Arcadia Minerals (ASX:AM7) has secured at least $US7M in construction funding from HeBei Xinjian Construction in return for a 38% equity interest in Orange River Pegmatite.

The company said the funds will be used to develop the Swanson Tantalum Project in Namibia, with production expected to begin by Q1 2025.

Arcadia Minerals will retain a 49.6% project interest in Swanson following construction and commissioning, as well as an 80% project interest in its Ni/PGE and hard rock pegmatite exploration licenses.

It added offtake discussions are well advanced with several parties, and a DFS is expected to be delivered shortly.