Ngualla REE

East African Rift Valley / Ngualla Carbonatite, southern Tanzania · REE · Mamba Minerals Corporation Limited / Mamba Refinery Corporation Limited

intelligence-gradedevelopment

Derived from the deployed data layer at build · dataset v2.4.3 · record reviewed 2026-05-02 · machine-readable: /api/v1/deposits/ngualla-ree.json

Investment screen

DFI · investment house — is this fundable, watchable, or a pass?

Life-cycle stagedevelopment Derived

Operating statusPre-production; SML in place; construction start targeted Dec 2025 (status not verified) Sourced

Reserve scale (P+P)18.5 Mt @ 4.80% TREO ≈ 0.9 Mt contained Sourced

Reserve basis (verbatim)100% project basis (~887 kt TREO contained)

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)214.4 Mt @ 2.15% TREO Sourced

Resource basis (verbatim)100% project basis (~4,620 kt TREO contained)

Primary sourcePeak Rare Earths BFS Update 24 Oct 2022; Tanzania ownership/licence disclosures; Shenghe acquisition disclosures [Sourced 2026-05-02] Sourced

Comparables (REE-matched)1 African M&A · 1 excluded (terminated / non-acquisition — flagged on the screen) — set spans, not market curves · deals Sourced

Risk read

mining major · insurer — what is the exposure?

Province IC compositeEast African Rift — 5.5/10 Derived

Ownership structureProject entities 84% Peak (now Shenghe-controlled post Sept 2025 scheme) + 16% Government of Tanzania free-carried Sourced

Recent events (record)Shenghe acquired Peak Rare Earths via scheme of arrangement effective 19 Sept 2025; 2023 binding offtake — Shenghe 100% of concentrate + option on up to 50% of future intermediate/final products + EPC/funding … 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.