One screening decision, four gates, in the order a development-finance officer actually applies them: is it in our mandate, are the economics real, does it survive downstream risk, and is it financeable now? Pick an institution and watch the universe narrow to a defensible shortlist.
Multilateral DFI · screening funnel, 159-asset roster
EBRD prioritises green-transition / critical minerals. Of the 9-asset shortlist, 1 are green-transition-class (battery/grid/magnet); the rest are geography-eligible but outside that priority. "Green-transition" here is narrower than the broad "critical minerals" sense (which also covers food-security minerals such as potash) used in the financeability commodity_class — complementary lenses, not a contradiction.
| Asset | Bankability (NPV₈) | Mandate fit | Downstream verdict | DFI capital need / funding | Time-to-cashflow |
|---|---|---|---|---|---|
| Ewoyaa Ghana · Li green-transition | US$1,500m Sourced after-tax · Atlantic Lithium DFS (Jun 2023) + DFS Up 2023 · 3y | EBRD fit: Ghana is in the EBRD accession process | Pending | High Sourced In transition — Huayou agreeing to sole-fund remaining devel | uncertain HIGH Derived |
| Assafou Côte d'Ivoire · Au non-priority | US$1,715m Derived after-tax · Endeavour Mining Assafou-Dibibango DFS ( 2026 · 0y | EBRD fit: Côte d'Ivoire is an EBRD country of ope… | Pending | None / N/A N/A Early works launched (long-lead orders, detailed engineering | ~3 yr LOW Derived |
| Afema Côte d'Ivoire · Au non-priority | US$1,287m Derived after-tax · Turaco Gold Afema PFS (17 Jun 2026 ASX a 2026 · 0y | EBRD fit: — | Pending | Total 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 Sourced PFS-complete (Jun 2026) + maiden Reserve; DFS Q2-2027; first | — |
| Doropo Côte d'Ivoire · Au non-priority | US$1,160m Derived after-tax · DFS Dec 2025 2025 · 1y | EBRD fit: Côte d'Ivoire is an EBRD country of ope… | Pending | None / N/A N/A FID taken Mar 2026; corporate/balance-sheet funded (Resolute | ~2 yr LOW Derived |
| Koné Côte d'Ivoire · Au non-priority | US$889m Derived after-tax · FS Jan 2024 2024 · 2y | EBRD fit: Côte d'Ivoire is an EBRD country of ope… | Pending | Moderate-High Sourced FULLY FUNDED (Oct 2024 US$825m streaming+loan package); cons | <1 yr LOW Derived |
| Douta Senegal · Au non-priority | US$535m Derived after-tax · Thor Explorations Douta PFS (Jan 2026) 2026 · 0y | EBRD fit: — | Pending | Initial development capital ~US$253.5m; ~US$137m cash on hand (end-2025) + Segilola cashflow; construction financing to be finalised Sourced PFS-complete + ESIA approved; Mining Convention being finali | — |
| Boundiali Côte d'Ivoire · Au non-priority | US$475m Derived after-tax · Aurum Boundiali PFS (11 Jun 2026 ASX ann 2026 · 0y | EBRD fit: — | Pending | PFS-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) Sourced PFS-complete + maiden Reserve + env certificates issued + li | — |
| Enchi Ghana · Au non-priority | US$434m Derived after-tax · Newcore Gold Enchi PFS (24 Jun 2026 Glob 2026 · 0y | EBRD fit: — | Pending | Upfront capex ~US$351m (5.5Mtpa CIL, 24-month build, contract mining); 'fully funded to complete the PFS'; construction financing to be arranged Sourced PFS-complete (Jun 2026); mining-lease application this year; | — |
| Boumadine Morocco · AuEq (gold-silver-zinc-lead polymetallic) non-priority | — Absent PEA · Aya Gold & Silver Boumadine PEA (4 Nov 2 2025 · 1y | EBRD fit: — | Pending | Future construction capital not yet defined at FS level; Aya self-funds studies from Zgounder operating cashflow + market; PEA-stage Sourced PEA-complete (Nov 2025); FS work underway (360,000m infill d | — |
Shortlist = in-mandate ∩ bankability-complete ∩ deep-assessed ∩ financeability set. Mandate-fit column maps each institution to the closest published lens (African multilaterals → african-multilateral fit; IFC and DFC → the Western-DFI/ECA lens, an approximate proxy for IFC as a global multilateral; EBRD → its own accession status). It is a shown signal, not folded into the rank (which is DFI capital need, then NPV). Time-to-cashflow band is Derived editorial. This shortlist narrows a universe for origination; it is not an underwriting recommendation.
Regional MDB · screening funnel, 159-asset roster
| Asset | Bankability (NPV₈) | Mandate fit | Downstream verdict | DFI capital need / funding | Time-to-cashflow |
|---|---|---|---|---|---|
| Kabanga Tanzania · Ni-Cu-Co | US$1,579m Sourced after-tax · Lifezone Metals FS TRS 2025 2025 · 1y | AfDB fit: African jurisdiction | Pending | High Sourced In progress — DFC/EXIM/JOGMEC + SocGen PF package being fina | ~4 yr MEDIUM Derived |
| Ewoyaa Ghana · Li | US$1,500m Sourced after-tax · Atlantic Lithium DFS (Jun 2023) + DFS Up 2023 · 3y | AfDB fit: African jurisdiction | Pending | High Sourced In transition — Huayou agreeing to sole-fund remaining devel | uncertain HIGH Derived |
| Kokoseb Namibia · Au | US$555m Derived after-tax · vintage Absent | AfDB fit: African jurisdiction | Pending | High Sourced Equity-funded to date (A$30m placement Aug 2025); constructi | ~2 yr LOW-MEDIUM Derived |
| Ngualla REE Tanzania · REE | — Pending after-tax · Peak Rare Earths BFS Oct 2022 2022 · 4y | AfDB fit: African jurisdiction | no elevated downstream flag captured (some markers Pending) | High Sourced Shenghe-anchored; BFS-stage, FID pending — NdPr price (~$110 | 3-4+ yr MEDIUM Derived |
| Toliara (Vara Mada) Madagascar · Mineral sands (Ti/Zr/REE) | US$1,720m Derived after-tax · Energy Fuels Toliara/Vara Mada FS (Jan 2 2026 · 0y | AfDB fit: — | Pending | Large (~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 Sourced FS-complete; PRE-FID — FID requires a formalised govt invest | — |
| Assafou Côte d'Ivoire · Au | US$1,715m Derived after-tax · Endeavour Mining Assafou-Dibibango DFS ( 2026 · 0y | AfDB fit: African jurisdiction | Pending | None / N/A N/A Early works launched (long-lead orders, detailed engineering | ~3 yr LOW Derived |
| Mahenge Tanzania · graphite | US$1,652m Derived after-tax · Black Rock Mining eDFS update (FEED 2024 2026 · 0y | AfDB fit: — | Pending | Yes — and largely met: DBSA + IDC + CRDB facilities ~US$179-204m already committed; Module 1 capex ~US$182-231m Sourced DBSA/IDC/CRDB debt + POSCO equity/offtake-prepayment; early | — |
| Kasiya Malawi · rutile+graphite | ≤US$1,448m Sourced after-tax · Sovereign Metals Kasiya DFS (Apr 2026); 2026 · 0y | AfDB fit: — | Pending | Likely — junior developer, ~US$0.66bn+ initial capex; project finance not yet secured Derived DFS-funded via A$40m (2025) raise; project financing not yet | — |
| Orom-Cross Uganda · graphite | US$1,411m Derived after-tax · Blencowe Orom-Cross optimised DFS (May 2 2026 · 0y | AfDB fit: — | Pending | Yes — 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 Sourced DFS-complete + permitted; assembling P1 project finance (~US | — |
| Bankan Guinea · Au | US$1,358m Derived after-tax · Predictive Discovery Bankan DFS (Jun 202 2025 · 1y | AfDB fit: — | Pending | Capex ~US$463m (incl ~US$34m contingency); producing-asset cashflow supports but does not eliminate external funding; financing process commencing post-DFS Sourced DFS-complete; ESIA approved; Exploitation Permit in final re | — |
| Afema Côte d'Ivoire · Au | US$1,287m Derived after-tax · Turaco Gold Afema PFS (17 Jun 2026 ASX a 2026 · 0y | AfDB fit: — | Pending | Total 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 Sourced PFS-complete (Jun 2026) + maiden Reserve; DFS Q2-2027; first | — |
| Doropo Côte d'Ivoire · Au | US$1,160m Derived after-tax · DFS Dec 2025 2025 · 1y | AfDB fit: African jurisdiction | Pending | None / N/A N/A FID taken Mar 2026; corporate/balance-sheet funded (Resolute | ~2 yr LOW Derived |
| Steelpoortdrift South Africa · Vanadium (V2O5) | US$1,159m Derived after-tax · VR8 Steelpoortdrift DFS (Oct 2022) 2022 · 4y | AfDB fit: — | Pending | Yes — 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 Sourced DFS-complete + fully permitted; pre-FID (financing-gated); n | — |
| Etango Namibia · U3O8 | US$1,070m Sourced after-tax · Bannerman Energy Etango-8 updated DFS (A 2025 · 1y | AfDB fit: — | Pending | Partly filled commercially — CNNC (CNOL) to invest up to US$321.5m for 45% of the JV; build capex ~US$317-353m Sourced Early works underway; CNNC JV US$321.5m (45%); FID guided 20 | — |
