Three junior explorers have managed to nab funding deals to keep their doors open.

Escaping another near-death experience, Eastern Goldfields (ASX:EGS) has secured a recapitalisation deal with its creditors.

Under the terms of the proposal put forward by Hawke’s Point Holdings in January, a capital raising of not less than $22m would be done to repay unsecured creditors and secure working capital to allow Eastern Goldfields to relist on the ASX and return to exploration.

Eastern Goldfields went into administration in late November last year after an initial $75m recapitalisation deal fell through.

The gold miner’s problems have been long-running, with Eastern Goldfields facing difficulties in paying its contractors back in 2017.

One contractor even tried to have Eastern Goldfields wound up and a liquidator appointed, but the Supreme Court of Western Australia came to its rescue after the company said it paid the contractor on the day the court heard the wind-up application.

Meanwhile, tungsten producer Wolf Minerals (ASX:WLF) has also come back from the brink of bankruptcy.

Creditors have agreed to stump up $800,000 in cash.

Wolf was placed in administration in October last year after it was unable to get its hands on the funding it needed to meet its short-term working capital requirements.

The company had been generating cash flow from its Hemerdon tungsten and tin project in Devon, southwest England, but at the end of June last year it had $115.7m worth of outstanding debt and less than $20m in cash.

Just before the end of the June quarter it secured an additional £65m ($117.9m) loan, which it later increased to £69m, from Resource Capital Fund VI.

Wolf was also estimating a cash burn of $39.5m for the September quarter.

The company needed the extra cash to support the ramp-up of production from its Drakelands open pit.

Wolf has faced several issues (Stockhead columnist Tim Treadgold covered them in September 2017) a including a weak market and low prices for tungsten and operational difficulties.

The deed of company arrangement is expected to be completed by no later than the end of June this year.

Beleaguered silver and coal junior Moreton Resources (ASX:MRV) has managed to get its major creditor on-side after a “lengthy negotiation”.

First Samuel Limited has agreed to restructure Moreton’s $7.5m worth of debt and loan the company a further $1m.

The extra cash will help Moreton commission its controversial Granite Belt silver project, which has previously been in the spotlight over contamination fears.

Granite Belt, near the town of Texas in South East Queensland, has been sitting idle since 2014 when it was abandoned after the failure of its last operator Alcyone Resources.

Since acquiring the project in 2016, Moreton has been working towards a restart of the mine.

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