A per-asset investment brief composed automatically from every layer — economics, sponsor, funding, time-to-cashflow, mandate fit, safeguards — in the eight-section committee format, with a three-state badge and a source link on every line. It assembles the evidence; it does not make the call.
Assafou — DFI investment brief
Côte d'Ivoire · Au · development · composed v2.137.281
1 · Executive summary
Assafou (Côte d'Ivoire) — Au, development. Sponsor Endeavour Mining (major).
Indicative financing need US$1061 m (capex, Sourced).
Headline economics after-tax NPV US$2059 m.
Time to first cashflow: ~3 yr. Funding: Early works launched (long-lead orders, detailed engineering, key tenders); FID targeted end-2026; corporate-funded (Endeavour).
What the screen supports vs what is outstanding. This brief assembles the evidence the platform holds, with provenance. It is not a credit recommendation — items marked Absent · not-yet-verified have had nothing read for them yet (not negatives), and the credit decision, the facility structure, and the diligence that closes those items are the institution's.
2 · Transaction overview
Financing need (pre-production capex)1061 Sourced
DFI capital-need bandN/A — Endeavour Mining (LSE/TSX: EDV) major; cornerstone asset to be funded from balance sheet/corporate facilities; no DFI in capital structure Absent · not-applicable
Funding statusEarly works launched (long-lead orders, detailed engineering, key tenders); FID targeted end-2026; corporate-funded (Endeavour) Sourced
Deal / fiscal structureFiscal: CIV: sliding-scale gold royalty; 2014 code under revision state not carried on feed
OfftakeN/A — gold sold to refiner at spot Absent · not-applicable
3 · Sponsor
SponsorEndeavour Mining Sourced
Sponsor typemajor state not carried on feed
OwnershipAbsent — not yet verified Absent · not-yet-verified
4 · Asset & economics
Commodity / classgold/precious state not carried on feed
Stage / DFI stageDFS (Apr 2026) complete / pre-FID (FID targeted end-2026, then 24–30mo build) state not carried on feed
After-tax NPV2059 (post-tax NPV5 @ $2,500/oz (DFS Apr 2026); $5.1bn @ $4,000/oz · IRR 28% @ $2,500; 55% @ $4,000. Exact issuer NPV5 US$2,059m (Endeavour DFS 23 Apr 2026); headline rounds to ~US$2.1bn.) Sourced
Cost position$1,026/oz (first 8yr) Sourced
Study basisAbsent — not yet verified Absent · not-yet-verified
5 · Financial & debt analysis
After-tax NPV2059 (post-tax NPV5 @ $2,500/oz (DFS Apr 2026); $5.1bn @ $4,000/oz · IRR 28% @ $2,500; 55% @ $4,000. Exact issuer NPV5 US$2,059m (Endeavour DFS 23 Apr 2026); headline rounds to ~US$2.1bn.) Sourced
Capex / financing need1061 Sourced
Debt capacity / DSCRAbsent · not-yet-verified — no annual margin scenario for this development-stage asset; DSCR sizing requires a projected operating margin. Absent · not-yet-verifiedMethod & the lender's-lens calculation (populated for producing assets):
debt-sizing tool.
6 · Risk
Time to cashflow~3 yr
DFS → pre-FID → FID targeted end-2026 → first prod ~2029 (24-30mo build)
Downstream flag summaryAbsent — not yet verified Absent · not-yet-verified
Security contextAbsent — not yet verified Absent · not-yet-verified
7 · Safeguards (E&S)
Material IFC Performance StandardsAbsent — not yet verified Absent · not-yet-verified
Equator Principles categoryAbsent — not yet verified Absent · not-yet-verified
ESIA statusAbsent — not yet verified Absent · not-yet-verified
Quantified PS/EP scoreAbsent — not yet verified Absent · not-yet-verified
8 · Mandate fit & recommendation context
African multilaterals (AfDB / AFC / Afreximbank / TDB)African jurisdiction — within the published geographic mandates of the African multilaterals (AfDB / AFC / Afreximbank / TDB / EBID) state not carried on feed
Western DFIs / ECAs (IFC / DFC / EU DFIs)No Western-DFI/ECA financing disclosed; funding as stated in this record (corporate / streaming / equity) [Sourced] state not carried on feed
EBRDCôte d'Ivoire is an EBRD country of operation (since Jul 2025); EBRD has CIV mining projects in pipeline incl. equity in exploration (Devex/EBRD May 2026) state not carried on feed
Energy-transition thematicNo (gold — monetary/FX, not energy-transition input) state not carried on feed
Development impactcornerstone-asset scale cited; Endeavour has not published quantified jobs/GDP/fiscal figures in reviewed disclosures (DFS Apr 2026; self-funded major) Absent · not-yet-verified
Recommendation context — not a recommendation. The mandate lines above state where the asset sits inside each DFI family's published scope; binding eligibility (exclusion lists, instrument fit, current country status) is confirm-with-institution. What the screen supports: a fit assessment and an assembled evidence base. What it does not do: structure the facility, price the risk, or make the credit call. That is the institution's.
Baomahun — DFI investment brief
Sierra Leone · Au · construction · composed v2.137.281
1 · Executive summary
Baomahun (Sierra Leone) — Au, construction. Sponsor FG Gold (private) (junior/private).
Indicative financing need US$430 m (capex, Sourced).
Headline economics Absent · not-yet-verified.
Time to first cashflow: <1 yr. Funding: FUNDED — financial close Dec 2025; ~30% construction complete; first gold targeted 2026.
What the screen supports vs what is outstanding. This brief assembles the evidence the platform holds, with provenance. It is not a credit recommendation — items marked Absent · not-yet-verified have had nothing read for them yet (not negatives), and the credit decision, the facility structure, and the diligence that closes those items are the institution's.
2 · Transaction overview
Financing need (pre-production capex)430 (~$430m African-DFI package (AFC+Afrexim)) Sourced
DFI capital-need bandFunded (Financing CLOSED Dec 2025 (~$430m African-DFI) — new DFI window closed; showcase of a completed African-DFI mining deal, ~30% construction, first gold 2026) Sourced
Funding statusFUNDED — financial close Dec 2025; ~30% construction complete; first gold targeted 2026 Sourced
Deal / fiscal structureFiscal: Sierra Leone: tax-royalty regime; project-specific terms state not carried on feed
OfftakeN/A — gold doped to doré/refiner at spot; no concentrate offtake agreement required Absent · not-applicable
3 · Sponsor
SponsorFG Gold (private) Sourced
Sponsor typejunior/private state not carried on feed
OwnershipAbsent — not yet verified Absent · not-yet-verified
4 · Asset & economics
Commodity / classgold/precious state not carried on feed
Stage / DFI stageconstruction (~30% complete at Dec-2025 financial close) / first gold 2026 state not carried on feed
After-tax NPVLast public post-tax NPV is Amara Mining's June 2013 FS (US$127m at 8%, US$1,350/oz), a previous owner's 2Mtpa plan on a 1.21Moz Probable Reserve; the current project reports a 5.81Moz JORC resource and a Dec 2022 DFS. Superseded and not carried as a value. Absent · not-disclosed
Cost position~150koz/yr (peak 201koz), 12.5yr life, 5.81Moz resource Sourced
Study basisMost DFI-backed asset in slice; financing closed Dec 2025. state not carried on feed
5 · Financial & debt analysis
After-tax NPVLast public post-tax NPV is Amara Mining's June 2013 FS (US$127m at 8%, US$1,350/oz), a previous owner's 2Mtpa plan on a 1.21Moz Probable Reserve; the current project reports a 5.81Moz JORC resource and a Dec 2022 DFS. Superseded and not carried as a value. Absent · not-disclosed
Capex / financing need430 (~$430m African-DFI package (AFC+Afrexim)) Sourced
Debt capacity / DSCRAbsent · not-yet-verified — no annual margin scenario for this development-stage asset; DSCR sizing requires a projected operating margin. Absent · not-yet-verifiedMethod & the lender's-lens calculation (populated for producing assets):
debt-sizing tool.
6 · Risk
Time to cashflow<1 yr
construction (~30%) → FID taken → first prod 2026
Downstream flag summaryAbsent — not yet verified Absent · not-yet-verified
Security contextAbsent — not yet verified Absent · not-yet-verified
7 · Safeguards (E&S)
Material IFC Performance StandardsAbsent — not yet verified Absent · not-yet-verified
Equator Principles categoryAbsent — not yet verified Absent · not-yet-verified
ESIA statusAbsent — not yet verified Absent · not-yet-verified
Quantified PS/EP scoreAbsent — not yet verified Absent · not-yet-verified
8 · Mandate fit & recommendation context
African multilaterals (AfDB / AFC / Afreximbank / TDB)African jurisdiction — within the published geographic mandates of the African multilaterals (AfDB / AFC / Afreximbank / TDB / EBID) state not carried on feed
Western DFIs / ECAs (IFC / DFC / EU DFIs)No Western-DFI/ECA financing disclosed; funding as stated in this record (corporate / streaming / equity) [Sourced] state not carried on feed
EBRDNot an EBRD country of operation — EBRD's 2025 SSA entry covers Benin/Côte d'Ivoire/Nigeria (+ Ghana/Kenya/Senegal in process); this jurisdiction not yet an EBRD country of operation state not carried on feed
Energy-transition thematicNo (gold — monetary/FX, not energy-transition input) state not carried on feed
Development impact~10% of Sierra Leone GDP during operations; up to 900 direct+indirect jobs; 90% local employment; 1% gross-revenue Community Development Fund; hybrid-renewable power (~380kt CO2 avoided/20yr) Sourced
Recommendation context — not a recommendation. The mandate lines above state where the asset sits inside each DFI family's published scope; binding eligibility (exclusion lists, instrument fit, current country status) is confirm-with-institution. What the screen supports: a fit assessment and an assembled evidence base. What it does not do: structure the facility, price the risk, or make the credit call. That is the institution's.
Colluli — DFI investment brief
Eritrea · Potash (SOP) · development · composed v2.137.281
1 · Executive summary
Colluli (Eritrea) — Potash (SOP), development. Sponsor SRBG / ENAMCO (state JV) (state-JV).
Indicative financing need US$302 m (capex, Sourced).
Headline economics Absent · not-yet-verified.
Time to first cashflow: long / stalled. Funding: Restructured under SRBG/ENAMCO; historic AFC/Afrexim package was under Danakali (exited 2023). Current funding path not publicly defined..
What the screen supports vs what is outstanding. This brief assembles the evidence the platform holds, with provenance. It is not a credit recommendation — items marked Absent · not-yet-verified have had nothing read for them yet (not negatives), and the credit decision, the facility structure, and the diligence that closes those items are the institution's.
2 · Transaction overview
Financing need (pre-production capex)302 Sourced
DFI capital-need bandHigh (capital); no Western-DFI/ECA financing disclosed (HISTORIC (under prior owner Danakali, now exited 2023): AFC US$150m + AFC/Afreximbank US$200m senior debt (Dec 2019). Current owners: SRBG (Sichuan provincial SOE) 50% + ENAMCO (Eritrea state) 50%. No current Western-DFI/ECA financing disclosed. (Note: prior basis string was stored truncated) Sourced
Funding statusRestructured under SRBG/ENAMCO; historic AFC/Afrexim package was under Danakali (exited 2023). Current funding path not publicly defined. Sourced
Deal / fiscal structureFiscal: Eritrea: 50% state JV (ENAMCO); fiscal terms project-specific state not carried on feed
OfftakeEuroChem SOP offtake (historic, agreed under Danakali ownership); status under SRBG/ENAMCO not re-confirmed (historic) Sourced
3 · Sponsor
SponsorSRBG / ENAMCO (state JV) Sourced
Sponsor typestate-JV state not carried on feed
OwnershipCMSC = SRBG 50% / ENAMCO (Eritrea state) 50%; Danakali exited 2023 Sourced
4 · Asset & economics
Commodity / classcritical (potash / SOP fertiliser) state not carried on feed
Stage / DFI stageDFS 2015 (stale) / pre-development under new owner state not carried on feed
After-tax NPVLast public figure: Danakali reported a FEED post-tax project NPV of US$902m (Modules I & II) in a London Stock Exchange RNS; prior-owner vintage, discount rate not captured, not carried as a value. No NPV has been published under SRBG/ENAMCO. Absent · not-disclosed
Cost positionfirst-quartile per 2015 DFS (stale) (historic) Sourced
Study basisReserve Sourced (216 Mt contained SOP). Project economics from Danakali DFS (Nov 2015) NOT re-verified this pass and ownership has since transferred from Danakali to SRBG/SDIG + ENAMCO — 2015 figures treated as stale; NPV Absent, not yet verified. state not carried on feed
5 · Financial & debt analysis
After-tax NPVLast public figure: Danakali reported a FEED post-tax project NPV of US$902m (Modules I & II) in a London Stock Exchange RNS; prior-owner vintage, discount rate not captured, not carried as a value. No NPV has been published under SRBG/ENAMCO. Absent · not-disclosed
Capex / financing need302 Sourced
Debt capacity / DSCRAbsent · not-yet-verified — no annual margin scenario for this development-stage asset; DSCR sizing requires a projected operating margin. Absent · not-yet-verifiedMethod & the lender's-lens calculation (populated for producing assets):
debt-sizing tool.
6 · Risk
Time to cashflowlong / stalled
DFS 2015 (stale) → pre-development → FID undated → first prod not set — no date published
Downstream flag summaryno elevated downstream flag captured (some markers Absent, not yet verified) state not carried on feed
Security contextAbsent Absent · not-yet-verified
7 · Safeguards (E&S)
Material IFC Performance StandardsAbsent — not yet verified Absent · not-yet-verified
Equator Principles categoryAbsent — not yet verified Absent · not-yet-verified
ESIA statusAbsent — not yet verified Absent · not-yet-verified
Quantified PS/EP scoreAbsent — not yet verified Absent · not-yet-verified
8 · Mandate fit & recommendation context
African multilaterals (AfDB / AFC / Afreximbank / TDB)African jurisdiction — within the published geographic mandates of the African multilaterals (AfDB / AFC / Afreximbank / TDB / EBID) state not carried on feed
Western DFIs / ECAs (IFC / DFC / EU DFIs)Owners: SRBG (Sichuan provincial SOE) 50% + ENAMCO (Eritrea state) 50%. The historic AFC/Afreximbank package was under prior owner Danakali (exited 2023). No current Western-DFI/ECA financing disclosed [Sourced] state not carried on feed
EBRDNot an EBRD country of operation — EBRD's 2025 SSA entry covers Benin/Côte d'Ivoire/Nigeria (+ Ghana/Kenya/Senegal in process); this jurisdiction not yet an EBRD country of operation state not carried on feed
Energy-transition thematicYes — critical (potash / SOP fertiliser) state not carried on feed
Development impactUNDP-funded independent study (2018): ~3% of Eritrean GDP by 2021; exports ~US$537m ≈ 50% of national exports by 2030; fiscal ~US$204m/yr by 2026; local procurement ~US$189m/yr by 2026; ~10,000 indirect jobs; aligns with 13 of 17 SDGs; SOP supports food security (agriculture = 11% GDP / 80% of population). CAVEAT: assessed under Danakali ownership (exited 2023); value capture under SRBG/ENAMCO not re-confirmed Sourced
Recommendation context — not a recommendation. The mandate lines above state where the asset sits inside each DFI family's published scope; binding eligibility (exclusion lists, instrument fit, current country status) is confirm-with-institution. What the screen supports: a fit assessment and an assembled evidence base. What it does not do: structure the facility, price the risk, or make the credit call. That is the institution's.
Doropo — DFI investment brief
Côte d'Ivoire · Au · development · composed v2.137.281
1 · Executive summary
Doropo (Côte d'Ivoire) — Au, development. Sponsor Resolute Mining (mid-major).
Indicative financing need US$516 m (capex, Sourced).
Headline economics after-tax NPV US$1460 m.
Time to first cashflow: ~2 yr. Funding: FID taken Mar 2026; corporate/balance-sheet funded (Resolute); construction underway, first gold ~2028.
What the screen supports vs what is outstanding. This brief assembles the evidence the platform holds, with provenance. It is not a credit recommendation — items marked Absent · not-yet-verified have had nothing read for them yet (not negatives), and the credit decision, the facility structure, and the diligence that closes those items are the institution's.
2 · Transaction overview
Financing need (pre-production capex)516 Sourced
DFI capital-need bandN/A — Resolute Mining (LSE/ASX: RSG) funding from balance sheet/corporate facilities; no DFI in capital structure Absent · not-applicable
Funding statusFID taken Mar 2026; corporate/balance-sheet funded (Resolute); construction underway, first gold ~2028 Sourced
Deal / fiscal structureFiscal: CIV: sliding-scale gold royalty; ML targeted early-2026 state not carried on feed
OfftakeN/A — gold sold to refiner at spot Absent · not-applicable
3 · Sponsor
SponsorResolute Mining Sourced
Sponsor typemid-major state not carried on feed
OwnershipAbsent — not yet verified Absent · not-yet-verified
4 · Asset & economics
Commodity / classgold/precious state not carried on feed
Stage / DFI stageFID (Mar 2026) / construction / first gold ~2028 state not carried on feed
After-tax NPV1460 (post-tax NPV5 @ $3,000/oz (updated DFS Dec 2025, Lycopodium) · IRR 49%; $2.76bn/77% @ $4,200/oz; 204koz/yr first 5yr; 170koz LOM over 13yr (stated $1.46bn)) Sourced
Cost position$1,294/oz (first 5yr) Sourced
Study basisAbsent — not yet verified Absent · not-yet-verified
5 · Financial & debt analysis
After-tax NPV1460 (post-tax NPV5 @ $3,000/oz (updated DFS Dec 2025, Lycopodium) · IRR 49%; $2.76bn/77% @ $4,200/oz; 204koz/yr first 5yr; 170koz LOM over 13yr (stated $1.46bn)) Sourced
Capex / financing need516 Sourced
Debt capacity / DSCRAbsent · not-yet-verified — no annual margin scenario for this development-stage asset; DSCR sizing requires a projected operating margin. Absent · not-yet-verifiedMethod & the lender's-lens calculation (populated for producing assets):
debt-sizing tool.
6 · Risk
Time to cashflow~2 yr
FID (Mar 2026) → construction → FID taken Mar 2026 → first prod ~2028
Downstream flag summaryAbsent — not yet verified Absent · not-yet-verified
Security contextAbsent — not yet verified Absent · not-yet-verified
7 · Safeguards (E&S)
Material IFC Performance StandardsAbsent — not yet verified Absent · not-yet-verified
Equator Principles categoryAbsent — not yet verified Absent · not-yet-verified
ESIA statusAbsent — not yet verified Absent · not-yet-verified
Quantified PS/EP scoreAbsent — not yet verified Absent · not-yet-verified
8 · Mandate fit & recommendation context
African multilaterals (AfDB / AFC / Afreximbank / TDB)African jurisdiction — within the published geographic mandates of the African multilaterals (AfDB / AFC / Afreximbank / TDB / EBID) state not carried on feed
Western DFIs / ECAs (IFC / DFC / EU DFIs)No Western-DFI/ECA financing disclosed; funding as stated in this record (corporate / streaming / equity) [Sourced] state not carried on feed
EBRDCôte d'Ivoire is an EBRD country of operation (since Jul 2025); EBRD has CIV mining projects in pipeline incl. equity in exploration (Devex/EBRD May 2026) state not carried on feed
Energy-transition thematicNo (gold — monetary/FX, not energy-transition input) state not carried on feed
Development impact>US$420m in government royalties + social-fund payments over LOM (at $3,000/oz base); peak construction workforce >1,500; >400 employees during operations; solar+battery power study to cut emissions Sourced
Recommendation context — not a recommendation. The mandate lines above state where the asset sits inside each DFI family's published scope; binding eligibility (exclusion lists, instrument fit, current country status) is confirm-with-institution. What the screen supports: a fit assessment and an assembled evidence base. What it does not do: structure the facility, price the risk, or make the credit call. That is the institution's.
Ewoyaa — DFI investment brief
Ghana · Li · pre-construction · composed v2.137.281
1 · Executive summary
Ewoyaa (Ghana) — Li, pre-construction. Sponsor Atlantic Lithium (+Elevra earn-in) (junior).
Indicative financing need US$185 m (capex, Sourced).
Headline economics after-tax NPV US$1500 m.
Time to first cashflow: uncertain. Funding: In transition — Huayou agreeing to sole-fund remaining development; MATERIAL: lithium-price crash cut spodumene to ~US$785/t (Q1 2025) vs US$1,587/t DFS assumption; Atlantic states IRR fell to ~13.6% and has requested Ghana fiscal concessions (royalty 10%→5%).
What the screen supports vs what is outstanding. This brief assembles the evidence the platform holds, with provenance. It is not a credit recommendation — items marked Absent · not-yet-verified have had nothing read for them yet (not negatives), and the credit decision, the facility structure, and the diligence that closes those items are the institution's.
2 · Transaction overview
Financing need (pre-production capex)185 Sourced
DFI capital-need bandHigh (N/A — no DFI. Development now to be sole-funded by Huayou Cobalt (Chinese strategic), replacing Elevra (ex-Piedmont) which is exiting amid arbitration; Huayou could indirectly control ~87% if deals close. Ghana MIIF ~US$27.9m for 6% (non-bi) Sourced
Funding statusIn transition — Huayou agreeing to sole-fund remaining development; MATERIAL: lithium-price crash cut spodumene to ~US$785/t (Q1 2025) vs US$1,587/t DFS assumption; Atlantic states IRR fell to ~13.6% and has requested Ghana fiscal concessions (royalty 10%→5%) Sourced
Deal / fiscal structureFiscal: Ghana: sliding-scale royalty (2025 Royalty Regs); growth-levy cut 3%→1% on gold (Mar 2026); Atlantic requested lithium royalty 10%→5% state not carried on feed
Offtake50% of LOM spodumene concentrate to Elevra→Huayou at market prices; remaining 50% uncommitted (investment bank engaged to monetise) Sourced
3 · Sponsor
SponsorAtlantic Lithium (+Elevra earn-in) Sourced
Sponsor typejunior state not carried on feed
OwnershipAbsent — not yet verified Absent · not-yet-verified
4 · Asset & economics
Commodity / classcritical (lithium) state not carried on feed
Stage / DFI stagedevelopment pre-FID — economics impaired by lithium price; ownership transition (Elevra→Huayou) May 2026 state not carried on feed
After-tax NPV1500 (post-tax NPV8 (DFS 2023 @ $1,587/t SC6); updated DFS $1.3bn · IRR 105% (DFS @ US$1,587/t SC6) → ~13.6% (Atlantic, 2025) at the ~US$785/t spodumene TROUGH. FRESHNESS CHECK (v2.117.0): US$785/t was the mid-2025 trough; SC6 has since rebounded ~270% (Kodal operational updates (Feb–May 2026): realised SC6 ~US$1,148/t (1st shipment, late-2025) rising to ~US$1,681/t SC6-equiv (2nd shipment, early-2026); CEO-cited SC6 Index +270% since Jul-2025, >US$2,000/t early-2026), closing/reversing the deck-vs-market gap — the DFS US$1,587/t deck is now roughly market-aligned. HELD on figure (no newer issuer NPV at a current deck; Huayou-funding/ownership transition pending per DFI slice).) Sourced
Cost position$610/t (DFS); $675/t (updated) Sourced
Study basisAbsent — not yet verified Absent · not-yet-verified
5 · Financial & debt analysis
After-tax NPV1500 (post-tax NPV8 (DFS 2023 @ $1,587/t SC6); updated DFS $1.3bn · IRR 105% (DFS @ US$1,587/t SC6) → ~13.6% (Atlantic, 2025) at the ~US$785/t spodumene TROUGH. FRESHNESS CHECK (v2.117.0): US$785/t was the mid-2025 trough; SC6 has since rebounded ~270% (Kodal operational updates (Feb–May 2026): realised SC6 ~US$1,148/t (1st shipment, late-2025) rising to ~US$1,681/t SC6-equiv (2nd shipment, early-2026); CEO-cited SC6 Index +270% since Jul-2025, >US$2,000/t early-2026), closing/reversing the deck-vs-market gap — the DFS US$1,587/t deck is now roughly market-aligned. HELD on figure (no newer issuer NPV at a current deck; Huayou-funding/ownership transition pending per DFI slice).) Sourced
Capex / financing need185 Sourced
Debt capacity / DSCRAbsent · not-yet-verified — no annual margin scenario for this development-stage asset; DSCR sizing requires a projected operating margin. Absent · not-yet-verifiedMethod & the lender's-lens calculation (populated for producing assets):
debt-sizing tool.
6 · Risk
Time to cashflowuncertain
pre-FID (lease ratified Mar 2026) → FID pending (post-ownership-transition) → first prod delayed (was 2025-26)
Downstream flag summaryAbsent — not yet verified Absent · not-yet-verified
Security contextAbsent — not yet verified Absent · not-yet-verified
7 · Safeguards (E&S)
Material IFC Performance StandardsAbsent — not yet verified Absent · not-yet-verified
Equator Principles categoryAbsent — not yet verified Absent · not-yet-verified
ESIA statusAbsent — not yet verified Absent · not-yet-verified
Quantified PS/EP scoreAbsent — not yet verified Absent · not-yet-verified
8 · Mandate fit & recommendation context
African multilaterals (AfDB / AFC / Afreximbank / TDB)African jurisdiction — within the published geographic mandates of the African multilaterals (AfDB / AFC / Afreximbank / TDB / EBID) state not carried on feed
Western DFIs / ECAs (IFC / DFC / EU DFIs)Control change pending: Huayou Cobalt to sole-fund remaining development, replacing Elevra; ~87% potential control if pending deals close (not closed). No DFI in the capital structure; Ghana MIIF ~US$27.9m for 6% (non-binding) [Sourced] state not carried on feed
EBRDGhana is in the EBRD accession process; operations/office expected 2026 (EBRD) state not carried on feed
Energy-transition thematicYes — critical (lithium) state not carried on feed
Development impactGhana's first lithium mine; ~300 permanent jobs (~70% local hire); 1% of retained earnings to Community Development Fund; scholarships/healthcare/agriculture programmes; feldspar by-product (~10%) for domestic ceramics; >1,500 project-affected persons; mining lease RATIFIED by Ghana Parliament Mar 2026 Sourced
Recommendation context — not a recommendation. The mandate lines above state where the asset sits inside each DFI family's published scope; binding eligibility (exclusion lists, instrument fit, current country status) is confirm-with-institution. What the screen supports: a fit assessment and an assembled evidence base. What it does not do: structure the facility, price the risk, or make the credit call. That is the institution's.
Kabanga — DFI investment brief
Tanzania · Ni-Cu-Co · pre-FID · composed v2.137.281
1 · Executive summary
Kabanga (Tanzania) — Ni-Cu-Co, pre-FID. Sponsor Lifezone Metals (junior).
Indicative financing need US$942 m (capex, Sourced).
Headline economics after-tax NPV US$1579 m.
Time to first cashflow: ~4 yr. Funding: In progress — DFC/EXIM/JOGMEC + SocGen PF package being finalised ahead of FID 2026.
What the screen supports vs what is outstanding. This brief assembles the evidence the platform holds, with provenance. It is not a credit recommendation — items marked Absent · not-yet-verified have had nothing read for them yet (not negatives), and the credit decision, the facility structure, and the diligence that closes those items are the institution's.
2 · Transaction overview
Financing need (pre-production capex)942 Sourced
DFI capital-need bandHigh (US DFC due-diligence complete Q1 2026; US EXIM + JOGMEC (Japan) engaged; Société Générale-led project-finance package; Standard Chartered strategic. Western-DFI/ECA-anchored (battery-supply-chain rationale).) Sourced
Funding statusIn progress — DFC/EXIM/JOGMEC + SocGen PF package being finalised ahead of FID 2026 Sourced
Deal / fiscal structureFiscal: Tanzania: 6% gold/min royalty + 1% clearing fee; 30% CIT; 16% state carry — regime less price-responsive (NRGI) state not carried on feed
Offtake100% offtake control retained by Lifezone (nickel/copper/cobalt intermediate) Sourced
3 · Sponsor
SponsorLifezone Metals Sourced
Sponsor typejunior state not carried on feed
OwnershipLifezone 84% (via KNL/Tembo Nickel) / Govt of Tanzania 16% carried Sourced
4 · Asset & economics
Commodity / classcritical (nickel) state not carried on feed
Stage / DFI stageFS complete / pre-FID (FID 2026) state not carried on feed
After-tax NPV1579 (8% · Lifezone FS-TRS (S-K 1300, Rev C.1, eff. 18 Jul 2025) Table 1-14: after-tax NPV8% 1,579.) Sourced
Cost positionAISC $3.36/lb net of by-product credits; first-quartile Sourced
Study basisLifezone Feasibility Study Technical Report Summary (S-K 1300, 18 Jul 2025). state not carried on feed
5 · Financial & debt analysis
After-tax NPV1579 (8% · Lifezone FS-TRS (S-K 1300, Rev C.1, eff. 18 Jul 2025) Table 1-14: after-tax NPV8% 1,579.) Sourced
Capex / financing need942 Sourced
Debt capacity / DSCRAbsent · not-yet-verified — no annual margin scenario for this development-stage asset; DSCR sizing requires a projected operating margin. Absent · not-yet-verifiedMethod & the lender's-lens calculation (populated for producing assets):
debt-sizing tool.
6 · Risk
Time to cashflow~4 yr
FS complete → pre-FID → FID targeted 2026 → first prod ~2030 (≈4yr build post-FID)
Downstream flag summaryAbsent — not yet verified Absent · not-yet-verified
Security contextAbsent — not yet verified Absent · not-yet-verified
7 · Safeguards (E&S)
Material IFC Performance StandardsAbsent — not yet verified Absent · not-yet-verified
Equator Principles categoryAbsent — not yet verified Absent · not-yet-verified
ESIA statusAbsent — not yet verified Absent · not-yet-verified
Quantified PS/EP scoreAbsent — not yet verified Absent · not-yet-verified
8 · Mandate fit & recommendation context
African multilaterals (AfDB / AFC / Afreximbank / TDB)African jurisdiction — within the published geographic mandates of the African multilaterals (AfDB / AFC / Afreximbank / TDB / EBID) state not carried on feed
Western DFIs / ECAs (IFC / DFC / EU DFIs)Financing parties engaged: US DFC (E&S due diligence completed), US EXIM, JOGMEC (Japan); Société Générale-led project-finance package; Standard Chartered strategic [Sourced per disclosures] state not carried on feed
EBRDNot an EBRD country of operation — EBRD's 2025 SSA entry covers Benin/Côte d'Ivoire/Nigeria (+ Ghana/Kenya/Senegal in process); this jurisdiction not yet an EBRD country of operation state not carried on feed
Energy-transition thematicYes — critical (nickel) state not carried on feed
Development impact91% Tanzanian-nationals operating-workforce target (currently 97% of Tembo Nickel staff Tanzanian); Government of Tanzania 16% free-carried interest; CSR: Mukubu Primary School build, Household Well-Being/Livelihood survey + Livelihood Restoration programme; SGR-rail & Julius Nyerere hydropower reduce capital intensity Sourced
Recommendation context — not a recommendation. The mandate lines above state where the asset sits inside each DFI family's published scope; binding eligibility (exclusion lists, instrument fit, current country status) is confirm-with-institution. What the screen supports: a fit assessment and an assembled evidence base. What it does not do: structure the facility, price the risk, or make the credit call. That is the institution's.
Kalana — DFI investment brief
Mali · Au · development · composed v2.137.281
1 · Executive summary
Kalana (Mali) — Au, development. Sponsor Endeavour Mining (major).
Indicative financing need US$297 m (capex, Sourced).
Headline economics after-tax NPV US$331 m.
Time to first cashflow: long / stalled. Funding: —.
What the screen supports vs what is outstanding. This brief assembles the evidence the platform holds, with provenance. It is not a credit recommendation — items marked Absent · not-yet-verified have had nothing read for them yet (not negatives), and the credit decision, the facility structure, and the diligence that closes those items are the institution's.
2 · Transaction overview
Financing need (pre-production capex)297 (PFS Feb 2021 construction cost) Sourced
DFI capital-need bandN/A — Endeavour Mining (LSE/TSX: EDV) major; would be corporate-funded; no DFI in capital structure Absent · not-applicable
Funding statusDFS pending; funding plan not defined (Endeavour major, would be corporate-funded). Mali fiscal/security context is a material overlay. Absent · not-yet-verified
Deal / fiscal structureFiscal: Mali: 2023 code — royalty raised to max 10% (from 6.5%); state equity up to 35%; SOPAMIM manages stakes state not carried on feed
OfftakeN/A — gold sold to refiner at spot Absent · not-applicable
3 · Sponsor
SponsorEndeavour Mining Sourced
Sponsor typemajor state not carried on feed
OwnershipAbsent — not yet verified Absent · not-yet-verified
4 · Asset & economics
Commodity / classgold/precious state not carried on feed
Stage / DFI stagePFS-stage (Feb 2021); DFS pending — least-advanced of the slice state not carried on feed
After-tax NPV331 (after-tax NPV5 @ US$1,500/oz (Pre-Feasibility Study, Feb 2021, IRR 49%) · PFS-GRADE AND OPERATOR-DISCLAIMED: Endeavour impaired Kalana US$133.1m (2024) + US$9.5m (2025) citing revised project-risk and recoverability assumptions, declared it non-strategic (Jun 2026) and is seeking local partners to exit. The 2021 PFS economics ($297m construction, up to 150koz/yr, 11yr, 1.65Moz total) predate Mali's 2023 code migration (state equity path 20%->35%, Somika MoU Jul 2025) and current gold-price/risk environment. Carried as Sourced-but-stale; PFS grade does not qualify for sourced-headline tier.) Sourced
Cost positionDFS pending (PFS Feb 2021); economics not obtained Absent · not-yet-verified
Study basisAbsent — not yet verified Absent · not-yet-verified
5 · Financial & debt analysis
After-tax NPV331 (after-tax NPV5 @ US$1,500/oz (Pre-Feasibility Study, Feb 2021, IRR 49%) · PFS-GRADE AND OPERATOR-DISCLAIMED: Endeavour impaired Kalana US$133.1m (2024) + US$9.5m (2025) citing revised project-risk and recoverability assumptions, declared it non-strategic (Jun 2026) and is seeking local partners to exit. The 2021 PFS economics ($297m construction, up to 150koz/yr, 11yr, 1.65Moz total) predate Mali's 2023 code migration (state equity path 20%->35%, Somika MoU Jul 2025) and current gold-price/risk environment. Carried as Sourced-but-stale; PFS grade does not qualify for sourced-headline tier.) Sourced
Capex / financing need297 (PFS Feb 2021 construction cost) Sourced
Debt capacity / DSCRAbsent · not-yet-verified — no annual margin scenario for this development-stage asset; DSCR sizing requires a projected operating margin. Absent · not-yet-verifiedMethod & the lender's-lens calculation (populated for producing assets):
debt-sizing tool.
6 · Risk
Time to cashflowlong / stalled
PFS (2021) → DFS pending → FID undated → first prod not set — no date published (longest gestation)
Downstream flag summaryAbsent — not yet verified Absent · not-yet-verified
Security contextAbsent — not yet verified Absent · not-yet-verified
7 · Safeguards (E&S)
Material IFC Performance StandardsAbsent — not yet verified Absent · not-yet-verified
Equator Principles categoryAbsent — not yet verified Absent · not-yet-verified
ESIA statusAbsent — not yet verified Absent · not-yet-verified
Quantified PS/EP scoreAbsent — not yet verified Absent · not-yet-verified
8 · Mandate fit & recommendation context
African multilaterals (AfDB / AFC / Afreximbank / TDB)African jurisdiction — within the published geographic mandates of the African multilaterals (AfDB / AFC / Afreximbank / TDB / EBID) state not carried on feed
Western DFIs / ECAs (IFC / DFC / EU DFIs)No Western-DFI/ECA financing disclosed; funding as stated in this record (corporate / streaming / equity) [Sourced] state not carried on feed
EBRDNot an EBRD country of operation — EBRD's 2025 SSA entry covers Benin/Côte d'Ivoire/Nigeria (+ Ghana/Kenya/Senegal in process); this jurisdiction not yet an EBRD country of operation state not carried on feed
Energy-transition thematicNo (gold — monetary/FX, not energy-transition input) state not carried on feed
Development impactDFS pending (PFS 2021); no quantified development-impact disclosure Absent · not-yet-verified
Recommendation context — not a recommendation. The mandate lines above state where the asset sits inside each DFI family's published scope; binding eligibility (exclusion lists, instrument fit, current country status) is confirm-with-institution. What the screen supports: a fit assessment and an assembled evidence base. What it does not do: structure the facility, price the risk, or make the credit call. That is the institution's.
Kokoseb — DFI investment brief
Namibia · Au · development · composed v2.137.281
1 · Executive summary
Kokoseb (Namibia) — Au, development. Sponsor Wia Gold (junior).
Indicative financing need US$359 m (capex, Sourced).
Headline economics after-tax NPV US$646 m.
Time to first cashflow: ~2 yr. Funding: Equity-funded to date (A$30m placement Aug 2025); construction financing to be arranged post-DFS; first gold late 2027/early 2028.
What the screen supports vs what is outstanding. This brief assembles the evidence the platform holds, with provenance. It is not a credit recommendation — items marked Absent · not-yet-verified have had nothing read for them yet (not negatives), and the credit decision, the facility structure, and the diligence that closes those items are the institution's.
2 · Transaction overview
Financing need (pre-production capex)359 Sourced
DFI capital-need bandHigh (None to date — well-capitalised junior (A$45.8m cash, no debt end-2025; A$52.1m at 30 Sep 2025). Wia Gold 80% / Epangelo Mining (Namibia state) 20%. Debt/financing path to be defined at DFS (H2-2026).) Sourced
Funding statusEquity-funded to date (A$30m placement Aug 2025); construction financing to be arranged post-DFS; first gold late 2027/early 2028 Sourced
Deal / fiscal structureFiscal: Namibia: royalty + high total tax burden (TTB ~0.79); 10yr mining loss-carryforward; new minerals bill replacing 2002 Act in prep state not carried on feed
OfftakeN/A — gold sold to refiner at spot; no offtake agreement required Absent · not-applicable
3 · Sponsor
SponsorWia Gold Sourced
Sponsor typejunior state not carried on feed
OwnershipAbsent — not yet verified Absent · not-yet-verified
4 · Asset & economics
Commodity / classgold/precious state not carried on feed
Stage / DFI stageScoping Study (Sept 2025) complete / DFS due H2-2026 / pre-FID (FID targeted end-2026) state not carried on feed
After-tax NPV646 (post-tax NPV5 @ $2,600/oz (Scoping Sept 2025); $1,269m @ $3,450/oz · IRR 38% @ $2,600; 60% @ $3,450) Sourced
Cost position$1,265/oz (yrs 1-5); $1,447/oz LOM Sourced
Study basisAbsent — not yet verified Absent · not-yet-verified
5 · Financial & debt analysis
After-tax NPV646 (post-tax NPV5 @ $2,600/oz (Scoping Sept 2025); $1,269m @ $3,450/oz · IRR 38% @ $2,600; 60% @ $3,450) Sourced
Capex / financing need359 Sourced
Debt capacity / DSCRAbsent · not-yet-verified — no annual margin scenario for this development-stage asset; DSCR sizing requires a projected operating margin. Absent · not-yet-verifiedMethod & the lender's-lens calculation (populated for producing assets):
debt-sizing tool.
6 · Risk
Time to cashflow~2 yr
Scoping → DFS H2-2026 → FID targeted end-2026 → first prod late 2027 / early 2028
Downstream flag summaryAbsent — not yet verified Absent · not-yet-verified
Security contextAbsent — not yet verified Absent · not-yet-verified
7 · Safeguards (E&S)
Material IFC Performance StandardsAbsent — not yet verified Absent · not-yet-verified
Equator Principles categoryAbsent — not yet verified Absent · not-yet-verified
ESIA statusAbsent — not yet verified Absent · not-yet-verified
Quantified PS/EP scoreAbsent — not yet verified Absent · not-yet-verified
8 · Mandate fit & recommendation context
African multilaterals (AfDB / AFC / Afreximbank / TDB)African jurisdiction — within the published geographic mandates of the African multilaterals (AfDB / AFC / Afreximbank / TDB / EBID) state not carried on feed
Western DFIs / ECAs (IFC / DFC / EU DFIs)No Western-DFI/ECA financing disclosed; funding as stated in this record (corporate / streaming / equity) [Sourced] state not carried on feed
EBRDNot an EBRD country of operation — EBRD's 2025 SSA entry covers Benin/Côte d'Ivoire/Nigeria (+ Ghana/Kenya/Senegal in process); this jurisdiction not yet an EBRD country of operation state not carried on feed
Energy-transition thematicNo (gold — monetary/FX, not energy-transition input) state not carried on feed
Development impactNamibia employment/procurement/royalty benefits cited qualitatively; no quantified figures in reviewed disclosures (DFS due H2-2026) Absent · not-yet-verified
Recommendation context — not a recommendation. The mandate lines above state where the asset sits inside each DFI family's published scope; binding eligibility (exclusion lists, instrument fit, current country status) is confirm-with-institution. What the screen supports: a fit assessment and an assembled evidence base. What it does not do: structure the facility, price the risk, or make the credit call. That is the institution's.
Koné — DFI investment brief
Côte d'Ivoire · Au · development · composed v2.137.281
1 · Executive summary
Koné (Côte d'Ivoire) — Au, development. Sponsor Montage Gold (single-asset developer).
Indicative financing need US$712 m (capex, Sourced).
Headline economics after-tax NPV US$1089 m.
Time to first cashflow: <1 yr. Funding: FULLY FUNDED (Oct 2024 US$825m streaming+loan package); construction on-budget & ~2 months ahead; first gold brought forward to late Q4-2026 via oxide circuit.
What the screen supports vs what is outstanding. This brief assembles the evidence the platform holds, with provenance. It is not a credit recommendation — items marked Absent · not-yet-verified have had nothing read for them yet (not negatives), and the credit decision, the facility structure, and the diligence that closes those items are the institution's.
