The project has an 87 million tonne JORC resource in the T9 West Area, which is to be the subject of the PFS.

The China Qinfa Group has agreed to provide another $3.6 million to fund the next stage of the Paragon project assessment.

The funds will come in a series of tranches with the final payment scheduled for mid-February.

When completed, the funding will lift Qinfa’s stake in Paragon Coal to 40.5%.

Tiaro Coal and ICP will hold 47.6% and 11.9% respectively.

Paragon Coal has engaged Xenith Consulting to undertake the mining prefeasibility assessment.

Xenith previously completed a review of the T9 West Area and prepared an initial mine plan.

McElroy Bryan Geological Services is providing geological modelling exploration and geological services while Bob Leach Pty Ltd will assess coal quality and coal products.

Sedgman will undertake the coal handling and preparation plant prefeasibility work and Sedgman Yeats will provide multidisciplinary consulting and engineering services in areas of infrastructure, access and services as well as overarching study compilation.