Aquirian triples equipment funding to US$16.2M with NAB backing
What's the deal? Aquirian (ASX: AQN) has expanded its equipment funding facility with National Australia Bank, lifting total capacity from US$5.01M to US$16.2M. The revised arrangements also cut the commercial loan on Aquirian's Wubin emulsion facility by US$2.01M, from US$5.89M to US$3.88M.
Why now? The mining-services company is positioning for contract growth. This week it announced a three-year extension at the Mt Ida Gold Project worth roughly US$13.6M, running through to late 2030, and recently mobilised to its Brightstar Lord Byron contract.
What's the endgame? The expanded line lets Aquirian fund additional fleet and equipment on an asset-by-asset basis as rigs are acquired. Alongside asset finance, it uses operating leases and mine-owner free-issue rigs to add equipment while staying capital light.
The facility matters for the balance sheet, too. Mobilisation and working-capital costs pulled cash at bank down to US$6.15M at the end of September, from US$7.31M in June.
What could go wrong? The headline capacity is room to borrow, not committed debt. Equipment funding is available only as rigs are acquired, so the benefit depends on whether Aquirian converts the capacity into contracted revenue.
Managing director Greg Patching said: "Demand for our drilling services and drill and blast technology continues to build. Having the expanded facilities in place means we can commit to new contracts with confidence and bring equipment into service on schedule, while reducing our commercial debt."
The signal: By tripling its asset-finance line while trimming commercial debt, Aquirian is funding fleet growth without another share placement — just months after a US$3.24M equity raise in March 2025. The approach keeps NAB backing its expansion while leaving shareholders undiluted, provided the order book keeps growing.
Read more: themarketfloor.news
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