| Kanyika Malawi · Niobium (+Ta) | US$1,000m Sourced after-tax · Globe Kanyika BFS (Apr 2026) 2026 · 0y | AfDB fit: — | Pending | Yes — 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 Sourced BFS-complete + fully permitted + early works begun; pre-FID | — |
| Nyanzaga Tanzania · Au | US$977m Derived after-tax · vintage Absent | AfDB fit: African jurisdiction | Pending | None / N/A N/A FID Apr 2025; self-funded (Perseus cash); ~48% construction- | ~0.5 yr LOW Derived |
| Dasa Niger · U3O8 | US$917m Sourced after-tax · Global Atomic Dasa 2024 Feasibility Stud 2024 · 2y | AfDB fit: — | Pending | Yes — 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 Sourced Under construction (~US$250m invested) but financing-gated f | — |
| Koné Côte d'Ivoire · Au | US$889m Derived after-tax · FS Jan 2024 2024 · 2y | AfDB fit: African jurisdiction | Pending | Moderate-High Sourced FULLY FUNDED (Oct 2024 US$825m streaming+loan package); cons | <1 yr LOW Derived |
| Farim Guinea-Bissau · phosphate | US$673m Derived after-tax · Itafos Farim FS (May 2023) 2023 · 3y | AfDB fit: — | Pending | Yes — pre-production capex ~US$308m; FID pending for years (parent has prioritised its Brazil [Santana/Araxa] + Idaho [Conda] assets); no FID committed Sourced FS-complete + fully permitted + ESIA done; PRE-FID (FID long | — |
| Bilboes Zimbabwe · Au | US$582m Sourced after-tax · Caledonia Bilboes Feasibility Study (Nov 2025 · 1y | AfDB fit: — | Pending | Peak funding requirement ~US$484m, primarily NON-RECOURSE senior debt + Blanket internal equity + royalties/streams/mezzanine/convertibles; NOT DFI-dependent Sourced FID taken; ADVANCED commercial funding — US$150m convertible | — |
| Tumas Namibia · U3O8 | US$577m Sourced after-tax · Deep Yellow Tumas updated DFS (Apr 2025) 2025 · 1y | AfDB fit: — | Pending | Yes — ~US$474m capex; Nedbank Mandated Lead Arranger for ~US$350m debt; FID price-contingent Sourced FID deferred Apr 2025 on uranium price; phased early works + | — |
| Waterberg South Africa · PGM | US$569m Sourced after-tax · Platinum Group Metals Waterberg 2024 DFS 2024 · 2y | AfDB fit: — | Pending | Yes — 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 Sourced DFS-updated + Mining Right; pre-construction; financing-gate | — |
| Kangankunde Malawi · REE (NdPr) | US$555m Sourced after-tax · Lindian Resources Kangankunde Stage 1 FS 2024 · 2y | AfDB fit: — | Pending | Low 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 Sourced Fully funded Stage 1; in construction; first production targ | — |
| Twin Hills Namibia · Au | US$552m Derived after-tax · DFS 2023 2023 · 3y | AfDB fit: African jurisdiction | Pending | None / N/A N/A Self-funded (Shanjin); construction commenced Sept 2025; fir | ~0.5 yr LOW Derived |
| Douta Senegal · Au | US$535m Derived after-tax · Thor Explorations Douta PFS (Jan 2026) 2026 · 0y | AfDB fit: — | Pending | Initial development capital ~US$253.5m; ~US$137m cash on hand (end-2025) + Segilola cashflow; construction financing to be finalised Sourced PFS-complete + ESIA approved; Mining Convention being finali | — |
| Kobada Mali · Au | US$500m Sourced after-tax · Toubani Resources Kobada updated DFS (Ma 2025 · 1y | AfDB fit: — | Pending | Met commercially — A$395m package (Oct 2025): EEA US$160m gold stream + A$125m equity + options; ~US$216m capex; senior-debt process also run Sourced Fully funded (A$395m); FID taken; construction commenced; fi | — |
| K.Hill Botswana · Mn (battery-grade) | US$481m Sourced after-tax · Giyani K.Hill DFS (28 May 2026) 2026 · 0y | AfDB fit: — | Pending | Yes — 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) Sourced DFS complete (May 2026); pre-construction; financing-gated ( | — |
| Boundiali Côte d'Ivoire · Au | US$475m Derived after-tax · Aurum Boundiali PFS (11 Jun 2026 ASX ann 2026 · 0y | AfDB fit: — | Pending | PFS-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) Sourced PFS-complete + maiden Reserve + env certificates issued + li | — |
| Dugbe Liberia · Au | US$436m Derived after-tax · Pasofino Gold Dugbe FS (Jul 2022, NI 43- 2022 · 4y | AfDB fit: — | Pending | Yes — ~US$397-435m construction capex; financing not yet secured; FS being updated to support a 2026 construction decision Sourced FS-update + pre-construction funding (Nioko/Hummingbird); co | — |
| Enchi Ghana · Au | US$434m Derived after-tax · Newcore Gold Enchi PFS (24 Jun 2026 Glob 2026 · 0y | AfDB fit: — | Pending | Upfront capex ~US$351m (5.5Mtpa CIL, 24-month build, contract mining); 'fully funded to complete the PFS'; construction financing to be arranged Sourced PFS-complete (Jun 2026); mining-lease application this year; | — |
| Baniaka Gabon · Fe | US$391m Sourced after-tax · Genmin Baniaka PFS (16 Nov 2022) 2022 · 4y | AfDB fit: — | Pending | Yes — 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 Sourced Fully permitted + early civil works; PRE-DFS / pre-FID (FID | — |
| Songwe Hill Malawi · REE (NdPr) | US$387m Derived after-tax · Mkango Resources updated DFS (Mar 2026); 2026 · 0y | AfDB fit: — | Pending | Yes — junior; U.S. DFC already funding FEED (US$4.6m, Sep 2025); project-finance package to follow Sourced DFC FEED funding secured; NASDAQ SPAC merger (Crown PropTech | — |
| Chilalo Tanzania · graphite | US$338m Sourced after-tax · Evolution Energy Chilalo updated DFS (Ma 2023 · 3y | AfDB fit: — | Pending | Yes — US$120m capex; debt process run by Auramet International; non-binding EOIs from European/African/Tanzanian banks, MULTILATERAL institutions, funds and strategics Sourced DFS+FEED+ML in hand; FID-ready; financing-gated (debt proces | — |
| Makuutu Uganda · REE (HREE) | US$278m Sourced after-tax · Ionic Rare Earths Makuutu Stage 1 DFS (M 2023 · 3y | AfDB fit: — | Pending | Yes — ~US$120.8m Stage-1 capex; financing is the explicit gating factor for FID; no DFI/binding finance committed Sourced DFS + ML in hand; demo plant (Phase 1, Mar 2025) producing M | — |
| Muntanga Zambia · U3O8 | US$243m Sourced after-tax · GoviEx Muntanga FS (23 Jan 2025 results 2025 · 1y | AfDB fit: — | Pending | Yes — capex ~US$282m (heap-leach); financing-gated; LOIs from financing institutions received; advisor (Endeavour Financial) appointed; no DFI named Sourced FS-complete + fully permitted + ESIA/RAP approved (Jun 2026) | — |
| Lofdal Namibia · REE (HREE: Dy/Tb/Y) | US$232m Derived after-tax · Namibia Critical Metals Lofdal PFS (Dec 2025 · 1y | AfDB fit: — | Pending | Capex ~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 Sourced PFS-complete + fully permitted; DFS underway (JOGMEC-funded, | — |
| Sanankoro Mali · Au | US$221m Sourced after-tax · Cora Gold Sanankoro updated DFS (Sep 202 2025 · 1y | AfDB fit: — | Pending | Met commercially — US$124m capex; fully funded by EEA US$120m gold stream + ~£15.7m EEA-led equity, pending permit Sourced Fully funded to production (EEA stream + equity), pending th | — |
| Ancuabe Mozambique · graphite | — Absent pre-tax · Triton Ancuabe DFS (Dec 2017 / 2024 upda 2024 · 2y | AfDB fit: — | Pending | Total project cost ~US$90.3m (updated DFS 2024, down from US$99.4m); financing not yet secured; Argonaut financial adviser; FID pending Sourced DFS-complete + concession + env approval; FID 2025-2026 pend | — |
| Bekisopa Madagascar · Fe | — Absent pre-tax · AKORA Bekisopa PFS (31 Mar 2025) 2025 · 1y | AfDB fit: — | Pending | Low — 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 Sourced PFS-complete; DFS + EIA + mining-licence application underwa | — |
| Boumadine Morocco · AuEq (gold-silver-zinc-lead polymetallic) | — Absent PEA · Aya Gold & Silver Boumadine PEA (4 Nov 2 2025 · 1y | AfDB fit: — | Pending | Future construction capital not yet defined at FS level; Aya self-funds studies from Zgounder operating cashflow + market; PEA-stage Sourced PEA-complete (Nov 2025); FS work underway (360,000m infill d | — |
| Bunyu (Stage 1) Tanzania · graphite | — Absent pre-tax · Volt Bunyu Stage-1 FS update (Aug 2023) 2023 · 3y | AfDB fit: — | Pending | Revised 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 Sourced Development/financing phase; UOF binding term sheet (Dec 202 | — |
| Epanko Tanzania · graphite | — Absent pre-tax · EcoGraf Epanko updated BFS (Feb 2026) 2026 · 0y | AfDB fit: — | Pending | Yes, 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 Sourced BFS + IER complete; debt financing advancing (KfW IPEX-led U | — |
| Haib Namibia · Cu | — Absent PEA · Koryx Haib PEA (4 Sep 2025) 2025 · 1y | AfDB fit: — | Pending | Yes, large — PEA upfront capex ~US$1.56bn (incl 10% contingency) for a junior; financing steps come after PFS (late-2026)/DFS Sourced PEA-complete + updated MRE; ESIA underway; PFS late-2026, th | — |