2 · Transaction overview
Financing need (pre-production capex)712 (pre-production (UFS 2024; the earlier $545m was the 2022 DFS)) Sourced
DFI capital-need bandModerate-High (N/A — no DFI. Fully funded via US$825m package (Oct 2024): Wheaton Precious Metals gold stream US$625m + Wheaton loan US$75m + Zijin gold stream US$75m + Zijin loan US$50m. Streaming + strategic (Zijin 9.9%); Montage is part of the Lundin g) Sourced
Funding statusFULLY FUNDED (Oct 2024 US$825m streaming+loan package); construction on-budget & ~2 months ahead; first gold brought forward to late Q4-2026 via oxide circuit Sourced
Deal / fiscal structureFiscal: CIV: sliding-scale gold royalty; 2014 code under revision (Li/Co/Cu/U focus) state not carried on feed
OfftakeN/A — gold sold to refiner at spot (note: Wheaton holds a gold STREAM as financing, not an offtake agreement) Absent · not-applicable
3 · Sponsor
SponsorMontage Gold Sourced
Sponsor typesingle-asset developer state not carried on feed
OwnershipAbsent — not yet verified Absent · not-yet-verified
4 · Asset & economics
Commodity / classgold/precious state not carried on feed
Stage / DFI stageconstruction (on-budget, ahead of schedule) / first gold late Q4-2026 state not carried on feed
After-tax NPV1089 (post-tax NPV5 @ $1,850/oz base (UFS Jan 2024, Lycopodium NI 43-101) · $1,456m @ $2,050/oz spot; IRR 31% base / 39% spot; AISC $899-998/oz; payback 2.6yr) Sourced
Cost positionlow-cost (+300koz/yr first 8yr, 16yr life) (qualitative) Sourced
Study basisAbsent — not yet verified Absent · not-yet-verified
5 · Financial & debt analysis
After-tax NPV1089 (post-tax NPV5 @ $1,850/oz base (UFS Jan 2024, Lycopodium NI 43-101) · $1,456m @ $2,050/oz spot; IRR 31% base / 39% spot; AISC $899-998/oz; payback 2.6yr) Sourced
Capex / financing need712 (pre-production (UFS 2024; the earlier $545m was the 2022 DFS)) Sourced
Debt capacity / DSCRAbsent · not-yet-verified — no annual margin scenario for this development-stage asset; DSCR sizing requires a projected operating margin. Absent · not-yet-verifiedMethod & the lender's-lens calculation (populated for producing assets):
debt-sizing tool.
6 · Risk
Time to cashflow<1 yr
construction (on/ahead) → FID taken → first prod late Q4-2026
Downstream flag summaryAbsent — not yet verified Absent · not-yet-verified
Security contextAbsent — not yet verified Absent · not-yet-verified
7 · Safeguards (E&S)
Material IFC Performance StandardsAbsent — not yet verified Absent · not-yet-verified
Equator Principles categoryAbsent — not yet verified Absent · not-yet-verified
ESIA statusAbsent — not yet verified Absent · not-yet-verified
Quantified PS/EP scoreAbsent — not yet verified Absent · not-yet-verified
8 · Mandate fit & recommendation context
African multilaterals (AfDB / AFC / Afreximbank / TDB)African jurisdiction — within the published geographic mandates of the African multilaterals (AfDB / AFC / Afreximbank / TDB / EBID) state not carried on feed
Western DFIs / ECAs (IFC / DFC / EU DFIs)No Western-DFI/ECA financing disclosed; funding as stated in this record (corporate / streaming / equity) [Sourced] state not carried on feed
EBRDCôte d'Ivoire is an EBRD country of operation (since Jul 2025); EBRD has CIV mining projects in pipeline incl. equity in exploration (Devex/EBRD May 2026) state not carried on feed
Energy-transition thematicNo (gold — monetary/FX, not energy-transition input) state not carried on feed
Development impact>90% of construction tasks self-performed with local-talent training programmes; owner-operator model with local hiring; 'new gold district' for northern Côte d'Ivoire (qualitative) Sourced
Recommendation context — not a recommendation. The mandate lines above state where the asset sits inside each DFI family's published scope; binding eligibility (exclusion lists, instrument fit, current country status) is confirm-with-institution. What the screen supports: a fit assessment and an assembled evidence base. What it does not do: structure the facility, price the risk, or make the credit call. That is the institution's.
Kurmuk — DFI investment brief
Ethiopia · Au · pre-commissioning · composed v2.137.281
1 · Executive summary
Kurmuk (Ethiopia) — Au, pre-commissioning. Sponsor Allied Gold — Allied Gold (TSX:AAUC); the Zijin merger was terminated 29 Jul 2026 and replaced by a ~9.2% strategic investment closed 10 Aug 2026; arrangement Jan 2026, outside date 29 Jul 2026 (mid-major).
Indicative financing need US$717 m (capex, Sourced).
Headline economics after-tax NPV US$548 m.
Time to first cashflow: ~0 (imminent). Funding: Self-funded (US$717m budget); pre-commissioning Q2-2026, first gold mid-2026; Allied under Zijin takeover.
What the screen supports vs what is outstanding. This brief assembles the evidence the platform holds, with provenance. It is not a credit recommendation — items marked Absent · not-yet-verified have had nothing read for them yet (not negatives), and the credit decision, the facility structure, and the diligence that closes those items are the institution's.
2 · Transaction overview
Financing need (pre-production capex)717 Sourced
DFI capital-need bandN/A — Allied Gold (TSX: AAUC) self-funded; Allied is itself under a Zijin C$5.5bn takeover. No DFI in capital structure. Absent · not-applicable
Funding statusSelf-funded (US$717m budget); pre-commissioning Q2-2026, first gold mid-2026; Allied under Zijin takeover Sourced
Deal / fiscal structureFiscal: Ethiopia: royalty + CIT per proclamation; project-specific state not carried on feed
OfftakeN/A — gold sold to refiner at spot Absent · not-applicable
3 · Sponsor
SponsorAllied Gold — Allied Gold (TSX:AAUC); the Zijin merger was terminated 29 Jul 2026 and replaced by a ~9.2% strategic investment closed 10 Aug 2026; arrangement Jan 2026, outside date 29 Jul 2026 Sourced
Sponsor typemid-major state not carried on feed
OwnershipAbsent — not yet verified Absent · not-yet-verified
4 · Asset & economics
Commodity / classgold/precious state not carried on feed
Stage / DFI stagepre-commissioning (Q2-2026) / first gold mid-2026 state not carried on feed
After-tax NPV548 (after-tax NPV5 @ $1,568/oz (2022 modelling) · IRR 25%; within $717m budget; 290koz/yr first 5yr; reserves 2.74Moz) Sourced
Cost position$950/oz Sourced
Study basisHeadline study economics; self-funded major (Allied, under Zijin takeover). state not carried on feed
5 · Financial & debt analysis
After-tax NPV548 (after-tax NPV5 @ $1,568/oz (2022 modelling) · IRR 25%; within $717m budget; 290koz/yr first 5yr; reserves 2.74Moz) Sourced
Capex / financing need717 Sourced
Debt capacity / DSCRAbsent · not-yet-verified — no annual margin scenario for this development-stage asset; DSCR sizing requires a projected operating margin. Absent · not-yet-verifiedMethod & the lender's-lens calculation (populated for producing assets):
debt-sizing tool.
6 · Risk
Time to cashflow~0 (imminent)
pre-commissioning → FID taken → first prod mid-2026
Downstream flag summaryAbsent — not yet verified Absent · not-yet-verified
Security contextAbsent — not yet verified Absent · not-yet-verified
7 · Safeguards (E&S)
Material IFC Performance StandardsAbsent — not yet verified Absent · not-yet-verified
Equator Principles categoryAbsent — not yet verified Absent · not-yet-verified
ESIA statusAbsent — not yet verified Absent · not-yet-verified
Quantified PS/EP scoreAbsent — not yet verified Absent · not-yet-verified
8 · Mandate fit & recommendation context
African multilaterals (AfDB / AFC / Afreximbank / TDB)African jurisdiction — within the published geographic mandates of the African multilaterals (AfDB / AFC / Afreximbank / TDB / EBID) state not carried on feed
Western DFIs / ECAs (IFC / DFC / EU DFIs)Parent Allied Gold: the Zijin merger (C$5.5bn) was terminated 29 Jul 2026 and replaced by a ~9.2% strategic investment closed 10 Aug 2026. Self-funded; no DFI in the capital structure [Sourced] state not carried on feed
EBRDNot an EBRD country of operation — EBRD's 2025 SSA entry covers Benin/Côte d'Ivoire/Nigeria (+ Ghana/Kenya/Senegal in process); this jurisdiction not yet an EBRD country of operation state not carried on feed
Energy-transition thematicNo (gold — monetary/FX, not energy-transition input) state not carried on feed
Development impact~976-person on-site workforce capacity (798 main + 178 security camp); anchors Allied's ~600kozpa group profile; Ethiopia gold-sector flagship (workforce proxy) Sourced
Recommendation context — not a recommendation. The mandate lines above state where the asset sits inside each DFI family's published scope; binding eligibility (exclusion lists, instrument fit, current country status) is confirm-with-institution. What the screen supports: a fit assessment and an assembled evidence base. What it does not do: structure the facility, price the risk, or make the credit call. That is the institution's.
Ngualla REE — DFI investment brief
Tanzania · REE · development (pre-FID) · composed v2.137.281
1 · Executive summary
Ngualla REE (Tanzania) — REE, development (pre-FID). Sponsor Peak/Mamba (Shenghe-owned) (junior).
Indicative financing need US$320 m (capex, Sourced).
Headline economics after-tax NPV US$1483 m.
Time to first cashflow: 3-4+ yr. Funding: Shenghe-anchored; BFS-stage, FID pending — NdPr price (~$110/kg current vs $231.88/kg BFS assumption) materially below study basis.
What the screen supports vs what is outstanding. This brief assembles the evidence the platform holds, with provenance. It is not a credit recommendation — items marked Absent · not-yet-verified have had nothing read for them yet (not negatives), and the credit decision, the facility structure, and the diligence that closes those items are the institution's.
2 · Transaction overview
Financing need (pre-production capex)320 Sourced
DFI capital-need bandHigh (IFC and Appian Capital historic investors; current funding via Shenghe Resources (Chinese strategic) + Mamba. No active Western-DFI package disclosed.) Sourced
Funding statusShenghe-anchored; BFS-stage, FID pending — NdPr price (~$110/kg current vs $231.88/kg BFS assumption) materially below study basis Sourced
Deal / fiscal structureFiscal: Tanzania: 16% carry + 3% royalty + dividends; in-country beneficiation required (2017 Act) state not carried on feed
OfftakeShenghe Resources offtake ~7,500 tpa REE concentrate (strategic Chinese offtaker/shareholder) Sourced
3 · Sponsor
SponsorPeak/Mamba (Shenghe-owned) Sourced
Sponsor typejunior state not carried on feed
OwnershipPeak/Mamba (Shenghe Resources 84%, acquisition completed 2025) / Govt of Tanzania 16% free-carried non-dilutable Sourced
4 · Asset & economics
Commodity / classcritical (rare earths / NdPr) state not carried on feed
Stage / DFI stageBFS complete / pre-FID state not carried on feed
After-tax NPV1483 (post-tax NPV(8%, real) (BFS @ NdPr $231.88/kg, Oct 2022) · FEED 2023 $982m; current NdPr ~$110/kg materially below study basis) Sourced
Cost positionlow-cost quartile per BFS; sensitive to NdPr price Sourced
Study basisPeak BFS Update (Oct 2022): after-tax NPV US$1,483m (8% real) / equity IRR 37.3% at NdPr LOM US$231.88/kg. MORE RECENT: 2023 FEED Study base-case NPV8 US$982m at lower pricing; a DFS is now complete. Current NdPr ~US$110/kg is well below both decks — the headline NPV is price-deck-dependent and currently optimistic. Pre-FID; Shenghe takeover of Peak pending. state not carried on feed
5 · Financial & debt analysis
After-tax NPV1483 (post-tax NPV(8%, real) (BFS @ NdPr $231.88/kg, Oct 2022) · FEED 2023 $982m; current NdPr ~$110/kg materially below study basis) Sourced
Capex / financing need320 Sourced
Debt capacity / DSCRAbsent · not-yet-verified — no annual margin scenario for this development-stage asset; DSCR sizing requires a projected operating margin. Absent · not-yet-verifiedMethod & the lender's-lens calculation (populated for producing assets):
debt-sizing tool.
6 · Risk
Time to cashflow3-4+ yr
BFS complete → pre-FID → FID pending → first prod not set — no date published (FID-gated)
Downstream flag summaryno elevated downstream flag captured (some markers Absent, not yet verified) state not carried on feed
Security contextAbsent Absent · not-yet-verified
7 · Safeguards (E&S)
Material IFC Performance StandardsAbsent — not yet verified Absent · not-yet-verified
Equator Principles categoryAbsent — not yet verified Absent · not-yet-verified
ESIA statusAbsent — not yet verified Absent · not-yet-verified
Quantified PS/EP scoreAbsent — not yet verified Absent · not-yet-verified
8 · Mandate fit & recommendation context
African multilaterals (AfDB / AFC / Afreximbank / TDB)African jurisdiction — within the published geographic mandates of the African multilaterals (AfDB / AFC / Afreximbank / TDB / EBID) state not carried on feed
Western DFIs / ECAs (IFC / DFC / EU DFIs)Controlling shareholder: Shenghe Resources — 100% of Peak Rare Earths (completed Sep/Oct 2025); Peak ~84% of Ngualla; Tanzania 16% free-carried; offtake 100% Shenghe. No Western-DFI/ECA financing disclosed (IFC/Appian historic equity) [Sourced] state not carried on feed
EBRDNot an EBRD country of operation — EBRD's 2025 SSA entry covers Benin/Côte d'Ivoire/Nigeria (+ Ghana/Kenya/Senegal in process); this jurisdiction not yet an EBRD country of operation state not carried on feed
Energy-transition thematicYes — critical (rare earths / NdPr) state not carried on feed
Development impact~600 direct + up to 3,000 indirect jobs (construction); ~220 direct + ~1,000 indirect (operations); Tanzania 16% free-carried interest + 3% gross-revenue royalty; in-country beneficiation (4.8% REO ore → 45% REO concentrate) + downstream-refinery study with GoT. CAVEAT: figures are Peak's 2022 impact statement; Shenghe (now 100% of Peak) has not published a workforce plan Sourced
Recommendation context — not a recommendation. The mandate lines above state where the asset sits inside each DFI family's published scope; binding eligibility (exclusion lists, instrument fit, current country status) is confirm-with-institution. What the screen supports: a fit assessment and an assembled evidence base. What it does not do: structure the facility, price the risk, or make the credit call. That is the institution's.
Nyanzaga — DFI investment brief
Tanzania · Au · development · composed v2.137.281
1 · Executive summary
Nyanzaga (Tanzania) — Au, development. Sponsor Perseus Mining (major).
Indicative financing need US$523 m (capex, Sourced).
Headline economics after-tax NPV US$864 m.
Time to first cashflow: ~0.5 yr. Funding: FID Apr 2025; self-funded (Perseus cash); ~48% construction-complete Mar 2026; first gold Q1-2027.
What the screen supports vs what is outstanding. This brief assembles the evidence the platform holds, with provenance. It is not a credit recommendation — items marked Absent · not-yet-verified have had nothing read for them yet (not negatives), and the credit decision, the facility structure, and the diligence that closes those items are the institution's.
2 · Transaction overview
Financing need (pre-production capex)523 Sourced
DFI capital-need bandN/A — Perseus Mining (ASX/TSX: PRU) self-funded via interest-free loans from Perseus' existing cash (US$801m at 31 Mar 2025). Perseus 80% / Government of Tanzania 20% non-contributing. No DFI in capital structure. Absent · not-applicable
Funding statusFID Apr 2025; self-funded (Perseus cash); ~48% construction-complete Mar 2026; first gold Q1-2027 Sourced
Deal / fiscal structureFiscal: Tanzania: 6% royalty + 1% clearing fee; 30% CIT; 20% state (non-contributing here) state not carried on feed
OfftakeN/A — gold sold to refiner at spot Absent · not-applicable
3 · Sponsor
SponsorPerseus Mining Sourced
Sponsor typemajor state not carried on feed
OwnershipAbsent — not yet verified Absent · not-yet-verified
4 · Asset & economics
Commodity / classgold/precious state not carried on feed
Stage / DFI stageconstruction (~48% complete, Mar 2026) / first gold Q1-2027 state not carried on feed
After-tax NPV864 (post-tax NPV10 @ $3,000/oz (Perseus Ore Reserve update, 19 Feb 2026 — 16-year plan; the Apr 2025 FS carried NPV10 US$202m @ $2,100 / US$617m @ $2,700 on an 11-year plan) · older: NPV10 $202m @ $2,100 post-tax / pre-tax $404m) Sourced
Cost position$1,211/oz (LOM site) → all-in $1,621/oz Sourced
Study basisAbsent — not yet verified Absent · not-yet-verified
5 · Financial & debt analysis
After-tax NPV864 (post-tax NPV10 @ $3,000/oz (Perseus Ore Reserve update, 19 Feb 2026 — 16-year plan; the Apr 2025 FS carried NPV10 US$202m @ $2,100 / US$617m @ $2,700 on an 11-year plan) · older: NPV10 $202m @ $2,100 post-tax / pre-tax $404m) Sourced
Capex / financing need523 Sourced
Debt capacity / DSCRAbsent · not-yet-verified — no annual margin scenario for this development-stage asset; DSCR sizing requires a projected operating margin. Absent · not-yet-verifiedMethod & the lender's-lens calculation (populated for producing assets):
debt-sizing tool.
6 · Risk
Time to cashflow~0.5 yr
construction (~48%) → FID taken Apr 2025 → first prod Q1-2027
Downstream flag summaryAbsent — not yet verified Absent · not-yet-verified
Security contextAbsent — not yet verified Absent · not-yet-verified
7 · Safeguards (E&S)
Material IFC Performance StandardsAbsent — not yet verified Absent · not-yet-verified
Equator Principles categoryAbsent — not yet verified Absent · not-yet-verified
ESIA statusAbsent — not yet verified Absent · not-yet-verified
Quantified PS/EP scoreAbsent — not yet verified Absent · not-yet-verified
8 · Mandate fit & recommendation context
African multilaterals (AfDB / AFC / Afreximbank / TDB)African jurisdiction — within the published geographic mandates of the African multilaterals (AfDB / AFC / Afreximbank / TDB / EBID) state not carried on feed
Western DFIs / ECAs (IFC / DFC / EU DFIs)No Western-DFI/ECA financing disclosed; funding as stated in this record (corporate / streaming / equity) [Sourced] state not carried on feed
EBRDNot an EBRD country of operation — EBRD's 2025 SSA entry covers Benin/Côte d'Ivoire/Nigeria (+ Ghana/Kenya/Senegal in process); this jurisdiction not yet an EBRD country of operation state not carried on feed
Energy-transition thematicNo (gold — monetary/FX, not energy-transition input) state not carried on feed
Development impactFirst major gold-mine development in Tanzania in 17 years; lifts Perseus group output toward ~630koz FY29; Government of Tanzania 20% interest; positive national GDP/fiscal contribution cited (not separately quantified) (qualitative) Sourced
Recommendation context — not a recommendation. The mandate lines above state where the asset sits inside each DFI family's published scope; binding eligibility (exclusion lists, instrument fit, current country status) is confirm-with-institution. What the screen supports: a fit assessment and an assembled evidence base. What it does not do: structure the facility, price the risk, or make the credit call. That is the institution's.
Twin Hills — DFI investment brief
Namibia · Au · development · composed v2.137.281
1 · Executive summary
Twin Hills (Namibia) — Au, development. Sponsor Shanjin International (major).
Indicative financing need US$365 m (capex, Sourced).
Headline economics after-tax NPV US$656 m.
Time to first cashflow: ~0.5 yr. Funding: Self-funded (Shanjin); construction commenced Sept 2025; first gold Q1-2027.
What the screen supports vs what is outstanding. This brief assembles the evidence the platform holds, with provenance. It is not a credit recommendation — items marked Absent · not-yet-verified have had nothing read for them yet (not negatives), and the credit decision, the facility structure, and the diligence that closes those items are the institution's.
2 · Transaction overview
Financing need (pre-production capex)365 (DFS Jun 2023 (corrects $475m)) Sourced
DFI capital-need bandN/A — Shanjin International Gold (acquired Osino Resources) self-funded; no DFI in capital structure Absent · not-applicable
Funding statusSelf-funded (Shanjin); construction commenced Sept 2025; first gold Q1-2027 Sourced
Deal / fiscal structureFiscal: Namibia: royalty + high TTB; new minerals bill pending; local-equity/beneficiation conditions state not carried on feed
OfftakeN/A — gold sold to refiner at spot Absent · not-applicable
3 · Sponsor
SponsorShanjin International Sourced
Sponsor typemajor state not carried on feed
OwnershipAbsent — not yet verified Absent · not-yet-verified
4 · Asset & economics
Commodity / classgold/precious state not carried on feed
Stage / DFI stageconstruction (commenced Sept 2025) / first gold Q1-2027 state not carried on feed
After-tax NPV656 (post-tax NPV5 @ $1,950/oz (DFS 2023) · $656m is the post-tax NPV5 @ $1,950/oz sensitivity (Batten); DFS BASE CASE is $1,750/oz (US$742m PRE-tax NPV5, 34% IRR, 2.2yr payback). Both far below spot ~$4,200/oz.) Sourced
Cost position162koz/yr, 13yr life Sourced
Study basisAbsent — not yet verified Absent · not-yet-verified
5 · Financial & debt analysis
After-tax NPV656 (post-tax NPV5 @ $1,950/oz (DFS 2023) · $656m is the post-tax NPV5 @ $1,950/oz sensitivity (Batten); DFS BASE CASE is $1,750/oz (US$742m PRE-tax NPV5, 34% IRR, 2.2yr payback). Both far below spot ~$4,200/oz.) Sourced
Capex / financing need365 (DFS Jun 2023 (corrects $475m)) Sourced
Debt capacity / DSCRAbsent · not-yet-verified — no annual margin scenario for this development-stage asset; DSCR sizing requires a projected operating margin. Absent · not-yet-verifiedMethod & the lender's-lens calculation (populated for producing assets):
debt-sizing tool.
6 · Risk
Time to cashflow~0.5 yr
construction → FID taken → first prod Q1-2027
Downstream flag summaryAbsent — not yet verified Absent · not-yet-verified
Security contextAbsent — not yet verified Absent · not-yet-verified
7 · Safeguards (E&S)
Material IFC Performance StandardsAbsent — not yet verified Absent · not-yet-verified
Equator Principles categoryAbsent — not yet verified Absent · not-yet-verified
ESIA statusAbsent — not yet verified Absent · not-yet-verified
Quantified PS/EP scoreAbsent — not yet verified Absent · not-yet-verified
8 · Mandate fit & recommendation context
African multilaterals (AfDB / AFC / Afreximbank / TDB)African jurisdiction — within the published geographic mandates of the African multilaterals (AfDB / AFC / Afreximbank / TDB / EBID) state not carried on feed
Western DFIs / ECAs (IFC / DFC / EU DFIs)No Western-DFI/ECA financing disclosed; funding as stated in this record (corporate / streaming / equity) [Sourced] state not carried on feed
EBRDNot an EBRD country of operation — EBRD's 2025 SSA entry covers Benin/Côte d'Ivoire/Nigeria (+ Ghana/Kenya/Senegal in process); this jurisdiction not yet an EBRD country of operation state not carried on feed
Energy-transition thematicNo (gold — monetary/FX, not energy-transition input) state not carried on feed
Development impactMining-licence conditions mandate a 5% non-carried local minority interest + affirmative-action quotas (20% of management for disadvantaged Namibians); Namibia's third gold mine Sourced
Recommendation context — not a recommendation. The mandate lines above state where the asset sits inside each DFI family's published scope; binding eligibility (exclusion lists, instrument fit, current country status) is confirm-with-institution. What the screen supports: a fit assessment and an assembled evidence base. What it does not do: structure the facility, price the risk, or make the credit call. That is the institution's.
Kasiya — DFI investment brief
Malawi · rutile+graphite · pre-licence · composed v2.137.281
1 · Executive summary
Kasiya (Malawi) — rutile+graphite, pre-licence. Sponsor Sovereign Metals (ASX:SVM, AIM:SVML); Rio Tinto 19.9% strategic (junior + major-backed (Rio Tinto)).
Indicative financing need US$727 m (capex, Sourced).
Headline economics Absent · not-yet-verified.
Time to first cashflow: Absent · not-yet-verified. Funding: DFS-funded via A$40m (2025) raise; project financing not yet secured; offtake + permitting workstreams ongoing.
What the screen supports vs what is outstanding. This brief assembles the evidence the platform holds, with provenance. It is not a credit recommendation — items marked Absent · not-yet-verified have had nothing read for them yet (not negatives), and the credit decision, the facility structure, and the diligence that closes those items are the institution's.
2 · Transaction overview
Financing need (pre-production capex)727 (Stage-1 capital to first production, DFS 16 Apr 2026 (incl. contingency). Optimised PFS Jan-2025 was US$665m.) Sourced
DFI capital-need bandLikely — junior developer, ~US$0.66bn+ initial capex; project finance not yet secured (Capex US$665m (OPFS); DFS may differ; financed to date by equity, no project-finance package closed) Derived
Funding statusDFS-funded via A$40m (2025) raise; project financing not yet secured; offtake + permitting workstreams ongoing Sourced
Deal / fiscal structureDerived state not carried on feed
OfftakeIn discussion — Toho Titanium validated rutile quality; no binding offtake signed Derived
3 · Sponsor
SponsorSovereign Metals (ASX:SVM, AIM:SVML); Rio Tinto 19.9% strategic Sourced
Sponsor typejunior + major-backed (Rio Tinto) state not carried on feed
OwnershipAbsent — not yet verified Absent · not-yet-verified
4 · Asset & economics
Commodity / classcritical/transition (rutile-Ti + flake graphite) state not carried on feed
Stage / DFI stageDFS complete (2026, conforms to IFC Performance Standards for bankability) / pre-FID state not carried on feed
After-tax NPV8% · 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. Sourced
Cost positionAbsent — not yet verified Absent · not-yet-verified
Study basisDFS pre-tax NPV8 ~$2.2bn vs ~$727m initial capital (~3.0x). state not carried on feed
5 · Financial & debt analysis
After-tax NPV8% · 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. Sourced
Capex / financing need727 (Stage-1 capital to first production, DFS 16 Apr 2026 (incl. contingency). Optimised PFS Jan-2025 was US$665m.) Sourced
Debt capacity / DSCRAbsent · not-yet-verified — no annual margin scenario for this development-stage asset; DSCR sizing requires a projected operating margin. Absent · not-yet-verifiedMethod & the lender's-lens calculation (populated for producing assets):
debt-sizing tool.
6 · Risk
Time to cashflowAbsent Absent · not-yet-verified
→ FID → first prod
Downstream flag summaryAbsent — not yet verified Absent · not-yet-verified
Security contextAbsent — not yet verified Absent · not-yet-verified
7 · Safeguards (E&S)
Material IFC Performance StandardsAbsent — not yet verified Absent · not-yet-verified
Equator Principles categoryAbsent — not yet verified Absent · not-yet-verified
ESIA statusAbsent — not yet verified Absent · not-yet-verified
Quantified PS/EP scoreAbsent — not yet verified Absent · not-yet-verified
8 · Mandate fit & recommendation context
African multilaterals (AfDB / AFC / Afreximbank / TDB)Absent — not yet verified Absent · not-yet-verified
Western DFIs / ECAs (IFC / DFC / EU DFIs)Absent — not yet verified Absent · not-yet-verified
EBRDAbsent — not yet verified Absent · not-yet-verified
Energy-transition thematicAbsent — not yet verified Absent · not-yet-verified
Development impact200+ locals trained in rehab; quantified jobs/state-take not published this cycle Absent · not-yet-verified
Recommendation context — not a recommendation. The mandate lines above state where the asset sits inside each DFI family's published scope; binding eligibility (exclusion lists, instrument fit, current country status) is confirm-with-institution. What the screen supports: a fit assessment and an assembled evidence base. What it does not do: structure the facility, price the risk, or make the credit call. That is the institution's.
Etango — DFI investment brief
Namibia · U3O8 · development · composed v2.137.281
1 · Executive summary
Etango (Namibia) — U3O8, development. Sponsor Bannerman Energy (ASX:BMN) via BMRN 95% / One Economy Foundation 5%; CNNC (CNOL) strategic JV (junior + Chinese-SOE-backed (CNNC)).
Indicative financing need US$353.5 m (capex, Sourced).
Headline economics after-tax NPV US$1070 m.
Time to first cashflow: Absent · not-yet-verified. Funding: Early works underway; CNNC JV US$321.5m (45%); FID guided 2025-26; first production targeted 2027-28.
What the screen supports vs what is outstanding. This brief assembles the evidence the platform holds, with provenance. It is not a credit recommendation — items marked Absent · not-yet-verified have had nothing read for them yet (not negatives), and the credit decision, the facility structure, and the diligence that closes those items are the institution's.
2 · Transaction overview
Financing need (pre-production capex)353.5 (Pre-production capital US$353.5m per the 11 Jun 2024 Control Budget Estimate: DFS Dec-2022 US$317.5m, plus scope changes US$21.6m, plus inflation US$35.1m, less FX US$20.6m (+11.3% overall); contingency unchanged at US$27.3m. All components are internal to the US$353.5m; the release describes no additional tranche.) Sourced
DFI capital-need bandPartly filled commercially — CNNC (CNOL) to invest up to US$321.5m for 45% of the JV; build capex ~US$317-353m (CNOL US$321.5m strategic investment (Feb 2026); residual debt/JV to close) Sourced
Funding statusEarly works underway; CNNC JV US$321.5m (45%); FID guided 2025-26; first production targeted 2027-28 Sourced
Deal / fiscal structureSourced state not carried on feed
OfftakeBinding — CNOL purchases 60% of production; Bannerman markets 40%; plus select N.American utility offtakes (Sep 2025) Sourced
3 · Sponsor
SponsorBannerman Energy (ASX:BMN) via BMRN 95% / One Economy Foundation 5%; CNNC (CNOL) strategic JV Sourced
Sponsor typejunior + Chinese-SOE-backed (CNNC) state not carried on feed
OwnershipAbsent — not yet verified Absent · not-yet-verified
4 · Asset & economics
Commodity / classcritical/transition (uranium / nuclear fuel) state not carried on feed
Stage / DFI stageDFS (Dec 2022) complete + fully permitted (ML 250, Dec 2023) + early works / pre-FID (FID guided 2025-26) state not carried on feed
After-tax NPV1070 (8% · Updated DFS (Aug 2025): post-tax NPV8 US$1.07bn @ US$75/lb U3O8 (pre-tax US$1.58bn). EXTREME uranium-price leverage — the Dec 2022 Etango-8 DFS showed post-tax NPV8 US$209m @ US$65/lb. Read STRICTLY with the price deck — headline value is highly deck-dependent. 8Mtpa heap leach, 3.4Mlb/yr U3O8, 15yr.) Sourced
Cost positionAbsent — not yet verified Absent · not-yet-verified
Study basisBannerman Energy (ASX:BMN) Etango-8 updated DFS (Aug 2025); supersedes Dec 2022 DFS. Price-leveraged. state not carried on feed
5 · Financial & debt analysis
After-tax NPV1070 (8% · Updated DFS (Aug 2025): post-tax NPV8 US$1.07bn @ US$75/lb U3O8 (pre-tax US$1.58bn). EXTREME uranium-price leverage — the Dec 2022 Etango-8 DFS showed post-tax NPV8 US$209m @ US$65/lb. Read STRICTLY with the price deck — headline value is highly deck-dependent. 8Mtpa heap leach, 3.4Mlb/yr U3O8, 15yr.) Sourced
Capex / financing need353.5 (Pre-production capital US$353.5m per the 11 Jun 2024 Control Budget Estimate: DFS Dec-2022 US$317.5m, plus scope changes US$21.6m, plus inflation US$35.1m, less FX US$20.6m (+11.3% overall); contingency unchanged at US$27.3m. All components are internal to the US$353.5m; the release describes no additional tranche.) Sourced
Debt capacity / DSCRAbsent · not-yet-verified — no annual margin scenario for this development-stage asset; DSCR sizing requires a projected operating margin. Absent · not-yet-verifiedMethod & the lender's-lens calculation (populated for producing assets):
debt-sizing tool.
6 · Risk
Time to cashflowAbsent Absent · not-yet-verified
→ FID → first prod
Downstream flag summaryAbsent — not yet verified Absent · not-yet-verified
Security contextAbsent — not yet verified Absent · not-yet-verified
7 · Safeguards (E&S)
Material IFC Performance StandardsAbsent — not yet verified Absent · not-yet-verified
Equator Principles categoryAbsent — not yet verified Absent · not-yet-verified
ESIA statusAbsent — not yet verified Absent · not-yet-verified
Quantified PS/EP scoreAbsent — not yet verified Absent · not-yet-verified
8 · Mandate fit & recommendation context
African multilaterals (AfDB / AFC / Afreximbank / TDB)Absent — not yet verified Absent · not-yet-verified
Western DFIs / ECAs (IFC / DFC / EU DFIs)Absent — not yet verified Absent · not-yet-verified
EBRDAbsent — not yet verified Absent · not-yet-verified
Energy-transition thematicAbsent — not yet verified Absent · not-yet-verified
Development impact40%+ Namibian local content cited; quantified jobs not published this cycle Absent · not-yet-verified
Recommendation context — not a recommendation. The mandate lines above state where the asset sits inside each DFI family's published scope; binding eligibility (exclusion lists, instrument fit, current country status) is confirm-with-institution. What the screen supports: a fit assessment and an assembled evidence base. What it does not do: structure the facility, price the risk, or make the credit call. That is the institution's.
Mahenge — DFI investment brief
Tanzania · graphite · development · composed v2.137.281
1 · Executive summary
Mahenge (Tanzania) — graphite, development. Sponsor Black Rock Mining (ASX:BKT) 84% / Govt of Tanzania 16% free-carry; POSCO largest shareholder (~19.9%); subsidiary Faru Graphite (junior + strategic-backed (POSCO)).
Indicative financing need US$231 m (capex, Sourced).
Headline economics after-tax NPV US$1400 m.
Time to first cashflow: Absent · not-yet-verified. Funding: DBSA/IDC/CRDB debt + POSCO equity/offtake-prepayment; early works completing late Q2 2026; FID pending full funding.
What the screen supports vs what is outstanding. This brief assembles the evidence the platform holds, with provenance. It is not a credit recommendation — items marked Absent · not-yet-verified have had nothing read for them yet (not negatives), and the credit decision, the facility structure, and the diligence that closes those items are the institution's.
2 · Transaction overview
Financing need (pre-production capex)231 (Initial modular capex (eDFS update); C1 cash cost US$359/t, first-quartile.) Sourced
DFI capital-need bandYes — and largely met: DBSA + IDC + CRDB facilities ~US$179-204m already committed; Module 1 capex ~US$182-231m (DBSA/IDC/CRDB Facilities Agreement Sep 2024, raised to US$204m May 2025) Sourced
Funding statusDBSA/IDC/CRDB debt + POSCO equity/offtake-prepayment; early works completing late Q2 2026; FID pending full funding Sourced
Deal / fiscal structureSourced state not carried on feed
OfftakeBinding — POSCO 30ktpa Module-1 fines (LOM) + 100% Module-2 fines; ~95% of Module 1 contracted (incl. two Chinese counterparties + large-flake customers) Sourced
3 · Sponsor
SponsorBlack Rock Mining (ASX:BKT) 84% / Govt of Tanzania 16% free-carry; POSCO largest shareholder (~19.9%); subsidiary Faru Graphite Sourced
Sponsor typejunior + strategic-backed (POSCO) state not carried on feed
OwnershipAbsent — not yet verified Absent · not-yet-verified
4 · Asset & economics
Commodity / classcritical/transition (battery flake graphite) state not carried on feed
Stage / DFI stageEnhanced DFS (2019, bankable) + FEED (2022) + fully permitted (SML) + early works / pre-FID (full funding pending) state not carried on feed
After-tax NPV1400 (10% · Enhanced DFS update (eDFS; 2024 FEED, reaffirmed Feb/Apr 2026), post-tax NPV10 ~US$1.4bn (A$2.1bn) AFTER 16% Tanzanian government free-carry. Supersedes 2021 DFS (US$895m @ 10%) and 2017 optimised PFS (US$1.11bn).) Sourced
Cost positionAbsent — not yet verified Absent · not-yet-verified
Study basisBlack Rock Mining (ASX:BKT) Mahenge eDFS update / FEED; construction-ready, early works to mid-2026. state not carried on feed
5 · Financial & debt analysis
After-tax NPV1400 (10% · Enhanced DFS update (eDFS; 2024 FEED, reaffirmed Feb/Apr 2026), post-tax NPV10 ~US$1.4bn (A$2.1bn) AFTER 16% Tanzanian government free-carry. Supersedes 2021 DFS (US$895m @ 10%) and 2017 optimised PFS (US$1.11bn).) Sourced
Capex / financing need231 (Initial modular capex (eDFS update); C1 cash cost US$359/t, first-quartile.) Sourced
Debt capacity / DSCRAbsent · not-yet-verified — no annual margin scenario for this development-stage asset; DSCR sizing requires a projected operating margin. Absent · not-yet-verifiedMethod & the lender's-lens calculation (populated for producing assets):
debt-sizing tool.
6 · Risk
Time to cashflowAbsent Absent · not-yet-verified
→ FID → first prod
Downstream flag summaryAbsent — not yet verified Absent · not-yet-verified
Security contextAbsent — not yet verified Absent · not-yet-verified
7 · Safeguards (E&S)
Material IFC Performance StandardsAbsent — not yet verified Absent · not-yet-verified
Equator Principles categoryAbsent — not yet verified Absent · not-yet-verified
ESIA statusAbsent — not yet verified Absent · not-yet-verified
Quantified PS/EP scoreAbsent — not yet verified Absent · not-yet-verified
8 · Mandate fit & recommendation context
African multilaterals (AfDB / AFC / Afreximbank / TDB)Absent — not yet verified Absent · not-yet-verified
Western DFIs / ECAs (IFC / DFC / EU DFIs)Absent — not yet verified Absent · not-yet-verified
EBRDAbsent — not yet verified Absent · not-yet-verified
Energy-transition thematicAbsent — not yet verified Absent · not-yet-verified
Development impact500+ direct/indirect jobs; 220kV line extends grid to Mahenge/Ulanga villages (rural electrification); local-content framework Sourced
Recommendation context — not a recommendation. The mandate lines above state where the asset sits inside each DFI family's published scope; binding eligibility (exclusion lists, instrument fit, current country status) is confirm-with-institution. What the screen supports: a fit assessment and an assembled evidence base. What it does not do: structure the facility, price the risk, or make the credit call. That is the institution's.
Songwe Hill — DFI investment brief
Malawi · REE (NdPr) · development · composed v2.137.281
1 · Executive summary
Songwe Hill (Malawi) — REE (NdPr), development. Sponsor Mkango Resources (AIM/TSX-V:MKA) 100% via Lancaster Exploration; Govt of Malawi 10% free-carry; NASDAQ listing as Mkango Rare Earths (MKAR) pending (junior (US-DFC + EU-CRMA backed)).
Indicative financing need US$326 m (capex, Sourced).
Headline economics after-tax NPV US$339 m.
Time to first cashflow: Absent · not-yet-verified. Funding: DFC FEED funding secured; NASDAQ SPAC merger (Crown PropTech) pending SEC F-4; project finance to follow.
What the screen supports vs what is outstanding. This brief assembles the evidence the platform holds, with provenance. It is not a credit recommendation — items marked Absent · not-yet-verified have had nothing read for them yet (not negatives), and the credit decision, the facility structure, and the diligence that closes those items are the institution's.
2 · Transaction overview
Financing need (pre-production capex)326 (Initial capex ~US$325.5m incl US$27.8m contingency (Mar 2026 updated DFS).) Sourced
DFI capital-need bandYes — junior; U.S. DFC already funding FEED (US$4.6m, Sep 2025); project-finance package to follow (US DFC Project Development Funding Agreement Sep 2025; EU CRMA Strategic Project) Sourced
Funding statusDFC FEED funding secured; NASDAQ SPAC merger (Crown PropTech) pending SEC F-4; project finance to follow Sourced
Deal / fiscal structureSourced state not carried on feed
OfftakeVertically integrated — MREC feeds Mkango's planned Pulawy separation plant (Poland; Grupa Azoty collaboration); EU route-to-market Sourced
3 · Sponsor
SponsorMkango Resources (AIM/TSX-V:MKA) 100% via Lancaster Exploration; Govt of Malawi 10% free-carry; NASDAQ listing as Mkango Rare Earths (MKAR) pending Sourced
Sponsor typejunior (US-DFC + EU-CRMA backed) state not carried on feed
OwnershipAbsent — not yet verified Absent · not-yet-verified
4 · Asset & economics
Commodity / classcritical/transition (NdPr magnet rare earths) state not carried on feed
Stage / DFI stageUpdated NI 43-101 DFS (Mar 2026; base DFS Jul 2022) / pre-construction (engineering start Apr 2026) state not carried on feed
After-tax NPV339 (10% · March 2026 updated NI 43-101 DFS, base-case post-tax NPV US$339m @ 10% nominal; Adamas upside case US$489m. Stand-alone Songwe (excludes Puławy separation plant, Poland). Supersedes 5 Jul 2022 DFS (US$559m @ 10%, IRR 31.5%).) Sourced
Cost positionAbsent — not yet verified Absent · not-yet-verified
Study basisMkango Songwe Hill updated NI 43-101 DFS (19 Mar 2026); stand-alone, MREC-sale basis. state not carried on feed
5 · Financial & debt analysis
After-tax NPV339 (10% · March 2026 updated NI 43-101 DFS, base-case post-tax NPV US$339m @ 10% nominal; Adamas upside case US$489m. Stand-alone Songwe (excludes Puławy separation plant, Poland). Supersedes 5 Jul 2022 DFS (US$559m @ 10%, IRR 31.5%).) Sourced
Capex / financing need326 (Initial capex ~US$325.5m incl US$27.8m contingency (Mar 2026 updated DFS).) Sourced
Debt capacity / DSCRAbsent · not-yet-verified — no annual margin scenario for this development-stage asset; DSCR sizing requires a projected operating margin. Absent · not-yet-verifiedMethod & the lender's-lens calculation (populated for producing assets):
debt-sizing tool.
