Risk-adjusted rate (§10)not published — asset-level screening not yet worked (base formula is public; see gaps below) Absent
Value anchors
advisory · corporate development — what does the record support?
Resource (M+I+I)59.5 Mt @ 1.0% Cu Sourced
Resource basis (verbatim)100% project basis
Primary sourceSandfire ASX Update Aug 2025 (JORC 2012); supersedes 2023 NI 43-101 [Sourced 2026-05-02] Sourced
Comparables (Cu-matched)5 African M&A · 1 intl · 1 financing/benchmark — set spans, not market curves · dealsSourced
Risk read
mining major · insurer — what is the exposure?
Province IC compositeKalahari Platform — 8.6/10 Derived
Ownership structureWholly owned via Tshukudu Metals Botswana subsidiary. MMG has no equity stake; conflation with Khoemacau confirmed. Sourced
Recent events (record)Feb 2026 21 MW solar deal (online late 2026, 30% of power needs); Q3 2026 record annualised processing rate; YTD March 2026 = 37.1 kt Cu; A4 mining commenced Oct 2023; A1 maiden Reserve targeted June 2026 Sourced
What this record does not yet support — disclosed, not estimated
Risk-adjusted discount rate — deliberately not published. A province-level base is mechanically computable from the published formula (r = 8.0% + (10 − IC) × 0.8%), but Afrimintel does not publish an asset rate without asset-level tenure, settlement, and structure screening (the §10 worked-dossier process). Publishing the base alone would misstate asset risk. Each worked decomposition converts this Absent to a Derived range.