| Kalana Mali · Au | — Absent after-tax · vintage Absent | AfDB fit: African jurisdiction | Pending | None / N/A N/A | long / stalled HIGH Derived |
| Kandiolé Mali · Au | — Absent PEA · Roscan Kandiolé PEA (eff. 27 Feb 2026; N 2026 · 0y | AfDB fit: — | Pending | Initial capital US$218.7m; Roscan has no producing assets; financing discussions to start 2026 Sourced PEA-complete + env permit granted; mining lease + DFS + fina | — |
| Kurmuk Ethiopia · Au | — after-tax · Allied Gold disclosures; Kristie Batten 2026 · 0y | AfDB fit: African jurisdiction | Pending | None / N/A N/A Self-funded (US$717m budget); pre-commissioning Q2-2026, fir | ~0 (imminent) MEDIUM Derived |
| Minim Martap Cameroon · bauxite | — Absent pre-tax · Canyon Minim Martap DFS (Aug 2025) 2025 · 1y | AfDB fit: — | Pending | Modest + 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 Sourced In construction, Stage-1 FULLY FUNDED to first shipment (Q3 | — |
| Phalaborwa South Africa · REE (NdPr+HREE) | — Absent PEA · Rainbow Phalaborwa Interim Study (Dec 20 2024 · 2y | AfDB fit: — | Pending | Yes, 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 Sourced DFS in progress (2026); pilot plant validating flowsheet; fi | — |
| Zanaga Republic of Congo · Fe | — Absent after-tax · Zanaga Iron Ore Company FS (2024 update; 2026 · 0y | AfDB fit: — | Pending | Very 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) Sourced Permitted + Apr-2026 economic update; pre-construction; pend | — |
Shortlist = in-mandate ∩ bankability-complete ∩ deep-assessed ∩ financeability set. Mandate-fit column maps each institution to the closest published lens (African multilaterals → african-multilateral fit; IFC and DFC → the Western-DFI/ECA lens, an approximate proxy for IFC as a global multilateral; EBRD → its own accession status). It is a shown signal, not folded into the rank (which is DFI capital need, then NPV). Time-to-cashflow band is Derived editorial. This shortlist narrows a universe for origination; it is not an underwriting recommendation.
Pan-African MDB · screening funnel, 159-asset roster
| Asset | Bankability (NPV₈) | Mandate fit | Downstream verdict | DFI capital need / funding | Time-to-cashflow |
|---|---|---|---|---|---|
| Kabanga Tanzania · Ni-Cu-Co | US$1,579m Sourced after-tax · Lifezone Metals FS TRS 2025 2025 · 1y | AFC fit: African jurisdiction | Pending | High Sourced In progress — DFC/EXIM/JOGMEC + SocGen PF package being fina | ~4 yr MEDIUM Derived |
| Ewoyaa Ghana · Li | US$1,500m Sourced after-tax · Atlantic Lithium DFS (Jun 2023) + DFS Up 2023 · 3y | AFC fit: African jurisdiction | Pending | High Sourced In transition — Huayou agreeing to sole-fund remaining devel | uncertain HIGH Derived |
| Kokoseb Namibia · Au | US$555m Derived after-tax · vintage Absent | AFC fit: African jurisdiction | Pending | High Sourced Equity-funded to date (A$30m placement Aug 2025); constructi | ~2 yr LOW-MEDIUM Derived |
| Ngualla REE Tanzania · REE | — Pending after-tax · Peak Rare Earths BFS Oct 2022 2022 · 4y | AFC fit: African jurisdiction | no elevated downstream flag captured (some markers Pending) | High Sourced Shenghe-anchored; BFS-stage, FID pending — NdPr price (~$110 | 3-4+ yr MEDIUM Derived |
| Toliara (Vara Mada) Madagascar · Mineral sands (Ti/Zr/REE) | US$1,720m Derived after-tax · Energy Fuels Toliara/Vara Mada FS (Jan 2 2026 · 0y | AFC fit: — | Pending | Large (~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 Sourced FS-complete; PRE-FID — FID requires a formalised govt invest | — |
| Assafou Côte d'Ivoire · Au | US$1,715m Derived after-tax · Endeavour Mining Assafou-Dibibango DFS ( 2026 · 0y | AFC fit: African jurisdiction | Pending | None / N/A N/A Early works launched (long-lead orders, detailed engineering | ~3 yr LOW Derived |
| Mahenge Tanzania · graphite | US$1,652m Derived after-tax · Black Rock Mining eDFS update (FEED 2024 2026 · 0y | AFC fit: — | Pending | Yes — and largely met: DBSA + IDC + CRDB facilities ~US$179-204m already committed; Module 1 capex ~US$182-231m Sourced DBSA/IDC/CRDB debt + POSCO equity/offtake-prepayment; early | — |
| Kasiya Malawi · rutile+graphite | ≤US$1,448m Sourced after-tax · Sovereign Metals Kasiya DFS (Apr 2026); 2026 · 0y | AFC fit: — | Pending | Likely — junior developer, ~US$0.66bn+ initial capex; project finance not yet secured Derived DFS-funded via A$40m (2025) raise; project financing not yet | — |
| Orom-Cross Uganda · graphite | US$1,411m Derived after-tax · Blencowe Orom-Cross optimised DFS (May 2 2026 · 0y | AFC fit: — | Pending | Yes — 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 Sourced DFS-complete + permitted; assembling P1 project finance (~US | — |
| Bankan Guinea · Au | US$1,358m Derived after-tax · Predictive Discovery Bankan DFS (Jun 202 2025 · 1y | AFC fit: — | Pending | Capex ~US$463m (incl ~US$34m contingency); producing-asset cashflow supports but does not eliminate external funding; financing process commencing post-DFS Sourced DFS-complete; ESIA approved; Exploitation Permit in final re | — |
| Afema Côte d'Ivoire · Au | US$1,287m Derived after-tax · Turaco Gold Afema PFS (17 Jun 2026 ASX a 2026 · 0y | AFC fit: — | Pending | Total 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 Sourced PFS-complete (Jun 2026) + maiden Reserve; DFS Q2-2027; first | — |
| Doropo Côte d'Ivoire · Au | US$1,160m Derived after-tax · DFS Dec 2025 2025 · 1y | AFC fit: African jurisdiction | Pending | None / N/A N/A FID taken Mar 2026; corporate/balance-sheet funded (Resolute | ~2 yr LOW Derived |
| Steelpoortdrift South Africa · Vanadium (V2O5) | US$1,159m Derived after-tax · VR8 Steelpoortdrift DFS (Oct 2022) 2022 · 4y | AFC fit: — | Pending | Yes — 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 Sourced DFS-complete + fully permitted; pre-FID (financing-gated); n | — |
| Etango Namibia · U3O8 | US$1,070m Sourced after-tax · Bannerman Energy Etango-8 updated DFS (A 2025 · 1y | AFC fit: — | Pending | Partly filled commercially — CNNC (CNOL) to invest up to US$321.5m for 45% of the JV; build capex ~US$317-353m Sourced Early works underway; CNNC JV US$321.5m (45%); FID guided 20 | — |
| Kanyika Malawi · Niobium (+Ta) | US$1,000m Sourced after-tax · Globe Kanyika BFS (Apr 2026) 2026 · 0y | AFC fit: — | Pending | Yes — 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 Sourced BFS-complete + fully permitted + early works begun; pre-FID | — |
| Nyanzaga Tanzania · Au | US$977m Derived after-tax · vintage Absent | AFC fit: African jurisdiction | Pending | None / N/A N/A FID Apr 2025; self-funded (Perseus cash); ~48% construction- | ~0.5 yr LOW Derived |
| Dasa Niger · U3O8 | US$917m Sourced after-tax · Global Atomic Dasa 2024 Feasibility Stud 2024 · 2y | AFC fit: — | Pending | Yes — 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 Sourced Under construction (~US$250m invested) but financing-gated f | — |
| Koné Côte d'Ivoire · Au | US$889m Derived after-tax · FS Jan 2024 2024 · 2y | AFC fit: African jurisdiction | Pending | Moderate-High Sourced FULLY FUNDED (Oct 2024 US$825m streaming+loan package); cons | <1 yr LOW Derived |
| Farim Guinea-Bissau · phosphate | US$673m Derived after-tax · Itafos Farim FS (May 2023) 2023 · 3y | AFC fit: — | Pending | Yes — pre-production capex ~US$308m; FID pending for years (parent has prioritised its Brazil [Santana/Araxa] + Idaho [Conda] assets); no FID committed Sourced FS-complete + fully permitted + ESIA done; PRE-FID (FID long | — |
| Bilboes Zimbabwe · Au | US$582m Sourced after-tax · Caledonia Bilboes Feasibility Study (Nov 2025 · 1y | AFC fit: — | Pending | Peak funding requirement ~US$484m, primarily NON-RECOURSE senior debt + Blanket internal equity + royalties/streams/mezzanine/convertibles; NOT DFI-dependent Sourced FID taken; ADVANCED commercial funding — US$150m convertible | — |
| Tumas Namibia · U3O8 | US$577m Sourced after-tax · Deep Yellow Tumas updated DFS (Apr 2025) 2025 · 1y | AFC fit: — | Pending | Yes — ~US$474m capex; Nedbank Mandated Lead Arranger for ~US$350m debt; FID price-contingent Sourced FID deferred Apr 2025 on uranium price; phased early works + | — |
| Waterberg South Africa · PGM | US$569m Sourced after-tax · Platinum Group Metals Waterberg 2024 DFS 2024 · 2y | AFC fit: — | Pending | Yes — 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 Sourced DFS-updated + Mining Right; pre-construction; financing-gate | — |