6 · Risk
Time to cashflowAbsent Absent · not-yet-verified
→ FID → first prod
Downstream flag summaryAbsent — not yet verified Absent · not-yet-verified
Security contextAbsent — not yet verified Absent · not-yet-verified
7 · Safeguards (E&S)
Material IFC Performance StandardsAbsent — not yet verified Absent · not-yet-verified
Equator Principles categoryAbsent — not yet verified Absent · not-yet-verified
ESIA statusAbsent — not yet verified Absent · not-yet-verified
Quantified PS/EP scoreAbsent — not yet verified Absent · not-yet-verified
8 · Mandate fit & recommendation context
African multilaterals (AfDB / AFC / Afreximbank / TDB)Absent — not yet verified Absent · not-yet-verified
Western DFIs / ECAs (IFC / DFC / EU DFIs)Absent — not yet verified Absent · not-yet-verified
EBRDAbsent — not yet verified Absent · not-yet-verified
Energy-transition thematicAbsent — not yet verified Absent · not-yet-verified
Development impactMining Development Agreement signed with GoM (Jul 2024); employment / high-value exports cited Sourced
Recommendation context — not a recommendation. The mandate lines above state where the asset sits inside each DFI family's published scope; binding eligibility (exclusion lists, instrument fit, current country status) is confirm-with-institution. What the screen supports: a fit assessment and an assembled evidence base. What it does not do: structure the facility, price the risk, or make the credit call. That is the institution's.
Tumas — DFI investment brief
Namibia · U3O8 · development · composed v2.137.281
1 · Executive summary
Tumas (Namibia) — U3O8, development. Sponsor Deep Yellow (ASX:DYL); Oponona Investments (local Namibian) right to acquire 5% post-FID (junior).
Indicative financing need US$474 m (capex, Sourced).
Headline economics after-tax NPV US$577 m.
Time to first cashflow: Absent · not-yet-verified. Funding: FID deferred Apr 2025 on uranium price; phased early works + detailed engineering (>65%) continue; plant construction paused.
What the screen supports vs what is outstanding. This brief assembles the evidence the platform holds, with provenance. It is not a credit recommendation — items marked Absent · not-yet-verified have had nothing read for them yet (not negatives), and the credit decision, the facility structure, and the diligence that closes those items are the institution's.
2 · Transaction overview
Financing need (pre-production capex)474 (Initial capex (Apr 2025 updated DFS); 24-month build. ML237 granted Sep 2023 (20-yr).) Sourced
DFI capital-need bandYes — ~US$474m capex; Nedbank Mandated Lead Arranger for ~US$350m debt; FID price-contingent (Deep Yellow 2025 DFS; Nedbank financing process) Sourced
Funding statusFID deferred Apr 2025 on uranium price; phased early works + detailed engineering (>65%) continue; plant construction paused Sourced
Deal / fiscal structureSourced state not carried on feed
OfftakeNone yet — securing long-term offtake contracts is a stated FID pre-condition Sourced
3 · Sponsor
SponsorDeep Yellow (ASX:DYL); Oponona Investments (local Namibian) right to acquire 5% post-FID Sourced
Sponsor typejunior state not carried on feed
OwnershipAbsent — not yet verified Absent · not-yet-verified
4 · Asset & economics
Commodity / classcritical/transition (uranium / nuclear fuel) state not carried on feed
Stage / DFI stage2025 DFS (updated Mar 2026) + Mining Licence (Sep 2023) + early works / FID DEFERRED (Apr 2025, uranium-price-contingent) state not carried on feed
After-tax NPV577 (8% · Updated DFS (Apr 2025): post-tax NPV8 US$577m @ US$82.50/lb U3O8. Supersedes 2023 DFS (US$341m @ US$65/lb) and Dec 2023 re-cost (US$570m @ US$75/lb). Price-leveraged (~US$878m @ US$90/lb). FID price-contingent — board awaiting long-term contracts. 3.6Mlb/yr U3O8 + vanadium by-product.) Sourced
Cost positionAbsent — not yet verified Absent · not-yet-verified
Study basisDeep Yellow (ASX:DYL) Tumas updated DFS (Apr 2025); supersedes 2023 DFS + Dec 2023 re-cost. state not carried on feed
5 · Financial & debt analysis
After-tax NPV577 (8% · Updated DFS (Apr 2025): post-tax NPV8 US$577m @ US$82.50/lb U3O8. Supersedes 2023 DFS (US$341m @ US$65/lb) and Dec 2023 re-cost (US$570m @ US$75/lb). Price-leveraged (~US$878m @ US$90/lb). FID price-contingent — board awaiting long-term contracts. 3.6Mlb/yr U3O8 + vanadium by-product.) Sourced
Capex / financing need474 (Initial capex (Apr 2025 updated DFS); 24-month build. ML237 granted Sep 2023 (20-yr).) Sourced
Debt capacity / DSCRAbsent · not-yet-verified — no annual margin scenario for this development-stage asset; DSCR sizing requires a projected operating margin. Absent · not-yet-verifiedMethod & the lender's-lens calculation (populated for producing assets):
debt-sizing tool.
6 · Risk
Time to cashflowAbsent Absent · not-yet-verified
→ FID → first prod
Downstream flag summaryAbsent — not yet verified Absent · not-yet-verified
Security contextAbsent — not yet verified Absent · not-yet-verified
7 · Safeguards (E&S)
Material IFC Performance StandardsAbsent — not yet verified Absent · not-yet-verified
Equator Principles categoryAbsent — not yet verified Absent · not-yet-verified
ESIA statusAbsent — not yet verified Absent · not-yet-verified
Quantified PS/EP scoreAbsent — not yet verified Absent · not-yet-verified
8 · Mandate fit & recommendation context
African multilaterals (AfDB / AFC / Afreximbank / TDB)Absent — not yet verified Absent · not-yet-verified
Western DFIs / ECAs (IFC / DFC / EU DFIs)Absent — not yet verified Absent · not-yet-verified
EBRDAbsent — not yet verified Absent · not-yet-verified
Energy-transition thematicAbsent — not yet verified Absent · not-yet-verified
Development impactNamibian supplier networks / local content cited; not quantified this cycle Absent · not-yet-verified
Recommendation context — not a recommendation. The mandate lines above state where the asset sits inside each DFI family's published scope; binding eligibility (exclusion lists, instrument fit, current country status) is confirm-with-institution. What the screen supports: a fit assessment and an assembled evidence base. What it does not do: structure the facility, price the risk, or make the credit call. That is the institution's.
Kangankunde — DFI investment brief
Malawi · REE (NdPr) · development · composed v2.137.281
1 · Executive summary
Kangankunde (Malawi) — REE (NdPr), development. Sponsor Lindian Resources (ASX:LIN) via Rift Valley Resource Developments (RVR); Lindian 67% of RVR, moving to 100% by a final US$10m vendor payment at commissioning (junior (Iluka-partnered)).
Indicative financing need US$40 m (capex, Sourced).
Headline economics after-tax NPV US$555 m.
Time to first cashflow: Absent · not-yet-verified. Funding: Fully funded Stage 1; in construction; first production targeted Q4 2026.
What the screen supports vs what is outstanding. This brief assembles the evidence the platform holds, with provenance. It is not a credit recommendation — items marked Absent · not-yet-verified have had nothing read for them yet (not negatives), and the credit decision, the facility structure, and the diligence that closes those items are the institution's.
2 · Transaction overview
Financing need (pre-production capex)40 (Pre-production incl 12.5% contingency (Jun 2024 FS) — one of the lowest-capex REE projects; gravity+magnetic separation.) Sourced
DFI capital-need bandLow and largely met — pre-production capex only ~US$40m; fully funded for Stage 1 via A$91.5m placement (Aug 2025) + Iluka US$20m loan (A$91.5m placement + Iluka construction loan; FID taken Aug 2025) Sourced
Funding statusFully funded Stage 1; in construction; first production targeted Q4 2026 Sourced
Deal / fiscal structureSourced state not carried on feed
OfftakeBinding — Iluka Resources 15-year offtake (90,000t / ~6,000tpa monazite concentrate to Eneabba refinery, WA) WITH floor-price protection; plus Gerald Metals 45,000t/60-month contract Sourced
3 · Sponsor
SponsorLindian Resources (ASX:LIN) via Rift Valley Resource Developments (RVR); Lindian 67% of RVR, moving to 100% by a final US$10m vendor payment at commissioning Sourced
Sponsor typejunior (Iluka-partnered) state not carried on feed
OwnershipAbsent — not yet verified Absent · not-yet-verified
4 · Asset & economics
Commodity / classcritical/transition (NdPr monazite rare earths) state not carried on feed
Stage / DFI stageStage-1 Feasibility Study (Jul 2024) + FID (Q3 2025) + in construction (first production Q4 2026) state not carried on feed
After-tax NPV555 (8% · Stage 1 FS (Jun 2024): post-tax NPV8 US$555m (real), post-tax IRR 80% (pre-tax 99%) — very low US$40m capex drives the high IRR. 45yr LOM, 15,300tpa monazite concentrate (55% TREO), ~1,640tpa NdPr. FID approved Aug 2025; Iluka 15-yr offtake. Malawi.) Sourced
Cost positionAbsent — not yet verified Absent · not-yet-verified
Study basisLindian Resources (ASX:LIN) Kangankunde Stage 1 FS; FID taken, first concentrate targeted late 2026. state not carried on feed
5 · Financial & debt analysis
After-tax NPV555 (8% · Stage 1 FS (Jun 2024): post-tax NPV8 US$555m (real), post-tax IRR 80% (pre-tax 99%) — very low US$40m capex drives the high IRR. 45yr LOM, 15,300tpa monazite concentrate (55% TREO), ~1,640tpa NdPr. FID approved Aug 2025; Iluka 15-yr offtake. Malawi.) Sourced
Capex / financing need40 (Pre-production incl 12.5% contingency (Jun 2024 FS) — one of the lowest-capex REE projects; gravity+magnetic separation.) Sourced
Debt capacity / DSCRAbsent · not-yet-verified — no annual margin scenario for this development-stage asset; DSCR sizing requires a projected operating margin. Absent · not-yet-verifiedMethod & the lender's-lens calculation (populated for producing assets):
debt-sizing tool.
6 · Risk
Time to cashflowAbsent Absent · not-yet-verified
→ FID → first prod
Downstream flag summaryAbsent — not yet verified Absent · not-yet-verified
Security contextAbsent — not yet verified Absent · not-yet-verified
7 · Safeguards (E&S)
Material IFC Performance StandardsAbsent — not yet verified Absent · not-yet-verified
Equator Principles categoryAbsent — not yet verified Absent · not-yet-verified
ESIA statusAbsent — not yet verified Absent · not-yet-verified
Quantified PS/EP scoreAbsent — not yet verified Absent · not-yet-verified
8 · Mandate fit & recommendation context
African multilaterals (AfDB / AFC / Afreximbank / TDB)Absent — not yet verified Absent · not-yet-verified
Western DFIs / ECAs (IFC / DFC / EU DFIs)Absent — not yet verified Absent · not-yet-verified
EBRDAbsent — not yet verified Absent · not-yet-verified
Energy-transition thematicAbsent — not yet verified Absent · not-yet-verified
Development impactLocal jobs / Malawian professional & contractor pool; community engagement plan Derived
Recommendation context — not a recommendation. The mandate lines above state where the asset sits inside each DFI family's published scope; binding eligibility (exclusion lists, instrument fit, current country status) is confirm-with-institution. What the screen supports: a fit assessment and an assembled evidence base. What it does not do: structure the facility, price the risk, or make the credit call. That is the institution's.
Makuutu — DFI investment brief
Uganda · REE (HREE) · development · composed v2.137.281
1 · Executive summary
Makuutu (Uganda) — REE (HREE), development. Sponsor Ionic Rare Earths (ASX:IXR) via Rwenzori Rare Metals (RRM); IXR ~60% at DFS, since increased (reported ~94% by 2026); ~6% local partners (junior).
Indicative financing need US$120.8 m (capex, Sourced).
Headline economics after-tax NPV US$278 m.
Time to first cashflow: Absent · not-yet-verified. Funding: DFS + ML in hand; demo plant (Phase 1, Mar 2025) producing MREC samples; FID financing-gated, not yet announced.
What the screen supports vs what is outstanding. This brief assembles the evidence the platform holds, with provenance. It is not a credit recommendation — items marked Absent · not-yet-verified have had nothing read for them yet (not negatives), and the credit decision, the facility structure, and the diligence that closes those items are the institution's.
2 · Transaction overview
Financing need (pre-production capex)120.8 (Stage 1 modular heap-desorption plant (Mar 2023 DFS).) Sourced
DFI capital-need bandYes — ~US$120.8m Stage-1 capex; financing is the explicit gating factor for FID; no DFI/binding finance committed (DFS capex US$120.8m; FID not announced as of Apr 2026) Sourced
Funding statusDFS + ML in hand; demo plant (Phase 1, Mar 2025) producing MREC samples; FID financing-gated, not yet announced Sourced
Deal / fiscal structureDerived state not carried on feed
OfftakeNone binding yet — demo-plant MREC samples supporting offtake discussions; no product committed to China Sourced
3 · Sponsor
SponsorIonic Rare Earths (ASX:IXR) via Rwenzori Rare Metals (RRM); IXR ~60% at DFS, since increased (reported ~94% by 2026); ~6% local partners Sourced
Sponsor typejunior state not carried on feed
OwnershipAbsent — not yet verified Absent · not-yet-verified
4 · Asset & economics
Commodity / classcritical/transition (heavy REE — Dy/Tb/Sc) state not carried on feed
Stage / DFI stageStage-1 DFS (Mar 2023) + Mining Licence (LML 00334, Jan 2024) + demonstration plant running / pre-FID (financing-gated) state not carried on feed
After-tax NPV278 (8% · Stage 1 DFS (Mar 2023, with scandium): post-tax NPV8 US$278m (pre-tax US$406m), IRR 32.7%, payback 3yr. Ionic-adsorption clay, MREC product, 71% magnet+heavy REO basket, 35yr LOM, 5Mtpa. Stage 1 (RL1693) only — MLA pending; further staged tenements possible.) Sourced
Cost positionAbsent — not yet verified Absent · not-yet-verified
Study basisIonic Rare Earths (ASX:IXR) Makuutu Stage 1 DFS; low-capex ionic-clay heavy-REE. state not carried on feed
5 · Financial & debt analysis
After-tax NPV278 (8% · Stage 1 DFS (Mar 2023, with scandium): post-tax NPV8 US$278m (pre-tax US$406m), IRR 32.7%, payback 3yr. Ionic-adsorption clay, MREC product, 71% magnet+heavy REO basket, 35yr LOM, 5Mtpa. Stage 1 (RL1693) only — MLA pending; further staged tenements possible.) Sourced
Capex / financing need120.8 (Stage 1 modular heap-desorption plant (Mar 2023 DFS).) Sourced
Debt capacity / DSCRAbsent · not-yet-verified — no annual margin scenario for this development-stage asset; DSCR sizing requires a projected operating margin. Absent · not-yet-verifiedMethod & the lender's-lens calculation (populated for producing assets):
debt-sizing tool.
6 · Risk
Time to cashflowAbsent Absent · not-yet-verified
→ FID → first prod
Downstream flag summaryAbsent — not yet verified Absent · not-yet-verified
Security contextAbsent — not yet verified Absent · not-yet-verified
7 · Safeguards (E&S)
Material IFC Performance StandardsAbsent — not yet verified Absent · not-yet-verified
Equator Principles categoryAbsent — not yet verified Absent · not-yet-verified
ESIA statusAbsent — not yet verified Absent · not-yet-verified
Quantified PS/EP scoreAbsent — not yet verified Absent · not-yet-verified
8 · Mandate fit & recommendation context
African multilaterals (AfDB / AFC / Afreximbank / TDB)Absent — not yet verified Absent · not-yet-verified
Western DFIs / ECAs (IFC / DFC / EU DFIs)Absent — not yet verified Absent · not-yet-verified
EBRDAbsent — not yet verified Absent · not-yet-verified
Energy-transition thematicAbsent — not yet verified Absent · not-yet-verified
Development impactStage-1 royalties ~US$199m + corporate tax ~US$438m to Uganda over LoM (DFS) Sourced
Recommendation context — not a recommendation. The mandate lines above state where the asset sits inside each DFI family's published scope; binding eligibility (exclusion lists, instrument fit, current country status) is confirm-with-institution. What the screen supports: a fit assessment and an assembled evidence base. What it does not do: structure the facility, price the risk, or make the credit call. That is the institution's.
Kobada — DFI investment brief
Mali · Au · development · composed v2.137.281
1 · Executive summary
Kobada (Mali) — Au, development. Sponsor Toubani Resources (ASX:TRE) ~90% / State of Mali 10% equity (2023 mining code); Eagle Eye Asset Holdings (EEA) ~35% major shareholder (junior (EEA-backed)).
Indicative financing need US$216 m (capex, Sourced).
Headline economics after-tax NPV US$500 m.
Time to first cashflow: Absent · not-yet-verified. Funding: Fully funded (A$395m); FID taken; construction commenced; first gold targeted Q3 2027.
What the screen supports vs what is outstanding. This brief assembles the evidence the platform holds, with provenance. It is not a credit recommendation — items marked Absent · not-yet-verified have had nothing read for them yet (not negatives), and the credit decision, the facility structure, and the diligence that closes those items are the institution's.
2 · Transaction overview
Financing need (pre-production capex)216 (Initial capex incl US$18m contingency; AISC US$1,004-1,317/oz, C1 US$825/oz.) Sourced
DFI capital-need bandMet commercially — A$395m package (Oct 2025): EEA US$160m gold stream + A$125m equity + options; ~US$216m capex; senior-debt process also run (A$395m funding package Oct 2025; FID taken; Endeavour Financial arranging senior debt) Sourced
Funding statusFully funded (A$395m); FID taken; construction commenced; first gold targeted Q3 2027 Sourced
Deal / fiscal structureSourced state not carried on feed
OfftakeGold sold at spot; EEA gold STREAM over 11.1% of production at 20% of spot price (a financing structure, prior claim on that gold) Sourced
3 · Sponsor
SponsorToubani Resources (ASX:TRE) ~90% / State of Mali 10% equity (2023 mining code); Eagle Eye Asset Holdings (EEA) ~35% major shareholder Sourced
Sponsor typejunior (EEA-backed) state not carried on feed
OwnershipAbsent — not yet verified Absent · not-yet-verified
4 · Asset & economics
Commodity / classgold/precious state not carried on feed
Stage / DFI stageDFS (Oct 2024, Lycopodium; upscaled to 6Mtpa under Mali's 2023 code) + FID + construction commenced (first gold Q3 2027) state not carried on feed
After-tax NPV500 (8% · Updated DFS (Mar 2025) reflecting Mali 2023 mining code + State of Mali 35% interest: post-tax NPV8 US$500m @ US$2,200/oz (upside US$951m @ US$3,000/oz). Technical design unchanged from Oct 2024 DFS (which showed US$635m @ $2,200/oz under prior fiscal terms); economics updated for the 2023 code. FID taken, construction commenced; first gold targeted Q3 2027.) Sourced
Cost positionAbsent — not yet verified Absent · not-yet-verified
Study basisToubani Resources (ASX:TRE) Kobada updated DFS (Mar 2025); A$395m funding secured Oct 2025 (EEA US$160m gold stream). state not carried on feed
5 · Financial & debt analysis
After-tax NPV500 (8% · Updated DFS (Mar 2025) reflecting Mali 2023 mining code + State of Mali 35% interest: post-tax NPV8 US$500m @ US$2,200/oz (upside US$951m @ US$3,000/oz). Technical design unchanged from Oct 2024 DFS (which showed US$635m @ $2,200/oz under prior fiscal terms); economics updated for the 2023 code. FID taken, construction commenced; first gold targeted Q3 2027.) Sourced
Capex / financing need216 (Initial capex incl US$18m contingency; AISC US$1,004-1,317/oz, C1 US$825/oz.) Sourced
Debt capacity / DSCRAbsent · not-yet-verified — no annual margin scenario for this development-stage asset; DSCR sizing requires a projected operating margin. Absent · not-yet-verifiedMethod & the lender's-lens calculation (populated for producing assets):
debt-sizing tool.
6 · Risk
Time to cashflowAbsent Absent · not-yet-verified
→ FID → first prod
Downstream flag summaryAbsent — not yet verified Absent · not-yet-verified
Security contextAbsent — not yet verified Absent · not-yet-verified
7 · Safeguards (E&S)
Material IFC Performance StandardsAbsent — not yet verified Absent · not-yet-verified
Equator Principles categoryAbsent — not yet verified Absent · not-yet-verified
ESIA statusAbsent — not yet verified Absent · not-yet-verified
Quantified PS/EP scoreAbsent — not yet verified Absent · not-yet-verified
8 · Mandate fit & recommendation context
African multilaterals (AfDB / AFC / Afreximbank / TDB)Absent — not yet verified Absent · not-yet-verified
Western DFIs / ECAs (IFC / DFC / EU DFIs)Absent — not yet verified Absent · not-yet-verified
EBRDAbsent — not yet verified Absent · not-yet-verified
Energy-transition thematicAbsent — not yet verified Absent · not-yet-verified
Development impactWould be a top-5 Mali gold mine; village resettlement (Kobada/Foroko); community initiatives in capex Derived
Recommendation context — not a recommendation. The mandate lines above state where the asset sits inside each DFI family's published scope; binding eligibility (exclusion lists, instrument fit, current country status) is confirm-with-institution. What the screen supports: a fit assessment and an assembled evidence base. What it does not do: structure the facility, price the risk, or make the credit call. That is the institution's.
banio — DFI investment brief
· · · composed v2.137.281
1 · Executive summary
banio () — , . Sponsor Millennial Potash Corp (TSXV:MLP, OTCQB:MLPNF) (junior (US-DFC-backed)).
Indicative financing need — (capex, —).
Headline economics Absent · not-yet-verified.
Time to first cashflow: Absent · not-yet-verified. Funding: Fully funded for DFS/ESIA (DFC-supported); DFS + ESIA targeted end-2026; mining-licence application to follow; DFC to lead construction finance.
What the screen supports vs what is outstanding. This brief assembles the evidence the platform holds, with provenance. It is not a credit recommendation — items marked Absent · not-yet-verified have had nothing read for them yet (not negatives), and the credit decision, the facility structure, and the diligence that closes those items are the institution's.
2 · Transaction overview
Financing need (pre-production capex)Absent — not yet verified Absent · not-yet-verified
DFI capital-need bandYes — and DFC-led: U.S. DFC funded the DFS (US$3M) and intends to LEAD project financing once the DFS completes (full funding targeted late-2026/early-2027) (US DFC US$3M DFS funding + stated intent to lead project finance) Sourced
Funding statusFully funded for DFS/ESIA (DFC-supported); DFS + ESIA targeted end-2026; mining-licence application to follow; DFC to lead construction finance Sourced
Deal / fiscal structureDerived state not carried on feed
OfftakeNone yet — MOP (muriate of potash) + high-purity-salt marketing studies underway Sourced
3 · Sponsor
SponsorMillennial Potash Corp (TSXV:MLP, OTCQB:MLPNF) Sourced
Sponsor typejunior (US-DFC-backed) state not carried on feed
OwnershipAbsent — not yet verified Absent · not-yet-verified
4 · Asset & economics
Commodity / classagri-mineral (potash / food security) state not carried on feed
Stage / DFI stagePEA complete; DFS IN PROGRESS (initiated Jan 2026, ERCOSPLAN, target H2 2026) + ESIA in progress / early development (pre-DFS-complete) state not carried on feed
After-tax NPVAbsent — not yet verified Absent · not-yet-verified
Cost positionAbsent — not yet verified Absent · not-yet-verified
Study basisAbsent — not yet verified Absent · not-yet-verified
5 · Financial & debt analysis
After-tax NPVAbsent — not yet verified Absent · not-yet-verified
Capex / financing needAbsent — not yet verified Absent · not-yet-verified
Debt capacity / DSCRAbsent · not-yet-verified — no annual margin scenario for this development-stage asset; DSCR sizing requires a projected operating margin. Absent · not-yet-verifiedMethod & the lender's-lens calculation (populated for producing assets):
debt-sizing tool.
6 · Risk
Time to cashflowAbsent Absent · not-yet-verified
→ FID → first prod
Downstream flag summaryAbsent — not yet verified Absent · not-yet-verified
Security contextAbsent — not yet verified Absent · not-yet-verified
7 · Safeguards (E&S)
Material IFC Performance StandardsAbsent — not yet verified Absent · not-yet-verified
Equator Principles categoryAbsent — not yet verified Absent · not-yet-verified
ESIA statusAbsent — not yet verified Absent · not-yet-verified
Quantified PS/EP scoreAbsent — not yet verified Absent · not-yet-verified
8 · Mandate fit & recommendation context
African multilaterals (AfDB / AFC / Afreximbank / TDB)Absent — not yet verified Absent · not-yet-verified
Western DFIs / ECAs (IFC / DFC / EU DFIs)Absent — not yet verified Absent · not-yet-verified
EBRDAbsent — not yet verified Absent · not-yet-verified
Energy-transition thematicAbsent — not yet verified Absent · not-yet-verified
Development impactEarly development; impacts not quantified Absent · not-yet-verified
Recommendation context — not a recommendation. The mandate lines above state where the asset sits inside each DFI family's published scope; binding eligibility (exclusion lists, instrument fit, current country status) is confirm-with-institution. What the screen supports: a fit assessment and an assembled evidence base. What it does not do: structure the facility, price the risk, or make the credit call. That is the institution's.
Epanko — DFI investment brief
Tanzania · graphite · development · composed v2.137.281
1 · Executive summary
Epanko (Tanzania) — graphite, development. Sponsor EcoGraf Limited (ASX:EGR; FSE:FMK) via its TanzGraphite business unit (formerly Kibaran Resources) (junior (multi-DFI-backed)).
Indicative financing need US$181.2 m (capex, Sourced).
Headline economics after-tax NPV US$350 m.
Time to first cashflow: Absent · not-yet-verified. Funding: BFS + IER complete; debt financing advancing (KfW IPEX-led US$105m); positioned for construction.
What the screen supports vs what is outstanding. This brief assembles the evidence the platform holds, with provenance. It is not a credit recommendation — items marked Absent · not-yet-verified have had nothing read for them yet (not negatives), and the credit decision, the facility structure, and the diligence that closes those items are the institution's.
2 · Transaction overview
Financing need (pre-production capex)181.2 (Construction+establishment (real 2025) US$181.2m, plus Resettlement Action Plan US$18.1m (Feb 2026 BFS).) Sourced
DFI capital-need bandYes, DFI-led — US$181.2m construction + US$18.1m RAP; KfW IPEX-Bank mandated for a US$105m senior secured loan (IER completed); EIB technical assistance; EU infrastructure co-financing (KfW IPEX US$105m senior facility mandated; EIB TA; EU infrastructure) Sourced
Funding statusBFS + IER complete; debt financing advancing (KfW IPEX-led US$105m); positioned for construction Sourced
Deal / fiscal structureSourced state not carried on feed
OfftakeBinding + in-principle offtake covering ~40,000 tpa (incl. ThyssenKrupp Metallurgical Products, Germany); a further ~20,000 tpa expected to convert to binding once in production Sourced
3 · Sponsor
SponsorEcoGraf Limited (ASX:EGR; FSE:FMK) via its TanzGraphite business unit (formerly Kibaran Resources) Sourced
Sponsor typejunior (multi-DFI-backed) state not carried on feed
OwnershipAbsent — not yet verified Absent · not-yet-verified
4 · Asset & economics
Commodity / classcritical/transition (battery-anode graphite) state not carried on feed
Stage / DFI stageUpdated Bankable Feasibility Study (Feb 2026) + Independent Engineers' Report complete — financing-ready, advancing to construction state not carried on feed
After-tax NPV350 (10%, nominal, post-tax, geared (39% debt) · BFS Table 8: post-tax geared NPV10 US$350m, post-tax geared IRR 27.0%; pre-tax geared US$516m / 31.1%. Nominal cash flows, 30% corporate tax, 39% debt financing assumed. GEARED: includes financing effects, unlike the ungeared NPVs carried for most assets.) Sourced
Cost positionAbsent — not yet verified Absent · not-yet-verified
Study basisEcoGraf (ASX:EGR) Epanko updated BFS (Feb 2026); KfW IPEX-led debt advanced. state not carried on feed
5 · Financial & debt analysis
After-tax NPV350 (10%, nominal, post-tax, geared (39% debt) · BFS Table 8: post-tax geared NPV10 US$350m, post-tax geared IRR 27.0%; pre-tax geared US$516m / 31.1%. Nominal cash flows, 30% corporate tax, 39% debt financing assumed. GEARED: includes financing effects, unlike the ungeared NPVs carried for most assets.) Sourced
Capex / financing need181.2 (Construction+establishment (real 2025) US$181.2m, plus Resettlement Action Plan US$18.1m (Feb 2026 BFS).) Sourced
Debt capacity / DSCRAbsent · not-yet-verified — no annual margin scenario for this development-stage asset; DSCR sizing requires a projected operating margin. Absent · not-yet-verifiedMethod & the lender's-lens calculation (populated for producing assets):
debt-sizing tool.
6 · Risk
Time to cashflowAbsent Absent · not-yet-verified
→ FID → first prod
Downstream flag summaryAbsent — not yet verified Absent · not-yet-verified
Security contextAbsent — not yet verified Absent · not-yet-verified
7 · Safeguards (E&S)
Material IFC Performance StandardsAbsent — not yet verified Absent · not-yet-verified
Equator Principles categoryAbsent — not yet verified Absent · not-yet-verified
ESIA statusAbsent — not yet verified Absent · not-yet-verified
Quantified PS/EP scoreAbsent — not yet verified Absent · not-yet-verified
8 · Mandate fit & recommendation context
African multilaterals (AfDB / AFC / Afreximbank / TDB)Absent — not yet verified Absent · not-yet-verified
Western DFIs / ECAs (IFC / DFC / EU DFIs)Absent — not yet verified Absent · not-yet-verified
EBRDAbsent — not yet verified Absent · not-yet-verified
Energy-transition thematicAbsent — not yet verified Absent · not-yet-verified
Development impact~200 local jobs (95%+ Tanzanian nationals); 2025 RAP for affected Epanko hamlets Sourced
Recommendation context — not a recommendation. The mandate lines above state where the asset sits inside each DFI family's published scope; binding eligibility (exclusion lists, instrument fit, current country status) is confirm-with-institution. What the screen supports: a fit assessment and an assembled evidence base. What it does not do: structure the facility, price the risk, or make the credit call. That is the institution's.
Dugbe — DFI investment brief
Liberia · Au · development · composed v2.137.281
1 · Executive summary
Dugbe (Liberia) — Au, development. Sponsor Pasofino Gold (TSXV:VEIN) via ARX Resources / Hummingbird Resources (Liberia) (HRL) — 100% pre the Government of Liberia 10% free-carry (junior).
Indicative financing need US$435 m (capex, Sourced).
Headline economics after-tax NPV US$524 m.
Time to first cashflow: Absent · not-yet-verified. Funding: FS-update + pre-construction funding (Nioko/Hummingbird); construction finance NOT yet secured; FID pending.
What the screen supports vs what is outstanding. This brief assembles the evidence the platform holds, with provenance. It is not a credit recommendation — items marked Absent · not-yet-verified have had nothing read for them yet (not negatives), and the credit decision, the facility structure, and the diligence that closes those items are the institution's.
2 · Transaction overview
Financing need (pre-production capex)435 (Start-up capital (Jul 2022 FS); Tuzon + Dugbe F open pits.) Sourced
DFI capital-need bandYes — ~US$397-435m construction capex; financing not yet secured; FS being updated to support a 2026 construction decision (2022 FS capex US$435m (US$397m construction per Nioko); FID pending) Sourced
Funding statusFS-update + pre-construction funding (Nioko/Hummingbird); construction finance NOT yet secured; FID pending Sourced
Deal / fiscal structureSourced state not carried on feed
OfftakeGold sold at spot; no offtake structure noted Sourced
3 · Sponsor
SponsorPasofino Gold (TSXV:VEIN) via ARX Resources / Hummingbird Resources (Liberia) (HRL) — 100% pre the Government of Liberia 10% free-carry Sourced
Sponsor typejunior state not carried on feed
OwnershipAbsent — not yet verified Absent · not-yet-verified
4 · Asset & economics
Commodity / classgold/precious state not carried on feed
Stage / DFI stageDFS (Jun 2022, DRA/SRK) BEING UPDATED (2025-26, MineScope gap analysis) to support a 2026 construction-decision financing — 2022 study is stale/being-refreshed state not carried on feed
After-tax NPV524 (5% · FS (Jul 2022, NI 43-101 on SEDAR+): post-tax NPV5 US$524m @ US$1,700/oz, post-tax IRR 23.6%, AISC US$1,005/oz, payback 3.3yr, 14yr LOM. Reserve 66Mt @1.30g/t for 2,760koz; avg 200koz/yr first 5yr. Liberia 25-yr MDA (3% royalty, 25% income tax, 10% govt free-carry). FS update (MineScope) in progress — not yet published; 2022 FS is latest published.) Sourced
Cost positionAbsent — not yet verified Absent · not-yet-verified
Study basisPasofino Gold (TSXV:VEIN) Dugbe FS (Jul 2022); Hummingbird/Nioko co-operation; FS update underway. state not carried on feed
5 · Financial & debt analysis
After-tax NPV524 (5% · FS (Jul 2022, NI 43-101 on SEDAR+): post-tax NPV5 US$524m @ US$1,700/oz, post-tax IRR 23.6%, AISC US$1,005/oz, payback 3.3yr, 14yr LOM. Reserve 66Mt @1.30g/t for 2,760koz; avg 200koz/yr first 5yr. Liberia 25-yr MDA (3% royalty, 25% income tax, 10% govt free-carry). FS update (MineScope) in progress — not yet published; 2022 FS is latest published.) Sourced
Capex / financing need435 (Start-up capital (Jul 2022 FS); Tuzon + Dugbe F open pits.) Sourced
Debt capacity / DSCRAbsent · not-yet-verified — no annual margin scenario for this development-stage asset; DSCR sizing requires a projected operating margin. Absent · not-yet-verifiedMethod & the lender's-lens calculation (populated for producing assets):
debt-sizing tool.
6 · Risk
Time to cashflowAbsent Absent · not-yet-verified
→ FID → first prod
Downstream flag summaryAbsent — not yet verified Absent · not-yet-verified
Security contextAbsent — not yet verified Absent · not-yet-verified
7 · Safeguards (E&S)
Material IFC Performance StandardsAbsent — not yet verified Absent · not-yet-verified
Equator Principles categoryAbsent — not yet verified Absent · not-yet-verified
ESIA statusAbsent — not yet verified Absent · not-yet-verified
Quantified PS/EP scoreAbsent — not yet verified Absent · not-yet-verified
8 · Mandate fit & recommendation context
African multilaterals (AfDB / AFC / Afreximbank / TDB)Absent — not yet verified Absent · not-yet-verified
Western DFIs / ECAs (IFC / DFC / EU DFIs)Absent — not yet verified Absent · not-yet-verified
EBRDAbsent — not yet verified Absent · not-yet-verified
Energy-transition thematicAbsent — not yet verified Absent · not-yet-verified
Development impactGoL 10% free-carry; broader impacts not quantified this cycle Absent · not-yet-verified
Recommendation context — not a recommendation. The mandate lines above state where the asset sits inside each DFI family's published scope; binding eligibility (exclusion lists, instrument fit, current country status) is confirm-with-institution. What the screen supports: a fit assessment and an assembled evidence base. What it does not do: structure the facility, price the risk, or make the credit call. That is the institution's.
Sanankoro — DFI investment brief
Mali · Au · development · composed v2.137.281
1 · Executive summary
Sanankoro (Mali) — Au, development. Sponsor Cora Gold (AIM:CORA) via Malian operating company; Eagle Eye Asset Holdings (EEA) 29.9% largest shareholder; State of Mali 10% free-carry (up to 35% with Malian investors) (junior (EEA-backed)).
Indicative financing need US$124 m (capex, Sourced).
Headline economics after-tax NPV US$221 m.
Time to first cashflow: Absent · not-yet-verified. Funding: Fully funded to production (EEA stream + equity), pending the Mali mining permit; FEED underway.
What the screen supports vs what is outstanding. This brief assembles the evidence the platform holds, with provenance. It is not a credit recommendation — items marked Absent · not-yet-verified have had nothing read for them yet (not negatives), and the credit decision, the facility structure, and the diligence that closes those items are the institution's.
2 · Transaction overview
Financing need (pre-production capex)124 (Initial development capex (Sep 2025 DFS); low strip, soft ore.) Sourced
DFI capital-need bandMet commercially — US$124m capex; fully funded by EEA US$120m gold stream + ~£15.7m EEA-led equity, pending permit (EEA US$120m stream + equity = fully funded pending permitting) Sourced
Funding statusFully funded to production (EEA stream + equity), pending the Mali mining permit; FEED underway Sourced
Deal / fiscal structureSourced state not carried on feed
OfftakeGold sold at spot; EEA gold STREAM over 30.44% of production (15.22% if half replaced by debt) at 20% of spot — a prior claim on that gold Sourced
3 · Sponsor
SponsorCora Gold (AIM:CORA) via Malian operating company; Eagle Eye Asset Holdings (EEA) 29.9% largest shareholder; State of Mali 10% free-carry (up to 35% with Malian investors) Sourced
Sponsor typejunior (EEA-backed) state not carried on feed
OwnershipAbsent — not yet verified Absent · not-yet-verified
4 · Asset & economics
Commodity / classgold/precious state not carried on feed
Stage / DFI stageUpdated DFS (Sep 2025, New SENET/DRA) + FEED underway (H2 2026) — pre-construction, PERMITTING-GATED (Mali mining permit pending) state not carried on feed
After-tax NPV221 (8% · Updated DFS (Sep 2025) under Mali 2023 mining code: post-tax NPV8 US$221m @ US$2,750/oz (pre-tax NPV8 US$302m), AISC US$1,478/oz, LOM post-tax FCF US$479m. Upside US$319m @ US$3,250/oz; US$365m @ US$3,500/oz. 531koz reserve, 10.2yr, 64koz/yr first 5yr. EEA US$120m gold stream (fully funded, pending permits).) Sourced
Cost positionAbsent — not yet verified Absent · not-yet-verified
Study basisCora Gold (AIM:CORA) Sanankoro updated DFS (Sep 2025); EEA US$120m stream secured Apr 2026. state not carried on feed
5 · Financial & debt analysis
After-tax NPV221 (8% · Updated DFS (Sep 2025) under Mali 2023 mining code: post-tax NPV8 US$221m @ US$2,750/oz (pre-tax NPV8 US$302m), AISC US$1,478/oz, LOM post-tax FCF US$479m. Upside US$319m @ US$3,250/oz; US$365m @ US$3,500/oz. 531koz reserve, 10.2yr, 64koz/yr first 5yr. EEA US$120m gold stream (fully funded, pending permits).) Sourced
Capex / financing need124 (Initial development capex (Sep 2025 DFS); low strip, soft ore.) Sourced
Debt capacity / DSCRAbsent · not-yet-verified — no annual margin scenario for this development-stage asset; DSCR sizing requires a projected operating margin. Absent · not-yet-verifiedMethod & the lender's-lens calculation (populated for producing assets):
debt-sizing tool.
6 · Risk
Time to cashflowAbsent Absent · not-yet-verified
→ FID → first prod
Downstream flag summaryAbsent — not yet verified Absent · not-yet-verified
Security contextAbsent — not yet verified Absent · not-yet-verified
7 · Safeguards (E&S)
Material IFC Performance StandardsAbsent — not yet verified Absent · not-yet-verified
Equator Principles categoryAbsent — not yet verified Absent · not-yet-verified
ESIA statusAbsent — not yet verified Absent · not-yet-verified
Quantified PS/EP scoreAbsent — not yet verified Absent · not-yet-verified
8 · Mandate fit & recommendation context
African multilaterals (AfDB / AFC / Afreximbank / TDB)Absent — not yet verified Absent · not-yet-verified
Western DFIs / ECAs (IFC / DFC / EU DFIs)Absent — not yet verified Absent · not-yet-verified
EBRDAbsent — not yet verified Absent · not-yet-verified
Energy-transition thematicAbsent — not yet verified Absent · not-yet-verified
Development impactLand compensation underway; jobs not quantified this cycle Absent · not-yet-verified
Recommendation context — not a recommendation. The mandate lines above state where the asset sits inside each DFI family's published scope; binding eligibility (exclusion lists, instrument fit, current country status) is confirm-with-institution. What the screen supports: a fit assessment and an assembled evidence base. What it does not do: structure the facility, price the risk, or make the credit call. That is the institution's.
Chilalo — DFI investment brief
Tanzania · graphite · development · composed v2.137.281
1 · Executive summary
Chilalo (Tanzania) — graphite, development. Sponsor Evolution Energy Minerals (ASX:EV1; FSE:P77), a subsidiary of Marvel Gold; ARCH Sustainable Resources Fund cornerstone investor (junior (ARCH-cornerstoned)).
Indicative financing need US$120 m (capex, Sourced).
Headline economics after-tax NPV US$338 m.
Time to first cashflow: Absent · not-yet-verified. Funding: DFS+FEED+ML in hand; FID-ready; financing-gated (debt process live; ARCH cornerstone to follow into financing).
What the screen supports vs what is outstanding. This brief assembles the evidence the platform holds, with provenance. It is not a credit recommendation — items marked Absent · not-yet-verified have had nothing read for them yet (not negatives), and the credit decision, the facility structure, and the diligence that closes those items are the institution's.
