Newfield Resources Limited (ASX:NWF) Announces Q1 Activities
Operational Developments
Newfield Resources Limited entered into a term sheet with ACA Resources Pty Ltd to advance the Tongo Diamond Mine project in Sierra Leone. ACA Resources has taken over management of the mine site, company staff, and assets. They are negotiating license fee payment conditions with the Ministry of Mineral Resources and reviewing outstanding creditors to reduce payables.
During the quarter, the Company received a termination notice from Octea Limited for the Tribute Mining and Revenue Share Agreement on the Tonguma Diamond Mine, citing lack of progress. Newfield is seeking legal opinions on its options under the agreement.
Financial Matters
Post quarter-end, Newfield negotiated an extension for the US$1 million bond with Fidelitas Deutsche Industrie Holding AG to 15 March 2025. The Company is in discussions regarding repayment terms and potential conversion of part of the bond into ordinary shares. Additionally, Newfield is pursuing further funding initiatives to support the Tongo Diamond Mine development and refinance existing bonds and loans.
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