| Kangankunde Malawi · REE (NdPr) | US$555m Sourced after-tax · Lindian Resources Kangankunde Stage 1 FS 2024 · 2y | AFC fit: — | Pending | Low 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 Sourced Fully funded Stage 1; in construction; first production targ | — |
| Twin Hills Namibia · Au | US$552m Derived after-tax · DFS 2023 2023 · 3y | AFC fit: African jurisdiction | Pending | None / N/A N/A Self-funded (Shanjin); construction commenced Sept 2025; fir | ~0.5 yr LOW Derived |
| Douta Senegal · Au | US$535m Derived after-tax · Thor Explorations Douta PFS (Jan 2026) 2026 · 0y | AFC fit: — | Pending | Initial development capital ~US$253.5m; ~US$137m cash on hand (end-2025) + Segilola cashflow; construction financing to be finalised Sourced PFS-complete + ESIA approved; Mining Convention being finali | — |
| Kobada Mali · Au | US$500m Sourced after-tax · Toubani Resources Kobada updated DFS (Ma 2025 · 1y | AFC fit: — | Pending | Met commercially — A$395m package (Oct 2025): EEA US$160m gold stream + A$125m equity + options; ~US$216m capex; senior-debt process also run Sourced Fully funded (A$395m); FID taken; construction commenced; fi | — |
| K.Hill Botswana · Mn (battery-grade) | US$481m Sourced after-tax · Giyani K.Hill DFS (28 May 2026) 2026 · 0y | AFC fit: — | Pending | Yes — 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) Sourced DFS complete (May 2026); pre-construction; financing-gated ( | — |
| Boundiali Côte d'Ivoire · Au | US$475m Derived after-tax · Aurum Boundiali PFS (11 Jun 2026 ASX ann 2026 · 0y | AFC fit: — | Pending | PFS-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) Sourced PFS-complete + maiden Reserve + env certificates issued + li | — |
| Dugbe Liberia · Au | US$436m Derived after-tax · Pasofino Gold Dugbe FS (Jul 2022, NI 43- 2022 · 4y | AFC fit: — | Pending | Yes — ~US$397-435m construction capex; financing not yet secured; FS being updated to support a 2026 construction decision Sourced FS-update + pre-construction funding (Nioko/Hummingbird); co | — |
| Enchi Ghana · Au | US$434m Derived after-tax · Newcore Gold Enchi PFS (24 Jun 2026 Glob 2026 · 0y | AFC fit: — | Pending | Upfront capex ~US$351m (5.5Mtpa CIL, 24-month build, contract mining); 'fully funded to complete the PFS'; construction financing to be arranged Sourced PFS-complete (Jun 2026); mining-lease application this year; | — |
| Baniaka Gabon · Fe | US$391m Sourced after-tax · Genmin Baniaka PFS (16 Nov 2022) 2022 · 4y | AFC fit: — | Pending | Yes — 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 Sourced Fully permitted + early civil works; PRE-DFS / pre-FID (FID | — |
| Songwe Hill Malawi · REE (NdPr) | US$387m Derived after-tax · Mkango Resources updated DFS (Mar 2026); 2026 · 0y | AFC fit: — | Pending | Yes — junior; U.S. DFC already funding FEED (US$4.6m, Sep 2025); project-finance package to follow Sourced DFC FEED funding secured; NASDAQ SPAC merger (Crown PropTech | — |
| Chilalo Tanzania · graphite | US$338m Sourced after-tax · Evolution Energy Chilalo updated DFS (Ma 2023 · 3y | AFC fit: — | Pending | Yes — US$120m capex; debt process run by Auramet International; non-binding EOIs from European/African/Tanzanian banks, MULTILATERAL institutions, funds and strategics Sourced DFS+FEED+ML in hand; FID-ready; financing-gated (debt proces | — |
| Makuutu Uganda · REE (HREE) | US$278m Sourced after-tax · Ionic Rare Earths Makuutu Stage 1 DFS (M 2023 · 3y | AFC fit: — | Pending | Yes — ~US$120.8m Stage-1 capex; financing is the explicit gating factor for FID; no DFI/binding finance committed Sourced DFS + ML in hand; demo plant (Phase 1, Mar 2025) producing M | — |
| Muntanga Zambia · U3O8 | US$243m Sourced after-tax · GoviEx Muntanga FS (23 Jan 2025 results 2025 · 1y | AFC fit: — | Pending | Yes — capex ~US$282m (heap-leach); financing-gated; LOIs from financing institutions received; advisor (Endeavour Financial) appointed; no DFI named Sourced FS-complete + fully permitted + ESIA/RAP approved (Jun 2026) | — |
| Lofdal Namibia · REE (HREE: Dy/Tb/Y) | US$232m Derived after-tax · Namibia Critical Metals Lofdal PFS (Dec 2025 · 1y | AFC fit: — | Pending | Capex ~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 Sourced PFS-complete + fully permitted; DFS underway (JOGMEC-funded, | — |
| Sanankoro Mali · Au | US$221m Sourced after-tax · Cora Gold Sanankoro updated DFS (Sep 202 2025 · 1y | AFC fit: — | Pending | Met commercially — US$124m capex; fully funded by EEA US$120m gold stream + ~£15.7m EEA-led equity, pending permit Sourced Fully funded to production (EEA stream + equity), pending th | — |
| Ancuabe Mozambique · graphite | — Absent pre-tax · Triton Ancuabe DFS (Dec 2017 / 2024 upda 2024 · 2y | AFC fit: — | Pending | Total project cost ~US$90.3m (updated DFS 2024, down from US$99.4m); financing not yet secured; Argonaut financial adviser; FID pending Sourced DFS-complete + concession + env approval; FID 2025-2026 pend | — |
| Bekisopa Madagascar · Fe | — Absent pre-tax · AKORA Bekisopa PFS (31 Mar 2025) 2025 · 1y | AFC fit: — | Pending | Low — 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 Sourced PFS-complete; DFS + EIA + mining-licence application underwa | — |
| Boumadine Morocco · AuEq (gold-silver-zinc-lead polymetallic) | — Absent PEA · Aya Gold & Silver Boumadine PEA (4 Nov 2 2025 · 1y | AFC fit: — | Pending | Future construction capital not yet defined at FS level; Aya self-funds studies from Zgounder operating cashflow + market; PEA-stage Sourced PEA-complete (Nov 2025); FS work underway (360,000m infill d | — |
| Bunyu (Stage 1) Tanzania · graphite | — Absent pre-tax · Volt Bunyu Stage-1 FS update (Aug 2023) 2023 · 3y | AFC fit: — | Pending | Revised 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 Sourced Development/financing phase; UOF binding term sheet (Dec 202 | — |
| Epanko Tanzania · graphite | — Absent pre-tax · EcoGraf Epanko updated BFS (Feb 2026) 2026 · 0y | AFC fit: — | Pending | Yes, 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 Sourced BFS + IER complete; debt financing advancing (KfW IPEX-led U | — |
| Haib Namibia · Cu | — Absent PEA · Koryx Haib PEA (4 Sep 2025) 2025 · 1y | AFC fit: — | Pending | Yes, large — PEA upfront capex ~US$1.56bn (incl 10% contingency) for a junior; financing steps come after PFS (late-2026)/DFS Sourced PEA-complete + updated MRE; ESIA underway; PFS late-2026, th | — |
| Kalana Mali · Au | — Absent after-tax · vintage Absent | AFC fit: African jurisdiction | Pending | None / N/A N/A | long / stalled HIGH Derived |
| Kandiolé Mali · Au | — Absent PEA · Roscan Kandiolé PEA (eff. 27 Feb 2026; N 2026 · 0y | AFC fit: — | Pending | Initial capital US$218.7m; Roscan has no producing assets; financing discussions to start 2026 Sourced PEA-complete + env permit granted; mining lease + DFS + fina | — |
| Kurmuk Ethiopia · Au | — after-tax · Allied Gold disclosures; Kristie Batten 2026 · 0y | AFC fit: African jurisdiction | Pending | None / N/A N/A Self-funded (US$717m budget); pre-commissioning Q2-2026, fir | ~0 (imminent) MEDIUM Derived |
| Minim Martap Cameroon · bauxite | — Absent pre-tax · Canyon Minim Martap DFS (Aug 2025) 2025 · 1y | AFC fit: — | Pending | Modest + 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 Sourced In construction, Stage-1 FULLY FUNDED to first shipment (Q3 | — |
| Phalaborwa South Africa · REE (NdPr+HREE) | — Absent PEA · Rainbow Phalaborwa Interim Study (Dec 20 2024 · 2y | AFC fit: — | Pending | Yes, 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 Sourced DFS in progress (2026); pilot plant validating flowsheet; fi | — |
| Zanaga Republic of Congo · Fe | — Absent after-tax · Zanaga Iron Ore Company FS (2024 update; 2026 · 0y | AFC fit: — | Pending | Very 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) Sourced Permitted + Apr-2026 economic update; pre-construction; pend | — |
Shortlist = in-mandate ∩ bankability-complete ∩ deep-assessed ∩ financeability set. Mandate-fit column maps each institution to the closest published lens (African multilaterals → african-multilateral fit; IFC and DFC → the Western-DFI/ECA lens, an approximate proxy for IFC as a global multilateral; EBRD → its own accession status). It is a shown signal, not folded into the rank (which is DFI capital need, then NPV). Time-to-cashflow band is Derived editorial. This shortlist narrows a universe for origination; it is not an underwriting recommendation.
