Afrimintel · Platform · All-asset Screener · Decision Views · Screening · Methodology · Audit Log
This page walks the headline cohort. To filter and rank every bankability-complete asset (after-tax on common 8%; pre-tax and PEA-grade in their own segregated tiers), use the all-asset Screener ›
Issuer feasibility NPVs are reported at different discount rates (5%, 7%, 8%, 10%), so they cannot be compared as published. This view normalises them to one 8% real post-tax basis. Where an issuer already reported at 8%, the figure is Sourced as-is; where re-discounted, it is Derived and labelled.
Read the price deck. Normalisation here adjusts the discount rate only, not the commodity-price assumption. The Côte d'Ivoire gold cohort (Koné, Doropo, Assafou) is re-discounted from issuer NPV₅ but sits at different gold-price decks ($1,850–$3,000/oz, shown per row) — these rows are re-discounted to 8% and are NOT price-comparable (a common gold deck is a roadmap item). Doropo's 8% comes from the issuer's OWN published discount-rate table; Koné and Assafou use a level-annuity proxy that — as Doropo's table reveals — overstates NPV₈ by ~6% for pre-production assets (the build lag pushes cash flows later), so those two read as upper bounds. Côte d'Ivoire also moved to a 5–8% sliding gold royalty reaching 8% above $2,000/oz, backdated to Jan 2025 (2025 Finance Law, ~+2 points on the prior 3–6% bands), so each gold row carries a fiscal flag noting whether its DFS predates or incorporates the change. This is the inputs to run your own deck — not a single comparable number.
| Asset | Issuer NPV (as reported) | NPV at common 8% | Basis / caveat |
|---|---|---|---|
| Goulamina Mali · Li | US$2,946m @ 8% | US$2,946m issuer 8% | Already 8% (Stages 1+2, $978/t spodumene; Firefinch DFS Update Dec 2021) — comparable as reported. |
| Kabanga Tanzania · Ni | US$1,579m @ 8% | US$1,579m issuer 8% | Already 8% — comparable as reported. |
| Ewoyaa Ghana · Li | US$1,500m @ 8% | US$1,500m issuer 8% | Already 8% — comparable as reported. |
| Kasiya Malawi · rutile+graphite | US$1,065–1,448m @ 8% | US$1,065–1,448m issuer 8% | Already 8%; post-tax range (Malawian fiscal terms unresolved). |
| Balama Mozambique · graphite | US$1,125m @ 10% | US$1,376m Derived · re-discounted | Re-discounted 10%->8%; STILL on 2015-FS pricing — rate normalised, vintage not. |
| Motheo Botswana · Cu | US$206m @ 7% | US$195m Derived · re-discounted | Re-discounted 7%->8%. |
| Kamoa-Kakula DRC · Cu | — @ scenario set | — excluded | DRC, data-layer-only scenario range — not reduced to a comparable point. |
| Lindi Jumbo Tanzania · graphite | US$197m @ 10% (NPV10) | US$231m Derived · re-discounted | Re-discounted 10%→8% (level annuity over 24-yr mine life, anchored to issuer NPV10=197); isolates the rate effect only, 2019 price vintage uncorrected. |
| Koné Côte d'Ivoire · Au | US$1,089m @ 5% · $1,850/oz base | ≤US$889m Derived · upper bound @ $1,850/oz deck — not cross-comparable · level-annuity (overstates ~6%) | Re-discounted 5%→8% (level annuity, 16-yr life) from Jan-2024 UFS base NPV₅ $1,089m @ $1,850/oz. Price NOT normalised — own DFS deck. FISCAL: UFS predates the new 5–8% (8% above $2,000/oz) Côte d'Ivoire royalty from Jan-2025 — government take understated. |
| Doropo Côte d'Ivoire · Au | US$1,457m @ 5% · $3,000/oz base | US$1,160m Derived · issuer rate-table @ $3,000/oz deck — not cross-comparable | 8% interpolated from the issuer's OWN discount-rate sensitivity ($1,245m@7%, $988m@10%; DFS Table 2) — the level-annuity proxy would read ~$1,228m, ~6% high. Price NOT normalised — own DFS deck (high base). FISCAL: new royalty 8% above $2,000/oz (5–8% sliding) from Jan-2025. Dec-2025 DFS a priori should apply 8%, but an implied-royalty cross-check (~$420M lifetime royalties+social on ~$6.6bn LOM rev ≈ ~6%) hints at the prior band — if so this NPV is OPTIMISTIC. Royalty basis UNRESOLVED. |
| Assafou Côte d'Ivoire · Au | US$2,059m @ 5% · $2,500/oz base | ≤US$1,682m Derived · upper bound @ $2,500/oz deck — not cross-comparable · level-annuity (overstates ~6%) | Re-discounted 5%→8% (level annuity, 16-yr life) from 23-Apr-2026 DFS base NPV₅ $2,059m @ $2,500/oz (Endeavour headline $2.1bn). Price NOT normalised — own DFS deck. FISCAL: the DFS EXPLICITLY applies 8% above $2,000/oz — incorporation confirmed. |
Normalising the discount rate does not fix price vintage or study stage. Balama's figure remains on 2015-FS pricing; Goulamina's is Stages 1+2 at US$978/t spodumene (pre-decline); Kasiya is a post-tax range pending Malawian fiscal terms. Read the per-asset basis. Full issuer parameters sit in the structured feed at /api/v1/bankability.json.
| Jurisdiction | Headline royalty | CIT | State participation | Fiscal stability |
|---|---|---|---|---|
| Côte d'Ivoire Koné · Doropo · Assafou | Gold 5–8% sliding (8% above $2,000/oz) | 25% | 10% free-carried + up to 15% participating | did not hold industry-wide stability-clause resistance failed; the revised gold royalty (top-band 8% above $2,000/oz) enforced Dec 2025, backdated to Jan 2025 |
| Mali Goulamina | Gold progressive 3%→7% | 25% → 30% (2023 Code) | up to 30% (10% free + 20% purchasable) + 5% local | removed 2023 Mining Code applies to existing projects at renewal |
| Tanzania Kabanga · Lindi Jumbo | Gold 6% · nickel 6% · graphite 3% | 30% | min 16% non-dilutable; up to 50% via tax-for-equity | limited resource-nationalism regime since 2017 |
| DR Congo Kamoa-Kakula · data-layer only | Copper 3.5% · cobalt 10% · gold 3.5% | 30% | 10% non-dilutable + 5% per renewal | cut 10→5 yrs new terms apply to existing holders (Art. 342 bis) |
| Zambia seeded | Copper 4–10% sliding on price | 30% | no statutory free-carry; via ZCCM-IH, negotiated | frequently revised 10+ changes since 2008 |
| Guinea Kiniero | Gold 3–5% (range, not pinned) | 30% | 15% automatic non-dilutable + up to 20% purchasable | up to 15 yrs via mining convention |