{
 "name": "Afrimintel bankability markers",
 "feed_version": "1.1.0",
 "dataset_version": "v2.28.15",
 "note": "Per-asset bankability markers. Single-value DFS markers where the issuer published one; scenario ranges for assets carried as fully-worked multi-scenario DCFs (see §10 decomposition). Every figure Sourced or Derived under the three-state standard; Absent fields disclosed, never estimated. Lithium markers carry a pricing-vintage caveat.",
 "quality_standard": "https://afrimintel.com/quality-standard/",
 "assets": [
  {
   "id": "kamoa-kakula",
   "name": "Kamoa-Kakula",
   "country": "DRC",
   "commodity": "Cu",
   "stage": "operating",
   "depth": "worked-DCF",
   "npv_post_tax_usd_m": {
    "range": [
     5500,
     20200
    ],
    "discount": "scenario set",
    "state": "Derived"
   },
   "capex_usd_m": {
    "value": 3040,
    "state": "Sourced"
   },
   "basis": "Multi-scenario DCF reconciled to published NPV anchors ($5.5bn/$6.6bn/$11.1bn/$19.1bn/$20.2bn); full decomposition in the §10 bankability layer + DCF test battery.",
   "source": "Ivanhoe Mines NI 43-101; Afrimintel DCF test battery v1.1",
   "data_layer_note": "DRC asset — data-layer only; no editorial/outreach.",
   "npv8_common_usd_m": {
    "value": null,
    "state": "Excluded",
    "basis": "not normalisable",
    "note": "DRC, data-layer-only scenario range — not reduced to a comparable point."
   }
  },
  {
   "id": "kabanga",
   "name": "Kabanga",
   "country": "Tanzania",
   "commodity": "Ni-Cu-Co",
   "stage": "pre-FID",
   "depth": "worked-DCF",
   "npv_post_tax_usd_m": {
    "value": 1580,
    "discount": "8%",
    "state": "Sourced"
   },
   "capex_usd_m": {
    "value": 942,
    "state": "Sourced"
   },
   "irr_pct": {
    "value": 23.3,
    "state": "Sourced"
   },
   "basis": "Lifezone Feasibility Study Technical Report Summary (S-K 1300, 18 Jul 2025).",
   "source": "Lifezone Metals FS TRS 2025",
   "npv8_common_usd_m": {
    "value": 1580,
    "state": "Sourced",
    "basis": "issuer reported at 8% — comparable as-is",
    "note": "Already 8% — comparable as reported."
   }
  },
  {
   "id": "ewoyaa",
   "name": "Ewoyaa",
   "country": "Ghana",
   "commodity": "Li",
   "stage": "pre-construction",
   "depth": "screened",
   "npv_post_tax_usd_m": {
    "value": 1500,
    "alt": 1300,
    "discount": "8%",
    "state": "Sourced",
    "note": "$1.5bn DFS Jun 2023; $1.3bn updated DFS Nov 2023."
   },
   "capex_usd_m": {
    "value": 185,
    "state": "Sourced"
   },
   "irr_pct": {
    "value": 105,
    "state": "Sourced"
   },
   "payback_months": 19,
   "production": "2.7 Mtpa; 3.6 Mt SC over 12 yr",
   "lom_revenue_usd_m": 6600,
   "caveat": "At 2023 spodumene pricing — lender would haircut against today's subdued lithium market.",
   "source": "Atlantic Lithium DFS (Jun 2023) + DFS Update (Nov 2023)",
   "verification": "multi-source",
   "npv8_common_usd_m": {
    "value": 1500,
    "state": "Sourced",
    "basis": "issuer reported at 8% — comparable as-is",
    "note": "Already 8% — comparable as reported."
   }
  },
  {
   "id": "kasiya",
   "name": "Kasiya",
   "country": "Malawi",
   "commodity": "rutile+graphite",
   "stage": "pre-licence",
   "depth": "screened",
   "npv_pre_tax_usd_m": {
    "value": 2200,
    "discount": "8%",
    "state": "Sourced"
   },
   "capex_usd_m": {
    "value": 727,
    "state": "Sourced",
    "note": "Phase 1, incl. US$43m contingency."