Pan-African MDB · screening funnel, 159-asset roster
| Asset | Bankability (NPV₈) | Mandate fit | Downstream verdict | DFI capital need / funding | Time-to-cashflow |
|---|---|---|---|---|---|
| Kabanga Tanzania · Ni-Cu-Co | US$1,579m Sourced after-tax · Lifezone Metals FS TRS 2025 2025 · 1y | Afreximbank fit: African jurisdiction | Pending | High Sourced In progress — DFC/EXIM/JOGMEC + SocGen PF package being fina | ~4 yr MEDIUM Derived |
| Ewoyaa Ghana · Li | US$1,500m Sourced after-tax · Atlantic Lithium DFS (Jun 2023) + DFS Up 2023 · 3y | Afreximbank fit: African jurisdiction | Pending | High Sourced In transition — Huayou agreeing to sole-fund remaining devel | uncertain HIGH Derived |
| Kokoseb Namibia · Au | US$555m Derived after-tax · vintage Absent | Afreximbank fit: African jurisdiction | Pending | High Sourced Equity-funded to date (A$30m placement Aug 2025); constructi | ~2 yr LOW-MEDIUM Derived |
| Ngualla REE Tanzania · REE | — Pending after-tax · Peak Rare Earths BFS Oct 2022 2022 · 4y | Afreximbank fit: African jurisdiction | no elevated downstream flag captured (some markers Pending) | High Sourced Shenghe-anchored; BFS-stage, FID pending — NdPr price (~$110 | 3-4+ yr MEDIUM Derived |
| Toliara (Vara Mada) Madagascar · Mineral sands (Ti/Zr/REE) | US$1,720m Derived after-tax · Energy Fuels Toliara/Vara Mada FS (Jan 2 2026 · 0y | Afreximbank fit: — | Pending | Large (~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 Sourced FS-complete; PRE-FID — FID requires a formalised govt invest | — |
| Assafou Côte d'Ivoire · Au | US$1,715m Derived after-tax · Endeavour Mining Assafou-Dibibango DFS ( 2026 · 0y | Afreximbank fit: African jurisdiction | Pending | None / N/A N/A Early works launched (long-lead orders, detailed engineering | ~3 yr LOW Derived |
| Mahenge Tanzania · graphite | US$1,652m Derived after-tax · Black Rock Mining eDFS update (FEED 2024 2026 · 0y | Afreximbank fit: — | Pending | Yes — and largely met: DBSA + IDC + CRDB facilities ~US$179-204m already committed; Module 1 capex ~US$182-231m Sourced DBSA/IDC/CRDB debt + POSCO equity/offtake-prepayment; early | — |
| Kasiya Malawi · rutile+graphite | ≤US$1,448m Sourced after-tax · Sovereign Metals Kasiya DFS (Apr 2026); 2026 · 0y | Afreximbank fit: — | Pending | Likely — junior developer, ~US$0.66bn+ initial capex; project finance not yet secured Derived DFS-funded via A$40m (2025) raise; project financing not yet | — |
| Orom-Cross Uganda · graphite | US$1,411m Derived after-tax · Blencowe Orom-Cross optimised DFS (May 2 2026 · 0y | Afreximbank fit: — | Pending | Yes — 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 Sourced DFS-complete + permitted; assembling P1 project finance (~US | — |
| Bankan Guinea · Au | US$1,358m Derived after-tax · Predictive Discovery Bankan DFS (Jun 202 2025 · 1y | Afreximbank fit: — | Pending | Capex ~US$463m (incl ~US$34m contingency); producing-asset cashflow supports but does not eliminate external funding; financing process commencing post-DFS Sourced DFS-complete; ESIA approved; Exploitation Permit in final re | — |
| Afema Côte d'Ivoire · Au | US$1,287m Derived after-tax · Turaco Gold Afema PFS (17 Jun 2026 ASX a 2026 · 0y | Afreximbank fit: — | Pending | Total 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 Sourced PFS-complete (Jun 2026) + maiden Reserve; DFS Q2-2027; first | — |
| Doropo Côte d'Ivoire · Au | US$1,160m Derived after-tax · DFS Dec 2025 2025 · 1y | Afreximbank fit: African jurisdiction | Pending | None / N/A N/A FID taken Mar 2026; corporate/balance-sheet funded (Resolute | ~2 yr LOW Derived |
| Steelpoortdrift South Africa · Vanadium (V2O5) | US$1,159m Derived after-tax · VR8 Steelpoortdrift DFS (Oct 2022) 2022 · 4y | Afreximbank fit: — | Pending | Yes — 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 Sourced DFS-complete + fully permitted; pre-FID (financing-gated); n | — |
| Etango Namibia · U3O8 | US$1,070m Sourced after-tax · Bannerman Energy Etango-8 updated DFS (A 2025 · 1y | Afreximbank fit: — | Pending | Partly filled commercially — CNNC (CNOL) to invest up to US$321.5m for 45% of the JV; build capex ~US$317-353m Sourced Early works underway; CNNC JV US$321.5m (45%); FID guided 20 | — |
| Kanyika Malawi · Niobium (+Ta) | US$1,000m Sourced after-tax · Globe Kanyika BFS (Apr 2026) 2026 · 0y | Afreximbank fit: — | Pending | Yes — 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 Sourced BFS-complete + fully permitted + early works begun; pre-FID | — |
| Nyanzaga Tanzania · Au | US$977m Derived after-tax · vintage Absent | Afreximbank fit: African jurisdiction | Pending | None / N/A N/A FID Apr 2025; self-funded (Perseus cash); ~48% construction- | ~0.5 yr LOW Derived |
| Dasa Niger · U3O8 | US$917m Sourced after-tax · Global Atomic Dasa 2024 Feasibility Stud 2024 · 2y | Afreximbank fit: — | Pending | Yes — 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 Sourced Under construction (~US$250m invested) but financing-gated f | — |
| Koné Côte d'Ivoire · Au | US$889m Derived after-tax · FS Jan 2024 2024 · 2y | Afreximbank fit: African jurisdiction | Pending | Moderate-High Sourced FULLY FUNDED (Oct 2024 US$825m streaming+loan package); cons | <1 yr LOW Derived |
| Farim Guinea-Bissau · phosphate | US$673m Derived after-tax · Itafos Farim FS (May 2023) 2023 · 3y | Afreximbank fit: — | Pending | Yes — pre-production capex ~US$308m; FID pending for years (parent has prioritised its Brazil [Santana/Araxa] + Idaho [Conda] assets); no FID committed Sourced FS-complete + fully permitted + ESIA done; PRE-FID (FID long | — |
| Bilboes Zimbabwe · Au | US$582m Sourced after-tax · Caledonia Bilboes Feasibility Study (Nov 2025 · 1y | Afreximbank fit: — | Pending | Peak funding requirement ~US$484m, primarily NON-RECOURSE senior debt + Blanket internal equity + royalties/streams/mezzanine/convertibles; NOT DFI-dependent Sourced FID taken; ADVANCED commercial funding — US$150m convertible | — |
| Tumas Namibia · U3O8 | US$577m Sourced after-tax · Deep Yellow Tumas updated DFS (Apr 2025) 2025 · 1y | Afreximbank fit: — | Pending | Yes — ~US$474m capex; Nedbank Mandated Lead Arranger for ~US$350m debt; FID price-contingent Sourced FID deferred Apr 2025 on uranium price; phased early works + | — |
| Waterberg South Africa · PGM | US$569m Sourced after-tax · Platinum Group Metals Waterberg 2024 DFS 2024 · 2y | Afreximbank fit: — | Pending | Yes — 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 Sourced DFS-updated + Mining Right; pre-construction; financing-gate | — |
| Kangankunde Malawi · REE (NdPr) | US$555m Sourced after-tax · Lindian Resources Kangankunde Stage 1 FS 2024 · 2y | Afreximbank fit: — | Pending | Low 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 Sourced Fully funded Stage 1; in construction; first production targ | — |
| Twin Hills Namibia · Au | US$552m Derived after-tax · DFS 2023 2023 · 3y | Afreximbank fit: African jurisdiction | Pending | None / N/A N/A Self-funded (Shanjin); construction commenced Sept 2025; fir | ~0.5 yr LOW Derived |
| Douta Senegal · Au | US$535m Derived after-tax · Thor Explorations Douta PFS (Jan 2026) 2026 · 0y | Afreximbank fit: — | Pending | Initial development capital ~US$253.5m; ~US$137m cash on hand (end-2025) + Segilola cashflow; construction financing to be finalised Sourced PFS-complete + ESIA approved; Mining Convention being finali | — |
| Kobada Mali · Au | US$500m Sourced after-tax · Toubani Resources Kobada updated DFS (Ma 2025 · 1y | Afreximbank fit: — | Pending | Met commercially — A$395m package (Oct 2025): EEA US$160m gold stream + A$125m equity + options; ~US$216m capex; senior-debt process also run Sourced Fully funded (A$395m); FID taken; construction commenced; fi | — |