2 · Transaction overview
Financing need (pre-production capex)120 (Pre-production (plus ~US$23m contingency), Mar 2023 updated DFS; dry-stack tailings.) Sourced
DFI capital-need bandYes — US$120m capex; debt process run by Auramet International; non-binding EOIs from European/African/Tanzanian banks, MULTILATERAL institutions, funds and strategics (US$120m capex; Auramet-run debt process; multilateral + bank interest (non-binding)) Sourced
Funding statusDFS+FEED+ML in hand; FID-ready; financing-gated (debt process live; ARCH cornerstone to follow into financing) Sourced
Deal / fiscal structureSourced state not carried on feed
OfftakeBinding coarse-flake offtake with Yichang Xincheng Graphite (YXGC, China) ~30,000 tpa over 3 yrs (~56% of early production); fine flake INTENTIONALLY uncontracted for planned US downstream CSPG (Coarse offtake is a Chinese counterparty — cuts against ex-China framing; fine flake reserved for US downstream.) Sourced
3 · Sponsor
SponsorEvolution Energy Minerals (ASX:EV1; FSE:P77), a subsidiary of Marvel Gold; ARCH Sustainable Resources Fund cornerstone investor Sourced
Sponsor typejunior (ARCH-cornerstoned) state not carried on feed
OwnershipAbsent — not yet verified Absent · not-yet-verified
4 · Asset & economics
Commodity / classcritical/transition (battery-anode + expandable graphite) state not carried on feed
Stage / DFI stageUpdated DFS + FEED complete + Mining Licence + Govt framework agreement — FID-ready, financing-gated (lender ITE + E&S diligence underway) state not carried on feed
After-tax NPV338 (8% · Updated DFS (Mar 2023; confirmed still current in FY2025 annual report): post-tax NPV8 US$338m, IRR 32%, 17yr LOM, 52ktpa concentrate, EBITDA US$82m, 52% op margin, FOB basket ~US$1,614/t. High coarse-flake share (~58%) drives premium pricing. Supersedes the 2020 DFS (US$331m / 36% / US$87.4m capex). Mining Licence ML/00951/2023 secured; development-ready, RAP complete.) Sourced
Cost positionAbsent — not yet verified Absent · not-yet-verified
Study basisEvolution Energy Minerals (ASX:EV1) Chilalo updated DFS (Mar 2023). state not carried on feed
5 · Financial & debt analysis
After-tax NPV338 (8% · Updated DFS (Mar 2023; confirmed still current in FY2025 annual report): post-tax NPV8 US$338m, IRR 32%, 17yr LOM, 52ktpa concentrate, EBITDA US$82m, 52% op margin, FOB basket ~US$1,614/t. High coarse-flake share (~58%) drives premium pricing. Supersedes the 2020 DFS (US$331m / 36% / US$87.4m capex). Mining Licence ML/00951/2023 secured; development-ready, RAP complete.) Sourced
Capex / financing need120 (Pre-production (plus ~US$23m contingency), Mar 2023 updated DFS; dry-stack tailings.) Sourced
Debt capacity / DSCRAbsent · not-yet-verified — no annual margin scenario for this development-stage asset; DSCR sizing requires a projected operating margin. Absent · not-yet-verifiedMethod & the lender's-lens calculation (populated for producing assets):
debt-sizing tool.
6 · Risk
Time to cashflowAbsent Absent · not-yet-verified
→ FID → first prod
Downstream flag summaryAbsent — not yet verified Absent · not-yet-verified
Security contextAbsent — not yet verified Absent · not-yet-verified
7 · Safeguards (E&S)
Material IFC Performance StandardsAbsent — not yet verified Absent · not-yet-verified
Equator Principles categoryAbsent — not yet verified Absent · not-yet-verified
ESIA statusAbsent — not yet verified Absent · not-yet-verified
Quantified PS/EP scoreAbsent — not yet verified Absent · not-yet-verified
8 · Mandate fit & recommendation context
African multilaterals (AfDB / AFC / Afreximbank / TDB)Absent — not yet verified Absent · not-yet-verified
Western DFIs / ECAs (IFC / DFC / EU DFIs)Absent — not yet verified Absent · not-yet-verified
EBRDAbsent — not yet verified Absent · not-yet-verified
Energy-transition thematicAbsent — not yet verified Absent · not-yet-verified
Development impactGoT framework/shareholders agreement; jobs not quantified this cycle Absent · not-yet-verified
Recommendation context — not a recommendation. The mandate lines above state where the asset sits inside each DFI family's published scope; binding eligibility (exclusion lists, instrument fit, current country status) is confirm-with-institution. What the screen supports: a fit assessment and an assembled evidence base. What it does not do: structure the facility, price the risk, or make the credit call. That is the institution's.
mingomba — DFI investment brief
· · · composed v2.137.281
1 · Executive summary
mingomba () — , . Sponsor KoBold Metals (US; Bezos/Gates-backed, AI exploration) 80% / ZCCM-IH (Zambia state mining holding, LON:ZCC) 20%; superseded the EMR Capital JV (private (US strategic) + state minority).
Indicative financing need — (capex, —).
Headline economics Absent · not-yet-verified.
Time to first cashflow: Absent · not-yet-verified. Funding: Construction commenced (29 Apr 2026 groundbreaking, shaft-sinking) ahead of a definitive FS; definitive engineering/cost study early 2027; KoBold self-funding to date; first copper early-2030s.
What the screen supports vs what is outstanding. This brief assembles the evidence the platform holds, with provenance. It is not a credit recommendation — items marked Absent · not-yet-verified have had nothing read for them yet (not negatives), and the credit decision, the facility structure, and the diligence that closes those items are the institution's.
2 · Transaction overview
Financing need (pre-production capex)Absent — not yet verified Absent · not-yet-verified
DFI capital-need bandLarge (~US$2.3-2.5bn) but sponsor is well-capitalized — KoBold self-funding for now and 'confident'; open to partnerships (equity/offtake/JV); no DFI engaged (US$2.3-2.5bn capex; KoBold self-funded to date, partnership-open) Sourced
Funding statusConstruction commenced (29 Apr 2026 groundbreaking, shaft-sinking) ahead of a definitive FS; definitive engineering/cost study early 2027; KoBold self-funding to date; first copper early-2030s Sourced
Deal / fiscal structureSourced state not carried on feed
OfftakeNone yet — concentrate; Zambian smelters (Kansanshi etc.) / cross-border options; offtake strategy a future item Sourced
3 · Sponsor
SponsorKoBold Metals (US; Bezos/Gates-backed, AI exploration) 80% / ZCCM-IH (Zambia state mining holding, LON:ZCC) 20%; superseded the EMR Capital JV Sourced
Sponsor typeprivate (US strategic) + state minority state not carried on feed
OwnershipAbsent — not yet verified Absent · not-yet-verified
4 · Asset & economics
Commodity / classtransition (copper) state not carried on feed
Stage / DFI stageDEVELOPMENT COMMENCED — 29 Apr 2026 groundbreaking on shaft construction; land acquired for processing/TSF/admin; permitting advancing; definitive engineering/cost study early 2027; first copper early-2030s (still pre-definitive-FS) state not carried on feed
After-tax NPVAbsent — not yet verified Absent · not-yet-verified
Cost positionAbsent — not yet verified Absent · not-yet-verified
Study basisAbsent — not yet verified Absent · not-yet-verified
5 · Financial & debt analysis
After-tax NPVAbsent — not yet verified Absent · not-yet-verified
Capex / financing needAbsent — not yet verified Absent · not-yet-verified
Debt capacity / DSCRAbsent · not-yet-verified — no annual margin scenario for this development-stage asset; DSCR sizing requires a projected operating margin. Absent · not-yet-verifiedMethod & the lender's-lens calculation (populated for producing assets):
debt-sizing tool.
6 · Risk
Time to cashflowAbsent Absent · not-yet-verified
→ FID → first prod
Downstream flag summaryAbsent — not yet verified Absent · not-yet-verified
Security contextAbsent — not yet verified Absent · not-yet-verified
7 · Safeguards (E&S)
Material IFC Performance StandardsAbsent — not yet verified Absent · not-yet-verified
Equator Principles categoryAbsent — not yet verified Absent · not-yet-verified
ESIA statusAbsent — not yet verified Absent · not-yet-verified
Quantified PS/EP scoreAbsent — not yet verified Absent · not-yet-verified
8 · Mandate fit & recommendation context
African multilaterals (AfDB / AFC / Afreximbank / TDB)Absent — not yet verified Absent · not-yet-verified
Western DFIs / ECAs (IFC / DFC / EU DFIs)Absent — not yet verified Absent · not-yet-verified
EBRDAbsent — not yet verified Absent · not-yet-verified
Energy-transition thematicAbsent — not yet verified Absent · not-yet-verified
Development impactZCCM-IH 20% state holding; ~10% of Zambia's 2031 3Mtpa national copper target Sourced
Recommendation context — not a recommendation. The mandate lines above state where the asset sits inside each DFI family's published scope; binding eligibility (exclusion lists, instrument fit, current country status) is confirm-with-institution. What the screen supports: a fit assessment and an assembled evidence base. What it does not do: structure the facility, price the risk, or make the credit call. That is the institution's.
Phalaborwa — DFI investment brief
South Africa · REE (NdPr+HREE) · development (pre-DFS) · composed v2.137.281
1 · Executive summary
Phalaborwa (South Africa) — REE (NdPr+HREE), development (pre-DFS). Sponsor Rainbow Rare Earths (LSE:RBW), UK-based; brownfield retreatment of phosphogypsum stacks at the Phalaborwa Mining Complex, Limpopo (junior (US-DFC/TechMet-backed)).
Indicative financing need US$295.5 m (capex, Sourced).
Headline economics after-tax NPV US$611 m.
Time to first cashflow: Absent · not-yet-verified. Funding: DFS in progress (2026); pilot plant validating flowsheet; financing/permitting in parallel; small near-term equity needs flagged.
What the screen supports vs what is outstanding. This brief assembles the evidence the platform holds, with provenance. It is not a credit recommendation — items marked Absent · not-yet-verified have had nothing read for them yet (not negatives), and the credit decision, the facility structure, and the diligence that closes those items are the institution's.
2 · Transaction overview
Financing need (pre-production capex)295.5 (Capex US$295.5m (2022 PEA basis); ~US$320m in 2026 guidance. Interim-study-specific capex not separately pinned — flagged.) Sourced
DFI capital-need bandYes, US-backed — ~US$326m project; U.S. DFC proposed US$50m investment via TechMet (announced at COP28); US Govt identifies it as a REE supply-chain-independence contributor (US DFC US$50m via TechMet; ~US$326m project capex (pre-DFS)) Sourced
Funding statusDFS in progress (2026); pilot plant validating flowsheet; financing/permitting in parallel; small near-term equity needs flagged Sourced
Deal / fiscal structureSourced state not carried on feed
OfftakeNone binding yet (pre-DFS); NdPr oxide + SEG+ mixed REE (incl Dy, Tb, and newly-added yttrium) Sourced
3 · Sponsor
SponsorRainbow Rare Earths (LSE:RBW), UK-based; brownfield retreatment of phosphogypsum stacks at the Phalaborwa Mining Complex, Limpopo Sourced
Sponsor typejunior (US-DFC/TechMet-backed) state not carried on feed
OwnershipAbsent — not yet verified Absent · not-yet-verified
4 · Asset & economics
Commodity / classcritical/transition (NdPr + heavy REE Dy/Tb/Y from phosphogypsum) state not carried on feed
Stage / DFI stagePEA complete; DFS IN PROGRESS (targeted 2026, delayed from 2025) + pilot plant; permitting/financing in parallel; construction 2027, first production 2028 (pre-DFS-complete) state not carried on feed
After-tax NPV611 (10% · Updated Interim Economic Study (Dec 2024, Rainbow Rare Earths LSE/AIM:RBW): post-tax NPV10 US$611m, IRR 38%, payback <2yr, ~14yr. Base prices: Nd oxide US$110/kg, Pr US$112.5/kg, Dy US$340/kg, Tb US$1,875/kg. Updates 2022 PEA (NPV10 US$627m, IRR 40%, capex US$295.5m, 14.2yr). STAGE CAVEAT: interim economic study / PEA-grade — DFS targeted end-2026 (not yet published); lower confidence than a completed DFS. Phosphogypsum-tailings reprocessing (no mining/hauling) — bottom-of-cost-curve margin profile (~75% EBITDA). REE basket NPV is highly price-leveraged; NdPr ~doubled to ~US$110/kg over H2-2025.) Sourced
Cost positionAbsent — not yet verified Absent · not-yet-verified
Study basisRainbow Rare Earths (LSE:RBW) Phalaborwa Interim Economic Study (Dec 2024); 2022 PEA. state not carried on feed
5 · Financial & debt analysis
After-tax NPV611 (10% · Updated Interim Economic Study (Dec 2024, Rainbow Rare Earths LSE/AIM:RBW): post-tax NPV10 US$611m, IRR 38%, payback <2yr, ~14yr. Base prices: Nd oxide US$110/kg, Pr US$112.5/kg, Dy US$340/kg, Tb US$1,875/kg. Updates 2022 PEA (NPV10 US$627m, IRR 40%, capex US$295.5m, 14.2yr). STAGE CAVEAT: interim economic study / PEA-grade — DFS targeted end-2026 (not yet published); lower confidence than a completed DFS. Phosphogypsum-tailings reprocessing (no mining/hauling) — bottom-of-cost-curve margin profile (~75% EBITDA). REE basket NPV is highly price-leveraged; NdPr ~doubled to ~US$110/kg over H2-2025.) Sourced
Capex / financing need295.5 (Capex US$295.5m (2022 PEA basis); ~US$320m in 2026 guidance. Interim-study-specific capex not separately pinned — flagged.) Sourced
Debt capacity / DSCRAbsent · not-yet-verified — no annual margin scenario for this development-stage asset; DSCR sizing requires a projected operating margin. Absent · not-yet-verifiedMethod & the lender's-lens calculation (populated for producing assets):
debt-sizing tool.
6 · Risk
Time to cashflowAbsent Absent · not-yet-verified
→ FID → first prod
Downstream flag summaryAbsent — not yet verified Absent · not-yet-verified
Security contextAbsent — not yet verified Absent · not-yet-verified
7 · Safeguards (E&S)
Material IFC Performance StandardsAbsent — not yet verified Absent · not-yet-verified
Equator Principles categoryAbsent — not yet verified Absent · not-yet-verified
ESIA statusAbsent — not yet verified Absent · not-yet-verified
Quantified PS/EP scoreAbsent — not yet verified Absent · not-yet-verified
8 · Mandate fit & recommendation context
African multilaterals (AfDB / AFC / Afreximbank / TDB)Absent — not yet verified Absent · not-yet-verified
Western DFIs / ECAs (IFC / DFC / EU DFIs)Absent — not yet verified Absent · not-yet-verified
EBRDAbsent — not yet verified Absent · not-yet-verified
Energy-transition thematicAbsent — not yet verified Absent · not-yet-verified
Development impactBrownfield phosphogypsum retreatment — remediation co-benefit; Limpopo; SA mining infrastructure + ports (Richards Bay/Cape Town) Derived
Recommendation context — not a recommendation. The mandate lines above state where the asset sits inside each DFI family's published scope; binding eligibility (exclusion lists, instrument fit, current country status) is confirm-with-institution. What the screen supports: a fit assessment and an assembled evidence base. What it does not do: structure the facility, price the risk, or make the credit call. That is the institution's.
kola — DFI investment brief
· · · composed v2.137.281
1 · Executive summary
kola () — , . Sponsor Kore Potash (LON/ASX/JSE/A2X:KP2), London-based; 97% of Kola + DX Potash, Sintoukola Basin, Republic of Congo (junior (cash-constrained)).
Indicative financing need — (capex, —).
Headline economics Absent · not-yet-verified.
Time to first cashflow: Absent · not-yet-verified. Funding: DFS+EPC+early works (marine drilling Q1 2026); construction targeted early 2026 PENDING FINANCIAL CLOSE; not yet funded.
What the screen supports vs what is outstanding. This brief assembles the evidence the platform holds, with provenance. It is not a credit recommendation — items marked Absent · not-yet-verified have had nothing read for them yet (not negatives), and the credit decision, the facility structure, and the diligence that closes those items are the institution's.
2 · Transaction overview
Financing need (pre-production capex)Absent — not yet verified Absent · not-yet-verified
DFI capital-need bandVery large — fixed-price EPC US$1.929bn (total project capital ~US$2.07bn); financing NOT closed; sponsor cash-thin (~US$8.3m, Mar 2026); reliant on external financing + equity raises (EPC US$1.929bn fixed-price (PowerChina); financial close pending; sponsor cash ~US$8.3m) Sourced
Funding statusDFS+EPC+early works (marine drilling Q1 2026); construction targeted early 2026 PENDING FINANCIAL CLOSE; not yet funded Sourced
Deal / fiscal structureSourced state not carried on feed
OfftakeNone binding cited — Muriate of Potash (MoP), 2.2 Mtpa; coastal (35km, jetty); global fertiliser market Sourced
3 · Sponsor
SponsorKore Potash (LON/ASX/JSE/A2X:KP2), London-based; 97% of Kola + DX Potash, Sintoukola Basin, Republic of Congo Sourced
Sponsor typejunior (cash-constrained) state not carried on feed
OwnershipAbsent — not yet verified Absent · not-yet-verified
4 · Asset & economics
Commodity / classagri-mineral (potash / food security) state not carried on feed
Stage / DFI stageDFS (2019) + Optimisation (2022) + Optimised DFS (Feb 2025, post-EPC) + fixed-price EPC signed (PowerChina, Nov 2024) + early works — 'transition to construction', financing-gated state not carried on feed
After-tax NPVAbsent — not yet verified Absent · not-yet-verified
Cost positionAbsent — not yet verified Absent · not-yet-verified
Study basisAbsent — not yet verified Absent · not-yet-verified
5 · Financial & debt analysis
After-tax NPVAbsent — not yet verified Absent · not-yet-verified
Capex / financing needAbsent — not yet verified Absent · not-yet-verified
Debt capacity / DSCRAbsent · not-yet-verified — no annual margin scenario for this development-stage asset; DSCR sizing requires a projected operating margin. Absent · not-yet-verifiedMethod & the lender's-lens calculation (populated for producing assets):
debt-sizing tool.
6 · Risk
Time to cashflowAbsent Absent · not-yet-verified
→ FID → first prod
Downstream flag summaryAbsent — not yet verified Absent · not-yet-verified
Security contextAbsent — not yet verified Absent · not-yet-verified
7 · Safeguards (E&S)
Material IFC Performance StandardsAbsent — not yet verified Absent · not-yet-verified
Equator Principles categoryAbsent — not yet verified Absent · not-yet-verified
ESIA statusAbsent — not yet verified Absent · not-yet-verified
Quantified PS/EP scoreAbsent — not yet verified Absent · not-yet-verified
8 · Mandate fit & recommendation context
African multilaterals (AfDB / AFC / Afreximbank / TDB)Absent — not yet verified Absent · not-yet-verified
Western DFIs / ECAs (IFC / DFC / EU DFIs)Absent — not yet verified Absent · not-yet-verified
EBRDAbsent — not yet verified Absent · not-yet-verified
Energy-transition thematicAbsent — not yet verified Absent · not-yet-verified
Development impactRoC mining convention (fiscal terms); EPC includes US$708.9m transport/utility infrastructure (self-reliant); local market-gardener sourcing MoU Sourced
Recommendation context — not a recommendation. The mandate lines above state where the asset sits inside each DFI family's published scope; binding eligibility (exclusion lists, instrument fit, current country status) is confirm-with-institution. What the screen supports: a fit assessment and an assembled evidence base. What it does not do: structure the facility, price the risk, or make the credit call. That is the institution's.
Waterberg — DFI investment brief
South Africa · PGM · development · composed v2.137.281
1 · Executive summary
Waterberg (South Africa) — PGM, development. Sponsor Platinum Group Metals Ltd (TSX:PTM, NYSE American:PLG) 37.19% (operator) / Implats 14.86% / HJ Platinum 21.95% (JOGMEC+Hanwa) / Mnombo Wethu (BEE) 26% (junior-operated JV (majors + BEE)).
Indicative financing need US$776 m (capex, Sourced).
Headline economics after-tax NPV US$569 m.
Time to first cashflow: Absent · not-yet-verified. Funding: DFS-updated + Mining Right; pre-construction; financing-gated (equity/ATM; project finance + offtake being negotiated).
What the screen supports vs what is outstanding. This brief assembles the evidence the platform holds, with provenance. It is not a credit recommendation — items marked Absent · not-yet-verified have had nothing read for them yet (not negatives), and the credit decision, the facility structure, and the diligence that closes those items are the institution's.
2 · Transaction overview
Financing need (pre-production capex)776 (Peak project funding US$776m (2024 DFS). 2019 DFS initial project capital was US$874m.) Sourced
DFI capital-need bandYes — large bulk-mine capex; financing-gated. Funding to date via equity/ATM; Implats has not funded its share since early 2024 (slight dilution); MISA (Saudi) MoU for potential support of smelter/BMR + project (Equity/ATM pre-construction funding; no project-finance close; MISA MoU) Sourced
Funding statusDFS-updated + Mining Right; pre-construction; financing-gated (equity/ATM; project finance + offtake being negotiated) Sourced
Deal / fiscal structureSourced state not carried on feed
OfftakeImplats holds a first-right-of-refusal for concentrate/smelter offtake; Hanwa rights to market refined metal — ROFR/in-discussion, not a committed binding offtake (ROFR is not committed volume; concentrate offtake discussions ongoing with SA smelters.) Sourced
3 · Sponsor
SponsorPlatinum Group Metals Ltd (TSX:PTM, NYSE American:PLG) 37.19% (operator) / Implats 14.86% / HJ Platinum 21.95% (JOGMEC+Hanwa) / Mnombo Wethu (BEE) 26% Sourced
Sponsor typejunior-operated JV (majors + BEE) state not carried on feed
OwnershipAbsent — not yet verified Absent · not-yet-verified
4 · Asset & economics
Commodity / classPGM (palladium-rich 4E) + by-product Cu/Ni state not carried on feed
Stage / DFI stageDFS (2019) + DFS Update (Aug/Sep 2024, SEDAR+) + Mining Right granted (2021) — pre-construction, financing-gated (equity/ATM; Implats diluting) state not carried on feed
After-tax NPV569 (8% (real) · 2024 DFS Update (16 Sep 2024, Platinum Group Metals TSX:PTM/NYSE-A:PLG; Stantec/DRA/Fraser McGill): after-tax NPV8 US$569m @ long-term consensus metal prices (May 2024), IRR 14.2%, payback 5.8yr, 54yr LOM, steady-state 353,208 4E oz/yr (peak 432,950), cash cost US$658/4E oz, 4E basket US$1,325/oz (~50% margin). Supersedes 2019 DFS (NPV8 US$982m @ Sep-2019 spot Pd US$1,546 / US$333m @ 3yr-trailing; IRR 20.7%/13.3%; 45yr). PGM price basis: May-2024 LT consensus — Pd/Rh remain depressed vs prior cycles; price-leveraged. Mining right granted 2021; construction targeted Dec 2025, first production ~Sep 2029.) Sourced
Cost positionAbsent — not yet verified Absent · not-yet-verified
Study basisPlatinum Group Metals (TSX:PTM) Waterberg 2024 DFS Update (independent, 100% project basis). state not carried on feed
5 · Financial & debt analysis
After-tax NPV569 (8% (real) · 2024 DFS Update (16 Sep 2024, Platinum Group Metals TSX:PTM/NYSE-A:PLG; Stantec/DRA/Fraser McGill): after-tax NPV8 US$569m @ long-term consensus metal prices (May 2024), IRR 14.2%, payback 5.8yr, 54yr LOM, steady-state 353,208 4E oz/yr (peak 432,950), cash cost US$658/4E oz, 4E basket US$1,325/oz (~50% margin). Supersedes 2019 DFS (NPV8 US$982m @ Sep-2019 spot Pd US$1,546 / US$333m @ 3yr-trailing; IRR 20.7%/13.3%; 45yr). PGM price basis: May-2024 LT consensus — Pd/Rh remain depressed vs prior cycles; price-leveraged. Mining right granted 2021; construction targeted Dec 2025, first production ~Sep 2029.) Sourced
Capex / financing need776 (Peak project funding US$776m (2024 DFS). 2019 DFS initial project capital was US$874m.) Sourced
Debt capacity / DSCRAbsent · not-yet-verified — no annual margin scenario for this development-stage asset; DSCR sizing requires a projected operating margin. Absent · not-yet-verifiedMethod & the lender's-lens calculation (populated for producing assets):
debt-sizing tool.
6 · Risk
Time to cashflowAbsent Absent · not-yet-verified
→ FID → first prod
Downstream flag summaryAbsent — not yet verified Absent · not-yet-verified
Security contextAbsent — not yet verified Absent · not-yet-verified
7 · Safeguards (E&S)
Material IFC Performance StandardsAbsent — not yet verified Absent · not-yet-verified
Equator Principles categoryAbsent — not yet verified Absent · not-yet-verified
ESIA statusAbsent — not yet verified Absent · not-yet-verified
Quantified PS/EP scoreAbsent — not yet verified Absent · not-yet-verified
8 · Mandate fit & recommendation context
African multilaterals (AfDB / AFC / Afreximbank / TDB)Absent — not yet verified Absent · not-yet-verified
Western DFIs / ECAs (IFC / DFC / EU DFIs)Absent — not yet verified Absent · not-yet-verified
EBRDAbsent — not yet verified Absent · not-yet-verified
Energy-transition thematicAbsent — not yet verified Absent · not-yet-verified
Development impact~1,100 skilled jobs; BEE partner (Mnombo 26%); training/local business investment Sourced
Recommendation context — not a recommendation. The mandate lines above state where the asset sits inside each DFI family's published scope; binding eligibility (exclusion lists, instrument fit, current country status) is confirm-with-institution. What the screen supports: a fit assessment and an assembled evidence base. What it does not do: structure the facility, price the risk, or make the credit call. That is the institution's.
Longonjo — DFI investment brief
Angola · REE (NdPr) · operating · composed v2.137.281
1 · Executive summary
Longonjo (Angola) — REE (NdPr), operating. Sponsor Pensana Plc (LSE:PRE), London-based; FSDEA (Angola Sovereign Wealth Fund) ~29.2%; Cascade Natural Resources US$165m strategic investor; Nasdaq listing considered 2026 (junior (multi-DFI/ECA-financed)).
Indicative financing need — (capex, Absent).
Headline economics Absent · not-yet-verified.
Time to first cashflow: Absent · not-yet-verified. Funding: Financed and IN CONSTRUCTION (~22% complete; power/water/telecoms/security installed 2025); first MREC late-2026/2027.
What the screen supports vs what is outstanding. This brief assembles the evidence the platform holds, with provenance. It is not a credit recommendation — items marked Absent · not-yet-verified have had nothing read for them yet (not negatives), and the credit decision, the facility structure, and the diligence that closes those items are the institution's.
2 · Transaction overview
Financing need (pre-production capex)Pre-production capital is the cost of building the mine; this asset is operating, so the field does not apply to its current state. Expansion-study capital is outside this field's definition. Editor ruling 11 Sep 2026. Absent · not-applicable
DFI capital-need bandLargely met — ~US$250m project, FINANCED at ~60% debt / 40% equity: US EXIM (~US$160m debt + political-risk insurance, in finalisation), African Finance Corporation, US DFC project-development funding, FSDEA (sovereign), ABSA Bank, Cascade US$165m (US$100m equity (Dec 2025) + EXIM/AFC/DFC/FSDEA/ABSA debt-equity package; ~22% built) Sourced
Funding statusFinanced and IN CONSTRUCTION (~22% complete; power/water/telecoms/security installed 2025); first MREC late-2026/2027 Sourced
Deal / fiscal structureSourced state not carried on feed
OfftakeContracted — Vacuumschmelze (VAC, Germany) 5-year MREC offtake to its eVAC Magnetics plant in South Carolina (bypassing China); plus ReElement Technologies (US) up to 20,000 tpa; Toyota Tsusho MOU (non-binding) (VAC contracted; ReElement + Toyota Tsusho are additional (some MOU-stage).) Sourced
3 · Sponsor
SponsorPensana Plc (LSE:PRE), London-based; FSDEA (Angola Sovereign Wealth Fund) ~29.2%; Cascade Natural Resources US$165m strategic investor; Nasdaq listing considered 2026 Sourced
Sponsor typejunior (multi-DFI/ECA-financed) state not carried on feed
OwnershipAbsent — not yet verified Absent · not-yet-verified
4 · Asset & economics
Commodity / classcritical/transition (NdPr magnet REE; HREE co-products targeted) state not carried on feed
Stage / DFI stageIN CONSTRUCTION (~22% complete, per company disclosures) — first MREC commissioning targeted 2027; 20-yr LOM; US-aligned (US DFC project-development support; US EXIM ~$160M debt at LOI stage Oct-2025; VAC/eVAC US magnet offtake); $100M strategic equity Dec-2025 state not carried on feed
After-tax NPVAbsent Absent · not-yet-verified
Cost positionUnit cost not lifted to a separate Sourced field this pass (avoids prose-extraction error); cost detail present in operating_markers.summary where the dossier Sources it. Absent · not-yet-verified
Study basisOperating asset — bankability expressed as reserve life + output + operator, not a greenfield NPV. Markers Sourced from IG dossier (named filing). state not carried on feed
5 · Financial & debt analysis
After-tax NPVAbsent Absent · not-yet-verified
Capex / financing needPre-production capital is the cost of building the mine; this asset is operating, so the field does not apply to its current state. Expansion-study capital is outside this field's definition. Editor ruling 11 Sep 2026. Absent · not-applicable
Debt capacity / DSCRAbsent · not-yet-verified — no annual margin scenario for this development-stage asset; DSCR sizing requires a projected operating margin. Absent · not-yet-verifiedMethod & the lender's-lens calculation (populated for producing assets):
debt-sizing tool.
6 · Risk
Time to cashflowAbsent Absent · not-yet-verified
→ FID → first prod
Downstream flag summaryAbsent — not yet verified Absent · not-yet-verified
Security contextAbsent — not yet verified Absent · not-yet-verified
7 · Safeguards (E&S)
Material IFC Performance StandardsAbsent — not yet verified Absent · not-yet-verified
Equator Principles categoryAbsent — not yet verified Absent · not-yet-verified
ESIA statusAbsent — not yet verified Absent · not-yet-verified
Quantified PS/EP scoreAbsent — not yet verified Absent · not-yet-verified
8 · Mandate fit & recommendation context
African multilaterals (AfDB / AFC / Afreximbank / TDB)Absent — not yet verified Absent · not-yet-verified
Western DFIs / ECAs (IFC / DFC / EU DFIs)Absent — not yet verified Absent · not-yet-verified
EBRDAbsent — not yet verified Absent · not-yet-verified
Energy-transition thematicAbsent — not yet verified Absent · not-yet-verified
Development impactLobito-Corridor rail access (273km to Lobito Atlantic port); central Angola (Huambo); local infrastructure build Sourced
Recommendation context — not a recommendation. The mandate lines above state where the asset sits inside each DFI family's published scope; binding eligibility (exclusion lists, instrument fit, current country status) is confirm-with-institution. What the screen supports: a fit assessment and an assembled evidence base. What it does not do: structure the facility, price the risk, or make the credit call. That is the institution's.
K.Hill — DFI investment brief
Botswana · Mn (battery-grade) · development · composed v2.137.281
1 · Executive summary
K.Hill (Botswana) — Mn (battery-grade), development. Sponsor Giyani Metals Corp (TSXV:EMM), 100%-owned K.Hill, Kanye Basin, Botswana (junior (DFI/strategic-backed)).
Indicative financing need US$535 m (capex, Sourced).
Headline economics after-tax NPV US$481.5 m.
Time to first cashflow: Absent · not-yet-verified. Funding: DFS complete (May 2026); pre-construction; financing-gated (EXIM LOI non-binding, ~US$310m gap; construction timeline not yet announced).
What the screen supports vs what is outstanding. This brief assembles the evidence the platform holds, with provenance. It is not a credit recommendation — items marked Absent · not-yet-verified have had nothing read for them yet (not negatives), and the credit decision, the facility structure, and the diligence that closes those items are the institution's.
2 · Transaction overview
Financing need (pre-production capex)535 (Initial capex US$535m (May 2026 DFS); up from US$284m at 2023 PEA (scope/engineering maturation).) Sourced
DFI capital-need bandYes — initial capex ~US$535m (incl contingency; total LOP ~US$679m). US EXIM letter of intent US$225m (2025, NON-BINDING, not converted as of the May-2026 DFS); remaining funding gap ~US$310m; IDC of South Africa (convertible loan, combined facilities up to ~ZAR329.9m) + ARCH Sustainable Resources Fund (~US$26m earlier) (Capex ~US$535m initial; EXIM LOI US$225m non-binding; ~US$310m gap; IDC+ARCH committed) Sourced
Funding statusDFS complete (May 2026); pre-construction; financing-gated (EXIM LOI non-binding, ~US$310m gap; construction timeline not yet announced) Sourced
Deal / fiscal structureSourced state not carried on feed
OfftakeNone binding — battery-grade HPMSM + HPMO; passed Phase-2 testing with C4V; per-customer battery qualification still required; offtake discussions to follow Sourced
3 · Sponsor
SponsorGiyani Metals Corp (TSXV:EMM), 100%-owned K.Hill, Kanye Basin, Botswana Sourced
Sponsor typejunior (DFI/strategic-backed) state not carried on feed
OwnershipAbsent — not yet verified Absent · not-yet-verified
4 · Asset & economics
Commodity / classcritical/transition (battery-grade manganese: HPMSM/HPMO for NCM & LMFP EV cathodes) state not carried on feed
Stage / DFI stageDFS (28 May 2026, supports Mineral Reserve declaration) — pre-construction, financing-gated (US EXIM LOI non-binding; ~US$310m gap) state not carried on feed
After-tax NPV481.5 (8% (real) · DFS (28 May 2026, Giyani Metals TSXV:EMM; NI 43-101, real Jan-1-2026 US$): after-tax NPV8 US$481.5m, after-tax IRR 20.3%, initial capex US$535m, LOP net FCF US$1.6bn, operating margin 46%, 220ktpa ROM ore, Mn recovery 87%, 25yr. Mine-to-market battery-grade HPMSM + HPMO (high-purity manganese sulphate monohydrate / oxide) — captures refining margin vs ore-only producers. Supersedes 2023 PEA (NPV8 US$984m / IRR 29% at US$284m capex — capex stepped up to US$535m at DFS, a conservative de-risking step). HPMSM base price ~US$2,700/t (2026, SC Insights/Fastmarkets). Mining licence granted Sep 2024; financing pending. Giyani 100% (IDC of SA + Arch EM backers).) Sourced
Cost positionAbsent — not yet verified Absent · not-yet-verified
Study basisGiyani Metals (TSXV:EMM) K.Hill DFS (28 May 2026, NI 43-101). state not carried on feed
5 · Financial & debt analysis
After-tax NPV481.5 (8% (real) · DFS (28 May 2026, Giyani Metals TSXV:EMM; NI 43-101, real Jan-1-2026 US$): after-tax NPV8 US$481.5m, after-tax IRR 20.3%, initial capex US$535m, LOP net FCF US$1.6bn, operating margin 46%, 220ktpa ROM ore, Mn recovery 87%, 25yr. Mine-to-market battery-grade HPMSM + HPMO (high-purity manganese sulphate monohydrate / oxide) — captures refining margin vs ore-only producers. Supersedes 2023 PEA (NPV8 US$984m / IRR 29% at US$284m capex — capex stepped up to US$535m at DFS, a conservative de-risking step). HPMSM base price ~US$2,700/t (2026, SC Insights/Fastmarkets). Mining licence granted Sep 2024; financing pending. Giyani 100% (IDC of SA + Arch EM backers).) Sourced
Capex / financing need535 (Initial capex US$535m (May 2026 DFS); up from US$284m at 2023 PEA (scope/engineering maturation).) Sourced
Debt capacity / DSCRAbsent · not-yet-verified — no annual margin scenario for this development-stage asset; DSCR sizing requires a projected operating margin. Absent · not-yet-verifiedMethod & the lender's-lens calculation (populated for producing assets):
debt-sizing tool.
6 · Risk
Time to cashflowAbsent Absent · not-yet-verified
→ FID → first prod
Downstream flag summaryAbsent — not yet verified Absent · not-yet-verified
Security contextAbsent — not yet verified Absent · not-yet-verified
7 · Safeguards (E&S)
Material IFC Performance StandardsAbsent — not yet verified Absent · not-yet-verified
Equator Principles categoryAbsent — not yet verified Absent · not-yet-verified
ESIA statusAbsent — not yet verified Absent · not-yet-verified
Quantified PS/EP scoreAbsent — not yet verified Absent · not-yet-verified
8 · Mandate fit & recommendation context
African multilaterals (AfDB / AFC / Afreximbank / TDB)Absent — not yet verified Absent · not-yet-verified
Western DFIs / ECAs (IFC / DFC / EU DFIs)Absent — not yet verified Absent · not-yet-verified
EBRDAbsent — not yet verified Absent · not-yet-verified
Energy-transition thematicAbsent — not yet verified Absent · not-yet-verified
Development impactEx-China battery-grade Mn (China = ~95% of Mn processing); Kanye Basin (~40km from Gaborone); community water-infrastructure relocation Sourced
Recommendation context — not a recommendation. The mandate lines above state where the asset sits inside each DFI family's published scope; binding eligibility (exclusion lists, instrument fit, current country status) is confirm-with-institution. What the screen supports: a fit assessment and an assembled evidence base. What it does not do: structure the facility, price the risk, or make the credit call. That is the institution's.
Minim Martap — DFI investment brief
Cameroon · bauxite · development (DFS) · composed v2.137.281
1 · Executive summary
Minim Martap (Cameroon) — bauxite, development (DFS). Sponsor Canyon Resources (ASX:CAY) via Camalco Cameroon S.A.; major shareholder Eagle Eye Asset Holdings (EEA); Afriland First Bank group strategic investor (junior (commercially financed)).
Indicative financing need US$96 m (capex, Sourced).
Headline economics after-tax NPV US$521 m.
Time to first cashflow: Absent · not-yet-verified. Funding: In construction, Stage-1 FULLY FUNDED to first shipment (Q3 2026); ramp 1.2Mtpa -> 10Mtpa by ~2031/32.
What the screen supports vs what is outstanding. This brief assembles the evidence the platform holds, with provenance. It is not a credit recommendation — items marked Absent · not-yet-verified have had nothing read for them yet (not negatives), and the credit decision, the facility structure, and the diligence that closes those items are the institution's.
2 · Transaction overview
Financing need (pre-production capex)96 (Stage-1 capex US$96-97m (Aug-2025 DFS); funded by AFG Bank Cameroon ~US$140m debt + EEA equity. Scale-up: +US$63m (Stage 2) +US$187m (to 6.5Mtpa).) Sourced
DFI capital-need bandModest + FUNDED — initial capex ~US$97m; Stage-1 fully financed to first shipment (commercial): ~US$140m AFG Bank Cameroon facility (~US$95m undrawn), A$215m Sept-2025 package (EEA + Afriland), ~A$40m cash (Capex ~US$97m; Stage-1 funded via AFG/Afriland/EEA; rail upgrades (PQ2) part-funded by World Bank + EIB) Sourced
Funding statusIn construction, Stage-1 FULLY FUNDED to first shipment (Q3 2026); ramp 1.2Mtpa -> 10Mtpa by ~2031/32 Sourced
Deal / fiscal structureSourced state not carried on feed
OfftakeNone binding BY DESIGN — spot-market shipments first to demonstrate quality, then negotiate long-term offtake from strength; debt provider (AFG) did not require offtake (Deliberate spot-first commercial strategy; 51% Al2O3 / <2% silica premium grade.) Sourced
3 · Sponsor
SponsorCanyon Resources (ASX:CAY) via Camalco Cameroon S.A.; major shareholder Eagle Eye Asset Holdings (EEA); Afriland First Bank group strategic investor Sourced
Sponsor typejunior (commercially financed) state not carried on feed
OwnershipAbsent — not yet verified Absent · not-yet-verified
4 · Asset & economics
Commodity / classindustrial metal (bauxite -> alumina -> aluminium; aluminium has lightweighting/transition uses) state not carried on feed
Stage / DFI stageDFS (1 Sep 2025) + Mining License (late 2024) + IN CONSTRUCTION (surface miner mobilised Apr 2026, trial mining) — first shipment targeted Q3 2026; Stage-1 fully funded state not carried on feed
After-tax NPV521 (6% real, post-tax · DFS Table 2: post-tax NPV US$521m and post-tax IRR 22% at a 6% real discount rate; pre-tax US$835m and 29%. 100% project basis; the State of Cameroon receives a 10% free carry on grant of the mining permit.) Sourced
Cost positionAbsent — not yet verified Absent · not-yet-verified
Study basisCanyon Resources (ASX:CAY) Minim Martap DFS, ASX release 1 Sep 2025, Table 2 — after-tax NPV published; left the pre-tax tier v2.137.199. state not carried on feed
5 · Financial & debt analysis
After-tax NPV521 (6% real, post-tax · DFS Table 2: post-tax NPV US$521m and post-tax IRR 22% at a 6% real discount rate; pre-tax US$835m and 29%. 100% project basis; the State of Cameroon receives a 10% free carry on grant of the mining permit.) Sourced
Capex / financing need96 (Stage-1 capex US$96-97m (Aug-2025 DFS); funded by AFG Bank Cameroon ~US$140m debt + EEA equity. Scale-up: +US$63m (Stage 2) +US$187m (to 6.5Mtpa).) Sourced
Debt capacity / DSCRAbsent · not-yet-verified — no annual margin scenario for this development-stage asset; DSCR sizing requires a projected operating margin. Absent · not-yet-verifiedMethod & the lender's-lens calculation (populated for producing assets):
debt-sizing tool.
6 · Risk
Time to cashflowAbsent Absent · not-yet-verified
→ FID → first prod
Downstream flag summaryAbsent — not yet verified Absent · not-yet-verified
Security contextAbsent — not yet verified Absent · not-yet-verified
7 · Safeguards (E&S)
Material IFC Performance StandardsAbsent — not yet verified Absent · not-yet-verified
Equator Principles categoryAbsent — not yet verified Absent · not-yet-verified
ESIA statusAbsent — not yet verified Absent · not-yet-verified
Quantified PS/EP scoreAbsent — not yet verified Absent · not-yet-verified
8 · Mandate fit & recommendation context
African multilaterals (AfDB / AFC / Afreximbank / TDB)Absent — not yet verified Absent · not-yet-verified
Western DFIs / ECAs (IFC / DFC / EU DFIs)Absent — not yet verified Absent · not-yet-verified
EBRDAbsent — not yet verified Absent · not-yet-verified
Energy-transition thematicAbsent — not yet verified Absent · not-yet-verified
Development impactCameroon's first major mine; 800km existing rail to Douala port; Camrail equity 9.1%->26.9% for logistics control; downstream alumina-refinery FS (Q3 2026); strong government support Sourced
Recommendation context — not a recommendation. The mandate lines above state where the asset sits inside each DFI family's published scope; binding eligibility (exclusion lists, instrument fit, current country status) is confirm-with-institution. What the screen supports: a fit assessment and an assembled evidence base. What it does not do: structure the facility, price the risk, or make the credit call. That is the institution's.
Steelpoortdrift — DFI investment brief
South Africa · Vanadium (V2O5) · development (DFS) · composed v2.137.281
1 · Executive summary
Steelpoortdrift (South Africa) — Vanadium (V2O5), development (DFS). Sponsor Vanadium Resources Ltd (VR8) (ASX:VR8, DAX:TR3), 86.49% of Steelpoortdrift; Bushveld Complex, Limpopo, South Africa (junior (pre-FID)).
Indicative financing need US$211 m (capex, Sourced).
Headline economics after-tax NPV US$1210 m.
Time to first cashflow: Absent · not-yet-verified. Funding: DFS-complete + fully permitted; pre-FID (financing-gated); near-term DSO cashflow strategy; SRL/V-Iron plant funding to follow.