   },
   "basis": "DFS pre-tax NPV8 ~$2.2bn vs ~$727m initial capital (~3.0x).",
   "source": "Sovereign Metals Kasiya DFS (Apr 2026); supersedes Sept 2023 PFS",
   "npv_post_tax_usd_m": {
    "value_low": 1065,
    "value_high": 1448,
    "value": null,
    "discount": "8%",
    "state": "Sourced",
    "note": "Post-tax NPV8 range US$1,065-1,448m, fiscal-dependent (unresolved Malawian terms); pre-tax NPV8 US$2.2bn. Range, not point — do not read the pre-tax figure as post-tax."
   },
   "irr_pct": {
    "value": 23.4,
    "state": "Sourced",
    "note": "Pre-tax DFS IRR."
   },
   "production": "222 ktpa rutile + 244 ktpa graphite; 25 yr (PFS-limited; resource supports more)",
   "verification": "multi-source",
   "npv8_common_usd_m": {
    "value_low": 1065,
    "value_high": 1448,
    "value": null,
    "state": "Sourced",
    "basis": "issuer 8% range",
    "note": "Already 8%; post-tax range (Malawian fiscal terms unresolved)."
   }
  },
  {
   "id": "lindi-jumbo",
   "name": "Lindi Jumbo",
   "country": "Tanzania",
   "commodity": "graphite",
   "stage": "production",
   "depth": "screened",
   "npv_post_tax_usd_m": {
    "value": 197,
    "state": "Pending-discount",
    "discount": "not stated in retrieved sources",
    "note": "Discount rate for the US$197m figure not confirmed in retrieved sources; pending verification before standalone citation."
   },
   "capex_usd_m": {
    "value": 27.8,
    "state": "Sourced"
   },
   "irr_pct": {
    "value": 119,
    "state": "Sourced"
   },
   "payback_months": 22,
   "opex_usd_t": 347,
   "production": "40 ktpa over 24 yr",
   "lom_revenue_usd_m": 1400,
   "note": "First on-spec concentrate shipped Jun 2024 — de-risked into production.",
   "source": "Walkabout Resources optimised DFS (2019); first-shipment disclosure (2024)",
   "verification": "discount-unverified",
   "npv8_common_usd_m": {
    "value": null,
    "state": "Excluded",
    "basis": "not normalisable",
    "note": "Issuer discount rate unverified — cannot normalise; excluded from the common-8% set pending verification."
   }
  },
  {
   "id": "goulamina",
   "name": "Goulamina",
   "country": "Mali",
   "commodity": "Li",
   "stage": "production",
   "depth": "screened",
   "npv_post_tax_usd_m": {
    "value": 2900,
    "discount": "8%",
    "state": "Sourced",
    "note": "Stages 1+2; DFS Update Dec 2021 at US$978/t spodumene."
   },
   "irr_pct": {
    "value": 83,
    "state": "Sourced",
    "note": "DFS Update Jun 2021, post-tax real, at US$978/t spodumene."
   },
   "production": "Stage 1 506 ktpa SC6 (peak 880 ktpa Stage 2); 21-23 yr",
   "caveat": "DFS price (US$978/t) predates the lithium-price decline; a lender re-runs at current spodumene (deck consensus ~US$1,300/t).",
   "source": "Leo Lithium / Firefinch DFS Update (Dec 2021); capex revision (Apr 2023); Mali production disclosures (2024-2025)",
   "capex_usd_m": {
    "value": 255,
    "state": "Sourced",
    "note": "Stage 1 (+US$70m Stage 2); revised to ~US$318m as-built incl. contingency + operational readiness (Apr 2023)."
   },
   "opex_usd_t": {
    "value": 312,
    "state": "Sourced",
    "note": "C1 cash cost/t concentrate; AISC US$365/t."
   },
   "verification": "multi-source (NPV); reserve/resource single-retrieval",
   "npv8_common_usd_m": {
    "value": 2900,
    "state": "Sourced",
    "basis": "issuer reported at 8% — comparable as-is",
    "note": "Already 8% (Stages 1+2, $978/t spodumene) — comparable as reported."
   }
  },
  {
   "id": "motheo",
   "name": "Motheo",
   "country": "Botswana",
   "commodity": "Cu",
   "stage": "operating",
   "depth": "screened",
   "npv_post_tax_usd_m": {
    "value": 206,
    "discount": "7%",
    "state": "Sourced",
    "note": "T3 base-case DFS; issuer reported NPV at 7% (not 8%)."
   },
   "capex_usd_m": {
    "value": 259,
    "state": "Sourced",
    "note": "T3 development FID."