| K.Hill Botswana · Mn (battery-grade) | US$481m Sourced after-tax · Giyani K.Hill DFS (28 May 2026) 2026 · 0y | Afreximbank fit: — | Pending | Yes — 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) Sourced DFS complete (May 2026); pre-construction; financing-gated ( | — |
| Boundiali Côte d'Ivoire · Au | US$475m Derived after-tax · Aurum Boundiali PFS (11 Jun 2026 ASX ann 2026 · 0y | Afreximbank fit: — | Pending | PFS-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) Sourced PFS-complete + maiden Reserve + env certificates issued + li | — |
| Dugbe Liberia · Au | US$436m Derived after-tax · Pasofino Gold Dugbe FS (Jul 2022, NI 43- 2022 · 4y | Afreximbank fit: — | Pending | Yes — ~US$397-435m construction capex; financing not yet secured; FS being updated to support a 2026 construction decision Sourced FS-update + pre-construction funding (Nioko/Hummingbird); co | — |
| Enchi Ghana · Au | US$434m Derived after-tax · Newcore Gold Enchi PFS (24 Jun 2026 Glob 2026 · 0y | Afreximbank fit: — | Pending | Upfront capex ~US$351m (5.5Mtpa CIL, 24-month build, contract mining); 'fully funded to complete the PFS'; construction financing to be arranged Sourced PFS-complete (Jun 2026); mining-lease application this year; | — |
| Baniaka Gabon · Fe | US$391m Sourced after-tax · Genmin Baniaka PFS (16 Nov 2022) 2022 · 4y | Afreximbank fit: — | Pending | Yes — 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 Sourced Fully permitted + early civil works; PRE-DFS / pre-FID (FID | — |
| Songwe Hill Malawi · REE (NdPr) | US$387m Derived after-tax · Mkango Resources updated DFS (Mar 2026); 2026 · 0y | Afreximbank fit: — | Pending | Yes — junior; U.S. DFC already funding FEED (US$4.6m, Sep 2025); project-finance package to follow Sourced DFC FEED funding secured; NASDAQ SPAC merger (Crown PropTech | — |
| Chilalo Tanzania · graphite | US$338m Sourced after-tax · Evolution Energy Chilalo updated DFS (Ma 2023 · 3y | Afreximbank fit: — | Pending | Yes — US$120m capex; debt process run by Auramet International; non-binding EOIs from European/African/Tanzanian banks, MULTILATERAL institutions, funds and strategics Sourced DFS+FEED+ML in hand; FID-ready; financing-gated (debt proces | — |
| Makuutu Uganda · REE (HREE) | US$278m Sourced after-tax · Ionic Rare Earths Makuutu Stage 1 DFS (M 2023 · 3y | Afreximbank fit: — | Pending | Yes — ~US$120.8m Stage-1 capex; financing is the explicit gating factor for FID; no DFI/binding finance committed Sourced DFS + ML in hand; demo plant (Phase 1, Mar 2025) producing M | — |
| Muntanga Zambia · U3O8 | US$243m Sourced after-tax · GoviEx Muntanga FS (23 Jan 2025 results 2025 · 1y | Afreximbank fit: — | Pending | Yes — capex ~US$282m (heap-leach); financing-gated; LOIs from financing institutions received; advisor (Endeavour Financial) appointed; no DFI named Sourced FS-complete + fully permitted + ESIA/RAP approved (Jun 2026) | — |
| Lofdal Namibia · REE (HREE: Dy/Tb/Y) | US$232m Derived after-tax · Namibia Critical Metals Lofdal PFS (Dec 2025 · 1y | Afreximbank fit: — | Pending | Capex ~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 Sourced PFS-complete + fully permitted; DFS underway (JOGMEC-funded, | — |
| Sanankoro Mali · Au | US$221m Sourced after-tax · Cora Gold Sanankoro updated DFS (Sep 202 2025 · 1y | Afreximbank fit: — | Pending | Met commercially — US$124m capex; fully funded by EEA US$120m gold stream + ~£15.7m EEA-led equity, pending permit Sourced Fully funded to production (EEA stream + equity), pending th | — |
| Ancuabe Mozambique · graphite | — Absent pre-tax · Triton Ancuabe DFS (Dec 2017 / 2024 upda 2024 · 2y | Afreximbank fit: — | Pending | Total project cost ~US$90.3m (updated DFS 2024, down from US$99.4m); financing not yet secured; Argonaut financial adviser; FID pending Sourced DFS-complete + concession + env approval; FID 2025-2026 pend | — |
| Bekisopa Madagascar · Fe | — Absent pre-tax · AKORA Bekisopa PFS (31 Mar 2025) 2025 · 1y | Afreximbank fit: — | Pending | Low — 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 Sourced PFS-complete; DFS + EIA + mining-licence application underwa | — |
| Boumadine Morocco · AuEq (gold-silver-zinc-lead polymetallic) | — Absent PEA · Aya Gold & Silver Boumadine PEA (4 Nov 2 2025 · 1y | Afreximbank fit: — | Pending | Future construction capital not yet defined at FS level; Aya self-funds studies from Zgounder operating cashflow + market; PEA-stage Sourced PEA-complete (Nov 2025); FS work underway (360,000m infill d | — |
| Bunyu (Stage 1) Tanzania · graphite | — Absent pre-tax · Volt Bunyu Stage-1 FS update (Aug 2023) 2023 · 3y | Afreximbank fit: — | Pending | Revised 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 Sourced Development/financing phase; UOF binding term sheet (Dec 202 | — |
| Epanko Tanzania · graphite | — Absent pre-tax · EcoGraf Epanko updated BFS (Feb 2026) 2026 · 0y | Afreximbank fit: — | Pending | Yes, 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 Sourced BFS + IER complete; debt financing advancing (KfW IPEX-led U | — |
| Haib Namibia · Cu | — Absent PEA · Koryx Haib PEA (4 Sep 2025) 2025 · 1y | Afreximbank fit: — | Pending | Yes, large — PEA upfront capex ~US$1.56bn (incl 10% contingency) for a junior; financing steps come after PFS (late-2026)/DFS Sourced PEA-complete + updated MRE; ESIA underway; PFS late-2026, th | — |
| Kalana Mali · Au | — Absent after-tax · vintage Absent | Afreximbank fit: African jurisdiction | Pending | None / N/A N/A | long / stalled HIGH Derived |
| Kandiolé Mali · Au | — Absent PEA · Roscan Kandiolé PEA (eff. 27 Feb 2026; N 2026 · 0y | Afreximbank fit: — | Pending | Initial capital US$218.7m; Roscan has no producing assets; financing discussions to start 2026 Sourced PEA-complete + env permit granted; mining lease + DFS + fina | — |
| Kurmuk Ethiopia · Au | — after-tax · Allied Gold disclosures; Kristie Batten 2026 · 0y | Afreximbank fit: African jurisdiction | Pending | None / N/A N/A Self-funded (US$717m budget); pre-commissioning Q2-2026, fir | ~0 (imminent) MEDIUM Derived |
| Minim Martap Cameroon · bauxite | — Absent pre-tax · Canyon Minim Martap DFS (Aug 2025) 2025 · 1y | Afreximbank fit: — | Pending | Modest + 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 Sourced In construction, Stage-1 FULLY FUNDED to first shipment (Q3 | — |
| Phalaborwa South Africa · REE (NdPr+HREE) | — Absent PEA · Rainbow Phalaborwa Interim Study (Dec 20 2024 · 2y | Afreximbank fit: — | Pending | Yes, 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 Sourced DFS in progress (2026); pilot plant validating flowsheet; fi | — |
| Zanaga Republic of Congo · Fe | — Absent after-tax · Zanaga Iron Ore Company FS (2024 update; 2026 · 0y | Afreximbank fit: — | Pending | Very 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) Sourced Permitted + Apr-2026 economic update; pre-construction; pend | — |
Shortlist = in-mandate ∩ bankability-complete ∩ deep-assessed ∩ financeability set. Mandate-fit column maps each institution to the closest published lens (African multilaterals → african-multilateral fit; IFC and DFC → the Western-DFI/ECA lens, an approximate proxy for IFC as a global multilateral; EBRD → its own accession status). It is a shown signal, not folded into the rank (which is DFI capital need, then NPV). Time-to-cashflow band is Derived editorial. This shortlist narrows a universe for origination; it is not an underwriting recommendation.
