Bass Metals Ltd, gold and base metals mining company, secured, it announced on 26 October, USD 535,000 from investors and other partners as part of its financing search for the company Graphmada, active on the graphite sector in Madagascar.

The company listed on ASX added that it has concurrently started a process to enable it secure additional funds to complete the first investment phase in this company.

This contributes to its quest for 25% strategic stake in Graphmada which operates on the high-market graphite project in Loharano, in the Centre-East of Madagascar and about 100 km from the Tamatave Port.

Bass Metals had reached a strategic agreement with British Stratmin Global Resources Plc, holding 100% of Graphmada, and will have to bring investments worth £2 million in this project.

The Loharano graphite project is already in production to supply first quality concentrated graphite, large flakes and jumbo graphite, to an important off-taker located in the USA.

Bass Metals Ltd, which activities have until recently been focused on Tasmania and Turkey, has the option of improving its foothold on the Loharano graphite through additional investments to acquire up to 35% shares in the Malagasy subsidiary of Stratmin Global.