What the screen supports vs what is outstanding. This brief assembles the evidence the platform holds, with provenance. It is not a credit recommendation — items marked Absent · not-yet-verified have had nothing read for them yet (not negatives), and the credit decision, the facility structure, and the diligence that closes those items are the institution's.
2 · Transaction overview
Financing need (pre-production capex)211 (Phase-1 pre-production capex US$211m (incl. contingency); Phase-2 expansion +US$188m.) Sourced
DFI capital-need bandYes — pre-production capex ~US$211m (Phase 1); seeking strategic equity + construction debt for FID; Rand Merchant Bank (RMB) appointed exclusive financial adviser; exploring brownfield-site acquisition to cut capex (Phase-1 capex ~US$211m; pre-FID; RMB advising; no DFI committed) Sourced
Funding statusDFS-complete + fully permitted; pre-FID (financing-gated); near-term DSO cashflow strategy; SRL/V-Iron plant funding to follow Sourced
Deal / fiscal structureSourced state not carried on feed
OfftakeMixed — BINDING DSO offtake with China Precious Asia (CPAL, 100k tpm direct-shipping ore) for near-term cashflow; NON-BINDING US Vanadium (USV, TechMet-owned, Arkansas) term sheet for 100% of V-Iron-Plant slag (binding pending V-Iron FS); CEIG partly-binding MoU (CPAL DSO binding (Chinese); USV US slag term sheet non-binding; product split (98%/99.5%) offtake-driven.) Sourced
3 · Sponsor
SponsorVanadium Resources Ltd (VR8) (ASX:VR8, DAX:TR3), 86.49% of Steelpoortdrift; Bushveld Complex, Limpopo, South Africa Sourced
Sponsor typejunior (pre-FID) state not carried on feed
OwnershipAbsent — not yet verified Absent · not-yet-verified
4 · Asset & economics
Commodity / classcritical/transition (vanadium: V2O5 for steel + 99.5% for vanadium flow batteries / grid-scale storage) state not carried on feed
Stage / DFI stageDFS (Oct 2022) + FULLY PERMITTED (mining right + integrated environmental authorisation + water-use licence) + FEED — pre-FID, financing-gated; near-term DSO route state not carried on feed
After-tax NPV1210 (7.5% · DFS (Oct 2022, Vanadium Resources ASX:VR8; independent, AACE Class 3): project (100%) post-tax NPV7.5% US$1.21bn (A$1.9bn), post-tax IRR 42%, Phase-1 capex US$211m, payback 27mo, 25yr, 484kt V2O5 flake total, opex US$3.24/lb, annual FCF US$152m. Reserve 77Mt @0.72% V2O5 (resource 680Mt @0.70%). Flake price US$9.50/lb (Deloitte forward mid-range, Oct-2022 vintage) — PRICE-VINTAGE note: established at Oct-2022 vanadium assumptions; vanadium has been volatile/softer since — but DFS sensitivity shows break-even at ~US$4.60/lb flake, so robust to downside (unlike a peak-spot deck). ATTRIBUTABLE NPV ~US$0.9bn at the DFS 74% stake (~US$1.05bn at current 86.49%); project-level figure recorded here per convention. Steelpoortdrift mine+concentrator + Tweefontein SRL plant. VR8 86.49%.) Sourced
Cost positionAbsent — not yet verified Absent · not-yet-verified
Study basisVanadium Resources (ASX:VR8) Steelpoortdrift DFS (Oct 2022). state not carried on feed
5 · Financial & debt analysis
After-tax NPV1210 (7.5% · DFS (Oct 2022, Vanadium Resources ASX:VR8; independent, AACE Class 3): project (100%) post-tax NPV7.5% US$1.21bn (A$1.9bn), post-tax IRR 42%, Phase-1 capex US$211m, payback 27mo, 25yr, 484kt V2O5 flake total, opex US$3.24/lb, annual FCF US$152m. Reserve 77Mt @0.72% V2O5 (resource 680Mt @0.70%). Flake price US$9.50/lb (Deloitte forward mid-range, Oct-2022 vintage) — PRICE-VINTAGE note: established at Oct-2022 vanadium assumptions; vanadium has been volatile/softer since — but DFS sensitivity shows break-even at ~US$4.60/lb flake, so robust to downside (unlike a peak-spot deck). ATTRIBUTABLE NPV ~US$0.9bn at the DFS 74% stake (~US$1.05bn at current 86.49%); project-level figure recorded here per convention. Steelpoortdrift mine+concentrator + Tweefontein SRL plant. VR8 86.49%.) Sourced
Capex / financing need211 (Phase-1 pre-production capex US$211m (incl. contingency); Phase-2 expansion +US$188m.) Sourced
Debt capacity / DSCRAbsent · not-yet-verified — no annual margin scenario for this development-stage asset; DSCR sizing requires a projected operating margin. Absent · not-yet-verifiedMethod & the lender's-lens calculation (populated for producing assets):
debt-sizing tool.
6 · Risk
Time to cashflowAbsent Absent · not-yet-verified
→ FID → first prod
Downstream flag summaryAbsent — not yet verified Absent · not-yet-verified
Security contextAbsent — not yet verified Absent · not-yet-verified
7 · Safeguards (E&S)
Material IFC Performance StandardsAbsent — not yet verified Absent · not-yet-verified
Equator Principles categoryAbsent — not yet verified Absent · not-yet-verified
ESIA statusAbsent — not yet verified Absent · not-yet-verified
Quantified PS/EP scoreAbsent — not yet verified Absent · not-yet-verified
8 · Mandate fit & recommendation context
African multilaterals (AfDB / AFC / Afreximbank / TDB)Absent — not yet verified Absent · not-yet-verified
Western DFIs / ECAs (IFC / DFC / EU DFIs)Absent — not yet verified Absent · not-yet-verified
EBRDAbsent — not yet verified Absent · not-yet-verified
Energy-transition thematicAbsent — not yet verified Absent · not-yet-verified
Development impactBushveld (Limpopo); community leasing/support; bottom-quartile opex/capex; ex-China/Russia vanadium supply (US defence/aerospace pathway via USV/TechMet) Sourced
Recommendation context — not a recommendation. The mandate lines above state where the asset sits inside each DFI family's published scope; binding eligibility (exclusion lists, instrument fit, current country status) is confirm-with-institution. What the screen supports: a fit assessment and an assembled evidence base. What it does not do: structure the facility, price the risk, or make the credit call. That is the institution's.
Dasa — DFI investment brief
Niger · U3O8 · construction · composed v2.137.281
1 · Executive summary
Dasa (Niger) — U3O8, construction. Sponsor Global Atomic Corp (TSX:GLO, OTCQX:GLATF) via SOMIDA (Societe Miniere de Dasa S.A.); Republic of Niger government holds 20% of SOMIDA (junior (state-participated; under construction)).
Indicative financing need US$424.6 m (capex, Sourced).
Headline economics after-tax NPV US$917 m.
Time to first cashflow: Absent · not-yet-verified. Funding: Under construction (~US$250m invested) but financing-gated for completion; commissioning H2 2027 (delayed from 2026); shipments possibly 2028.
What the screen supports vs what is outstanding. This brief assembles the evidence the platform holds, with provenance. It is not a credit recommendation — items marked Absent · not-yet-verified have had nothing read for them yet (not negatives), and the credit decision, the facility structure, and the diligence that closes those items are the institution's.
2 · Transaction overview
Financing need (pre-production capex)424.6 (Total project cost (2024 FS); residual lower (~US$230m) as construction underway. US development-bank debt sought (~60%).) Sourced
DFI capital-need bandYes — total project cost US$424.6m (2024 DFS); ~US$250m already invested (meets US DFC 40% capital-contribution requirement); seeking a US development-bank loan for ~60% (debt/equity 60/40); US$100m+ still required (Project cost US$424.6m; ~US$250m invested; US DFC ~60% loan at Investment-Committee stage (Dec 2025)) Sourced
Funding statusUnder construction (~US$250m invested) but financing-gated for completion; commissioning H2 2027 (delayed from 2026); shipments possibly 2028 Sourced
Deal / fiscal structureSourced state not carried on feed
OfftakeStrong — ~90% of offtake contracted to US nuclear utilities (multiple definitive agreements + LOIs; e.g. 2.1Mlb and 3.5Mlb multi-year windows); ~1.3Mlb/yr contracted vs ~3-4Mlb/yr output (Multiple definitive US-utility agreements; US energy-security aligned.) Sourced
3 · Sponsor
SponsorGlobal Atomic Corp (TSX:GLO, OTCQX:GLATF) via SOMIDA (Societe Miniere de Dasa S.A.); Republic of Niger government holds 20% of SOMIDA Sourced
Sponsor typejunior (state-participated; under construction) state not carried on feed
OwnershipAbsent — not yet verified Absent · not-yet-verified
4 · Asset & economics
Commodity / classcritical/transition (U3O8 — nuclear fuel; clean-energy baseload; COP28 nuclear-tripling) state not carried on feed
Stage / DFI stageFULLY PERMITTED + UNDER CONSTRUCTION (underground dev since Nov 2022; ~US$250m invested; ~700 on-site) — commissioning slipped to H2 2027 (first shipments possibly 2028); financing-gated for completion state not carried on feed
After-tax NPV917 (8% · 2024 Feasibility Study (Mar 2024, NI 43-101): after-tax NPV8 US$917m @ US$75/lb U3O8 base case, after-tax IRR 57.0%. EXTREME uranium price-leverage — after-tax NPV8 US$551m @ US$60/lb / US$1,269m @ US$90 / US$1,621m @ US$105. 23-yr plan, 68.1 Mlb U3O8, reserve grade 4,113ppm (5,109ppm first 12yr) — highest-grade undeveloped U outside Athabasca; lowest-quartile cost. In construction (~75% mine, ~30-35% mill); commissioning targeted H2 2026.) Sourced
Cost positionAbsent — not yet verified Absent · not-yet-verified
Study basisGlobal Atomic (TSX:GLO) Dasa 2024 Feasibility Study; in construction. state not carried on feed
5 · Financial & debt analysis
After-tax NPV917 (8% · 2024 Feasibility Study (Mar 2024, NI 43-101): after-tax NPV8 US$917m @ US$75/lb U3O8 base case, after-tax IRR 57.0%. EXTREME uranium price-leverage — after-tax NPV8 US$551m @ US$60/lb / US$1,269m @ US$90 / US$1,621m @ US$105. 23-yr plan, 68.1 Mlb U3O8, reserve grade 4,113ppm (5,109ppm first 12yr) — highest-grade undeveloped U outside Athabasca; lowest-quartile cost. In construction (~75% mine, ~30-35% mill); commissioning targeted H2 2026.) Sourced
Capex / financing need424.6 (Total project cost (2024 FS); residual lower (~US$230m) as construction underway. US development-bank debt sought (~60%).) Sourced
Debt capacity / DSCRAbsent · not-yet-verified — no annual margin scenario for this development-stage asset; DSCR sizing requires a projected operating margin. Absent · not-yet-verifiedMethod & the lender's-lens calculation (populated for producing assets):
debt-sizing tool.
6 · Risk
Time to cashflowAbsent Absent · not-yet-verified
→ FID → first prod
Downstream flag summaryAbsent — not yet verified Absent · not-yet-verified
Security contextAbsent — not yet verified Absent · not-yet-verified
7 · Safeguards (E&S)
Material IFC Performance StandardsAbsent — not yet verified Absent · not-yet-verified
Equator Principles categoryAbsent — not yet verified Absent · not-yet-verified
ESIA statusAbsent — not yet verified Absent · not-yet-verified
Quantified PS/EP scoreAbsent — not yet verified Absent · not-yet-verified
8 · Mandate fit & recommendation context
African multilaterals (AfDB / AFC / Afreximbank / TDB)Absent — not yet verified Absent · not-yet-verified
Western DFIs / ECAs (IFC / DFC / EU DFIs)Absent — not yet verified Absent · not-yet-verified
EBRDAbsent — not yet verified Absent · not-yet-verified
Energy-transition thematicAbsent — not yet verified Absent · not-yet-verified
Development impactSOMIDA (Niger govt 20%); 97-98% Nigerien workforce; improved Niger mineral code (royalty 12%->7%); 'Nigerien project for Nigeriens' Sourced
Recommendation context — not a recommendation. The mandate lines above state where the asset sits inside each DFI family's published scope; binding eligibility (exclusion lists, instrument fit, current country status) is confirm-with-institution. What the screen supports: a fit assessment and an assembled evidence base. What it does not do: structure the facility, price the risk, or make the credit call. That is the institution's.
Baniaka — DFI investment brief
Gabon · Fe · development (PFS) · composed v2.137.281
1 · Executive summary
Baniaka (Gabon) — Fe, development (PFS). Sponsor Genmin Limited (ASX:GEN), 100% of Baniaka; SE Gabon near Franceville (Haut-Ogooue); ex-Fortescue chair Greg Lilleyman (junior (cash-thin, pre-FID)).
Indicative financing need US$200 m (capex, Sourced).
Headline economics after-tax NPV US$391 m.
Time to first cashflow: Absent · not-yet-verified. Funding: Fully permitted + early civil works; PRE-DFS / pre-FID (FID targeted mid-2026); financing-gated; first production late-2026/2027 'subject to funding'.
What the screen supports vs what is outstanding. This brief assembles the evidence the platform holds, with provenance. It is not a credit recommendation — items marked Absent · not-yet-verified have had nothing read for them yet (not negatives), and the credit decision, the facility structure, and the diligence that closes those items are the institution's.
2 · Transaction overview
Financing need (pre-production capex)200 (Phase-1 development capex US$200-201m (5Mtpa); ~32% is power transmission + rail loadout + haul-road infrastructure.) Sourced
DFI capital-need bandYes — Stage-1 capex ~US$200m (5Mtpa); funding gap ~US$197.9m; reliant on director/non-exec loans for opex; A$25.7m raised late-2025 (~US$200m Stage-1 capex; ~US$197.9m gap; director-loan-dependent opex) Sourced
Funding statusFully permitted + early civil works; PRE-DFS / pre-FID (FID targeted mid-2026); financing-gated; first production late-2026/2027 'subject to funding' Sourced
Deal / fiscal structureSourced state not carried on feed
Offtake4x NON-BINDING offtake MoUs with major Chinese steelmakers (extended); SHICO LOI includes offtake; commodity-trader prepayment draft (~US$50m) — no binding offtake (Chinese-steelmaker MoUs non-binding; China-concentrated demand side.) Sourced
3 · Sponsor
SponsorGenmin Limited (ASX:GEN), 100% of Baniaka; SE Gabon near Franceville (Haut-Ogooue); ex-Fortescue chair Greg Lilleyman Sourced
Sponsor typejunior (cash-thin, pre-FID) state not carried on feed
OwnershipAbsent — not yet verified Absent · not-yet-verified
4 · Asset & economics
Commodity / classindustrial metal (iron ore; 'Baniaka Green' hydro-powered, high-grade for lower-emission steel) state not carried on feed
Stage / DFI stagePFS (Nov 2022) + PFS Addendum (capex savings) + FULLY PERMITTED (20-yr mining permit + Certificate of Environmental Conformance + Mining Convention) + early civil works — PRE-DFS / pre-FID, financing-gated state not carried on feed
After-tax NPV391 (8% · PFS (16 Nov 2022, Genmin ASX:GEN; via Reminac): post-tax NPV8 US$391m (real, ungeared, 100% equity), after-tax IRR 38%, capex US$200-201m, payback 2.7yr, cash cost US$59/dmt (mine-gate to Cape-class trans-ship). Scalable 5Mtpa DSO (lump+fines) over initial 10yr, expandable to ~20Mtpa. PFS underpinned by 168Mt indicated (DID+soft-oxide) of a 760Mt global resource (~18% of 85km strike). Green-hydro powered (160MW Grand Poubara), Trans-Gabon Railway to Owendo port. STAGE CAVEAT: PFS-grade (analysts note BFS/DFS-level depth; Genmin proceeded straight to FID). Anglo American DD/offtake + Sinohydro EPC/financing. PRICE CAVEAT: PFS 65% Fe IODEX deck not pinned in snippet. Genmin (Reminac) 100%.) Sourced
Cost positionAbsent — not yet verified Absent · not-yet-verified
Study basisGenmin (ASX:GEN) Baniaka PFS (Nov 2022). state not carried on feed
5 · Financial & debt analysis
After-tax NPV391 (8% · PFS (16 Nov 2022, Genmin ASX:GEN; via Reminac): post-tax NPV8 US$391m (real, ungeared, 100% equity), after-tax IRR 38%, capex US$200-201m, payback 2.7yr, cash cost US$59/dmt (mine-gate to Cape-class trans-ship). Scalable 5Mtpa DSO (lump+fines) over initial 10yr, expandable to ~20Mtpa. PFS underpinned by 168Mt indicated (DID+soft-oxide) of a 760Mt global resource (~18% of 85km strike). Green-hydro powered (160MW Grand Poubara), Trans-Gabon Railway to Owendo port. STAGE CAVEAT: PFS-grade (analysts note BFS/DFS-level depth; Genmin proceeded straight to FID). Anglo American DD/offtake + Sinohydro EPC/financing. PRICE CAVEAT: PFS 65% Fe IODEX deck not pinned in snippet. Genmin (Reminac) 100%.) Sourced
Capex / financing need200 (Phase-1 development capex US$200-201m (5Mtpa); ~32% is power transmission + rail loadout + haul-road infrastructure.) Sourced
Debt capacity / DSCRAbsent · not-yet-verified — no annual margin scenario for this development-stage asset; DSCR sizing requires a projected operating margin. Absent · not-yet-verifiedMethod & the lender's-lens calculation (populated for producing assets):
debt-sizing tool.
6 · Risk
Time to cashflowAbsent Absent · not-yet-verified
→ FID → first prod
Downstream flag summaryAbsent — not yet verified Absent · not-yet-verified
Security contextAbsent — not yet verified Absent · not-yet-verified
7 · Safeguards (E&S)
Material IFC Performance StandardsAbsent — not yet verified Absent · not-yet-verified
Equator Principles categoryAbsent — not yet verified Absent · not-yet-verified
ESIA statusAbsent — not yet verified Absent · not-yet-verified
Quantified PS/EP scoreAbsent — not yet verified Absent · not-yet-verified
8 · Mandate fit & recommendation context
African multilaterals (AfDB / AFC / Afreximbank / TDB)Absent — not yet verified Absent · not-yet-verified
Western DFIs / ECAs (IFC / DFC / EU DFIs)Absent — not yet verified Absent · not-yet-verified
EBRDAbsent — not yet verified Absent · not-yet-verified
Energy-transition thematicAbsent — not yet verified Absent · not-yet-verified
Development impactGabon's first commercial iron ore mine (diversify beyond manganese); 15-yr rail+port deal (5Mtpa, Transgabonais/Franceville); 20-yr Grand Poubara hydropower; govt assured public-infrastructure access Sourced
Recommendation context — not a recommendation. The mandate lines above state where the asset sits inside each DFI family's published scope; binding eligibility (exclusion lists, instrument fit, current country status) is confirm-with-institution. What the screen supports: a fit assessment and an assembled evidence base. What it does not do: structure the facility, price the risk, or make the credit call. That is the institution's.
Kanyika — DFI investment brief
Malawi · Niobium (+Ta) · development (BFS) · composed v2.137.281
1 · Executive summary
Kanyika (Malawi) — Niobium (+Ta), development (BFS). Sponsor Globe Metals & Mining (ASX:GBE), 100% (retains full ownership + offtake control); Kanyika, central/northern Malawi (Mozambique Orogenic Belt) (junior (capital-disciplined, pre-FID)).
Indicative financing need US$139 m (capex, Sourced).
Headline economics after-tax NPV US$1000 m.
Time to first cashflow: Absent · not-yet-verified. Funding: BFS-complete + fully permitted + early works begun; pre-FID (FID 2026); financing-gated; first oxide Q1 2028.
What the screen supports vs what is outstanding. This brief assembles the evidence the platform holds, with provenance. It is not a credit recommendation — items marked Absent · not-yet-verified have had nothing read for them yet (not negatives), and the credit decision, the facility structure, and the diligence that closes those items are the institution's.
2 · Transaction overview
Financing need (pre-production capex)139 (Phase-1 initial capex ~US$139m (Apr 2026 BFS, phased); full mine+concentrator+refinery ~US$250m. Phase-1 funding via equity/debt/convertible/offtake-prefinancing + IDC-SA US$10m + Ecobank Malawi LOI.) Sourced
DFI capital-need bandYes — BFS initial capex ~US$139m (A$197m); phased to cut upfront capital; A$8.67m raised 2025; multiple funding pathways being established; FID targeted 2026 (Capex ~US$139m; phased; financing-gated; FID 2026) Sourced
Funding statusBFS-complete + fully permitted + early works begun; pre-FID (FID 2026); financing-gated; first oxide Q1 2028 Sourced
Deal / fiscal structureSourced state not carried on feed
OfftakeNON-BINDING MoU with Myst Trading (Phase-1 offtake, Mar 2025, renewed annually); prefers long-term strategic partners; target markets Japan/Europe/Americas — no binding offtake yet (Myst Trading MoU non-binding; offtake conversion ongoing.) Sourced
3 · Sponsor
SponsorGlobe Metals & Mining (ASX:GBE), 100% (retains full ownership + offtake control); Kanyika, central/northern Malawi (Mozambique Orogenic Belt) Sourced
Sponsor typejunior (capital-disciplined, pre-FID) state not carried on feed
OwnershipAbsent — not yet verified Absent · not-yet-verified
4 · Asset & economics
Commodity / classstrategic/industrial (niobium pentoxide + tantalum by-product; ~90% Nb used in high-strength steel; aerospace/defence) state not carried on feed
Stage / DFI stageBFS (Apr 2026) + FULLY PERMITTED (Large-Scale Mining Licence + Mining Development Agreement) + EARLY WORKS begun (Jan 2026) — pre-FID (FID 2026); first oxide Q1 2028 state not carried on feed
After-tax NPV1000 (8% · BFS (Apr 2026, Globe Metals & Mining ASX:GBE): issuer states post-tax NPV8 ~US$1.0bn, post-tax IRR 48%, 24yr, avg EBITDA ~US$205m, gross margin ~72%, net opex US$14.26/kg Nb2O5 (after Ta credit, lowest-quartile), reserve 33.8Mt @3,050ppm Nb2O5 + 142ppm Ta2O5. Phased build: Phase-1 initial capex ~US$139m (full mine+concentrator+Lilongwe refinery ~US$250m). FID 2026, first production 2028. Pyrochlore Nb-Ta; first new globally-significant niobium mine in ~50yr (ex-Brazil). VALUE CAVEAT: issuer headline is rounded '~US$1.0bn' — exact BFS NPV per NI 43-101 technical report; back-check recommended (Feb-2024 optimisation study had PRE-tax NPV US$1.004bn / IRR 47.08%). Govt Malawi 10% FCI.) Sourced
Cost positionAbsent — not yet verified Absent · not-yet-verified
Study basisGlobe Metals & Mining (ASX:GBE) Kanyika BFS (Apr 2026). state not carried on feed
5 · Financial & debt analysis
After-tax NPV1000 (8% · BFS (Apr 2026, Globe Metals & Mining ASX:GBE): issuer states post-tax NPV8 ~US$1.0bn, post-tax IRR 48%, 24yr, avg EBITDA ~US$205m, gross margin ~72%, net opex US$14.26/kg Nb2O5 (after Ta credit, lowest-quartile), reserve 33.8Mt @3,050ppm Nb2O5 + 142ppm Ta2O5. Phased build: Phase-1 initial capex ~US$139m (full mine+concentrator+Lilongwe refinery ~US$250m). FID 2026, first production 2028. Pyrochlore Nb-Ta; first new globally-significant niobium mine in ~50yr (ex-Brazil). VALUE CAVEAT: issuer headline is rounded '~US$1.0bn' — exact BFS NPV per NI 43-101 technical report; back-check recommended (Feb-2024 optimisation study had PRE-tax NPV US$1.004bn / IRR 47.08%). Govt Malawi 10% FCI.) Sourced
Capex / financing need139 (Phase-1 initial capex ~US$139m (Apr 2026 BFS, phased); full mine+concentrator+refinery ~US$250m. Phase-1 funding via equity/debt/convertible/offtake-prefinancing + IDC-SA US$10m + Ecobank Malawi LOI.) Sourced
Debt capacity / DSCRAbsent · not-yet-verified — no annual margin scenario for this development-stage asset; DSCR sizing requires a projected operating margin. Absent · not-yet-verifiedMethod & the lender's-lens calculation (populated for producing assets):
debt-sizing tool.
6 · Risk
Time to cashflowAbsent Absent · not-yet-verified
→ FID → first prod
Downstream flag summaryAbsent — not yet verified Absent · not-yet-verified
Security contextAbsent — not yet verified Absent · not-yet-verified
7 · Safeguards (E&S)
Material IFC Performance StandardsAbsent — not yet verified Absent · not-yet-verified
Equator Principles categoryAbsent — not yet verified Absent · not-yet-verified
ESIA statusAbsent — not yet verified Absent · not-yet-verified
Quantified PS/EP scoreAbsent — not yet verified Absent · not-yet-verified
8 · Mandate fit & recommendation context
African multilaterals (AfDB / AFC / Afreximbank / TDB)Absent — not yet verified Absent · not-yet-verified
Western DFIs / ECAs (IFC / DFC / EU DFIs)Absent — not yet verified Absent · not-yet-verified
EBRDAbsent — not yet verified Absent · not-yet-verified
Energy-transition thematicAbsent — not yet verified Absent · not-yet-verified
Development impactAfrica's FIRST niobium mine; non-Brazil niobium supply (Brazil/CBMM dominates); Malawi Vision 2063 alignment; downstream refining (Export Development Zone sought) Sourced
Recommendation context — not a recommendation. The mandate lines above state where the asset sits inside each DFI family's published scope; binding eligibility (exclusion lists, instrument fit, current country status) is confirm-with-institution. What the screen supports: a fit assessment and an assembled evidence base. What it does not do: structure the facility, price the risk, or make the credit call. That is the institution's.
Toliara (Vara Mada) — DFI investment brief
Madagascar · Mineral sands (Ti/Zr/REE) · development · composed v2.137.281
1 · Executive summary
Toliara (Vara Mada) (Madagascar) — Mineral sands (Ti/Zr/REE), development. Sponsor Energy Fuels Inc (NYSE:UUUU, TSX:EFR), 100% via Base Toliara SARL (acquired Base Resources 2024); US critical-minerals producer (uranium, REE, HMS); White Mesa Mill, Utah (junior subsidiary of a well-capitalized US parent).
Indicative financing need US$769 m (capex, Sourced).
Headline economics after-tax NPV US$1415 m.
Time to first cashflow: Absent · not-yet-verified. Funding: FS-complete; PRE-FID — FID requires a formalised govt investment agreement + adding monazite to the permit (Parliament + Constitutional High Court approval), being renegotiated after the Oct-2025 coup.
What the screen supports vs what is outstanding. This brief assembles the evidence the platform holds, with provenance. It is not a credit recommendation — items marked Absent · not-yet-verified have had nothing read for them yet (not negatives), and the credit decision, the facility structure, and the diligence that closes those items are the institution's.
2 · Transaction overview
Financing need (pre-production capex)769 (Post-FID Stage 1 capex US$769m (13Mtpa) + US$121m pre-FID. 2021 DFS2 Stage 1 was US$520m; Stage 2 (Yr~5) +US$137m.) Sourced
DFI capital-need bandLarge (~EUR854m / ~US$900m+ project) but the PARENT is well-capitalized: Energy Fuels raised US$700m convertible notes (Oct 2025, 7x oversubscribed), ~US$900m+ liquidity — the gate is REGULATORY (govt agreement), not capital (~US$900m project; parent ~US$900m+ liquidity; gate is the Madagascar investment agreement) Sourced
Funding statusFS-complete; PRE-FID — FID requires a formalised govt investment agreement + adding monazite to the permit (Parliament + Constitutional High Court approval), being renegotiated after the Oct-2025 coup Sourced
Deal / fiscal structureSourced state not carried on feed
OfftakeVertically integrated — monazite (REE) feeds Energy Fuels' own White Mesa Mill (Utah; only US monazite processor) for NdPr/Dy/Tb; could supply up to ~30% US light-REE + ~85% US heavy-REE demand; ilmenite/zircon into liquid mineral-sands markets (Captive REE vertical integration + liquid Ti/Zr markets; TZMI/Adamas price decks.) Sourced
3 · Sponsor
SponsorEnergy Fuels Inc (NYSE:UUUU, TSX:EFR), 100% via Base Toliara SARL (acquired Base Resources 2024); US critical-minerals producer (uranium, REE, HMS); White Mesa Mill, Utah Sourced
Sponsor typejunior subsidiary of a well-capitalized US parent state not carried on feed
OwnershipAbsent — not yet verified Absent · not-yet-verified
4 · Asset & economics
Commodity / classcritical/transition + industrial (monazite REE [NdPr/Dy/Tb magnets] + ilmenite [Ti] + zircon [Zr] + rutile) state not carried on feed
Stage / DFI stageUpdated FS (8 Jan 2026, S-K 1300 + NI 43-101; supersedes 2021 DFS + 2024 PFS); mining permit held (Ti/Zr; monazite to be ADDED) — PRE-FID, gated on a government investment agreement state not carried on feed
After-tax NPV1415 (10% (real) · Updated FS (8 Jan 2026, Energy Fuels NYSE:UUUU/TSX:EFR; S-K 1300 + NI 43-101; supersedes 2021 DFS2 + 2023/24 monazite PFS): technical-report after-tax NPV10 US$1,415m (real, post-tax, measured 30 Jun 2025), IRR 22.1%, 38yr. ALTERNATIVE BASIS in same FS: post-FID pre-debt after-tax NPV10 US$1.8bn / IRR 24.9% (excludes pre-FID time/spend) — the headline figure; the US$1,415m from-today measure is recorded here as the more peer-comparable basis. Avg EBITDA ~US$387m (72% margin); avg FCF ~US$264m. Price forecasts: TZMI (mineral sands) + Adamas (REE). Supersedes 2021 DFS2 (NPV10 US$1.0bn, IRR 23.8%, capex US$520m).) Sourced
Cost positionAbsent — not yet verified Absent · not-yet-verified
Study basisEnergy Fuels (NYSE:UUUU) Vara Mada/Toliara Updated FS (Jan 2026, S-K 1300/NI 43-101). state not carried on feed
5 · Financial & debt analysis
After-tax NPV1415 (10% (real) · Updated FS (8 Jan 2026, Energy Fuels NYSE:UUUU/TSX:EFR; S-K 1300 + NI 43-101; supersedes 2021 DFS2 + 2023/24 monazite PFS): technical-report after-tax NPV10 US$1,415m (real, post-tax, measured 30 Jun 2025), IRR 22.1%, 38yr. ALTERNATIVE BASIS in same FS: post-FID pre-debt after-tax NPV10 US$1.8bn / IRR 24.9% (excludes pre-FID time/spend) — the headline figure; the US$1,415m from-today measure is recorded here as the more peer-comparable basis. Avg EBITDA ~US$387m (72% margin); avg FCF ~US$264m. Price forecasts: TZMI (mineral sands) + Adamas (REE). Supersedes 2021 DFS2 (NPV10 US$1.0bn, IRR 23.8%, capex US$520m).) Sourced
Capex / financing need769 (Post-FID Stage 1 capex US$769m (13Mtpa) + US$121m pre-FID. 2021 DFS2 Stage 1 was US$520m; Stage 2 (Yr~5) +US$137m.) Sourced
Debt capacity / DSCRAbsent · not-yet-verified — no annual margin scenario for this development-stage asset; DSCR sizing requires a projected operating margin. Absent · not-yet-verifiedMethod & the lender's-lens calculation (populated for producing assets):
debt-sizing tool.
6 · Risk
Time to cashflowAbsent Absent · not-yet-verified
→ FID → first prod
Downstream flag summaryAbsent — not yet verified Absent · not-yet-verified
Security contextAbsent — not yet verified Absent · not-yet-verified
7 · Safeguards (E&S)
Material IFC Performance StandardsAbsent — not yet verified Absent · not-yet-verified
Equator Principles categoryAbsent — not yet verified Absent · not-yet-verified
ESIA statusAbsent — not yet verified Absent · not-yet-verified
Quantified PS/EP scoreAbsent — not yet verified Absent · not-yet-verified
8 · Mandate fit & recommendation context
African multilaterals (AfDB / AFC / Afreximbank / TDB)Absent — not yet verified Absent · not-yet-verified
Western DFIs / ECAs (IFC / DFC / EU DFIs)Absent — not yet verified Absent · not-yet-verified
EBRDAbsent — not yet verified Absent · not-yet-verified
Energy-transition thematicAbsent — not yet verified Absent · not-yet-verified
Development impact~38-yr mine life; SW Madagascar (Ranobe, ~45km N of Toliara); ~US$80m social-projects commitment (Dec-2024 protocol); 5% royalty; renamed 'Vara Mada' to reflect local benefit Sourced
Recommendation context — not a recommendation. The mandate lines above state where the asset sits inside each DFI family's published scope; binding eligibility (exclusion lists, instrument fit, current country status) is confirm-with-institution. What the screen supports: a fit assessment and an assembled evidence base. What it does not do: structure the facility, price the risk, or make the credit call. That is the institution's.
Farim — DFI investment brief
Guinea-Bissau · phosphate · development (FS) · composed v2.137.281
1 · Executive summary
Farim (Guinea-Bissau) — phosphate, development (FS). Sponsor Itafos Inc (TSX-V:IFOS, OTCQX:ITFS), 100% via Itafos Farim SARL / GB Minerals AG; principal shareholder CL Fertilizers (Castlelake LP, PE); HQ Houston (junior subsidiary of a cash-flowing fertilizer producer (PE-backed)).
Indicative financing need US$308 m (capex, Sourced).
Headline economics after-tax NPV US$572 m.
Time to first cashflow: Absent · not-yet-verified. Funding: FS-complete + fully permitted + ESIA done; PRE-FID (FID long-pending; parent-deprioritised); financing-gated.
What the screen supports vs what is outstanding. This brief assembles the evidence the platform holds, with provenance. It is not a credit recommendation — items marked Absent · not-yet-verified have had nothing read for them yet (not negatives), and the credit decision, the facility structure, and the diligence that closes those items are the institution's.
2 · Transaction overview
Financing need (pre-production capex)308 (Pre-production capex US$308m (Q4-2022 US$, Class-3 FS ±15%); includes greenfield infrastructure (hybrid solar/diesel power, Ponta Chugue mineral terminal).) Sourced
DFI capital-need bandYes — pre-production capex ~US$308m; FID pending for years (parent has prioritised its Brazil [Santana/Araxa] + Idaho [Conda] assets); no FID committed (Capex ~US$308m; FS 2023; FID long-pending / deprioritised) Sourced
Funding statusFS-complete + fully permitted + ESIA done; PRE-FID (FID long-pending; parent-deprioritised); financing-gated Sourced
Deal / fiscal structureSourced state not carried on feed
OfftakeNone binding — high-grade phosphate rock concentrate for the global fertiliser market; concentrate samples provided to potential customers (Export phosphate rock; no binding offtake cited.) Sourced
3 · Sponsor
SponsorItafos Inc (TSX-V:IFOS, OTCQX:ITFS), 100% via Itafos Farim SARL / GB Minerals AG; principal shareholder CL Fertilizers (Castlelake LP, PE); HQ Houston Sourced
Sponsor typejunior subsidiary of a cash-flowing fertilizer producer (PE-backed) state not carried on feed
OwnershipAbsent — not yet verified Absent · not-yet-verified
4 · Asset & economics
Commodity / classagri-mineral (phosphate rock / fertiliser; food security) state not carried on feed
Stage / DFI stageUpdated FS (May 2023, NI 43-101; consolidates 2015-2022 de-risk) + fully permitted (Mining Lease 004/2009 + Mining Licence, extension pending) + ESIA — PRE-FID, financing-gated/deprioritized state not carried on feed
After-tax NPV572 (10% · Updated FS (eff. 17 May 2023, filed NI 43-101 28 Jun 2023, Itafos TSX-V:IFOS; Ausenco): after-tax NPV10 US$572m at base LOM average rock price US$197.5/t concentrate, after-tax IRR 34.9%, payback 4.2yr, pre-production capex US$308m (NPV:capex 1.9:1), 25yr LOM, LOM all-in opex US$70.9/t FOB. High-grade free-dig open-pit, ROM 30.0% P2O5, reserve 43.8Mt @30% P2O5. Consolidates 2015-2022 de-risk work. Itafos 100% (Castlelake-backed). Class-3 FS estimate (±15%).) Sourced
Cost positionAbsent — not yet verified Absent · not-yet-verified
Study basisItafos (TSX-V:IFOS) Farim updated FS / NI 43-101 (eff. 17 May 2023). state not carried on feed
5 · Financial & debt analysis
After-tax NPV572 (10% · Updated FS (eff. 17 May 2023, filed NI 43-101 28 Jun 2023, Itafos TSX-V:IFOS; Ausenco): after-tax NPV10 US$572m at base LOM average rock price US$197.5/t concentrate, after-tax IRR 34.9%, payback 4.2yr, pre-production capex US$308m (NPV:capex 1.9:1), 25yr LOM, LOM all-in opex US$70.9/t FOB. High-grade free-dig open-pit, ROM 30.0% P2O5, reserve 43.8Mt @30% P2O5. Consolidates 2015-2022 de-risk work. Itafos 100% (Castlelake-backed). Class-3 FS estimate (±15%).) Sourced
Capex / financing need308 (Pre-production capex US$308m (Q4-2022 US$, Class-3 FS ±15%); includes greenfield infrastructure (hybrid solar/diesel power, Ponta Chugue mineral terminal).) Sourced
Debt capacity / DSCRAbsent · not-yet-verified — no annual margin scenario for this development-stage asset; DSCR sizing requires a projected operating margin. Absent · not-yet-verifiedMethod & the lender's-lens calculation (populated for producing assets):
debt-sizing tool.
6 · Risk
Time to cashflowAbsent Absent · not-yet-verified
→ FID → first prod
Downstream flag summaryAbsent — not yet verified Absent · not-yet-verified
Security contextAbsent — not yet verified Absent · not-yet-verified
7 · Safeguards (E&S)
Material IFC Performance StandardsAbsent — not yet verified Absent · not-yet-verified
Equator Principles categoryAbsent — not yet verified Absent · not-yet-verified
ESIA statusAbsent — not yet verified Absent · not-yet-verified
Quantified PS/EP scoreAbsent — not yet verified Absent · not-yet-verified
8 · Mandate fit & recommendation context
African multilaterals (AfDB / AFC / Afreximbank / TDB)Absent — not yet verified Absent · not-yet-verified
Western DFIs / ECAs (IFC / DFC / EU DFIs)Absent — not yet verified Absent · not-yet-verified
EBRDAbsent — not yet verified Absent · not-yet-verified
Energy-transition thematicAbsent — not yet verified Absent · not-yet-verified
Development impactGuinea-Bissau's FIRST modern mine; food-security/fertiliser; limited local infrastructure must be built; resettlement village (ESIA-screened); govt 10% free-carry (2014 Mining Code) Sourced
Recommendation context — not a recommendation. The mandate lines above state where the asset sits inside each DFI family's published scope; binding eligibility (exclusion lists, instrument fit, current country status) is confirm-with-institution. What the screen supports: a fit assessment and an assembled evidence base. What it does not do: structure the facility, price the risk, or make the credit call. That is the institution's.
Boumadine — DFI investment brief
Morocco · AuEq (gold-silver-zinc-lead polymetallic) · development (PEA) · composed v2.137.281
1 · Executive summary
Boumadine (Morocco) — AuEq (gold-silver-zinc-lead polymetallic), development (PEA). Sponsor Aya Gold & Silver Inc (TSX:AYA, OTCQX:AYASF), Canadian; anchored in Morocco; operates the producing Zgounder silver mine; mining permit held (32 km2) (junior backed by a cash-flowing producer (Zgounder)).
Indicative financing need US$446 m (capex, Sourced).
Headline economics after-tax NPV US$1500 m.
Time to first cashflow: Absent · not-yet-verified. Funding: PEA-complete (Nov 2025); FS work underway (360,000m infill drilling 2026-27; FS H2-2027); mining permit held; not a construction-financing decision yet.
What the screen supports vs what is outstanding. This brief assembles the evidence the platform holds, with provenance. It is not a credit recommendation — items marked Absent · not-yet-verified have had nothing read for them yet (not negatives), and the credit decision, the facility structure, and the diligence that closes those items are the institution's.
