Under the new agreement, Cyrus, an investment group run by financier Stephen Feldheim as a successor to the former Och-Ziff Feldheim concern, is providing AIM-quoted Angel, until recently called Angus & Ross, with a $12.5 million (£7.8 million) facility for a year with 15 per cent interest on sums drawn. Angel, steered by chief executive Nicholas Hall, wants the finance to develop the Nalunak gold mine, bought in July from Surrey-based Crew Gold for an initial £1 million with backing from Cyrus, and the company’s Black Angel lead and zinc mine.

Cyrus, which is providing the new facility jointly with its associate company FBC Holdings, is also charging a 5 per cent fee for $9.5 million of the facility, which can be drawn down immediately, and 2 per cent on $3 million, which can be drawn during the term of the loan as Cyrus determines. In addition, Feldheim’s cohorts will receive a royalty on each ounce of gold produced at Nalunak of 2 per cent of the selling price minus $560 – the current gold price is $1,055 an ounce – and 2 per cent on each tonne of zinc or lead sold by Black Angel minus $1,500 a tonne.