Multilateral DFI · screening funnel, 159-asset roster
IFC prioritises green-transition / critical minerals. Of the 49-asset shortlist, 21 are green-transition-class (battery/grid/magnet); the rest are geography-eligible but outside that priority. "Green-transition" here is narrower than the broad "critical minerals" sense (which also covers food-security minerals such as potash) used in the financeability commodity_class — complementary lenses, not a contradiction.
| Asset | Bankability (NPV₈) | Mandate fit | Downstream verdict | DFI capital need / funding | Time-to-cashflow |
|---|---|---|---|---|---|
| Kabanga Tanzania · Ni-Cu-Co green-transition | US$1,579m Sourced after-tax · Lifezone Metals FS TRS 2025 2025 · 1y | IFC fit: Financing parties engaged: US DFC | Pending | High Sourced In progress — DFC/EXIM/JOGMEC + SocGen PF package being fina | ~4 yr MEDIUM Derived |
| Ewoyaa Ghana · Li green-transition | US$1,500m Sourced after-tax · Atlantic Lithium DFS (Jun 2023) + DFS Up 2023 · 3y | IFC fit: Control change pending: Huayou Cobalt t… | Pending | High Sourced In transition — Huayou agreeing to sole-fund remaining devel | uncertain HIGH Derived |
| Kokoseb Namibia · Au non-priority | US$555m Derived after-tax · vintage Absent | IFC fit: No Western-DFI/ECA financing disclosed | Pending | High Sourced Equity-funded to date (A$30m placement Aug 2025); constructi | ~2 yr LOW-MEDIUM Derived |
| Ngualla REE Tanzania · REE green-transition | — Pending after-tax · Peak Rare Earths BFS Oct 2022 2022 · 4y | IFC fit: Controlling shareholder: Shenghe Resources | no elevated downstream flag captured (some markers Pending) | High Sourced Shenghe-anchored; BFS-stage, FID pending — NdPr price (~$110 | 3-4+ yr MEDIUM Derived |
| Toliara (Vara Mada) Madagascar · Mineral sands (Ti/Zr/REE) green-transition | US$1,720m Derived after-tax · Energy Fuels Toliara/Vara Mada FS (Jan 2 2026 · 0y | IFC fit: — | Pending | Large (~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 Sourced FS-complete; PRE-FID — FID requires a formalised govt invest | — |
| Assafou Côte d'Ivoire · Au non-priority | US$1,715m Derived after-tax · Endeavour Mining Assafou-Dibibango DFS ( 2026 · 0y | IFC fit: No Western-DFI/ECA financing disclosed | Pending | None / N/A N/A Early works launched (long-lead orders, detailed engineering | ~3 yr LOW Derived |
| Mahenge Tanzania · graphite green-transition | US$1,652m Derived after-tax · Black Rock Mining eDFS update (FEED 2024 2026 · 0y | IFC fit: — | Pending | Yes — and largely met: DBSA + IDC + CRDB facilities ~US$179-204m already committed; Module 1 capex ~US$182-231m Sourced DBSA/IDC/CRDB debt + POSCO equity/offtake-prepayment; early | — |
| Kasiya Malawi · rutile+graphite green-transition | ≤US$1,448m Sourced after-tax · Sovereign Metals Kasiya DFS (Apr 2026); 2026 · 0y | IFC fit: — | Pending | Likely — junior developer, ~US$0.66bn+ initial capex; project finance not yet secured Derived DFS-funded via A$40m (2025) raise; project financing not yet | — |
| Orom-Cross Uganda · graphite non-priority | US$1,411m Derived after-tax · Blencowe Orom-Cross optimised DFS (May 2 2026 · 0y | IFC fit: — | Pending | Yes — 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 Sourced DFS-complete + permitted; assembling P1 project finance (~US | — |
| Bankan Guinea · Au non-priority | US$1,358m Derived after-tax · Predictive Discovery Bankan DFS (Jun 202 2025 · 1y | IFC fit: — | Pending | Capex ~US$463m (incl ~US$34m contingency); producing-asset cashflow supports but does not eliminate external funding; financing process commencing post-DFS Sourced DFS-complete; ESIA approved; Exploitation Permit in final re | — |
| Afema Côte d'Ivoire · Au non-priority | US$1,287m Derived after-tax · Turaco Gold Afema PFS (17 Jun 2026 ASX a 2026 · 0y | IFC fit: — | Pending | Total 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 Sourced PFS-complete (Jun 2026) + maiden Reserve; DFS Q2-2027; first | — |
| Doropo Côte d'Ivoire · Au non-priority | US$1,160m Derived after-tax · DFS Dec 2025 2025 · 1y | IFC fit: No Western-DFI/ECA financing disclosed | Pending | None / N/A N/A FID taken Mar 2026; corporate/balance-sheet funded (Resolute | ~2 yr LOW Derived |
| Steelpoortdrift South Africa · Vanadium (V2O5) green-transition | US$1,159m Derived after-tax · VR8 Steelpoortdrift DFS (Oct 2022) 2022 · 4y | IFC fit: — | Pending | Yes — 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 Sourced DFS-complete + fully permitted; pre-FID (financing-gated); n | — |
| Etango Namibia · U3O8 green-transition | US$1,070m Sourced after-tax · Bannerman Energy Etango-8 updated DFS (A 2025 · 1y | IFC fit: — | Pending | Partly filled commercially — CNNC (CNOL) to invest up to US$321.5m for 45% of the JV; build capex ~US$317-353m Sourced Early works underway; CNNC JV US$321.5m (45%); FID guided 20 | — |
| Kanyika Malawi · Niobium (+Ta) non-priority | US$1,000m Sourced after-tax · Globe Kanyika BFS (Apr 2026) 2026 · 0y | IFC fit: — | Pending | Yes — 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 Sourced BFS-complete + fully permitted + early works begun; pre-FID | — |
| Nyanzaga Tanzania · Au non-priority | US$977m Derived after-tax · vintage Absent | IFC fit: No Western-DFI/ECA financing disclosed | Pending | None / N/A N/A FID Apr 2025; self-funded (Perseus cash); ~48% construction- | ~0.5 yr LOW Derived |
| Dasa Niger · U3O8 green-transition | US$917m Sourced after-tax · Global Atomic Dasa 2024 Feasibility Stud 2024 · 2y | IFC fit: — | Pending | Yes — 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 Sourced Under construction (~US$250m invested) but financing-gated f | — |
| Koné Côte d'Ivoire · Au non-priority | US$889m Derived after-tax · FS Jan 2024 2024 · 2y | IFC fit: No Western-DFI/ECA financing disclosed | Pending | Moderate-High Sourced FULLY FUNDED (Oct 2024 US$825m streaming+loan package); cons | <1 yr LOW Derived |
| Farim Guinea-Bissau · phosphate non-priority | US$673m Derived after-tax · Itafos Farim FS (May 2023) 2023 · 3y | IFC fit: — | Pending | Yes — pre-production capex ~US$308m; FID pending for years (parent has prioritised its Brazil [Santana/Araxa] + Idaho [Conda] assets); no FID committed Sourced FS-complete + fully permitted + ESIA done; PRE-FID (FID long | — |
| Bilboes Zimbabwe · Au non-priority | US$582m Sourced after-tax · Caledonia Bilboes Feasibility Study (Nov 2025 · 1y | IFC fit: — | Pending | Peak funding requirement ~US$484m, primarily NON-RECOURSE senior debt + Blanket internal equity + royalties/streams/mezzanine/convertibles; NOT DFI-dependent Sourced FID taken; ADVANCED commercial funding — US$150m convertible | — |
| Tumas Namibia · U3O8 green-transition | US$577m Sourced after-tax · Deep Yellow Tumas updated DFS (Apr 2025) 2025 · 1y | IFC fit: — | Pending | Yes — ~US$474m capex; Nedbank Mandated Lead Arranger for ~US$350m debt; FID price-contingent Sourced FID deferred Apr 2025 on uranium price; phased early works + | — |
| Waterberg South Africa · PGM non-priority | US$569m Sourced after-tax · Platinum Group Metals Waterberg 2024 DFS 2024 · 2y | IFC fit: — | Pending | Yes — 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 Sourced DFS-updated + Mining Right; pre-construction; financing-gate | — |
