p.a. by the end of Q1 2023.”

The company added: “Scotgold announced on 3 March 2022 that it had secured a short-term Loan Facility with Bridge Barn Limited, a company owned and controlled by Nathaniel Le Roux (Non-Executive Director) providing £250,000 to Scotgold, to cover working capital requirements which had been impacted by the delay in shipment of the company’s gold concentrate from port, due to macro and geo-political events in March 2022 impacting global shipping lines. 

“The company is pleased to announce that is has repaid the short term loan facility in full plus interest, utilising revenues from its April 2022 gold concentrate sales which totalled just over £1 million for the month.”