2 · Transaction overview
Financing need (pre-production capex)446 (Initial capital US$446m; post-tax NPV5:capex 3.3:1 base case / 6.6:1 at spot. Low capital intensity for an 8,000tpd flotation operation.) Sourced
DFI capital-need bandFuture construction capital not yet defined at FS level; Aya self-funds studies from Zgounder operating cashflow + market; PEA-stage (PEA-stage; FS to H2-2027; construction capex to be set at FS; Aya funds studies internally) Sourced
Funding statusPEA-complete (Nov 2025); FS work underway (360,000m infill drilling 2026-27; FS H2-2027); mining permit held; not a construction-financing decision yet Sourced
Deal / fiscal structureDerived state not carried on feed
OfftakeNone yet (PEA-stage); flotation plant to produce separate zinc, lead and pyrite concentrates with payable gold/silver -> smelter offtake to be arranged; near-term cashflow from a 260kt legacy pyrite-stockpile reclaim (~2.5Moz AgEq) (Concentrate (not spot doré); no binding offtake at PEA stage.) Sourced
3 · Sponsor
SponsorAya Gold & Silver Inc (TSX:AYA, OTCQX:AYASF), Canadian; anchored in Morocco; operates the producing Zgounder silver mine; mining permit held (32 km2) Sourced
Sponsor typejunior backed by a cash-flowing producer (Zgounder) state not carried on feed
OwnershipAbsent — not yet verified Absent · not-yet-verified
4 · Asset & economics
Commodity / classprecious + base polymetallic (Au-Ag-Zn-Pb; ~61% gold / 21% silver / 13% zinc / 5% lead revenue) state not carried on feed
Stage / DFI stagePEA (4 Nov 2025, NI 43-101; report filed 18 Dec 2025) + mining permit + FS work program commenced (Mar 2026; FS targeted H2-2027) — PEA-stage (pre-DFS), self-funded developer state not carried on feed
After-tax NPV1500 (5% · 2025 PEA (announced 4 Nov 2025; NI 43-101 Technical Report filed Dec 2025; QPs Lycopodium Minerals Canada + WSP Canada), Aya Gold & Silver TSX:AYA: post-tax NPV5 US$1.5bn, IRR 47%, payback 2.1yr at BASE CASE (US$2,800/oz Au, US$30/oz Ag, US$1.20/lb Zn, US$1.00/lb Pb). US$2,800/oz gold deck sits BELOW spot (~US$3,300-4,000/oz 2025-26) -> conservative, no peak inflation. Spot-price sensitivity: post-tax NPV5 US$3.0bn / IRR 77%. Pre-tax base case NPV5 US$2.2bn / IRR 69%. PEA-GRADE (preliminary, includes inferred resources; 'mineral resources that are not reserves do not have demonstrated economic viability') -> segregated PEA tier. 11-yr LOM, 8,000tpd flotation -> Zn/Pb/pyrite concentrates. Aya 85%; existing mining licence; FS targeted late 2027.) Sourced
Cost positionAbsent — not yet verified Absent · not-yet-verified
Study basisAya Gold & Silver (TSX:AYA) Boumadine 2025 PEA — PEA tier. state not carried on feed
5 · Financial & debt analysis
After-tax NPV1500 (5% · 2025 PEA (announced 4 Nov 2025; NI 43-101 Technical Report filed Dec 2025; QPs Lycopodium Minerals Canada + WSP Canada), Aya Gold & Silver TSX:AYA: post-tax NPV5 US$1.5bn, IRR 47%, payback 2.1yr at BASE CASE (US$2,800/oz Au, US$30/oz Ag, US$1.20/lb Zn, US$1.00/lb Pb). US$2,800/oz gold deck sits BELOW spot (~US$3,300-4,000/oz 2025-26) -> conservative, no peak inflation. Spot-price sensitivity: post-tax NPV5 US$3.0bn / IRR 77%. Pre-tax base case NPV5 US$2.2bn / IRR 69%. PEA-GRADE (preliminary, includes inferred resources; 'mineral resources that are not reserves do not have demonstrated economic viability') -> segregated PEA tier. 11-yr LOM, 8,000tpd flotation -> Zn/Pb/pyrite concentrates. Aya 85%; existing mining licence; FS targeted late 2027.) Sourced
Capex / financing need446 (Initial capital US$446m; post-tax NPV5:capex 3.3:1 base case / 6.6:1 at spot. Low capital intensity for an 8,000tpd flotation operation.) Sourced
Debt capacity / DSCRAbsent · not-yet-verified — no annual margin scenario for this development-stage asset; DSCR sizing requires a projected operating margin. Absent · not-yet-verifiedMethod & the lender's-lens calculation (populated for producing assets):
debt-sizing tool.
6 · Risk
Time to cashflowAbsent Absent · not-yet-verified
→ FID → first prod
Downstream flag summaryAbsent — not yet verified Absent · not-yet-verified
Security contextAbsent — not yet verified Absent · not-yet-verified
7 · Safeguards (E&S)
Material IFC Performance StandardsAbsent — not yet verified Absent · not-yet-verified
Equator Principles categoryAbsent — not yet verified Absent · not-yet-verified
ESIA statusAbsent — not yet verified Absent · not-yet-verified
Quantified PS/EP scoreAbsent — not yet verified Absent · not-yet-verified
8 · Mandate fit & recommendation context
African multilaterals (AfDB / AFC / Afreximbank / TDB)Absent — not yet verified Absent · not-yet-verified
Western DFIs / ECAs (IFC / DFC / EU DFIs)Absent — not yet verified Absent · not-yet-verified
EBRDAbsent — not yet verified Absent · not-yet-verified
Energy-transition thematicAbsent — not yet verified Absent · not-yet-verified
Development impactAnti-Atlas (Province of Errachidia); grid-power transmission line/substation + access roads planned; legacy-stockpile reclaim provides early local activity Sourced
Recommendation context — not a recommendation. The mandate lines above state where the asset sits inside each DFI family's published scope; binding eligibility (exclusion lists, instrument fit, current country status) is confirm-with-institution. What the screen supports: a fit assessment and an assembled evidence base. What it does not do: structure the facility, price the risk, or make the credit call. That is the institution's.
Lofdal — DFI investment brief
Namibia · REE (HREE: Dy/Tb/Y) · development · composed v2.137.281
1 · Executive summary
Lofdal (Namibia) — REE (HREE: Dy/Tb/Y), development. Sponsor Namibia Critical Metals Inc (TSXV:NMI, OTCQX:NMREF) 95% (5% for Historically Disadvantaged Namibians); JOGMEC (Japanese govt agency) earning 40% (-> up to 50%); Toyota Tsusho partner (Mar 2026) (junior with a Japanese sovereign-agency (JOGMEC) JV partner).
Indicative financing need US$347.9 m (capex, Sourced).
Headline economics after-tax NPV US$275.5 m.
Time to first cashflow: Absent · not-yet-verified. Funding: PFS-complete + fully permitted; DFS underway (JOGMEC-funded, Q2 2027); no production-start date disclosed; FID after DFS.
What the screen supports vs what is outstanding. This brief assembles the evidence the platform holds, with provenance. It is not a credit recommendation — items marked Absent · not-yet-verified have had nothing read for them yet (not negatives), and the credit decision, the facility structure, and the diligence that closes those items are the institution's.
2 · Transaction overview
Financing need (pre-production capex)347.9 (Total capex incl US$57.4m contingency; pre-production US$273.4m (Dec 2025 PFS).) Sourced
DFI capital-need bandCapex ~US$348m (Dec-2025 PFS, 100%-equity-financed basis); JOGMEC funds the earn-in (C$10m staged + C$3m DFS top-up), can provide non-dilutive Pre-FID capital, and has a ROFR to FULLY FUND through commercial production (Capex ~US$348m; JOGMEC earn-in + Pre-FID option + full-funding ROFR substantially de-risks capital) Sourced
Funding statusPFS-complete + fully permitted; DFS underway (JOGMEC-funded, Q2 2027); no production-start date disclosed; FID after DFS Sourced
Deal / fiscal structureSourced state not carried on feed
OfftakeJOGMEC holds a first-right-of-refusal to PURCHASE ALL PRODUCTION at market prices; JOGMEC-Iwatani investment in Carester/Caremag (France) offers a HREE separation pathway — strong Japan-aligned demand, but a ROFR not a committed binding offtake (JOGMEC purchase-all ROFR + Carester separation; ROFR is optionality, not committed volume.) Sourced
3 · Sponsor
SponsorNamibia Critical Metals Inc (TSXV:NMI, OTCQX:NMREF) 95% (5% for Historically Disadvantaged Namibians); JOGMEC (Japanese govt agency) earning 40% (-> up to 50%); Toyota Tsusho partner (Mar 2026) Sourced
Sponsor typejunior with a Japanese sovereign-agency (JOGMEC) JV partner state not carried on feed
OwnershipAbsent — not yet verified Absent · not-yet-verified
4 · Asset & economics
Commodity / classcritical/transition (HEAVY rare earths: dysprosium, terbium, yttrium for high-temperature permanent magnets) state not carried on feed
Stage / DFI stagePFS (Dec 2025, NI 43-101 'Lofdal 2B-4') + FULLY PERMITTED (25-yr Mining Licence ML200) + DFS underway (JOGMEC-funded; DFS targeted Q2 2027) — pre-DFS, sovereign-DFI-backed state not carried on feed
After-tax NPV275.5 (5% · PFS 'Lofdal 2B-4' (Dec 2025, NI 43-101 filed Jan 2026, SGS Bateman): Base Case after-tax NPV5 US$275.5m, after-tax IRR 19.0% (pre-tax US$389m / 21.7%). PFS-STAGE (preliminary, below DFS). EXTREME price-leverage — Divergent Case after-tax NPV5 US$747.9m / IRR 34.8% (Dy/Tb/Y pricing). 13yr, 1,478tpa TREO incl 119t Dy, 17.8t Tb, 841t Y; Y2O3 ~40-50% of basket. CRU price deck. Mining licence to 2046.) Sourced
Cost positionAbsent — not yet verified Absent · not-yet-verified
Study basisNamibia Critical Metals (TSXV:NMI) Lofdal 2B-4 PFS (Dec 2025); JOGMEC/Toyota Tsusho partnership. state not carried on feed
5 · Financial & debt analysis
After-tax NPV275.5 (5% · PFS 'Lofdal 2B-4' (Dec 2025, NI 43-101 filed Jan 2026, SGS Bateman): Base Case after-tax NPV5 US$275.5m, after-tax IRR 19.0% (pre-tax US$389m / 21.7%). PFS-STAGE (preliminary, below DFS). EXTREME price-leverage — Divergent Case after-tax NPV5 US$747.9m / IRR 34.8% (Dy/Tb/Y pricing). 13yr, 1,478tpa TREO incl 119t Dy, 17.8t Tb, 841t Y; Y2O3 ~40-50% of basket. CRU price deck. Mining licence to 2046.) Sourced
Capex / financing need347.9 (Total capex incl US$57.4m contingency; pre-production US$273.4m (Dec 2025 PFS).) Sourced
Debt capacity / DSCRAbsent · not-yet-verified — no annual margin scenario for this development-stage asset; DSCR sizing requires a projected operating margin. Absent · not-yet-verifiedMethod & the lender's-lens calculation (populated for producing assets):
debt-sizing tool.
6 · Risk
Time to cashflowAbsent Absent · not-yet-verified
→ FID → first prod
Downstream flag summaryAbsent — not yet verified Absent · not-yet-verified
Security contextAbsent — not yet verified Absent · not-yet-verified
7 · Safeguards (E&S)
Material IFC Performance StandardsAbsent — not yet verified Absent · not-yet-verified
Equator Principles categoryAbsent — not yet verified Absent · not-yet-verified
ESIA statusAbsent — not yet verified Absent · not-yet-verified
Quantified PS/EP scoreAbsent — not yet verified Absent · not-yet-verified
8 · Mandate fit & recommendation context
African multilaterals (AfDB / AFC / Afreximbank / TDB)Absent — not yet verified Absent · not-yet-verified
Western DFIs / ECAs (IFC / DFC / EU DFIs)Absent — not yet verified Absent · not-yet-verified
EBRDAbsent — not yet verified Absent · not-yet-verified
Energy-transition thematicAbsent — not yet verified Absent · not-yet-verified
Development impactTier-1 ex-China HREE; 5% held for Historically Disadvantaged Namibians; uranium/thorium-free concentrate; Japan supply-security integration Sourced
Recommendation context — not a recommendation. The mandate lines above state where the asset sits inside each DFI family's published scope; binding eligibility (exclusion lists, instrument fit, current country status) is confirm-with-institution. What the screen supports: a fit assessment and an assembled evidence base. What it does not do: structure the facility, price the risk, or make the credit call. That is the institution's.
Haib — DFI investment brief
Namibia · Cu · development (PEA) · composed v2.137.281
1 · Executive summary
Haib (Namibia) — Cu, development (PEA). Sponsor Koryx Copper Inc / S.A. (TSX-V:KRY, NSX:KYX, OTCQB:KRYXF; continued to Luxembourg Mar 2026), 100%; formerly Deep-South Resources; CEO Heye Daun (junior copper developer (large-capex project relative to sponsor)).
Indicative financing need US$1559 m (capex, Sourced).
Headline economics after-tax NPV US$1351 m.
Time to first cashflow: Absent · not-yet-verified. Funding: PEA-complete + updated MRE; ESIA underway; PFS late-2026, then DFS/permitting/financing — not a construction-financing decision yet.
What the screen supports vs what is outstanding. This brief assembles the evidence the platform holds, with provenance. It is not a credit recommendation — items marked Absent · not-yet-verified have had nothing read for them yet (not negatives), and the credit decision, the facility structure, and the diligence that closes those items are the institution's.
2 · Transaction overview
Financing need (pre-production capex)1559 (Upfront capital US$1,559m (2025 PEA). 2021 PEA was US$340m at a much smaller scope.) Sourced
DFI capital-need bandYes, large — PEA upfront capex ~US$1.56bn (incl 10% contingency) for a junior; financing steps come after PFS (late-2026)/DFS (Capex ~US$1.56bn; junior sponsor; clear future DFI/syndicate candidate, not engaged yet) Sourced
Funding statusPEA-complete + updated MRE; ESIA underway; PFS late-2026, then DFS/permitting/financing — not a construction-financing decision yet Sourced
Deal / fiscal structureDerived state not carried on feed
OfftakeNone yet (PEA-stage) — Cu/Mo concentrate (+ potential Cu cathode via oxide heap-leach) into liquid copper markets (LME-priced) (Copper is liquid; no binding offtake at PEA stage.) Sourced
3 · Sponsor
SponsorKoryx Copper Inc / S.A. (TSX-V:KRY, NSX:KYX, OTCQB:KRYXF; continued to Luxembourg Mar 2026), 100%; formerly Deep-South Resources; CEO Heye Daun Sourced
Sponsor typejunior copper developer (large-capex project relative to sponsor) state not carried on feed
OwnershipAbsent — not yet verified Absent · not-yet-verified
4 · Asset & economics
Commodity / classtransition (copper) + molybdenum + gold byproduct (Cu-Mo-Au porphyry) state not carried on feed
Stage / DFI stagePEA (4 Sep 2025, NI 43-101; filed 8 Oct 2025) + updated MRE (Mar 2026) + ESIA underway (Environmental Clearance Certificate application early 2026); PFS targeted late 2026 — PEA-stage, pre-DFS state not carried on feed
After-tax NPV1351 (8% · Updated PEA (4 Sep 2025, Koryx Copper TSXV:KRY; DRA/MJOI): post-tax NPV8 US$1,351m, after-tax IRR 20.1%, 23yr, 92,000t/yr payable Cu (first 10yr), C1 US$1.81/lb, AISC US$2.05/lb, 28Mtpa mill/float + 7Mtpa heap leach (89%/74% recovery). Based on the Aug-2024 MRE (2.59Mt contained Cu indicated @0.35% + inferred); updated MRE + technical study due H2-2026. STAGE CAVEAT: PEA-grade (preliminary — includes inferred resource; lower confidence than DFS). PRICE CAVEAT: 2025 PEA copper-price deck not pinned in source (2021 PEA used US$3.50/lb); flagged for back-check. Former Rio Tinto/Teck asset; large low-grade porphyry. 100% Koryx.) Sourced
Cost positionAbsent — not yet verified Absent · not-yet-verified
Study basisKoryx Copper (TSXV:KRY) Haib updated PEA (Sep 2025). state not carried on feed
5 · Financial & debt analysis
After-tax NPV1351 (8% · Updated PEA (4 Sep 2025, Koryx Copper TSXV:KRY; DRA/MJOI): post-tax NPV8 US$1,351m, after-tax IRR 20.1%, 23yr, 92,000t/yr payable Cu (first 10yr), C1 US$1.81/lb, AISC US$2.05/lb, 28Mtpa mill/float + 7Mtpa heap leach (89%/74% recovery). Based on the Aug-2024 MRE (2.59Mt contained Cu indicated @0.35% + inferred); updated MRE + technical study due H2-2026. STAGE CAVEAT: PEA-grade (preliminary — includes inferred resource; lower confidence than DFS). PRICE CAVEAT: 2025 PEA copper-price deck not pinned in source (2021 PEA used US$3.50/lb); flagged for back-check. Former Rio Tinto/Teck asset; large low-grade porphyry. 100% Koryx.) Sourced
Capex / financing need1559 (Upfront capital US$1,559m (2025 PEA). 2021 PEA was US$340m at a much smaller scope.) Sourced
Debt capacity / DSCRAbsent · not-yet-verified — no annual margin scenario for this development-stage asset; DSCR sizing requires a projected operating margin. Absent · not-yet-verifiedMethod & the lender's-lens calculation (populated for producing assets):
debt-sizing tool.
6 · Risk
Time to cashflowAbsent Absent · not-yet-verified
→ FID → first prod
Downstream flag summaryAbsent — not yet verified Absent · not-yet-verified
Security contextAbsent — not yet verified Absent · not-yet-verified
7 · Safeguards (E&S)
Material IFC Performance StandardsAbsent — not yet verified Absent · not-yet-verified
Equator Principles categoryAbsent — not yet verified Absent · not-yet-verified
ESIA statusAbsent — not yet verified Absent · not-yet-verified
Quantified PS/EP scoreAbsent — not yet verified Absent · not-yet-verified
8 · Mandate fit & recommendation context
African multilaterals (AfDB / AFC / Afreximbank / TDB)Absent — not yet verified Absent · not-yet-verified
Western DFIs / ECAs (IFC / DFC / EU DFIs)Absent — not yet verified Absent · not-yet-verified
EBRDAbsent — not yet verified Absent · not-yet-verified
Energy-transition thematicAbsent — not yet verified Absent · not-yet-verified
Development impactLarge, long-life (~23-24yr) operation in Namibia's //Karas Region; ~92ktpa payable Cu (first 10yr, PEA basis); long exploration pedigree (Falconbridge/Rio Tinto/Teck) (Production figures vary across sources; PEA headline used.) Sourced
Recommendation context — not a recommendation. The mandate lines above state where the asset sits inside each DFI family's published scope; binding eligibility (exclusion lists, instrument fit, current country status) is confirm-with-institution. What the screen supports: a fit assessment and an assembled evidence base. What it does not do: structure the facility, price the risk, or make the credit call. That is the institution's.
Orom-Cross — DFI investment brief
Uganda · graphite · development · composed v2.137.281
1 · Executive summary
Orom-Cross (Uganda) — graphite, development. Sponsor Blencowe Resources Plc (LSE:BRES), UK-listed, 100% via Ugandan subsidiary (Consolidated Resources Uganda) (junior with two DFIs engaged (US DFC + AFC)).
Indicative financing need US$170 m (capex, Sourced).
Headline economics after-tax NPV US$1254 m.
Time to first cashflow: Absent · not-yet-verified. Funding: DFS-complete + permitted; assembling P1 project finance (~US$40-45m target, primarily non-Blencowe-equity); DFC/AFC cornerstone.
What the screen supports vs what is outstanding. This brief assembles the evidence the platform holds, with provenance. It is not a credit recommendation — items marked Absent · not-yet-verified have had nothing read for them yet (not negatives), and the credit decision, the facility structure, and the diligence that closes those items are the institution's.
2 · Transaction overview
Financing need (pre-production capex)170 (Two-phase: Phase 1 US$45m (20ktpa 97% TGC concentrate + up to 3ktpa USPG), Phase 2 US$125m (to 70ktpa concentrate + up to 10ktpa USPG). Phase 1 financing (~US$40-45m) targeted via DFC/AFC/strategic partners; Phase 2 debt-plus-strategic; later phases from internal cash flow.) Sourced
DFI capital-need bandYes — phased, low capital intensity: Phase 1 ~US$40m (20ktpa concentrate, 1H-2027), Phase 2 ~US$120m (->70ktpa concentrate + 20ktpa USPG); ~US$160-170m total incl downstream beneficiation; P2 expansions from internal cashflow (Low-capex phased build; P1 ~US$40m; DFI-led financing being assembled) Sourced
Funding statusDFS-complete + permitted; assembling P1 project finance (~US$40-45m target, primarily non-Blencowe-equity); DFC/AFC cornerstone Sourced
Deal / fiscal structureSourced state not carried on feed
OfftakeNon-binding offtakes covering ALL Phase-1 volumes (convert to binding on P1 financing); Western buyer PAM (19kt/5yr) + Qingdao TaiDa (5ktpa); plus a captive in-country downstream USPG facility (Gulu) taking up to ~50% of concentrate; EU SAFELOOP link (Strong demand pathway but currently NON-BINDING; captive downstream de-risks ~50%.) Sourced
3 · Sponsor
SponsorBlencowe Resources Plc (LSE:BRES), UK-listed, 100% via Ugandan subsidiary (Consolidated Resources Uganda) Sourced
Sponsor typejunior with two DFIs engaged (US DFC + AFC) state not carried on feed
OwnershipAbsent — not yet verified Absent · not-yet-verified
4 · Asset & economics
Commodity / classtransition (natural flake graphite -> battery anode + purified USPG) state not carried on feed
Stage / DFI stageDFS completed (Dec 2025) + 21-yr Mining Licence (2019) + revised JORC Resource (Nov 2025); now in financing/development phase — DFS-grade, TWO DFIs engaged state not carried on feed
After-tax NPV1254 (10% (real) · Optimised DFS (May 2026, Blencowe Resources LSE:BRES; JORC; managed/signed-off by CPC Engineering): post-tax NPV10 US$1,254m (+15% vs Dec-2025 DFS), post-tax IRR 51%, total capex US$170m (Phase 1 US$45m / Phase 2 US$125m), 15-yr initial LOM, LOM net FCF US$4.466bn, AISC US$485/t (lowest-quartile). SUPERSEDES Dec-2025 DFS (post-tax NPV10 US$1,087m, IRR 96%) and 2022 PFS (NPV8 US$482m). IRR shift Dec->May reflects the optimised two-phase production/timeline + revised pricing/product-mix (downstream USPG). Mine-to-USPG: in-country beneficiation to uncoated spheronised purified graphite (ex-China anode supply). JORC Reserve 23.08Mt @ 5.18% TGC (resource base expanded 168% to 64.3Mt @ 6.0% TGC via Iyan/Beehive, mostly outside the reserve/mine plan). 21-yr Mining Licence (2019). Blencowe 100%. NOTE: NPV at 10% discount (issuer); graphite market structurally oversupplied (Chinese supply) - DFS assumes forward price recovery + downstream premium, NOT a spot peak (graphite prices currently weak), so passes no-peak rule but carries graphite-pricing sensitivity.) Sourced
Cost positionAbsent — not yet verified Absent · not-yet-verified
Study basisBlencowe Resources (LSE:BRES) Orom-Cross optimised DFS (May 2026, JORC). state not carried on feed
5 · Financial & debt analysis
After-tax NPV1254 (10% (real) · Optimised DFS (May 2026, Blencowe Resources LSE:BRES; JORC; managed/signed-off by CPC Engineering): post-tax NPV10 US$1,254m (+15% vs Dec-2025 DFS), post-tax IRR 51%, total capex US$170m (Phase 1 US$45m / Phase 2 US$125m), 15-yr initial LOM, LOM net FCF US$4.466bn, AISC US$485/t (lowest-quartile). SUPERSEDES Dec-2025 DFS (post-tax NPV10 US$1,087m, IRR 96%) and 2022 PFS (NPV8 US$482m). IRR shift Dec->May reflects the optimised two-phase production/timeline + revised pricing/product-mix (downstream USPG). Mine-to-USPG: in-country beneficiation to uncoated spheronised purified graphite (ex-China anode supply). JORC Reserve 23.08Mt @ 5.18% TGC (resource base expanded 168% to 64.3Mt @ 6.0% TGC via Iyan/Beehive, mostly outside the reserve/mine plan). 21-yr Mining Licence (2019). Blencowe 100%. NOTE: NPV at 10% discount (issuer); graphite market structurally oversupplied (Chinese supply) - DFS assumes forward price recovery + downstream premium, NOT a spot peak (graphite prices currently weak), so passes no-peak rule but carries graphite-pricing sensitivity.) Sourced
Capex / financing need170 (Two-phase: Phase 1 US$45m (20ktpa 97% TGC concentrate + up to 3ktpa USPG), Phase 2 US$125m (to 70ktpa concentrate + up to 10ktpa USPG). Phase 1 financing (~US$40-45m) targeted via DFC/AFC/strategic partners; Phase 2 debt-plus-strategic; later phases from internal cash flow.) Sourced
Debt capacity / DSCRAbsent · not-yet-verified — no annual margin scenario for this development-stage asset; DSCR sizing requires a projected operating margin. Absent · not-yet-verifiedMethod & the lender's-lens calculation (populated for producing assets):
debt-sizing tool.
6 · Risk
Time to cashflowAbsent Absent · not-yet-verified
→ FID → first prod
Downstream flag summaryAbsent — not yet verified Absent · not-yet-verified
Security contextAbsent — not yet verified Absent · not-yet-verified
7 · Safeguards (E&S)
Material IFC Performance StandardsAbsent — not yet verified Absent · not-yet-verified
Equator Principles categoryAbsent — not yet verified Absent · not-yet-verified
ESIA statusAbsent — not yet verified Absent · not-yet-verified
Quantified PS/EP scoreAbsent — not yet verified Absent · not-yet-verified
8 · Mandate fit & recommendation context
African multilaterals (AfDB / AFC / Afreximbank / TDB)Absent — not yet verified Absent · not-yet-verified
Western DFIs / ECAs (IFC / DFC / EU DFIs)Absent — not yet verified Absent · not-yet-verified
EBRDAbsent — not yet verified Absent · not-yet-verified
Energy-transition thematicAbsent — not yet verified Absent · not-yet-verified
Development impactUganda's prospective FIRST commercial-scale graphite mine; in-country downstream beneficiation (battery-grade USPG); 100% hydropower; strong community programmes (water/solar/school/clinic, scholarship) Sourced
Recommendation context — not a recommendation. The mandate lines above state where the asset sits inside each DFI family's published scope; binding eligibility (exclusion lists, instrument fit, current country status) is confirm-with-institution. What the screen supports: a fit assessment and an assembled evidence base. What it does not do: structure the facility, price the risk, or make the credit call. That is the institution's.
Bankan — DFI investment brief
Guinea · Au · development · composed v2.137.281
1 · Executive summary
Bankan (Guinea) — Au, development. Sponsor Predictive Discovery Ltd (ASX:PDI), 100%; post-Apr-2026 merger with Robex PDI now also operates Kiniero (Guinea) + Nampala (Mali) — a producer+developer; MD Andrew Pardey (developer now backed by producing mines (Kiniero + Nampala cashflow)).
Indicative financing need US$463 m (capex, Sourced).
Headline economics after-tax NPV US$1637 m.
Time to first cashflow: Absent · not-yet-verified. Funding: DFS-complete; ESIA approved; Exploitation Permit in final review; construction targeted Q2-2026 subject to permit + FID; financing process commencing.
What the screen supports vs what is outstanding. This brief assembles the evidence the platform holds, with provenance. It is not a credit recommendation — items marked Absent · not-yet-verified have had nothing read for them yet (not negatives), and the credit decision, the facility structure, and the diligence that closes those items are the institution's.
2 · Transaction overview
Financing need (pre-production capex)463 (Upfront incl US$34m contingency + pre-production/indirect (Jun 2025 DFS).) Sourced
DFI capital-need bandCapex ~US$463m (incl ~US$34m contingency); producing-asset cashflow supports but does not eliminate external funding; financing process commencing post-DFS (Capex ~US$463m; bankable gold DFS; commercial project-finance/streaming/royalty candidate) Sourced
Funding statusDFS-complete; ESIA approved; Exploitation Permit in final review; construction targeted Q2-2026 subject to permit + FID; financing process commencing Sourced
Deal / fiscal structureSourced state not carried on feed
OfftakeGold dore produced on site -> sold at spot (no offtake required); 92.8% recovery; ~250kozpa (Gold doré is spot-liquid; no offtake counterparty needed.) Sourced
3 · Sponsor
SponsorPredictive Discovery Ltd (ASX:PDI), 100%; post-Apr-2026 merger with Robex PDI now also operates Kiniero (Guinea) + Nampala (Mali) — a producer+developer; MD Andrew Pardey Sourced
Sponsor typedeveloper now backed by producing mines (Kiniero + Nampala cashflow) state not carried on feed
OwnershipAbsent — not yet verified Absent · not-yet-verified
4 · Asset & economics
Commodity / classprecious (gold) — neutral/safe-haven commodity state not carried on feed
Stage / DFI stageDFS (Jun 2025, builds on Apr-2024 PFS) + ESIA approved (env compliance certificate, Jan 2025) + Exploitation Permit application (Jan 2025) in final govt review — construction-ready, financing commencing state not carried on feed
After-tax NPV1637 (5% · CORRECTED 7 Sep 2026 from 1,600 (release headline 'US$1.6bn') to the exact Table 1.2 figure US$1,637m. DFS (Jun 2025, ASX:PDI): post-tax NPV5 US$1.6bn @ US$2,400/oz (median LT consensus base case), IRR 46%, payback <2yr, 12.2yr, avg ~250koz/yr, AISC US$1,057/oz. Strong gold-price leverage (+~US$140m NPV per +US$100/oz) — upside NPV5 US$2.9bn / IRR 73% @ ~US$3,300/oz. Supersedes Apr-2024 PFS (NPV5 US$668m @ US$1,800/oz; US$1.4bn @ US$2,300). Tier-1; Guinea's largest future gold mine. Exploitation Permit in final review (Dec-2025 qtr); PDI-Robex merger completed 15 Apr 2026.) Sourced
Cost positionAbsent — not yet verified Absent · not-yet-verified
Study basisPredictive Discovery (ASX:PDI) Bankan DFS (Jun 2025); now part of PDI-Robex (merged Apr 2026). state not carried on feed
5 · Financial & debt analysis
After-tax NPV1637 (5% · CORRECTED 7 Sep 2026 from 1,600 (release headline 'US$1.6bn') to the exact Table 1.2 figure US$1,637m. DFS (Jun 2025, ASX:PDI): post-tax NPV5 US$1.6bn @ US$2,400/oz (median LT consensus base case), IRR 46%, payback <2yr, 12.2yr, avg ~250koz/yr, AISC US$1,057/oz. Strong gold-price leverage (+~US$140m NPV per +US$100/oz) — upside NPV5 US$2.9bn / IRR 73% @ ~US$3,300/oz. Supersedes Apr-2024 PFS (NPV5 US$668m @ US$1,800/oz; US$1.4bn @ US$2,300). Tier-1; Guinea's largest future gold mine. Exploitation Permit in final review (Dec-2025 qtr); PDI-Robex merger completed 15 Apr 2026.) Sourced
Capex / financing need463 (Upfront incl US$34m contingency + pre-production/indirect (Jun 2025 DFS).) Sourced
Debt capacity / DSCRAbsent · not-yet-verified — no annual margin scenario for this development-stage asset; DSCR sizing requires a projected operating margin. Absent · not-yet-verifiedMethod & the lender's-lens calculation (populated for producing assets):
debt-sizing tool.
6 · Risk
Time to cashflowAbsent Absent · not-yet-verified
→ FID → first prod
Downstream flag summaryAbsent — not yet verified Absent · not-yet-verified
Security contextAbsent — not yet verified Absent · not-yet-verified
7 · Safeguards (E&S)
Material IFC Performance StandardsAbsent — not yet verified Absent · not-yet-verified
Equator Principles categoryAbsent — not yet verified Absent · not-yet-verified
ESIA statusAbsent — not yet verified Absent · not-yet-verified
Quantified PS/EP scoreAbsent — not yet verified Absent · not-yet-verified
8 · Mandate fit & recommendation context
African multilaterals (AfDB / AFC / Afreximbank / TDB)Absent — not yet verified Absent · not-yet-verified
Western DFIs / ECAs (IFC / DFC / EU DFIs)Absent — not yet verified Absent · not-yet-verified
EBRDAbsent — not yet verified Absent · not-yet-verified
Energy-transition thematicAbsent — not yet verified Absent · not-yet-verified
Development impactOne of Africa's largest undeveloped gold projects (5.53Moz MRE / 2.95Moz reserve); ~250kozpa over 12.2yr; ~1,500 peak construction jobs; potentially Guinea's largest gold mine Sourced
Recommendation context — not a recommendation. The mandate lines above state where the asset sits inside each DFI family's published scope; binding eligibility (exclusion lists, instrument fit, current country status) is confirm-with-institution. What the screen supports: a fit assessment and an assembled evidence base. What it does not do: structure the facility, price the risk, or make the credit call. That is the institution's.
Zanaga — DFI investment brief
Republic of Congo · Fe · development · composed v2.137.281
1 · Executive summary
Zanaga (Republic of Congo) — Fe, development. Sponsor Zanaga Iron Ore Company (LON:ZIOC), 100% via MPD Congo (Jumelles BVI/Mauritius); GLENCORE FULLY EXITED (sold down 2022 -> Mar 2025, ~US$15-21.5m buyback); Sir Mick Davis associated (junior with ownership in transition (pending Red Arc majority-sale)).
Indicative financing need US$4050 m (capex, Sourced).
Headline economics after-tax NPV US$4900 m.
Time to first cashflow: Absent · not-yet-verified. Funding: Permitted + Apr-2026 economic update; pre-construction; pending Red Arc majority-sale to fund development; financing not arranged.
What the screen supports vs what is outstanding. This brief assembles the evidence the platform holds, with provenance. It is not a credit recommendation — items marked Absent · not-yet-verified have had nothing read for them yet (not negatives), and the credit decision, the facility structure, and the diligence that closes those items are the institution's.
2 · Transaction overview
Financing need (pre-production capex)4050 (Combined Stage 1+2 (Stage 1 ~US$2.17bn).) Sourced
DFI capital-need bandVery large — Apr-2026 update: Stage 1 capex ~US$2.17bn; combined Stage 1+2 ~US$4.05bn; infrastructure-heavy (must build a slurry pipeline + a NEW mining port north of Pointe-Noire; no mineral port exists) (US$2.17-4.05bn capex + greenfield rail/pipeline/port; major DFI/strategic-partner + infrastructure financing required) Sourced
Funding statusPermitted + Apr-2026 economic update; pre-construction; pending Red Arc majority-sale to fund development; financing not arranged Sourced
Deal / fiscal structureSourced state not carried on feed
OfftakeNone binding — Glencore legacy offtake removed on exit; DRI-grade (68%+ Fe) pellet feed targets the green-steel/H2-DRI market; Gulf Iron & Steel relationship early; no offtake agreement announced (Premium DRI-grade product; no binding offtake yet.) Sourced
3 · Sponsor
SponsorZanaga Iron Ore Company (LON:ZIOC), 100% via MPD Congo (Jumelles BVI/Mauritius); GLENCORE FULLY EXITED (sold down 2022 -> Mar 2025, ~US$15-21.5m buyback); Sir Mick Davis associated (Glencore no longer involved (clean); COI hard-stop not triggered.) Sourced
Sponsor typejunior with ownership in transition (pending Red Arc majority-sale) state not carried on feed
OwnershipAbsent — not yet verified Absent · not-yet-verified
4 · Asset & economics
Commodity / classindustrial (high-grade DRI-grade iron ore; green-steel/H2-DRI relevance) state not carried on feed
Stage / DFI stageFS + FULLY PERMITTED (Mining Licence + Environmental Permit) + Apr-2026 economic update (DRI-grade revision) — pre-construction; world-class scale but infrastructure-stranded state not carried on feed
After-tax NPV4900 (10% · Zanaga Iron Ore Company (ZIOC, AIM) Feasibility Study (2014, updated April 2024; further economic update April 2026): combined Stage 1+2 post-tax NPV10 ~US$4.90bn, IRR 24.3%; Stage 1 alone NPV10 ~US$2.54bn / IRR 22.5%. Combined capex ~US$4.05bn (Stage 1 ~US$2.17bn; Stage 2 expansion ~US$1.87bn). 30Mtpa high-grade DRI pellet feed, 30-yr LOM, 350km slurry pipeline to Pointe-Indienne. A DRI-enhanced sensitivity (Oct 2025) lifted post-tax NPV10 to ~US$5.21bn. IMPORTANT: struck at a 10% discount, NOT 8% — not directly comparable to the NPV8 comparator. Republic of Congo (Congo-Brazzaville) — NOT DRC.) Sourced
Cost positionAbsent — not yet verified Absent · not-yet-verified
Study basisAbsent — not yet verified Absent · not-yet-verified
5 · Financial & debt analysis
After-tax NPV4900 (10% · Zanaga Iron Ore Company (ZIOC, AIM) Feasibility Study (2014, updated April 2024; further economic update April 2026): combined Stage 1+2 post-tax NPV10 ~US$4.90bn, IRR 24.3%; Stage 1 alone NPV10 ~US$2.54bn / IRR 22.5%. Combined capex ~US$4.05bn (Stage 1 ~US$2.17bn; Stage 2 expansion ~US$1.87bn). 30Mtpa high-grade DRI pellet feed, 30-yr LOM, 350km slurry pipeline to Pointe-Indienne. A DRI-enhanced sensitivity (Oct 2025) lifted post-tax NPV10 to ~US$5.21bn. IMPORTANT: struck at a 10% discount, NOT 8% — not directly comparable to the NPV8 comparator. Republic of Congo (Congo-Brazzaville) — NOT DRC.) Sourced
Capex / financing need4050 (Combined Stage 1+2 (Stage 1 ~US$2.17bn).) Sourced
Debt capacity / DSCRAbsent · not-yet-verified — no annual margin scenario for this development-stage asset; DSCR sizing requires a projected operating margin. Absent · not-yet-verifiedMethod & the lender's-lens calculation (populated for producing assets):
debt-sizing tool.
6 · Risk
Time to cashflowAbsent Absent · not-yet-verified
→ FID → first prod
Downstream flag summaryAbsent — not yet verified Absent · not-yet-verified
Security contextAbsent — not yet verified Absent · not-yet-verified
7 · Safeguards (E&S)
Material IFC Performance StandardsAbsent — not yet verified Absent · not-yet-verified
Equator Principles categoryAbsent — not yet verified Absent · not-yet-verified
ESIA statusAbsent — not yet verified Absent · not-yet-verified
Quantified PS/EP scoreAbsent — not yet verified Absent · not-yet-verified
8 · Mandate fit & recommendation context
African multilaterals (AfDB / AFC / Afreximbank / TDB)Absent — not yet verified Absent · not-yet-verified
Western DFIs / ECAs (IFC / DFC / EU DFIs)Absent — not yet verified Absent · not-yet-verified
EBRDAbsent — not yet verified Absent · not-yet-verified
Energy-transition thematicAbsent — not yet verified Absent · not-yet-verified
Development impactWorld-class scale (6.9Bt JORC, among the largest globally); 30Mtpa over ~30yr (staged); premium DRI pellet feed for low-carbon steel; major Congolese infrastructure (pipeline + new port) Sourced
Recommendation context — not a recommendation. The mandate lines above state where the asset sits inside each DFI family's published scope; binding eligibility (exclusion lists, instrument fit, current country status) is confirm-with-institution. What the screen supports: a fit assessment and an assembled evidence base. What it does not do: structure the facility, price the risk, or make the credit call. That is the institution's.
Muntanga — DFI investment brief
Zambia · U3O8 · development · composed v2.137.281
1 · Executive summary
Muntanga (Zambia) — U3O8, development. Sponsor Atomic Eagle Limited (ASX:AEU, OTCQX:AEUXF) now 100% (OWNERSHIP TRANSITION from GoviEx Uranium, which authored the FS); CEO lineage via GoviEx (Daniel Major) (junior uranium developer (recently changed hands GoviEx -> Atomic Eagle)).
Indicative financing need US$282 m (capex, Sourced).
Headline economics after-tax NPV US$243 m.
Time to first cashflow: Absent · not-yet-verified. Funding: FS-complete + fully permitted + ESIA/RAP approved (Jun 2026); financing-gated (LOIs received); production ~2yr after financing (base case 2028).
What the screen supports vs what is outstanding. This brief assembles the evidence the platform holds, with provenance. It is not a credit recommendation — items marked Absent · not-yet-verified have had nothing read for them yet (not negatives), and the credit decision, the facility structure, and the diligence that closes those items are the institution's.
2 · Transaction overview
Financing need (pre-production capex)282 (Initial capital US$281.9m (Processing US$137.7m, HL pads/stackers US$49.8m, Mining US$36.9m, Power US$20.0m, Mining infra US$14.1m, Roads US$9.7m, Water US$5.8m, G&A US$4.1m, Relocation US$3.9m); sustaining US$100.7m (mostly mining-fleet replacement); 10% contingency included.) Sourced
DFI capital-need bandYes — capex ~US$282m (heap-leach); financing-gated; LOIs from financing institutions received; advisor (Endeavour Financial) appointed; no DFI named (Capex ~US$282m; near-term; LOIs received but financing not closed) Sourced
Funding statusFS-complete + fully permitted + ESIA/RAP approved (Jun 2026); financing-gated (LOIs received); production ~2yr after financing (base case 2028) Sourced
Deal / fiscal structureSourced state not carried on feed
OfftakeNone binding — discussions underway with potential off-takers (both Western and non-Western nuclear markets) (Uranium term contracts not yet signed.) Sourced
3 · Sponsor
SponsorAtomic Eagle Limited (ASX:AEU, OTCQX:AEUXF) now 100% (OWNERSHIP TRANSITION from GoviEx Uranium, which authored the FS); CEO lineage via GoviEx (Daniel Major) (GoviEx -> Atomic Eagle ownership transition (recent); Atomic Eagle restated the GoviEx FS.) Sourced
Sponsor typejunior uranium developer (recently changed hands GoviEx -> Atomic Eagle) state not carried on feed
OwnershipAbsent — not yet verified Absent · not-yet-verified
4 · Asset & economics
Commodity / classcritical/transition (uranium — nuclear fuel; energy security + clean-energy/AI power demand) state not carried on feed
Stage / DFI stageFS/BFS (GoviEx, Jan/Mar 2025, NI 43-101; restated by Atomic Eagle) + FULLY MINE-PERMITTED + ESIA APPROVED (ZEMA, Jun 2026) + RAP 'No Objection' (Jun 2026) — near-term, financing-gated state not carried on feed
After-tax NPV243 (8% · Feasibility Study (NI 43-101; Ukwazi/SRK/SGS Bateman; reserves effective 1 Jan 2025; announced 23 Jan 2025, filed Mar 2025): after-tax NPV8% US$243m at BASE CASE US$90/lb U3O8, after-tax IRR 20.8%, payback 3.8yr. Published price sensitivity (Mineral-Reserve case): US$80/lb -> NPV8 US$153m (IRR 16.5%); US$90/lb -> US$243m; US$100/lb -> US$332m; US$110/lb -> US$421m (~US$45m per US$5/lb, linear). OpEx US$32.2/lb, AISC US$47.3/lb (excl. royalties). Production avg 2.2Mlb/yr U3O8 over 12-yr LOM; 3.5Mtpa ore; shallow open-pit + heap leach; recovery ~90-93%; quick start-up. Probable Reserve 28.0Mlb (Muntanga 8.4Mt @331ppm =6.1Mlb + Dibbwi East 31.2Mt @317ppm =21.9Mlb); M&I 40.0Mlb. Fully mine-permitted (3 mining licences); 100% GoviEx; production targeted 2028; export via Walvis Bay (Namibia). NOTE: base case US$90/lb is term-price basis (above current spot ~US$70-80/lb but below the 2024 spot peak ~US$107/lb) -> passes no-peak; price sensitivity transparent. Corporate: GoviEx completed an arrangement with Tombador Iron (Nov 2025) — Muntanga FS unaffected.) Sourced
Cost positionAbsent — not yet verified Absent · not-yet-verified
Study basisGoviEx Uranium (TSXV:GXU) Muntanga FS (NI 43-101; Ukwazi/SRK/SGS Bateman; effective 1 Jan 2025). state not carried on feed
5 · Financial & debt analysis
After-tax NPV243 (8% · Feasibility Study (NI 43-101; Ukwazi/SRK/SGS Bateman; reserves effective 1 Jan 2025; announced 23 Jan 2025, filed Mar 2025): after-tax NPV8% US$243m at BASE CASE US$90/lb U3O8, after-tax IRR 20.8%, payback 3.8yr. Published price sensitivity (Mineral-Reserve case): US$80/lb -> NPV8 US$153m (IRR 16.5%); US$90/lb -> US$243m; US$100/lb -> US$332m; US$110/lb -> US$421m (~US$45m per US$5/lb, linear). OpEx US$32.2/lb, AISC US$47.3/lb (excl. royalties). Production avg 2.2Mlb/yr U3O8 over 12-yr LOM; 3.5Mtpa ore; shallow open-pit + heap leach; recovery ~90-93%; quick start-up. Probable Reserve 28.0Mlb (Muntanga 8.4Mt @331ppm =6.1Mlb + Dibbwi East 31.2Mt @317ppm =21.9Mlb); M&I 40.0Mlb. Fully mine-permitted (3 mining licences); 100% GoviEx; production targeted 2028; export via Walvis Bay (Namibia). NOTE: base case US$90/lb is term-price basis (above current spot ~US$70-80/lb but below the 2024 spot peak ~US$107/lb) -> passes no-peak; price sensitivity transparent. Corporate: GoviEx completed an arrangement with Tombador Iron (Nov 2025) — Muntanga FS unaffected.) Sourced
Capex / financing need282 (Initial capital US$281.9m (Processing US$137.7m, HL pads/stackers US$49.8m, Mining US$36.9m, Power US$20.0m, Mining infra US$14.1m, Roads US$9.7m, Water US$5.8m, G&A US$4.1m, Relocation US$3.9m); sustaining US$100.7m (mostly mining-fleet replacement); 10% contingency included.) Sourced
Debt capacity / DSCRAbsent · not-yet-verified — no annual margin scenario for this development-stage asset; DSCR sizing requires a projected operating margin. Absent · not-yet-verifiedMethod & the lender's-lens calculation (populated for producing assets):
debt-sizing tool.
