Sentinel

Lufilian Arc · Cu · First Quantum (100%, via Kalumbila Minerals Ltd)

intelligence-gradeproducing

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

Investment screen

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

Life-cycle stageproducing Derived

Operating statusOperating; Ball Mill 2 fatigue remediation ongoing Sourced

Reserve scale (P+P)741.2 Mt @ 0.46% Cu ≈ 3.4 Mt contained Sourced

Reserve basis (verbatim)100% project basis

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)754 Mt @ 0.45% Cu Sourced

Resource basis (verbatim)100% project basis

Primary sourceFirst Quantum 2025 Annual Report (released 31 March 2026); Q1 2026 Operational Results [Sourced 2026-05-02] Sourced

Comparables (Cu-matched)5 African M&A · 1 intl · 1 financing/benchmark — set spans, not market curves · deals Sourced

Risk read

mining major · insurer — what is the exposure?

Province IC compositeLufilian Arc — 6.75/10 Derived

Ownership structureWholly owned by FQM via Kalumbila Minerals Ltd. Unlike Kansanshi, no ZCCM-IH stake. Sourced

Recent events (record)Ball Mill 2 fatigue flange issues (remedial work delayed to 2027 — OEM lead times); Q1 2026 C1 cash cost spiked to $3.44/lb (vs $2.84 Q4 2025); 2026 guidance 190-220 kt Cu (grades improve H2 2026 into Stage 2) … 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.