The multi-layered memorandum of understanding signed with Summit Africa "outlines a roadmap to optimise, fully finance and construct Kola via a mix of debt and royalty financing".

Summit is described as "an African strategic advisory, corporate finance and alternative investment group" headquartered in Mauritius and which in 2016 led and arranged the $50 million financing of the definitive feasibility study for Kola.

As part of that financing, both the Oman Investment Authority (then called the State General Reserve Fund) and Sociedad Quimica y Minera de Chile each invested $20 million.

Summit's potential financing partner this time round is BRP Global, while its technical partners are SEPCO Electric Power Construction Corp and China ENFI Engineering Corp.

The latter two are to work with Kore in an optimisation study that aims to reduce Kola's capital cost, with a target of less than $1.65 billion.

The optimisation work is expected to cost $1.7-1.9 million, with about $900,000 to be expended by Kore and the balance by SEPCO.

The MoU with Summit has a timeframe of nine months for a financing proposal to be arrived-at.

Kore started the March quarter with $5.5 million in cash.

Shares in Kore closed Thursday down 13% to A3.4c, capitalising the company at $62 million.

The stock was at 1.4c one month ago.