6 · Risk
Time to cashflowAbsent Absent · not-yet-verified
→ FID → first prod
Downstream flag summaryAbsent — not yet verified Absent · not-yet-verified
Security contextAbsent — not yet verified Absent · not-yet-verified
7 · Safeguards (E&S)
Material IFC Performance StandardsAbsent — not yet verified Absent · not-yet-verified
Equator Principles categoryAbsent — not yet verified Absent · not-yet-verified
ESIA statusAbsent — not yet verified Absent · not-yet-verified
Quantified PS/EP scoreAbsent — not yet verified Absent · not-yet-verified
8 · Mandate fit & recommendation context
African multilaterals (AfDB / AFC / Afreximbank / TDB)Absent — not yet verified Absent · not-yet-verified
Western DFIs / ECAs (IFC / DFC / EU DFIs)Absent — not yet verified Absent · not-yet-verified
EBRDAbsent — not yet verified Absent · not-yet-verified
Energy-transition thematicAbsent — not yet verified Absent · not-yet-verified
Development impactNear-term uranium (one of few that can help bridge the supply gap); supports Zambia's mining diversification beyond copper; IFC-PS-aligned, no tailings storage, low acid (Zambia surplus sulfuric acid) Sourced
Recommendation context — not a recommendation. The mandate lines above state where the asset sits inside each DFI family's published scope; binding eligibility (exclusion lists, instrument fit, current country status) is confirm-with-institution. What the screen supports: a fit assessment and an assembled evidence base. What it does not do: structure the facility, price the risk, or make the credit call. That is the institution's.
Bilboes — DFI investment brief
Zimbabwe · Au · development · composed v2.137.281
1 · Executive summary
Bilboes (Zimbabwe) — Au, development. Sponsor Caledonia Mining Corporation Plc (NYSE American/AIM/VFEX:CMCL), 100% (acquired Bilboes Gold Jan 2023); established Zimbabwe gold producer (operates the Blanket Mine); CEO Mark Learmonth (established in-country gold producer (Blanket Mine cashflow)).
Indicative financing need US$584 m (capex, Sourced).
Headline economics after-tax NPV US$582 m.
Time to first cashflow: Absent · not-yet-verified. Funding: FID taken; ADVANCED commercial funding — US$150m convertible notes RAISED (Jan 2026, 4x oversubscribed); interim bank facility (Zim/SA) targeted mid-2026; project finance from Q1 2026; full package targeted late-2026/early-2027.
What the screen supports vs what is outstanding. This brief assembles the evidence the platform holds, with provenance. It is not a credit recommendation — items marked Absent · not-yet-verified have had nothing read for them yet (not negatives), and the credit decision, the facility structure, and the diligence that closes those items are the institution's.
2 · Transaction overview
Financing need (pre-production capex)584 (Initial capital US$584m (peak funding requirement US$484m); +45% vs the PEA/IA from cost escalation + FX (US$35m), scope refinement (US$86m) and services/contingency (US$59m). FEED underway.) Sourced
DFI capital-need bandPeak funding requirement ~US$484m, primarily NON-RECOURSE senior debt + Blanket internal equity + royalties/streams/mezzanine/convertibles; NOT DFI-dependent (Peak funding ~US$484m; advanced commercial-finance execution, producer-backed) Sourced
Funding statusFID taken; ADVANCED commercial funding — US$150m convertible notes RAISED (Jan 2026, 4x oversubscribed); interim bank facility (Zim/SA) targeted mid-2026; project finance from Q1 2026; full package targeted late-2026/early-2027 Sourced
Deal / fiscal structureSourced state not carried on feed
OfftakeGold dore -> spot market (no offtake required); Caledonia has a gold HEDGE (US$3,500/oz floor, ~3,000 oz/month Jan-2026 to Dec-2028 on Blanket) to underpin Bilboes funding (Gold doré spot-liquid; hedge supports lenders.) Sourced
3 · Sponsor
SponsorCaledonia Mining Corporation Plc (NYSE American/AIM/VFEX:CMCL), 100% (acquired Bilboes Gold Jan 2023); established Zimbabwe gold producer (operates the Blanket Mine); CEO Mark Learmonth Sourced
Sponsor typeestablished in-country gold producer (Blanket Mine cashflow) state not carried on feed
OwnershipAbsent — not yet verified Absent · not-yet-verified
4 · Asset & economics
Commodity / classprecious (gold) — neutral/safe-haven commodity state not carried on feed
Stage / DFI stageFS published (25 Nov 2025) + DECISION TO PROCEED (FID) + FULLY PERMITTED + FEED commencing; advanced multi-stage funding underway — among the most advanced assets in the screen state not carried on feed
After-tax NPV582 (8% · Feasibility Study (Nov 2025; DRA Projects; NI 43-101 / S-K 1300 Technical Report Summary filed with the SEC, effective 31 Oct 2025), Caledonia Mining NYSE-American/AIM/VFEX:CMCL: base-case post-tax NPV8 US$582m at a consensus US$2,548/oz gold price, IRR 32.5%, payback 1.7yr. Conservative deck — US$2,548/oz sits well BELOW spot (~US$3,300-4,000/oz over 2025-26), so no peak-price inflation. Published price scenarios: US$2,548/oz->US$582m; US$3,648/oz->US$1,234m; US$5,177/oz->US$1,992m. Board decision to proceed announced 25 Nov 2025; single-phase development confirmed most economic; FEED commenced; US$150m convertible notes closed Jan 2026. 100% Caledonia (acquired Jan 2023). Supersedes the Jun-2024 PEA and the pre-acquisition 2022 DFS.) Sourced
Cost positionAbsent — not yet verified Absent · not-yet-verified
Study basisCaledonia Mining (CMCL) Bilboes Feasibility Study, November 2025 — after-tax tier. state not carried on feed
5 · Financial & debt analysis
After-tax NPV582 (8% · Feasibility Study (Nov 2025; DRA Projects; NI 43-101 / S-K 1300 Technical Report Summary filed with the SEC, effective 31 Oct 2025), Caledonia Mining NYSE-American/AIM/VFEX:CMCL: base-case post-tax NPV8 US$582m at a consensus US$2,548/oz gold price, IRR 32.5%, payback 1.7yr. Conservative deck — US$2,548/oz sits well BELOW spot (~US$3,300-4,000/oz over 2025-26), so no peak-price inflation. Published price scenarios: US$2,548/oz->US$582m; US$3,648/oz->US$1,234m; US$5,177/oz->US$1,992m. Board decision to proceed announced 25 Nov 2025; single-phase development confirmed most economic; FEED commenced; US$150m convertible notes closed Jan 2026. 100% Caledonia (acquired Jan 2023). Supersedes the Jun-2024 PEA and the pre-acquisition 2022 DFS.) Sourced
Capex / financing need584 (Initial capital US$584m (peak funding requirement US$484m); +45% vs the PEA/IA from cost escalation + FX (US$35m), scope refinement (US$86m) and services/contingency (US$59m). FEED underway.) Sourced
Debt capacity / DSCRAbsent · not-yet-verified — no annual margin scenario for this development-stage asset; DSCR sizing requires a projected operating margin. Absent · not-yet-verifiedMethod & the lender's-lens calculation (populated for producing assets):
debt-sizing tool.
6 · Risk
Time to cashflowAbsent Absent · not-yet-verified
→ FID → first prod
Downstream flag summaryAbsent — not yet verified Absent · not-yet-verified
Security contextAbsent — not yet verified Absent · not-yet-verified
7 · Safeguards (E&S)
Material IFC Performance StandardsAbsent — not yet verified Absent · not-yet-verified
Equator Principles categoryAbsent — not yet verified Absent · not-yet-verified
ESIA statusAbsent — not yet verified Absent · not-yet-verified
Quantified PS/EP scoreAbsent — not yet verified Absent · not-yet-verified
8 · Mandate fit & recommendation context
African multilaterals (AfDB / AFC / Afreximbank / TDB)Absent — not yet verified Absent · not-yet-verified
Western DFIs / ECAs (IFC / DFC / EU DFIs)Absent — not yet verified Absent · not-yet-verified
EBRDAbsent — not yet verified Absent · not-yet-verified
Energy-transition thematicAbsent — not yet verified Absent · not-yet-verified
Development impactLarge high-grade gold; FX earnings + tax for Zimbabwe; community participation schemes (replicating Blanket's Gwanda Community Share Ownership Trust); first production ~late 2028 Sourced
Recommendation context — not a recommendation. The mandate lines above state where the asset sits inside each DFI family's published scope; binding eligibility (exclusion lists, instrument fit, current country status) is confirm-with-institution. What the screen supports: a fit assessment and an assembled evidence base. What it does not do: structure the facility, price the risk, or make the credit call. That is the institution's.
Douta — DFI investment brief
Senegal · Au · development (PFS) · composed v2.137.281
1 · Executive summary
Douta (Senegal) — Au, development (PFS). Sponsor Thor Explorations Ltd (AIM:THX, TSXV:THX), 100% (acquired remaining 30% from IMC, Sep 2025); operates the producing Segilola gold mine in Nigeria; ~US$137m cash (end-2025) (developer backed by a producing mine (Segilola cashflow)).
Indicative financing need US$254 m (capex, Sourced).
Headline economics after-tax NPV US$633 m.
Time to first cashflow: Absent · not-yet-verified. Funding: PFS-complete + ESIA approved; Mining Convention being finalised; detailed design + construction H2-2026; first production 2028.
What the screen supports vs what is outstanding. This brief assembles the evidence the platform holds, with provenance. It is not a credit recommendation — items marked Absent · not-yet-verified have had nothing read for them yet (not negatives), and the credit decision, the facility structure, and the diligence that closes those items are the institution's.
2 · Transaction overview
Financing need (pre-production capex)254 (Initial construction capital US$254m (Jan 2026 PFS); payback ~11 months at base case.) Sourced
DFI capital-need bandInitial development capital ~US$253.5m; ~US$137m cash on hand (end-2025) + Segilola cashflow; construction financing to be finalised (Capex ~US$253.5m vs ~US$137m cash + Segilola cashflow; commercial-finance candidate) Sourced
Funding statusPFS-complete + ESIA approved; Mining Convention being finalised; detailed design + construction H2-2026; first production 2028 Sourced
Deal / fiscal structureSourced state not carried on feed
OfftakeGold dore -> spot market (no offtake required); ~1Moz LOM; oxide phase ~103kozpa (Gold doré spot-liquid.) Sourced
3 · Sponsor
SponsorThor Explorations Ltd (AIM:THX, TSXV:THX), 100% (acquired remaining 30% from IMC, Sep 2025); operates the producing Segilola gold mine in Nigeria; ~US$137m cash (end-2025) Sourced
Sponsor typedeveloper backed by a producing mine (Segilola cashflow) state not carried on feed
OwnershipAbsent — not yet verified Absent · not-yet-verified
4 · Asset & economics
Commodity / classprecious (gold) — neutral/safe-haven commodity state not carried on feed
Stage / DFI stagePFS completed (Jan 2026) + ESIA APPROVED (Senegal Ministry of Environment, Jan 2026); Mining Convention being finalised; detailed design + construction H2-2026 — PFS-stage, advancing to construction state not carried on feed
After-tax NPV633 (5% · PFS (Jan 2026, Thor Explorations TSXV:THX/AIM): post-tax NPV5 US$633m @ US$3,500/oz (statutory 30% Senegal CIT, excl. mining-convention incentives), post-tax IRR 61%, payback 11 months, 12.5yr, probable reserve 1.2Moz. Pre-tax NPV5 US$908m / IRR 73% @ US$3,500; pre-tax US$1.43bn / 102% @ US$4,250/oz. Oxide phase yrs1-4: 413koz @ AISC US$1,493/oz; LOM avg ~82koz/yr at higher LOM AISC (~US$1,890/oz) as primary/roasting ore enters later. STAGE CAVEAT: PFS-grade (preliminary, pre-DFS). US$3,500/oz base deck is the closest-to-current of any asset here. ESIA approved Jan 2026; mining-convention talks ongoing. Thor 100% economic interest.) Sourced
Cost positionAbsent — not yet verified Absent · not-yet-verified
Study basisThor Explorations (TSXV:THX/AIM) Douta PFS (Jan 2026). state not carried on feed
5 · Financial & debt analysis
After-tax NPV633 (5% · PFS (Jan 2026, Thor Explorations TSXV:THX/AIM): post-tax NPV5 US$633m @ US$3,500/oz (statutory 30% Senegal CIT, excl. mining-convention incentives), post-tax IRR 61%, payback 11 months, 12.5yr, probable reserve 1.2Moz. Pre-tax NPV5 US$908m / IRR 73% @ US$3,500; pre-tax US$1.43bn / 102% @ US$4,250/oz. Oxide phase yrs1-4: 413koz @ AISC US$1,493/oz; LOM avg ~82koz/yr at higher LOM AISC (~US$1,890/oz) as primary/roasting ore enters later. STAGE CAVEAT: PFS-grade (preliminary, pre-DFS). US$3,500/oz base deck is the closest-to-current of any asset here. ESIA approved Jan 2026; mining-convention talks ongoing. Thor 100% economic interest.) Sourced
Capex / financing need254 (Initial construction capital US$254m (Jan 2026 PFS); payback ~11 months at base case.) Sourced
Debt capacity / DSCRAbsent · not-yet-verified — no annual margin scenario for this development-stage asset; DSCR sizing requires a projected operating margin. Absent · not-yet-verifiedMethod & the lender's-lens calculation (populated for producing assets):
debt-sizing tool.
6 · Risk
Time to cashflowAbsent Absent · not-yet-verified
→ FID → first prod
Downstream flag summaryAbsent — not yet verified Absent · not-yet-verified
Security contextAbsent — not yet verified Absent · not-yet-verified
7 · Safeguards (E&S)
Material IFC Performance StandardsAbsent — not yet verified Absent · not-yet-verified
Equator Principles categoryAbsent — not yet verified Absent · not-yet-verified
ESIA statusAbsent — not yet verified Absent · not-yet-verified
Quantified PS/EP scoreAbsent — not yet verified Absent · not-yet-verified
8 · Mandate fit & recommendation context
African multilaterals (AfDB / AFC / Afreximbank / TDB)Absent — not yet verified Absent · not-yet-verified
Western DFIs / ECAs (IFC / DFC / EU DFIs)Absent — not yet verified Absent · not-yet-verified
EBRDAbsent — not yet verified Absent · not-yet-verified
Energy-transition thematicAbsent — not yet verified Absent · not-yet-verified
Development impact~1Moz LOM over 12.6yr; would add to Senegal's industrial gold sector (after Sabodala-Massawa, Mako); jobs + FX/tax Sourced
Recommendation context — not a recommendation. The mandate lines above state where the asset sits inside each DFI family's published scope; binding eligibility (exclusion lists, instrument fit, current country status) is confirm-with-institution. What the screen supports: a fit assessment and an assembled evidence base. What it does not do: structure the facility, price the risk, or make the credit call. That is the institution's.
Bekisopa — DFI investment brief
Madagascar · Fe · development (PFS) · composed v2.137.281
1 · Executive summary
Bekisopa (Madagascar) — Fe, development (PFS). Sponsor AKORA Resources Ltd (ASX:AKO), 100% (acquired 2014); Australian junior with four Madagascar iron-ore projects; CEO Peter Bird (small-cap junior (low-capex, near-term DSO)).
Indicative financing need US$61 m (capex, Sourced).
Headline economics Absent · not-yet-verified.
Time to first cashflow: Absent · not-yet-verified. Funding: PFS-complete; DFS + EIA + mining-licence application underway; FID targeted H1-2026; first shipment Q3-2027.
What the screen supports vs what is outstanding. This brief assembles the evidence the platform holds, with provenance. It is not a credit recommendation — items marked Absent · not-yet-verified have had nothing read for them yet (not negatives), and the credit decision, the facility structure, and the diligence that closes those items are the institution's.
2 · Transaction overview
Financing need (pre-production capex)61 (Initial capex US$61m (PFS Mar 2025, incl 15% contingency; low-capex contract-mining DSO case). Scoping was US$55.3m.) Sourced
DFI capital-need bandLow — start-up capex ~US$60.6m (capital-light: contract mining + mobile processing); raised A$2.91m (Aug 2025) for DFS/EIA/permitting; construction financing to be arranged (Low capex ~US$60.6m; small-cap junior; financing not yet arranged) Sourced
Funding statusPFS-complete; DFS + EIA + mining-licence application underway; FID targeted H1-2026; first shipment Q3-2027 Sourced
Deal / fiscal structureSourced state not carried on feed
OfftakeNone binding — DSO (lump + fines) to Blast Furnace-Basic Oxygen Furnace steelmakers via the port at Toliara; Stage-2 +68% Fe concentrate would target DRI/green-steel (DSO saleable; no binding offtake; DRI-grade concentrate is a Stage-2 future option.) Sourced
3 · Sponsor
SponsorAKORA Resources Ltd (ASX:AKO), 100% (acquired 2014); Australian junior with four Madagascar iron-ore projects; CEO Peter Bird Sourced
Sponsor typesmall-cap junior (low-capex, near-term DSO) state not carried on feed
OwnershipAbsent — not yet verified Absent · not-yet-verified
4 · Asset & economics
Commodity / classindustrial (DSO iron ore for BF-BOF; Stage-2 +68% Fe DRI-grade concentrate / green-steel optionality) state not carried on feed
Stage / DFI stagePFS completed (Mar 2025) + DFS commencing + EIA / mining-licence application underway; tenement renewed — PFS-stage, FID targeted H1-2026 state not carried on feed
After-tax NPVAfter-tax NPV not published — recorded on the PRE-TAX tier. Absent · not-yet-verified
Cost positionAbsent — not yet verified Absent · not-yet-verified
Study basisAKORA Resources (ASX:AKO) Bekisopa PFS (Mar 2025) — PRE-TAX tier. state not carried on feed
5 · Financial & debt analysis
After-tax NPVAfter-tax NPV not published — recorded on the PRE-TAX tier. Absent · not-yet-verified
Capex / financing need61 (Initial capex US$61m (PFS Mar 2025, incl 15% contingency; low-capex contract-mining DSO case). Scoping was US$55.3m.) Sourced
Debt capacity / DSCRAbsent · not-yet-verified — no annual margin scenario for this development-stage asset; DSCR sizing requires a projected operating margin. Absent · not-yet-verifiedMethod & the lender's-lens calculation (populated for producing assets):
debt-sizing tool.
6 · Risk
Time to cashflowAbsent Absent · not-yet-verified
→ FID → first prod
Downstream flag summaryAbsent — not yet verified Absent · not-yet-verified
Security contextAbsent — not yet verified Absent · not-yet-verified
7 · Safeguards (E&S)
Material IFC Performance StandardsAbsent — not yet verified Absent · not-yet-verified
Equator Principles categoryAbsent — not yet verified Absent · not-yet-verified
ESIA statusAbsent — not yet verified Absent · not-yet-verified
Quantified PS/EP scoreAbsent — not yet verified Absent · not-yet-verified
8 · Mandate fit & recommendation context
African multilaterals (AfDB / AFC / Afreximbank / TDB)Absent — not yet verified Absent · not-yet-verified
Western DFIs / ECAs (IFC / DFC / EU DFIs)Absent — not yet verified Absent · not-yet-verified
EBRDAbsent — not yet verified Absent · not-yet-verified
Energy-transition thematicAbsent — not yet verified Absent · not-yet-verified
Development impactNear-term cashflow (low-capex DSO); Madagascar govt identifies Bekisopa as a 'project of significance'; Tanamarina + Bekisopa community support; new bypass road to Toliara port Sourced
Recommendation context — not a recommendation. The mandate lines above state where the asset sits inside each DFI family's published scope; binding eligibility (exclusion lists, instrument fit, current country status) is confirm-with-institution. What the screen supports: a fit assessment and an assembled evidence base. What it does not do: structure the facility, price the risk, or make the credit call. That is the institution's.
Enchi — DFI investment brief
Ghana · Au · development · composed v2.137.281
1 · Executive summary
Enchi (Ghana) — Au, development. Sponsor Newcore Gold Ltd (TSX-V:NCAU, OTCQX:NCAUF), 100%; management 13% equity; CEO Luke Alexander (junior gold developer (management-aligned)).
Indicative financing need US$351 m (capex, Sourced).
Headline economics after-tax NPV US$496 m.
Time to first cashflow: Absent · not-yet-verified. Funding: PFS-complete (Jun 2026); mining-lease application this year; construction financing to follow.
What the screen supports vs what is outstanding. This brief assembles the evidence the platform holds, with provenance. It is not a credit recommendation — items marked Absent · not-yet-verified have had nothing read for them yet (not negatives), and the credit decision, the facility structure, and the diligence that closes those items are the institution's.
2 · Transaction overview
Financing need (pre-production capex)351 (Initial US$351.2m (+US$134.8m sustaining, US$21.3m closure; LOM US$507m). Contract mining (no fleet purchase). 24-month construction. Budgetary quotes from Ghana-experienced suppliers/contractors.) Sourced
DFI capital-need bandUpfront capex ~US$351m (5.5Mtpa CIL, 24-month build, contract mining); 'fully funded to complete the PFS'; construction financing to be arranged (Capex ~US$351m; junior; construction financing not yet arranged) Sourced
Funding statusPFS-complete (Jun 2026); mining-lease application this year; construction financing to follow Sourced
Deal / fiscal structureDerived state not carried on feed
OfftakeGold dore -> spot market (no offtake required); ~104kozpa avg (peak ~137koz) (Gold doré spot-liquid.) Sourced
3 · Sponsor
SponsorNewcore Gold Ltd (TSX-V:NCAU, OTCQX:NCAUF), 100%; management 13% equity; CEO Luke Alexander Sourced
Sponsor typejunior gold developer (management-aligned) state not carried on feed
OwnershipAbsent — not yet verified Absent · not-yet-verified
4 · Asset & economics
Commodity / classprecious (gold) — neutral/safe-haven commodity state not carried on feed
Stage / DFI stagePFS completed (effective 23 Jun 2026) + updated MRE (Mar 2026); mining-lease application to be lodged in 2026 — PFS-stage (pre-DFS), advancing to lease state not carried on feed
After-tax NPV496 (5% · PFS (effective 23 Jun 2026, Newcore Gold TSX-V:NCAU; Lycopodium lead, NI 43-101): BASE CASE at US$3,800/oz gold -> post-tax NPV5% US$496m, post-tax IRR 37%, after-tax payback 1.6yr. Spot-price case (US$4,200/oz) -> post-tax NPV5% US$647m / IRR 45% (upside, not banked). Base case US$3,800/oz is BELOW spot (~US$4,200-4,700/oz Jun-2026) -> conservative, passes no-peak. Capex US$351m initial (+US$135m sustaining), 9.3-yr LOM, 953,350oz payable (avg 104koz/yr; peak 137koz yr2; 129koz/yr yrs1-3 @ 0.80 g/t), gold recovery 90.5%, AISC US$2,290/oz LOM (US$1,967/oz yrs1-3). Open-pit, milling+CIL, 5.5Mtpa, contract mining. Probable Reserve 51.29Mt @ 0.64 g/t = 1.055Moz (cut-off priced at US$3,200/oz). Indicated 1.502Moz / Inferred 0.626Moz (resource growth from active 80,000m program not in PFS). 2% Triple Flag NSR + Ghana sliding-scale royalty (5-12%) + 10% Ghana FCI + 35% tax all in the post-tax figure (100% project basis). NOTE: NPV at 5% discount (issuer) -> 8% comparator Derived below (re-discount LOWERS value).) Sourced
Cost positionAbsent — not yet verified Absent · not-yet-verified
Study basisNewcore Gold (TSX-V:NCAU) Enchi PFS (effective 23 Jun 2026; Lycopodium, NI 43-101). state not carried on feed
5 · Financial & debt analysis
After-tax NPV496 (5% · PFS (effective 23 Jun 2026, Newcore Gold TSX-V:NCAU; Lycopodium lead, NI 43-101): BASE CASE at US$3,800/oz gold -> post-tax NPV5% US$496m, post-tax IRR 37%, after-tax payback 1.6yr. Spot-price case (US$4,200/oz) -> post-tax NPV5% US$647m / IRR 45% (upside, not banked). Base case US$3,800/oz is BELOW spot (~US$4,200-4,700/oz Jun-2026) -> conservative, passes no-peak. Capex US$351m initial (+US$135m sustaining), 9.3-yr LOM, 953,350oz payable (avg 104koz/yr; peak 137koz yr2; 129koz/yr yrs1-3 @ 0.80 g/t), gold recovery 90.5%, AISC US$2,290/oz LOM (US$1,967/oz yrs1-3). Open-pit, milling+CIL, 5.5Mtpa, contract mining. Probable Reserve 51.29Mt @ 0.64 g/t = 1.055Moz (cut-off priced at US$3,200/oz). Indicated 1.502Moz / Inferred 0.626Moz (resource growth from active 80,000m program not in PFS). 2% Triple Flag NSR + Ghana sliding-scale royalty (5-12%) + 10% Ghana FCI + 35% tax all in the post-tax figure (100% project basis). NOTE: NPV at 5% discount (issuer) -> 8% comparator Derived below (re-discount LOWERS value).) Sourced
Capex / financing need351 (Initial US$351.2m (+US$134.8m sustaining, US$21.3m closure; LOM US$507m). Contract mining (no fleet purchase). 24-month construction. Budgetary quotes from Ghana-experienced suppliers/contractors.) Sourced
Debt capacity / DSCRAbsent · not-yet-verified — no annual margin scenario for this development-stage asset; DSCR sizing requires a projected operating margin. Absent · not-yet-verifiedMethod & the lender's-lens calculation (populated for producing assets):
debt-sizing tool.
6 · Risk
Time to cashflowAbsent Absent · not-yet-verified
→ FID → first prod
Downstream flag summaryAbsent — not yet verified Absent · not-yet-verified
Security contextAbsent — not yet verified Absent · not-yet-verified
7 · Safeguards (E&S)
Material IFC Performance StandardsAbsent — not yet verified Absent · not-yet-verified
Equator Principles categoryAbsent — not yet verified Absent · not-yet-verified
ESIA statusAbsent — not yet verified Absent · not-yet-verified
Quantified PS/EP scoreAbsent — not yet verified Absent · not-yet-verified
8 · Mandate fit & recommendation context
African multilaterals (AfDB / AFC / Afreximbank / TDB)Absent — not yet verified Absent · not-yet-verified
Western DFIs / ECAs (IFC / DFC / EU DFIs)Absent — not yet verified Absent · not-yet-verified
EBRDAbsent — not yet verified Absent · not-yet-verified
Energy-transition thematicAbsent — not yet verified Absent · not-yet-verified
Development impact~10yr LOM; district-scale on Ghana's Bibiani Shear Zone (40km, near Newmont Ahafo, Asante Bibiani/Chirano); Ghana is Africa's largest gold producer Sourced
Recommendation context — not a recommendation. The mandate lines above state where the asset sits inside each DFI family's published scope; binding eligibility (exclusion lists, instrument fit, current country status) is confirm-with-institution. What the screen supports: a fit assessment and an assembled evidence base. What it does not do: structure the facility, price the risk, or make the credit call. That is the institution's.
Boundiali — DFI investment brief
Côte d'Ivoire · Au · development · composed v2.137.281
1 · Executive summary
Boundiali (Côte d'Ivoire) — Au, development. Sponsor Aurum Resources Ltd (ASX:AUN), operator/owner (3 tenements BST/BD/BM); strategic shareholders include the Lundin Family, Montage Gold and Zhaojin Gold (~8.5%); MD Dr Caigen Wang (well-backed junior (A$40.2m cash; strategic shareholders)).
Indicative financing need US$342 m (capex, Sourced).
Headline economics after-tax NPV US$553 m.
Time to first cashflow: Absent · not-yet-verified. Funding: PFS-complete + maiden Reserve + env certificates issued + licence applications lodged; Board endorsed DFS (Q3/Q4-2026); FID late-Q4-2026; first gold H1-2028.
What the screen supports vs what is outstanding. This brief assembles the evidence the platform holds, with provenance. It is not a credit recommendation — items marked Absent · not-yet-verified have had nothing read for them yet (not negatives), and the credit decision, the facility structure, and the diligence that closes those items are the institution's.
2 · Transaction overview
Financing need (pre-production capex)342 (Pre-production capital US$342m incl US$34.2m contingency (AACE Class 4 +/-25%): process plant, site infrastructure, 90kV grid connection, TSF Phase 1, mining establishment, pre-production mining, owner's costs. Sustaining US$79m; closure US$15m. Contract mining (no fleet purchase) — owner-mining trade-off flagged as DFS upside.) Sourced
DFI capital-need bandPFS-stage capex (AACE Class 4 +/-25%) — not captured this cycle; A$40.2m cash funds studies/discovery; construction financing to be arranged toward FID (late-Q4-2026) (Construction financing not yet arranged; well-cashed for studies) Sourced
Funding statusPFS-complete + maiden Reserve + env certificates issued + licence applications lodged; Board endorsed DFS (Q3/Q4-2026); FID late-Q4-2026; first gold H1-2028 Sourced
Deal / fiscal structureSourced state not carried on feed
OfftakeGold dore (CIL) -> spot market; a DFS upside is flotation + concentrate offtake to an established roaster partner (refractory uplift to ~90% recovery vs 71% CIL baseline) (Gold doré spot-liquid; flotation-concentrate route is a DFS option.) Sourced
3 · Sponsor
SponsorAurum Resources Ltd (ASX:AUN), operator/owner (3 tenements BST/BD/BM); strategic shareholders include the Lundin Family, Montage Gold and Zhaojin Gold (~8.5%); MD Dr Caigen Wang (Operator is AURUM (not Turaco — Turaco's CIV asset is the separate Afema project).) Sourced
Sponsor typewell-backed junior (A$40.2m cash; strategic shareholders) state not carried on feed
OwnershipAbsent — not yet verified Absent · not-yet-verified
4 · Asset & economics
Commodity / classprecious (gold) — neutral/safe-haven commodity state not carried on feed
Stage / DFI stagePFS delivered (May 2026, AACE Class 4) + maiden Ore Reserve + Environmental Compliance Certificates ISSUED (20 May 2026, all 3 tenements) + mining-licence applications lodged + Board endorsed DFS — PFS-stage, DFS Q3/Q4-2026 state not carried on feed
After-tax NPV553 (5% · ISSUER RESOLVED 7 Sep 2026: Aurum Resources Limited (ASX:AUE). The consultants previously listed on this cell are the PFS contributors — Delonix Solutions (lead engineer and study manager), SLR Advisory Services (mining and Ore Reserve), Dempers & Seymour (geotechnical), Knight Piésold (TSF and infrastructure) — not the issuer. PFS (11 Jun 2026; Delonix/SLR/Knight Piesold/Dempers&Seymour; JORC; AACE Class 4 +/-25%): BANKED at the conservative Ore-Reserve price US$2,900/oz -> post-tax NPV5% US$553m, post-tax IRR 44.1%, payback 2.1yr from commissioning. Issuer flags US$2,900/oz as conservative (spot has not traded below it since Feb-2025; ATH US$5,589 Jan-2026). NOT banked at the US$4,076/oz 'consensus mean' headline (post-tax NPV5% US$1,493m / IRR 119%) — issuer states US$4,076/oz 'is approximately equal to the spot gold price', i.e. a spot case. Full issuer sensitivity (post-tax NPV5%): US$2,500=US$230m; US$2,900=US$553m; US$3,500=US$1,038m; US$4,000=US$1,442m; US$4,076=US$1,493m; US$4,500=US$1,847m; US$5,000=US$2,251m; US$5,500=US$2,655m. Maiden Probable Ore Reserve 42.1Mt @ 0.9 g/t = 1.21Moz (priced US$2,900/oz; effective 30 Apr 2026; SLR). LOM Plan 1.5Moz over 11yr at 86.7% recovery, 6Mtpa SABC-CIL, 5 open pits. C1 US$1,653/oz, AISC US$1,951/oz. CAVEAT: LOM-plan production target includes ~23% Inferred Resources (ASX 5.16 production-target caveat) — reserve itself is 100% Probable. Owner-builder (ex-Tietto Abujar team, first gold Q4-2022 on time/budget); first gold H1-2028, FID Q4-2026. NOTE: NPV at 5% (issuer) -> 8% comparator Derived below.) Sourced
Cost positionAbsent — not yet verified Absent · not-yet-verified
Study basisAurum Resources (ASX:AUE) Boundiali PFS (11 Jun 2026; Delonix Solutions/SLR Advisory/Knight Piesold/Dempers&Seymour; JORC 2012; AACE Class 4 +/-25%). state not carried on feed
5 · Financial & debt analysis
After-tax NPV553 (5% · ISSUER RESOLVED 7 Sep 2026: Aurum Resources Limited (ASX:AUE). The consultants previously listed on this cell are the PFS contributors — Delonix Solutions (lead engineer and study manager), SLR Advisory Services (mining and Ore Reserve), Dempers & Seymour (geotechnical), Knight Piésold (TSF and infrastructure) — not the issuer. PFS (11 Jun 2026; Delonix/SLR/Knight Piesold/Dempers&Seymour; JORC; AACE Class 4 +/-25%): BANKED at the conservative Ore-Reserve price US$2,900/oz -> post-tax NPV5% US$553m, post-tax IRR 44.1%, payback 2.1yr from commissioning. Issuer flags US$2,900/oz as conservative (spot has not traded below it since Feb-2025; ATH US$5,589 Jan-2026). NOT banked at the US$4,076/oz 'consensus mean' headline (post-tax NPV5% US$1,493m / IRR 119%) — issuer states US$4,076/oz 'is approximately equal to the spot gold price', i.e. a spot case. Full issuer sensitivity (post-tax NPV5%): US$2,500=US$230m; US$2,900=US$553m; US$3,500=US$1,038m; US$4,000=US$1,442m; US$4,076=US$1,493m; US$4,500=US$1,847m; US$5,000=US$2,251m; US$5,500=US$2,655m. Maiden Probable Ore Reserve 42.1Mt @ 0.9 g/t = 1.21Moz (priced US$2,900/oz; effective 30 Apr 2026; SLR). LOM Plan 1.5Moz over 11yr at 86.7% recovery, 6Mtpa SABC-CIL, 5 open pits. C1 US$1,653/oz, AISC US$1,951/oz. CAVEAT: LOM-plan production target includes ~23% Inferred Resources (ASX 5.16 production-target caveat) — reserve itself is 100% Probable. Owner-builder (ex-Tietto Abujar team, first gold Q4-2022 on time/budget); first gold H1-2028, FID Q4-2026. NOTE: NPV at 5% (issuer) -> 8% comparator Derived below.) Sourced
Capex / financing need342 (Pre-production capital US$342m incl US$34.2m contingency (AACE Class 4 +/-25%): process plant, site infrastructure, 90kV grid connection, TSF Phase 1, mining establishment, pre-production mining, owner's costs. Sustaining US$79m; closure US$15m. Contract mining (no fleet purchase) — owner-mining trade-off flagged as DFS upside.) Sourced
Debt capacity / DSCRAbsent · not-yet-verified — no annual margin scenario for this development-stage asset; DSCR sizing requires a projected operating margin. Absent · not-yet-verifiedMethod & the lender's-lens calculation (populated for producing assets):
debt-sizing tool.
6 · Risk
Time to cashflowAbsent Absent · not-yet-verified
→ FID → first prod
Downstream flag summaryAbsent — not yet verified Absent · not-yet-verified
Security contextAbsent — not yet verified Absent · not-yet-verified
7 · Safeguards (E&S)
Material IFC Performance StandardsAbsent — not yet verified Absent · not-yet-verified
Equator Principles categoryAbsent — not yet verified Absent · not-yet-verified
ESIA statusAbsent — not yet verified Absent · not-yet-verified
Quantified PS/EP scoreAbsent — not yet verified Absent · not-yet-verified
8 · Mandate fit & recommendation context
African multilaterals (AfDB / AFC / Afreximbank / TDB)Absent — not yet verified Absent · not-yet-verified
Western DFIs / ECAs (IFC / DFC / EU DFIs)Absent — not yet verified Absent · not-yet-verified
EBRDAbsent — not yet verified Absent · not-yet-verified
Energy-transition thematicAbsent — not yet verified Absent · not-yet-verified
Development impact3.0Moz MRE (grown 1.58 -> 3.22Moz in 17 months); Baoule-Syama belt (near Resolute Syama 11.5Moz, Montage Kone 6Moz, Tongon 5Moz); supports CIV's 100t/yr gold target Sourced
Recommendation context — not a recommendation. The mandate lines above state where the asset sits inside each DFI family's published scope; binding eligibility (exclusion lists, instrument fit, current country status) is confirm-with-institution. What the screen supports: a fit assessment and an assembled evidence base. What it does not do: structure the facility, price the risk, or make the credit call. That is the institution's.
Afema — DFI investment brief
Côte d'Ivoire · Au · development · composed v2.137.281
1 · Executive summary
Afema (Côte d'Ivoire) — Au, development. Sponsor Turaco Gold Ltd (ASX:TCG), 80% (JV partner Sodim 20%, may convert to a 1.5% NSR); MD Justin Tremain (previously sold Exore to Perseus, Renaissance/Okvau to Emerald); A$60m cash (31 Mar 2026), fully funded to FID (well-funded junior developer (proven MD; funded to FID)).
Indicative financing need US$410 m (capex, Sourced).
Headline economics after-tax NPV US$1486 m.
Time to first cashflow: Absent · not-yet-verified. Funding: PFS-complete (Jun 2026) + maiden Reserve; DFS Q2-2027; first gold 2029; fully funded to FID (A$60m cash).
What the screen supports vs what is outstanding. This brief assembles the evidence the platform holds, with provenance. It is not a credit recommendation — items marked Absent · not-yet-verified have had nothing read for them yet (not negatives), and the credit decision, the facility structure, and the diligence that closes those items are the institution's.