   },
   "production": "~30 ktpa Cu + 1.2 Moz Ag (T3 base); 12.5 yr; expanding to 5.2 Mtpa / ~50 ktpa Cu via A4",
   "source": "Sandfire Resources T3-Motheo DFS (1 Dec 2020); A4 expansion DFS (Aug 2022)",
   "irr_pct": {
    "value": 21,
    "state": "Sourced"
   },
   "payback_years": 3.8,
   "opex_note": "Free cash flow US$440m post-tax (T3 DFS); 5.2 Mtpa A4 expansion is a separate, larger case (credit-approved US$140m debt facility).",
   "verification": "single-source (Business Wire / Sandfire T3 DFS announcement) — second-source back-check queued",
   "npv8_common_usd_m": {
    "value": 181,
    "state": "Derived",
    "basis": "re-discounted from 7% to 8% (level-annuity, anchored to issuer NPV)",
    "implied_level_fcf_usd_m_yr": 57,
    "note": "Re-discounted 7%->8%."
   }
  },
  {
   "id": "balama",
   "name": "Balama",
   "country": "Mozambique",
   "commodity": "graphite",
   "stage": "operating",
   "depth": "screened",
   "npv_post_tax_usd_m": {
    "value": 1100,
    "discount": "10%",
    "state": "Sourced",
    "note": "Snowden FS (May 2015) at FS-era graphite pricing; issuer reported NPV at 10%."
   },
   "financing_marker": {
    "facility": "US DFC loan",
    "amount_usd_m": 150,
    "rate_pct": 4.61,
    "maturity": 2037,
    "state": "Sourced",
    "note": "First DFC graphite loan."
   },
   "production": "380 ktpa concentrate nameplate @ 95% TGC; 40+ yr (~350 ktpa actual); operating, sub-nameplate post-2024 force majeure",
   "source": "Syrah Resources / Snowden Balama Feasibility Study (29 May 2015); US DFC loan disclosures (2024); operations updates (2025-2026)",
   "capex_usd_m": {
    "value": 138,
    "state": "Sourced",
    "note": "Initial capital; payback <2 yr from commercial production."
   },
   "irr_pct": {
    "value": 71,
    "state": "Sourced"
   },
   "opex_usd_t": {
    "value": 286,
    "state": "Sourced",
    "note": "Cash cost/t FOB Port of Nacala over LOM."
   },
   "vintage_flag": "FS is May-2015 vintage; Balama is now operating with a force-majeure halt/restart history (Dec 2024-2025). The FS NPV is a historical Sourced baseline, not a current go-forward valuation; the operative bankability read today is the DFC US$150m facility (4.61%, to 2037) + go-forward cash margin at current graphite pricing.",
   "verification": "multi-source (4 sources)",
   "npv8_common_usd_m": {
    "value": 1372,
    "state": "Derived",
    "basis": "re-discounted from 10% to 8% (level-annuity, anchored to issuer NPV)",
    "implied_level_fcf_usd_m_yr": 126.6,
    "note": "Re-discounted 10%->8%; STILL on 2015-FS pricing — rate normalised, vintage not."
   }
  }
 ],
 "_comparability_note": "NPV figures are issuer-reported at each issuer's own discount rate and price vintage and are NOT normalised to a common basis. Do not compare them directly. The discount field states each rate explicitly; where a rate or value is unconfirmed it is marked. Afrimintel-normalised (common-8%) figures are tagged state='Derived' (e.g. kamoa-kakula scenario set); a platform-DCF normalisation of the issuer-reported set is on the roadmap.",
 "_npv8_common_method": "npv8_common_usd_m normalises the bankability layer to a single 8% real post-tax discount rate so assets can be compared. Method: the issuer cash flow is treated as a level annuity over mine life (the platform DCF's steady-state basis); the implied level free cash flow is backed out from the issuer NPV at the issuer's rate (reproducing it exactly), then re-discounted to 8%. state='Sourced' where the issuer already reported at 8%; state='Derived' where re-discounted (Motheo 7%->8%, Balama 10%->8%). This isolates the discount-rate effect only — it is NOT a full cash-flow rebuild, real profiles ramp and decline, and it does NOT correct price vintage (e.g. Balama remains on 2015-FS pricing; Goulamina on $978/t). Lindi-Jumbo and Kamoa are excluded (unverified rate / DRC range)."
}