2 · Transaction overview
Financing need (pre-production capex)410 (Total development capital US$410m incl mining establishment + US$24m contingency; plus US$32m pre-production mining (6-month pre-strip for ROM stockpile). Capital-optimisation opportunities (circuit simplification, TSF) flagged for DFS.) Sourced
DFI capital-need bandTotal development capital US$410m (incl US$24m contingency + US$32m pre-strip); A$60m cash funds studies to FID; construction/project finance to be arranged toward FID (Capex US$410m; funded to FID; construction finance to be arranged) Sourced
Funding statusPFS-complete (Jun 2026) + maiden Reserve; DFS Q2-2027; first gold 2029; fully funded to FID (A$60m cash) Sourced
Deal / fiscal structureSourced state not carried on feed
OfftakeGold dore (4Mtpa CIL + 2Mtpa flotation/UFG/CIL; 87-88% recovery) -> spot market; ~200kozpa over 10.3yr (2.0Moz recovered) (Gold doré spot-liquid.) Sourced
3 · Sponsor
SponsorTuraco Gold Ltd (ASX:TCG), 80% (JV partner Sodim 20%, may convert to a 1.5% NSR); MD Justin Tremain (previously sold Exore to Perseus, Renaissance/Okvau to Emerald); A$60m cash (31 Mar 2026), fully funded to FID (Afema is Turaco's CIV asset (the counterpart to Aurum's Boundiali).) Sourced
Sponsor typewell-funded junior developer (proven MD; funded to FID) state not carried on feed
OwnershipAbsent — not yet verified Absent · not-yet-verified
4 · Asset & economics
Commodity / classprecious (gold) — neutral/safe-haven commodity state not carried on feed
Stage / DFI stagePFS completed (17 Jun 2026) + maiden JORC Probable Ore Reserve (1.91Moz); moving immediately to DFS (targeted Q2-CY2027) + detailed design; ESIA workstreams underway — PFS-stage on a GRANTED mining permit state not carried on feed
After-tax NPV1486 (5% · PFS (completed 17 Jun 2026, Turaco Gold ASX:TCG; JORC): at US$3,000/oz gold -> post-tax NPV5% US$1,486m, post-tax IRR 60%, payback 17 months. Issuer sensitivity (post-tax NPV5%): US$3,000/oz=US$1,486m; US$3,500/oz=US$2,102m (IRR 79%); US$4,000/oz=US$2,717m. Reserve & LOM schedule built at an ULTRA-conservative US$2,000/oz (reserve/cut-off basis) -> LOM cash cost US$1,268/oz, AISC US$1,508/oz. US$3,000/oz banked here is deep sub-spot (spot ~US$4,200-4,700/oz) -> conservative, passes no-peak. Maiden JORC Probable Ore Reserve 55.1Mt @ 1.1 g/t = 1.91Moz (Woulo Woulo/Jonction/Anuiri/Asupiri; within granted mining permit; excludes Herman/Begnopan). LOM plan processes 65.1Mt @ 1.1 g/t = 2.3Moz contained -> 2.0Moz recovered at 87-88%. 6Mtpa (4Mtpa CIL + 2Mtpa flotation/ultrafine-grind/CIL). MRE 4.65Moz (4.65Moz total; upside excluded from plan: Toilesso/Niamienlessa/Baffia). NOTE: NPV at 5% discount (issuer) -> 8% comparator Derived below.) Sourced
Cost positionAbsent — not yet verified Absent · not-yet-verified
Study basisTuraco Gold (ASX:TCG) Afema PFS (completed 17 Jun 2026; JORC; maiden Probable Ore Reserve 1.91Moz). state not carried on feed
5 · Financial & debt analysis
After-tax NPV1486 (5% · PFS (completed 17 Jun 2026, Turaco Gold ASX:TCG; JORC): at US$3,000/oz gold -> post-tax NPV5% US$1,486m, post-tax IRR 60%, payback 17 months. Issuer sensitivity (post-tax NPV5%): US$3,000/oz=US$1,486m; US$3,500/oz=US$2,102m (IRR 79%); US$4,000/oz=US$2,717m. Reserve & LOM schedule built at an ULTRA-conservative US$2,000/oz (reserve/cut-off basis) -> LOM cash cost US$1,268/oz, AISC US$1,508/oz. US$3,000/oz banked here is deep sub-spot (spot ~US$4,200-4,700/oz) -> conservative, passes no-peak. Maiden JORC Probable Ore Reserve 55.1Mt @ 1.1 g/t = 1.91Moz (Woulo Woulo/Jonction/Anuiri/Asupiri; within granted mining permit; excludes Herman/Begnopan). LOM plan processes 65.1Mt @ 1.1 g/t = 2.3Moz contained -> 2.0Moz recovered at 87-88%. 6Mtpa (4Mtpa CIL + 2Mtpa flotation/ultrafine-grind/CIL). MRE 4.65Moz (4.65Moz total; upside excluded from plan: Toilesso/Niamienlessa/Baffia). NOTE: NPV at 5% discount (issuer) -> 8% comparator Derived below.) Sourced
Capex / financing need410 (Total development capital US$410m incl mining establishment + US$24m contingency; plus US$32m pre-production mining (6-month pre-strip for ROM stockpile). Capital-optimisation opportunities (circuit simplification, TSF) flagged for DFS.) Sourced
Debt capacity / DSCRAbsent · not-yet-verified — no annual margin scenario for this development-stage asset; DSCR sizing requires a projected operating margin. Absent · not-yet-verifiedMethod & the lender's-lens calculation (populated for producing assets):
debt-sizing tool.
6 · Risk
Time to cashflowAbsent Absent · not-yet-verified
→ FID → first prod
Downstream flag summaryAbsent — not yet verified Absent · not-yet-verified
Security contextAbsent — not yet verified Absent · not-yet-verified
7 · Safeguards (E&S)
Material IFC Performance StandardsAbsent — not yet verified Absent · not-yet-verified
Equator Principles categoryAbsent — not yet verified Absent · not-yet-verified
ESIA statusAbsent — not yet verified Absent · not-yet-verified
Quantified PS/EP scoreAbsent — not yet verified Absent · not-yet-verified
8 · Mandate fit & recommendation context
African multilaterals (AfDB / AFC / Afreximbank / TDB)Absent — not yet verified Absent · not-yet-verified
Western DFIs / ECAs (IFC / DFC / EU DFIs)Absent — not yet verified Absent · not-yet-verified
EBRDAbsent — not yet verified Absent · not-yet-verified
Energy-transition thematicAbsent — not yet verified Absent · not-yet-verified
Development impactUS$0.8-1.2bn royalties+tax to the State of Cote d'Ivoire + US$30-40m local community contributions + considerable local employment/procurement; one of West Africa's largest undeveloped golds Sourced
Recommendation context — not a recommendation. The mandate lines above state where the asset sits inside each DFI family's published scope; binding eligibility (exclusion lists, instrument fit, current country status) is confirm-with-institution. What the screen supports: a fit assessment and an assembled evidence base. What it does not do: structure the facility, price the risk, or make the credit call. That is the institution's.
tgme — DFI investment brief
· · · composed v2.137.281
1 · Executive summary
tgme () — , . Sponsor Theta Gold Mines Ltd (ASX:TGM), 74% (via Theta Gold SA; 26% held by Black Economic Empowerment entities incl Landowners' + Employee Trusts); Exec Chairman Bill Guy; COO Jacques Du Triou (ex-Harmony) (junior in construction (substantially financed)).
Indicative financing need — (capex, —).
Headline economics Absent · not-yet-verified.
Time to first cashflow: Absent · not-yet-verified. Funding: CONSTRUCTION underway; substantially financed (IDC + Sprott streaming + Nebari bond + Golden Asia/High Gift earthworks); commissioning end-2026, first gold Q1-2027.
What the screen supports vs what is outstanding. This brief assembles the evidence the platform holds, with provenance. It is not a credit recommendation — items marked Absent · not-yet-verified have had nothing read for them yet (not negatives), and the credit decision, the facility structure, and the diligence that closes those items are the institution's.
2 · Transaction overview
Financing need (pre-production capex)Absent — not yet verified Absent · not-yet-verified
DFI capital-need bandInitial capital US$102m (peak funding US$77m); substantially financed — see DFIs/ECAs; remaining package being closed (Construction-stage; financing substantially arranged (DFI + streaming + bond)) Sourced
Funding statusCONSTRUCTION underway; substantially financed (IDC + Sprott streaming + Nebari bond + Golden Asia/High Gift earthworks); commissioning end-2026, first gold Q1-2027 Sourced
Deal / fiscal structureSourced state not carried on feed
OfftakeGold dore -> spot market; Phase-1 ~80kozpa (scaling toward 160-200kozpa); first gold Q1-2027 (Gold doré spot-liquid.) Sourced
3 · Sponsor
SponsorTheta Gold Mines Ltd (ASX:TGM), 74% (via Theta Gold SA; 26% held by Black Economic Empowerment entities incl Landowners' + Employee Trusts); Exec Chairman Bill Guy; COO Jacques Du Triou (ex-Harmony) (Operator is THETA GOLD MINES (ASX:TGM), NOT Pan African Resources (a separate SA producer).) Sourced
Sponsor typejunior in construction (substantially financed) state not carried on feed
OwnershipAbsent — not yet verified Absent · not-yet-verified
4 · Asset & economics
Commodity / classprecious (gold) — neutral/safe-haven commodity state not carried on feed
Stage / DFI stageCONSTRUCTION-stage — bulk earthworks + civils underway, contractors mobilised (160+ on site); Optimised Feasibility Study (Feb 2026); plant commissioning targeted end-2026, first gold Q1-2027 (not yet producing) state not carried on feed
After-tax NPVAbsent — not yet verified Absent · not-yet-verified
Cost positionAbsent — not yet verified Absent · not-yet-verified
Study basisAbsent — not yet verified Absent · not-yet-verified
5 · Financial & debt analysis
After-tax NPVAbsent — not yet verified Absent · not-yet-verified
Capex / financing needAbsent — not yet verified Absent · not-yet-verified
Debt capacity / DSCRAbsent · not-yet-verified — no annual margin scenario for this development-stage asset; DSCR sizing requires a projected operating margin. Absent · not-yet-verifiedMethod & the lender's-lens calculation (populated for producing assets):
debt-sizing tool.
6 · Risk
Time to cashflowAbsent Absent · not-yet-verified
→ FID → first prod
Downstream flag summaryAbsent — not yet verified Absent · not-yet-verified
Security contextAbsent — not yet verified Absent · not-yet-verified
7 · Safeguards (E&S)
Material IFC Performance StandardsAbsent — not yet verified Absent · not-yet-verified
Equator Principles categoryAbsent — not yet verified Absent · not-yet-verified
ESIA statusAbsent — not yet verified Absent · not-yet-verified
Quantified PS/EP scoreAbsent — not yet verified Absent · not-yet-verified
8 · Mandate fit & recommendation context
African multilaterals (AfDB / AFC / Afreximbank / TDB)Absent — not yet verified Absent · not-yet-verified
Western DFIs / ECAs (IFC / DFC / EU DFIs)Absent — not yet verified Absent · not-yet-verified
EBRDAbsent — not yet verified Absent · not-yet-verified
Energy-transition thematicAbsent — not yet verified Absent · not-yet-verified
Development impactRevival of the historic Pilgrim's Rest/Sabie goldfield (Mpumalanga; >6.7Moz historical); ~70% local-hire workforce; 26% BEE (Landowners/Employee Trusts) ownership; SA jobs + DFI (IDC) backing Sourced
Recommendation context — not a recommendation. The mandate lines above state where the asset sits inside each DFI family's published scope; binding eligibility (exclusion lists, instrument fit, current country status) is confirm-with-institution. What the screen supports: a fit assessment and an assembled evidence base. What it does not do: structure the facility, price the risk, or make the credit call. That is the institution's.
Diamba Sud — DFI investment brief
Senegal · Au · development (FS) · composed v2.137.281
1 · Executive summary
Diamba Sud (Senegal) — Au, development (FS). Sponsor Fortuna Mining Corp (TSX:FVI, NYSE:FSM), 100% via Boya SA (Senegal state 10% free-carry on permit grant + option up to +25%); acquired via Chesser Resources (2023); a producer (Seguela/CIV etc.) with ~US$330m record FCF (2025) (producer-backed development (Fortuna self-funding early works)).
Indicative financing need US$283.2 m (capex, Sourced).
Headline economics after-tax NPV US$1000 m.
Time to first cashflow: Absent · not-yet-verified. Funding: PEA-complete + ESIA approved; FS Q2-2026; construction decision mid-2026; full construction Q4-2026; first gold Q2-2028.
What the screen supports vs what is outstanding. This brief assembles the evidence the platform holds, with provenance. It is not a credit recommendation — items marked Absent · not-yet-verified have had nothing read for them yet (not negatives), and the credit decision, the facility structure, and the diligence that closes those items are the institution's.
2 · Transaction overview
Financing need (pre-production capex)283.2 (Construction capital US$283.2m (PEA, 15 Oct 2025); ~10-month payback; Fortuna funding the build off balance sheet (Q2-2025 liquidity US$537m).) Sourced
DFI capital-need bandInitial capital US$283.2m; Fortuna funding early works from cashflow (~US$67m allocated); producer-financed (Capex US$283.2m; Fortuna producer self-funding -> commercial_funded) Sourced
Funding statusPEA-complete + ESIA approved; FS Q2-2026; construction decision mid-2026; full construction Q4-2026; first gold Q2-2028 Sourced
Deal / fiscal structureSourced state not carried on feed
OfftakeGold dore -> spot market; ~147kozpa (first 3yr), AISC US$904/oz; ~840koz LOM over ~8yr (Gold doré spot-liquid.) Sourced
3 · Sponsor
SponsorFortuna Mining Corp (TSX:FVI, NYSE:FSM), 100% via Boya SA (Senegal state 10% free-carry on permit grant + option up to +25%); acquired via Chesser Resources (2023); a producer (Seguela/CIV etc.) with ~US$330m record FCF (2025) (Operator is Fortuna (via Chesser); Diamba Sud is in SENEGAL, not Mali.) Sourced
Sponsor typeproducer-backed development (Fortuna self-funding early works) state not carried on feed
OwnershipAbsent — not yet verified Absent · not-yet-verified
4 · Asset & economics
Commodity / classprecious (gold) — neutral/safe-haven commodity state not carried on feed
Stage / DFI stagePEA (15 Oct 2025) + ESIA APPROVED (environmental decree, Jun 2026) + exploitation-permit application filed (Feb 2026); early works underway; FS targeted Q2-2026, construction decision mid-2026 — PEA-stage but advanced (producer-backed early works) state not carried on feed
After-tax NPV1000 (post-tax NPV5 @ US$3,500/oz base (Feasibility Study, announced 2026-06-29/30, Fortuna Mining NYSE:FSM/TSX:FVI) · FS supersedes PEA (eff. 15 Oct 2025: NPV5 $563m @ $2,750/oz, IRR 72%): mine life extended to 9.4yr (+>1yr vs PEA), probable reserves established, base price deck raised to $3,500/oz (~7% below then-spot per coverage), costs also rose. PRICE-DECK CAVEAT: value step-up is substantially deck-driven; not comparable to the PEA figure without normalisation. Fortuna 100% (via Boya S.A.); Senegal State 10% free-carried on exploitation-permit grant (+ option up to 25% contributory).) Sourced
Cost positionAbsent — not yet verified Absent · not-yet-verified
Study basisFortuna Mining (NYSE:FSM/TSX:FVI) Diamba Sud PEA — PEA tier (eff. 15 Oct 2025). state not carried on feed
5 · Financial & debt analysis
After-tax NPV1000 (post-tax NPV5 @ US$3,500/oz base (Feasibility Study, announced 2026-06-29/30, Fortuna Mining NYSE:FSM/TSX:FVI) · FS supersedes PEA (eff. 15 Oct 2025: NPV5 $563m @ $2,750/oz, IRR 72%): mine life extended to 9.4yr (+>1yr vs PEA), probable reserves established, base price deck raised to $3,500/oz (~7% below then-spot per coverage), costs also rose. PRICE-DECK CAVEAT: value step-up is substantially deck-driven; not comparable to the PEA figure without normalisation. Fortuna 100% (via Boya S.A.); Senegal State 10% free-carried on exploitation-permit grant (+ option up to 25% contributory).) Sourced
Capex / financing need283.2 (Construction capital US$283.2m (PEA, 15 Oct 2025); ~10-month payback; Fortuna funding the build off balance sheet (Q2-2025 liquidity US$537m).) Sourced
Debt capacity / DSCRAbsent · not-yet-verified — no annual margin scenario for this development-stage asset; DSCR sizing requires a projected operating margin. Absent · not-yet-verifiedMethod & the lender's-lens calculation (populated for producing assets):
debt-sizing tool.
6 · Risk
Time to cashflowAbsent Absent · not-yet-verified
→ FID → first prod
Downstream flag summaryAbsent — not yet verified Absent · not-yet-verified
Security contextAbsent — not yet verified Absent · not-yet-verified
7 · Safeguards (E&S)
Material IFC Performance StandardsAbsent — not yet verified Absent · not-yet-verified
Equator Principles categoryAbsent — not yet verified Absent · not-yet-verified
ESIA statusAbsent — not yet verified Absent · not-yet-verified
Quantified PS/EP scoreAbsent — not yet verified Absent · not-yet-verified
8 · Mandate fit & recommendation context
African multilaterals (AfDB / AFC / Afreximbank / TDB)Absent — not yet verified Absent · not-yet-verified
Western DFIs / ECAs (IFC / DFC / EU DFIs)Absent — not yet verified Absent · not-yet-verified
EBRDAbsent — not yet verified Absent · not-yet-verified
Energy-transition thematicAbsent — not yet verified Absent · not-yet-verified
Development impactWould add to Senegal's industrial gold sector (after Sabodala-Massawa, Mako); Senegal 10% free-carry (+25% option); jobs/FX/tax Sourced
Recommendation context — not a recommendation. The mandate lines above state where the asset sits inside each DFI family's published scope; binding eligibility (exclusion lists, instrument fit, current country status) is confirm-with-institution. What the screen supports: a fit assessment and an assembled evidence base. What it does not do: structure the facility, price the risk, or make the credit call. That is the institution's.
Bunyu (Stage 1) — DFI investment brief
Tanzania · graphite · development (FS) · composed v2.137.281
1 · Executive summary
Bunyu (Stage 1) (Tanzania) — graphite, development (FS). Sponsor Volt Resources Ltd (ASX:VRC) — currently 100%, but a binding term sheet (Dec 2025) would give Unbounded Opportunities Fund SPC (UOF, Cayman) 62% via US$11.1m equity through Volt Graphite Tanzania (Volt 38%); Tanzania govt to take a free-carried interest (junior + offshore-fund JV (financing pending)).
Indicative financing need US$33.1 m (capex, Sourced).
Headline economics Absent · not-yet-verified.
Time to first cashflow: Absent · not-yet-verified. Funding: Development/financing phase; UOF binding term sheet (Dec 2025) with 4-month conditions precedent (offtake, non-recourse debt, SEZ status, govt + shareholder agreements, revised FS).
What the screen supports vs what is outstanding. This brief assembles the evidence the platform holds, with provenance. It is not a credit recommendation — items marked Absent · not-yet-verified have had nothing read for them yet (not negatives), and the credit decision, the facility structure, and the diligence that closes those items are the institution's.
2 · Transaction overview
Financing need (pre-production capex)33.1 (Stage-1 start-up capex US$33.1m (Aug-2023 FS Update, 24,780 tpa products). Financeability carries a US$37m target for a redesigned 40,000 tpa Stage 1 (UOF term sheet, Dec 2025) — different scope, and a target rather than a study output.) Sourced
DFI capital-need bandRevised Stage-1 target capex ~US$37m (40,000 tpa 94% TGC concentrate, US$450/t opex FOB Mtwara); UOF US$11.1m equity conditional on, among others, 70% non-recourse project debt and >=80% bankable offtake (Capex ~US$37m; financing CONDITIONAL (UOF term sheet, 4-month CPs)) Sourced
Funding statusDevelopment/financing phase; UOF binding term sheet (Dec 2025) with 4-month conditions precedent (offtake, non-recourse debt, SEZ status, govt + shareholder agreements, revised FS) Sourced
Deal / fiscal structureSourced state not carried on feed
OfftakeNone binding — coarse/fine flake offtake negotiations ongoing (a UOF condition is >=80% bankable offtake); past Graphex LOI (2022) + anode-producer bulk-sample interest (No binding offtake; battery-anode + refractory end-uses.) Sourced
3 · Sponsor
SponsorVolt Resources Ltd (ASX:VRC) — currently 100%, but a binding term sheet (Dec 2025) would give Unbounded Opportunities Fund SPC (UOF, Cayman) 62% via US$11.1m equity through Volt Graphite Tanzania (Volt 38%); Tanzania govt to take a free-carried interest (Control passing to UOF (Cayman) pending CPs.) Sourced
Sponsor typejunior + offshore-fund JV (financing pending) state not carried on feed
OwnershipAbsent — not yet verified Absent · not-yet-verified
4 · Asset & economics
Commodity / classcritical mineral (natural flake graphite — battery anode material + refractories) state not carried on feed
Stage / DFI stageFS-complete (updated Stage-1 FS Aug 2023, now being revised by new partner) + EIA Certificate + Mining Licences received; development/financing phase (not yet construction); conditional funding term sheet (Dec 2025) state not carried on feed
After-tax NPVLatest study (2023 FS update) reports pre-tax only — recorded on the PRE-TAX tier. (Superseded 2018 FS had post-tax NPV10 US$14.7m at a smaller 7.1yr scope.) Absent · not-yet-verified
Cost positionAbsent — not yet verified Absent · not-yet-verified
Study basisVolt Resources (ASX:VRC) Bunyu Stage-1 FS update (Aug 2023) — PRE-TAX tier. state not carried on feed
5 · Financial & debt analysis
After-tax NPVLatest study (2023 FS update) reports pre-tax only — recorded on the PRE-TAX tier. (Superseded 2018 FS had post-tax NPV10 US$14.7m at a smaller 7.1yr scope.) Absent · not-yet-verified
Capex / financing need33.1 (Stage-1 start-up capex US$33.1m (Aug-2023 FS Update, 24,780 tpa products). Financeability carries a US$37m target for a redesigned 40,000 tpa Stage 1 (UOF term sheet, Dec 2025) — different scope, and a target rather than a study output.) Sourced
Debt capacity / DSCRAbsent · not-yet-verified — no annual margin scenario for this development-stage asset; DSCR sizing requires a projected operating margin. Absent · not-yet-verifiedMethod & the lender's-lens calculation (populated for producing assets):
debt-sizing tool.
6 · Risk
Time to cashflowAbsent Absent · not-yet-verified
→ FID → first prod
Downstream flag summaryAbsent — not yet verified Absent · not-yet-verified
Security contextAbsent — not yet verified Absent · not-yet-verified
7 · Safeguards (E&S)
Material IFC Performance StandardsAbsent — not yet verified Absent · not-yet-verified
Equator Principles categoryAbsent — not yet verified Absent · not-yet-verified
ESIA statusAbsent — not yet verified Absent · not-yet-verified
Quantified PS/EP scoreAbsent — not yet verified Absent · not-yet-verified
8 · Mandate fit & recommendation context
African multilaterals (AfDB / AFC / Afreximbank / TDB)Absent — not yet verified Absent · not-yet-verified
Western DFIs / ECAs (IFC / DFC / EU DFIs)Absent — not yet verified Absent · not-yet-verified
EBRDAbsent — not yet verified Absent · not-yet-verified
Energy-transition thematicAbsent — not yet verified Absent · not-yet-verified
Development impactBattery/industrial graphite supply-chain diversification away from China; Tanzania jobs/exports; linked to Volt's US (Alabama) downstream refinery strategy; Tanzania govt free-carried interest Sourced
Recommendation context — not a recommendation. The mandate lines above state where the asset sits inside each DFI family's published scope; binding eligibility (exclusion lists, instrument fit, current country status) is confirm-with-institution. What the screen supports: a fit assessment and an assembled evidence base. What it does not do: structure the facility, price the risk, or make the credit call. That is the institution's.
Ancuabe — DFI investment brief
Mozambique · graphite · development · composed v2.137.281
1 · Executive summary
Ancuabe (Mozambique) — graphite, development. Sponsor Triton Minerals Ltd (ASX:TON), 80% via Grafex Limitada (Mozambique govt 10%); cornerstone backer Shandong Yulong (China, US$5m + recommitment 2024) (junior developer with a Chinese cornerstone backer (financing pending)).
Indicative financing need US$90.3 m (capex, Sourced).
Headline economics Absent · not-yet-verified.
Time to first cashflow: Absent · not-yet-verified. Funding: DFS-complete + concession + env approval; FID 2025-2026 pending financing + Cabo Delgado security stabilisation.
What the screen supports vs what is outstanding. This brief assembles the evidence the platform holds, with provenance. It is not a credit recommendation — items marked Absent · not-yet-verified have had nothing read for them yet (not negatives), and the credit decision, the facility structure, and the diligence that closes those items are the institution's.
2 · Transaction overview
Financing need (pre-production capex)90.3 (Pre-production/total project capital US$90.254m per Triton Minerals' updated DFS (2024). The Dec-2017 DFS figure was US$99.352m (~US$99.4m incl. contingency).) Sourced
DFI capital-need bandTotal project cost ~US$90.3m (updated DFS 2024, down from US$99.4m); financing not yet secured; Argonaut financial adviser; FID pending (Capex ~US$90.3m; financing pending (FID 2025-2026)) Sourced
Funding statusDFS-complete + concession + env approval; FID 2025-2026 pending financing + Cabo Delgado security stabilisation Sourced
Deal / fiscal structureSourced state not carried on feed
OfftakeBinding offtake agreements signed 2018 with Chinese buyers (Tianshengda ~16ktpa; Chenyang ~16ktpa, 5+5yr) covering ~half of ~60-70ktpa; plus non-binding Haida/Jinhui (Binding offtakes exist but are 2018-vintage (project since delayed/attacked) -> reconfirmation needed.) Sourced
3 · Sponsor
SponsorTriton Minerals Ltd (ASX:TON), 80% via Grafex Limitada (Mozambique govt 10%); cornerstone backer Shandong Yulong (China, US$5m + recommitment 2024) (Chinese cornerstone (Yulong); Moz govt 10%.) Sourced
Sponsor typejunior developer with a Chinese cornerstone backer (financing pending) state not carried on feed
OwnershipAbsent — not yet verified Absent · not-yet-verified
4 · Asset & economics
Commodity / classcritical mineral (high-purity large-flake graphite — battery anode + flame-retardant/refractory) state not carried on feed
Stage / DFI stageDFS complete (2017, updated 2024) + mining concession granted (2019) + preliminary environmental approval (2018); FID targeted 2025-2026 pending financing + Cabo Delgado security stabilisation state not carried on feed
After-tax NPVAfter-tax NPV not published — recorded on the PRE-TAX tier. Absent · not-yet-verified
Cost positionAbsent — not yet verified Absent · not-yet-verified
Study basisTriton Minerals (ASX:TON) Ancuabe DFS (Dec 2017, updated 2024) — PRE-TAX tier. state not carried on feed
5 · Financial & debt analysis
After-tax NPVAfter-tax NPV not published — recorded on the PRE-TAX tier. Absent · not-yet-verified
Capex / financing need90.3 (Pre-production/total project capital US$90.254m per Triton Minerals' updated DFS (2024). The Dec-2017 DFS figure was US$99.352m (~US$99.4m incl. contingency).) Sourced
Debt capacity / DSCRAbsent · not-yet-verified — no annual margin scenario for this development-stage asset; DSCR sizing requires a projected operating margin. Absent · not-yet-verifiedMethod & the lender's-lens calculation (populated for producing assets):
debt-sizing tool.
6 · Risk
Time to cashflowAbsent Absent · not-yet-verified
→ FID → first prod
Downstream flag summaryAbsent — not yet verified Absent · not-yet-verified
Security contextAbsent — not yet verified Absent · not-yet-verified
7 · Safeguards (E&S)
Material IFC Performance StandardsAbsent — not yet verified Absent · not-yet-verified
Equator Principles categoryAbsent — not yet verified Absent · not-yet-verified
ESIA statusAbsent — not yet verified Absent · not-yet-verified
Quantified PS/EP scoreAbsent — not yet verified Absent · not-yet-verified
8 · Mandate fit & recommendation context
African multilaterals (AfDB / AFC / Afreximbank / TDB)Absent — not yet verified Absent · not-yet-verified
Western DFIs / ECAs (IFC / DFC / EU DFIs)Absent — not yet verified Absent · not-yet-verified
EBRDAbsent — not yet verified Absent · not-yet-verified
Energy-transition thematicAbsent — not yet verified Absent · not-yet-verified
Development impactHigh-purity large-flake graphite; near Pemba port + power; local workforce; Moz govt 10%; diversifies Mozambican graphite beyond Syrah's Balama Sourced
Recommendation context — not a recommendation. The mandate lines above state where the asset sits inside each DFI family's published scope; binding eligibility (exclusion lists, instrument fit, current country status) is confirm-with-institution. What the screen supports: a fit assessment and an assembled evidence base. What it does not do: structure the facility, price the risk, or make the credit call. That is the institution's.
zandkopsdrift — DFI investment brief
· · · composed v2.137.281
1 · Executive summary
zandkopsdrift () — , . Sponsor Frontier Rare Earths Ltd (Luxembourg-registered); strategic partners: IDC (South Africa, US$20m equity for the DFS), Carester (France, separation tech + offtake), Komir (South Korea, govt-linked, holds a stake) (developer with a DFI (IDC) + allied strategic partners).
Indicative financing need — (capex, —).
Headline economics Absent · not-yet-verified.
Time to first cashflow: Absent · not-yet-verified. Funding: PFS-complete (2025) + DFS underway (H1-2027) + fully permitted; IDC equity + Carester offtake + EU strategic-project status; first production 2030.
What the screen supports vs what is outstanding. This brief assembles the evidence the platform holds, with provenance. It is not a credit recommendation — items marked Absent · not-yet-verified have had nothing read for them yet (not negatives), and the credit decision, the facility structure, and the diligence that closes those items are the institution's.
2 · Transaction overview
Financing need (pre-production capex)Absent — not yet verified Absent · not-yet-verified
DFI capital-need bandDFS financed by IDC (South Africa) US$20m equity; multiple EU funding pathways under evaluation (RESourceEU / EU-SA Clean Trade Partnership); construction financing toward 2030 production (DFS DFI-financed (IDC); construction financing + EU pathways ahead) Sourced
Funding statusPFS-complete (2025) + DFS underway (H1-2027) + fully permitted; IDC equity + Carester offtake + EU strategic-project status; first production 2030 Sourced
Deal / fiscal structureSourced state not carried on feed
OfftakeBinding strategic technology + 7-year MHREC offtake agreement with Carester (processed at Lacq, France); IDC option for up to 10% offtake (for SA downstream) (Carester 7-yr MHREC offtake is a binding strategic agreement.) Sourced
3 · Sponsor
SponsorFrontier Rare Earths Ltd (Luxembourg-registered); strategic partners: IDC (South Africa, US$20m equity for the DFS), Carester (France, separation tech + offtake), Komir (South Korea, govt-linked, holds a stake) (Western/allied + SA-DFI partner structure; Frontier listing status not confirmed (treated as unlisted).) Sourced
Sponsor typedeveloper with a DFI (IDC) + allied strategic partners state not carried on feed
OwnershipAbsent — not yet verified Absent · not-yet-verified
4 · Asset & economics
Commodity / classcritical minerals (magnet rare earths Nd/Pr/Dy/Tb + battery-grade manganese) state not carried on feed
Stage / DFI stageUpdated PFS (2025) + DFS commenced (Feb 2026, CPs satisfied Sep 2025, completion H1-2027); FULLY PERMITTED (mining right + environmental authorisation); first production targeted 2030 state not carried on feed
After-tax NPVAbsent — not yet verified Absent · not-yet-verified
Cost positionAbsent — not yet verified Absent · not-yet-verified
Study basisAbsent — not yet verified Absent · not-yet-verified
5 · Financial & debt analysis
After-tax NPVAbsent — not yet verified Absent · not-yet-verified
Capex / financing needAbsent — not yet verified Absent · not-yet-verified
Debt capacity / DSCRAbsent · not-yet-verified — no annual margin scenario for this development-stage asset; DSCR sizing requires a projected operating margin. Absent · not-yet-verifiedMethod & the lender's-lens calculation (populated for producing assets):
debt-sizing tool.
6 · Risk
Time to cashflowAbsent Absent · not-yet-verified
→ FID → first prod
Downstream flag summaryAbsent — not yet verified Absent · not-yet-verified
Security contextAbsent — not yet verified Absent · not-yet-verified
7 · Safeguards (E&S)
Material IFC Performance StandardsAbsent — not yet verified Absent · not-yet-verified
Equator Principles categoryAbsent — not yet verified Absent · not-yet-verified
ESIA statusAbsent — not yet verified Absent · not-yet-verified
Quantified PS/EP scoreAbsent — not yet verified Absent · not-yet-verified
8 · Mandate fit & recommendation context
African multilaterals (AfDB / AFC / Afreximbank / TDB)Absent — not yet verified Absent · not-yet-verified
Western DFIs / ECAs (IFC / DFC / EU DFIs)Absent — not yet verified Absent · not-yet-verified
EBRDAbsent — not yet verified Absent · not-yet-verified
Energy-transition thematicAbsent — not yet verified Absent · not-yet-verified
Development impactMagnet-REE + battery-manganese supply-chain diversification (non-China); EU Strategic Project (~17% of projected EU magnet-REE demand by 2030); SA downstream option via IDC; Northern Cape jobs Sourced
Recommendation context — not a recommendation. The mandate lines above state where the asset sits inside each DFI family's published scope; binding eligibility (exclusion lists, instrument fit, current country status) is confirm-with-institution. What the screen supports: a fit assessment and an assembled evidence base. What it does not do: structure the facility, price the risk, or make the credit call. That is the institution's.
Kandiolé — DFI investment brief
Mali · Au · development (PEA) · composed v2.137.281
1 · Executive summary
Kandiolé (Mali) — Au, development (PEA). Sponsor Roscan Gold Corp (TSX-V:ROS, FSE:2OJ, OTCQB:RCGCF), 100% (nine permits, 402 km2, Kayes Region, W Mali); a developer with no producing assets; contiguous to B2Gold's Fekola (NOT B2Gold-owned) (junior developer (no producing assets)).
Indicative financing need US$218.7 m (capex, Sourced).
Headline economics after-tax NPV US$498 m.
Time to first cashflow: Absent · not-yet-verified. Funding: PEA-complete + env permit granted; mining lease + DFS + financing ahead (targeted 2026).
What the screen supports vs what is outstanding. This brief assembles the evidence the platform holds, with provenance. It is not a credit recommendation — items marked Absent · not-yet-verified have had nothing read for them yet (not negatives), and the credit decision, the facility structure, and the diligence that closes those items are the institution's.
2 · Transaction overview
Financing need (pre-production capex)218.7 (Initial capital US$218.7m (PEA, 2 Mar 2026); scope designed to limit upfront capital with fast-track to production.) Sourced
DFI capital-need bandInitial capital US$218.7m; Roscan has no producing assets; financing discussions to start 2026 (Capex US$218.7m; junior; financing not arranged) Sourced
Funding statusPEA-complete + env permit granted; mining lease + DFS + financing ahead (targeted 2026) Sourced
Deal / fiscal structureSourced state not carried on feed
OfftakeGold dore -> spot market; ~92,786 oz/yr (first 4yr); AISC US$1,200/oz (first 4yr) -> US$1,568/oz LOM (Gold doré spot-liquid.) Sourced
3 · Sponsor
SponsorRoscan Gold Corp (TSX-V:ROS, FSE:2OJ, OTCQB:RCGCF), 100% (nine permits, 402 km2, Kayes Region, W Mali); a developer with no producing assets; contiguous to B2Gold's Fekola (NOT B2Gold-owned) (Roscan 100%; adjacent to Fekola but not B2Gold's asset.) Sourced
Sponsor typejunior developer (no producing assets) state not carried on feed
OwnershipAbsent — not yet verified Absent · not-yet-verified
4 · Asset & economics
Commodity / classprecious (gold) — neutral/safe-haven commodity state not carried on feed
Stage / DFI stagePEA (effective Feb 2026; Technical Report filed Apr 2026) + Environmental Permit GRANTED (2023); mining-lease application the penultimate step — PEA-stage (pre-DFS) state not carried on feed
After-tax NPV498 (5% · PEA (eff. 27 Feb 2026, Roscan Gold TSXV:ROS; prepared by Bara Consulting (UK) per NI 43-101; filed Newsfile 2 Mar 2026, full Technical Report to SEDAR+ within 45 days): after-tax NPV5 US$498M at BASE CASE US$3,100/oz (mine plan optimised at US$2,700/oz), IRR 43%, payback 2.8yr. CONSERVATIVE price deck — base US$3,100/oz sits BELOW 2026 spot (issuer's own spot-scenario uses US$5,280/oz), so NOT peak-inflated. Sensitivities: US$836M / 62% IRR @ US$4,000/oz; US$1,293M / 85% IRR @ US$5,280/oz. PEA-GRADE: includes Inferred Mineral Resources (~97% of mill feed from Indicated); no Mineral Reserves declared; PFS/DFS still required. Roscan 100%, W Mali (contiguous W of B2Gold's Fekola).) Sourced
Cost positionAbsent — not yet verified Absent · not-yet-verified
Study basisRoscan Gold (TSXV:ROS) Kandiolé PEA — PEA tier (eff. 27 Feb 2026). state not carried on feed
5 · Financial & debt analysis
After-tax NPV498 (5% · PEA (eff. 27 Feb 2026, Roscan Gold TSXV:ROS; prepared by Bara Consulting (UK) per NI 43-101; filed Newsfile 2 Mar 2026, full Technical Report to SEDAR+ within 45 days): after-tax NPV5 US$498M at BASE CASE US$3,100/oz (mine plan optimised at US$2,700/oz), IRR 43%, payback 2.8yr. CONSERVATIVE price deck — base US$3,100/oz sits BELOW 2026 spot (issuer's own spot-scenario uses US$5,280/oz), so NOT peak-inflated. Sensitivities: US$836M / 62% IRR @ US$4,000/oz; US$1,293M / 85% IRR @ US$5,280/oz. PEA-GRADE: includes Inferred Mineral Resources (~97% of mill feed from Indicated); no Mineral Reserves declared; PFS/DFS still required. Roscan 100%, W Mali (contiguous W of B2Gold's Fekola).) Sourced
Capex / financing need218.7 (Initial capital US$218.7m (PEA, 2 Mar 2026); scope designed to limit upfront capital with fast-track to production.) Sourced
Debt capacity / DSCRAbsent · not-yet-verified — no annual margin scenario for this development-stage asset; DSCR sizing requires a projected operating margin. Absent · not-yet-verifiedMethod & the lender's-lens calculation (populated for producing assets):
debt-sizing tool.
6 · Risk
Time to cashflowAbsent Absent · not-yet-verified
→ FID → first prod
Downstream flag summaryAbsent — not yet verified Absent · not-yet-verified
Security contextAbsent — not yet verified Absent · not-yet-verified
7 · Safeguards (E&S)
Material IFC Performance StandardsAbsent — not yet verified Absent · not-yet-verified
Equator Principles categoryAbsent — not yet verified Absent · not-yet-verified
ESIA statusAbsent — not yet verified Absent · not-yet-verified
Quantified PS/EP scoreAbsent — not yet verified Absent · not-yet-verified
8 · Mandate fit & recommendation context
African multilaterals (AfDB / AFC / Afreximbank / TDB)Absent — not yet verified Absent · not-yet-verified
Western DFIs / ECAs (IFC / DFC / EU DFIs)Absent — not yet verified Absent · not-yet-verified
EBRDAbsent — not yet verified Absent · not-yet-verified
Energy-transition thematicAbsent — not yet verified Absent · not-yet-verified
Development impactAdds to Mali's gold sector (76.5% of exports, 9.2% of GDP, 2022 EITI); jobs; Mali 2023 mining-code state participation (up to ~30-35%) Sourced
Recommendation context — not a recommendation. The mandate lines above state where the asset sits inside each DFI family's published scope; binding eligibility (exclusion lists, instrument fit, current country status) is confirm-with-institution. What the screen supports: a fit assessment and an assembled evidence base. What it does not do: structure the facility, price the risk, or make the credit call. That is the institution's.
steenkampskraal — DFI investment brief
· · · composed v2.137.281
1 · Executive summary
steenkampskraal () — , . Sponsor Steenkampskraal Monazite Mine (SMM); Steenkampskraal Holdings + Bora Mining Investments (Dr Enock Mathebula) + Steenkampskraal Worker's Trust; private entity; IDC (SA DFI) full Phase-1 funding; Mintek/Necsa partners (private developer with a DFI (IDC) fully funding Phase 1).
Indicative financing need — (capex, —).
Headline economics Absent · not-yet-verified.
Time to first cashflow: Absent · not-yet-verified. Funding: Construction underway (IDC-funded Phase 1); commissioning Aug 2026; first concentrate before end-2026; phased value-chain to follow.
What the screen supports vs what is outstanding. This brief assembles the evidence the platform holds, with provenance. It is not a credit recommendation — items marked Absent · not-yet-verified have had nothing read for them yet (not negatives), and the credit decision, the facility structure, and the diligence that closes those items are the institution's.
2 · Transaction overview
Financing need (pre-production capex)Absent — not yet verified Absent · not-yet-verified
DFI capital-need bandIDC (South Africa) providing FULL Phase-1 funding in four tranches (first tranche received); ~ZAR1bn already sunk (Anglo-era legacy infrastructure); phased value-chain build thereafter (DFI (IDC) fully funding Phase 1; phased capital build) Sourced
Funding statusConstruction underway (IDC-funded Phase 1); commissioning Aug 2026; first concentrate before end-2026; phased value-chain to follow Sourced
Deal / fiscal structureSourced state not carried on feed
OfftakeMonazite concentrate (>50% TREO) -> international buyers; offtake discussions advanced (international partners) but NOT yet binding (Offtake discussions advanced, not binding.) Sourced
3 · Sponsor
SponsorSteenkampskraal Monazite Mine (SMM); Steenkampskraal Holdings + Bora Mining Investments (Dr Enock Mathebula) + Steenkampskraal Worker's Trust; private entity; IDC (SA DFI) full Phase-1 funding; Mintek/Necsa partners (Private SA entity; IDC-funded; broad-based Worker's Trust.) Sourced
Sponsor typeprivate developer with a DFI (IDC) fully funding Phase 1 state not carried on feed
OwnershipAbsent — not yet verified Absent · not-yet-verified
4 · Asset & economics
Commodity / classcritical minerals (magnet rare earths NdPr/Dy/Tb + thorium; medical-isotope by-product) state not carried on feed
Stage / DFI stageCONSTRUCTION-stage — Phase-1 concentration plant under construction (soil-turning Apr 2026; commissioning Aug 2026; first monazite concentrate before end-2026); out of care-and-maintenance (2023/24) with NNR + DMPR approvals state not carried on feed
After-tax NPVAbsent — not yet verified Absent · not-yet-verified
Cost positionAbsent — not yet verified Absent · not-yet-verified
Study basisAbsent — not yet verified Absent · not-yet-verified
5 · Financial & debt analysis
After-tax NPVAbsent — not yet verified Absent · not-yet-verified
Capex / financing needAbsent — not yet verified Absent · not-yet-verified
Debt capacity / DSCRAbsent · not-yet-verified — no annual margin scenario for this development-stage asset; DSCR sizing requires a projected operating margin. Absent · not-yet-verifiedMethod & the lender's-lens calculation (populated for producing assets):
debt-sizing tool.
6 · Risk
Time to cashflowAbsent Absent · not-yet-verified
→ FID → first prod
Downstream flag summaryAbsent — not yet verified Absent · not-yet-verified
Security contextAbsent — not yet verified Absent · not-yet-verified
7 · Safeguards (E&S)
Material IFC Performance StandardsAbsent — not yet verified Absent · not-yet-verified
Equator Principles categoryAbsent — not yet verified Absent · not-yet-verified
ESIA statusAbsent — not yet verified Absent · not-yet-verified
Quantified PS/EP scoreAbsent — not yet verified Absent · not-yet-verified
8 · Mandate fit & recommendation context
African multilaterals (AfDB / AFC / Afreximbank / TDB)Absent — not yet verified Absent · not-yet-verified
Western DFIs / ECAs (IFC / DFC / EU DFIs)Absent — not yet verified Absent · not-yet-verified
EBRDAbsent — not yet verified Absent · not-yet-verified
Energy-transition thematicAbsent — not yet verified Absent · not-yet-verified
Development impactOne of one of the world's highest-grade REE depositss; SA beneficiation/processing-hub strategy (Mintek/Necsa); non-China magnet REE; jobs + downstream; Ra-228 medical isotopes (Thor Medical) Sourced
Recommendation context — not a recommendation. The mandate lines above state where the asset sits inside each DFI family's published scope; binding eligibility (exclusion lists, instrument fit, current country status) is confirm-with-institution. What the screen supports: a fit assessment and an assembled evidence base. What it does not do: structure the facility, price the risk, or make the credit call. That is the institution's.