| Kangankunde Malawi · REE (NdPr) green-transition | US$555m Sourced after-tax · Lindian Resources Kangankunde Stage 1 FS 2024 · 2y | IFC fit: — | Pending | Low 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 Sourced Fully funded Stage 1; in construction; first production targ | — |
| Twin Hills Namibia · Au non-priority | US$552m Derived after-tax · DFS 2023 2023 · 3y | IFC fit: No Western-DFI/ECA financing disclosed | Pending | None / N/A N/A Self-funded (Shanjin); construction commenced Sept 2025; fir | ~0.5 yr LOW Derived |
| Douta Senegal · Au non-priority | US$535m Derived after-tax · Thor Explorations Douta PFS (Jan 2026) 2026 · 0y | IFC fit: — | Pending | Initial development capital ~US$253.5m; ~US$137m cash on hand (end-2025) + Segilola cashflow; construction financing to be finalised Sourced PFS-complete + ESIA approved; Mining Convention being finali | — |
| Kobada Mali · Au non-priority | US$500m Sourced after-tax · Toubani Resources Kobada updated DFS (Ma 2025 · 1y | IFC fit: — | Pending | Met commercially — A$395m package (Oct 2025): EEA US$160m gold stream + A$125m equity + options; ~US$216m capex; senior-debt process also run Sourced Fully funded (A$395m); FID taken; construction commenced; fi | — |
| K.Hill Botswana · Mn (battery-grade) green-transition | US$481m Sourced after-tax · Giyani K.Hill DFS (28 May 2026) 2026 · 0y | IFC fit: — | Pending | Yes — 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) Sourced DFS complete (May 2026); pre-construction; financing-gated ( | — |
| Boundiali Côte d'Ivoire · Au non-priority | US$475m Derived after-tax · Aurum Boundiali PFS (11 Jun 2026 ASX ann 2026 · 0y | IFC fit: — | Pending | PFS-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) Sourced PFS-complete + maiden Reserve + env certificates issued + li | — |
| Dugbe Liberia · Au non-priority | US$436m Derived after-tax · Pasofino Gold Dugbe FS (Jul 2022, NI 43- 2022 · 4y | IFC fit: — | Pending | Yes — ~US$397-435m construction capex; financing not yet secured; FS being updated to support a 2026 construction decision Sourced FS-update + pre-construction funding (Nioko/Hummingbird); co | — |
| Enchi Ghana · Au non-priority | US$434m Derived after-tax · Newcore Gold Enchi PFS (24 Jun 2026 Glob 2026 · 0y | IFC fit: — | Pending | Upfront capex ~US$351m (5.5Mtpa CIL, 24-month build, contract mining); 'fully funded to complete the PFS'; construction financing to be arranged Sourced PFS-complete (Jun 2026); mining-lease application this year; | — |
| Baniaka Gabon · Fe non-priority | US$391m Sourced after-tax · Genmin Baniaka PFS (16 Nov 2022) 2022 · 4y | IFC fit: — | Pending | Yes — 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 Sourced Fully permitted + early civil works; PRE-DFS / pre-FID (FID | — |
| Songwe Hill Malawi · REE (NdPr) green-transition | US$387m Derived after-tax · Mkango Resources updated DFS (Mar 2026); 2026 · 0y | IFC fit: — | Pending | Yes — junior; U.S. DFC already funding FEED (US$4.6m, Sep 2025); project-finance package to follow Sourced DFC FEED funding secured; NASDAQ SPAC merger (Crown PropTech | — |
| Chilalo Tanzania · graphite green-transition | US$338m Sourced after-tax · Evolution Energy Chilalo updated DFS (Ma 2023 · 3y | IFC fit: — | Pending | Yes — US$120m capex; debt process run by Auramet International; non-binding EOIs from European/African/Tanzanian banks, MULTILATERAL institutions, funds and strategics Sourced DFS+FEED+ML in hand; FID-ready; financing-gated (debt proces | — |
| Makuutu Uganda · REE (HREE) green-transition | US$278m Sourced after-tax · Ionic Rare Earths Makuutu Stage 1 DFS (M 2023 · 3y | IFC fit: — | Pending | Yes — ~US$120.8m Stage-1 capex; financing is the explicit gating factor for FID; no DFI/binding finance committed Sourced DFS + ML in hand; demo plant (Phase 1, Mar 2025) producing M | — |
| Muntanga Zambia · U3O8 green-transition | US$243m Sourced after-tax · GoviEx Muntanga FS (23 Jan 2025 results 2025 · 1y | IFC fit: — | Pending | Yes — capex ~US$282m (heap-leach); financing-gated; LOIs from financing institutions received; advisor (Endeavour Financial) appointed; no DFI named Sourced FS-complete + fully permitted + ESIA/RAP approved (Jun 2026) | — |
| Lofdal Namibia · REE (HREE: Dy/Tb/Y) green-transition | US$232m Derived after-tax · Namibia Critical Metals Lofdal PFS (Dec 2025 · 1y | IFC fit: — | Pending | Capex ~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 Sourced PFS-complete + fully permitted; DFS underway (JOGMEC-funded, | — |
| Sanankoro Mali · Au non-priority | US$221m Sourced after-tax · Cora Gold Sanankoro updated DFS (Sep 202 2025 · 1y | IFC fit: — | Pending | Met commercially — US$124m capex; fully funded by EEA US$120m gold stream + ~£15.7m EEA-led equity, pending permit Sourced Fully funded to production (EEA stream + equity), pending th | — |
| Ancuabe Mozambique · graphite green-transition | — Absent pre-tax · Triton Ancuabe DFS (Dec 2017 / 2024 upda 2024 · 2y | IFC fit: — | Pending | Total project cost ~US$90.3m (updated DFS 2024, down from US$99.4m); financing not yet secured; Argonaut financial adviser; FID pending Sourced DFS-complete + concession + env approval; FID 2025-2026 pend | — |
| Bekisopa Madagascar · Fe non-priority | — Absent pre-tax · AKORA Bekisopa PFS (31 Mar 2025) 2025 · 1y | IFC fit: — | Pending | Low — 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 Sourced PFS-complete; DFS + EIA + mining-licence application underwa | — |
| Boumadine Morocco · AuEq (gold-silver-zinc-lead polymetallic) non-priority | — Absent PEA · Aya Gold & Silver Boumadine PEA (4 Nov 2 2025 · 1y | IFC fit: — | Pending | Future construction capital not yet defined at FS level; Aya self-funds studies from Zgounder operating cashflow + market; PEA-stage Sourced PEA-complete (Nov 2025); FS work underway (360,000m infill d | — |
| Bunyu (Stage 1) Tanzania · graphite green-transition | — Absent pre-tax · Volt Bunyu Stage-1 FS update (Aug 2023) 2023 · 3y | IFC fit: — | Pending | Revised 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 Sourced Development/financing phase; UOF binding term sheet (Dec 202 | — |
| Epanko Tanzania · graphite green-transition | — Absent pre-tax · EcoGraf Epanko updated BFS (Feb 2026) 2026 · 0y | IFC fit: — | Pending | Yes, 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 Sourced BFS + IER complete; debt financing advancing (KfW IPEX-led U | — |
| Haib Namibia · Cu non-priority | — Absent PEA · Koryx Haib PEA (4 Sep 2025) 2025 · 1y | IFC fit: — | Pending | Yes, large — PEA upfront capex ~US$1.56bn (incl 10% contingency) for a junior; financing steps come after PFS (late-2026)/DFS Sourced PEA-complete + updated MRE; ESIA underway; PFS late-2026, th | — |
| Kalana Mali · Au non-priority | — Absent after-tax · vintage Absent | IFC fit: No Western-DFI/ECA financing disclosed | Pending | None / N/A N/A | long / stalled HIGH Derived |
| Kandiolé Mali · Au non-priority | — Absent PEA · Roscan Kandiolé PEA (eff. 27 Feb 2026; N 2026 · 0y | IFC fit: — | Pending | Initial capital US$218.7m; Roscan has no producing assets; financing discussions to start 2026 Sourced PEA-complete + env permit granted; mining lease + DFS + fina | — |
| Kurmuk Ethiopia · Au non-priority | — after-tax · Allied Gold disclosures; Kristie Batten 2026 · 0y | IFC fit: Parent Allied Gold under a pending Ziji… | Pending | None / N/A N/A Self-funded (US$717m budget); pre-commissioning Q2-2026, fir | ~0 (imminent) MEDIUM Derived |
| Minim Martap Cameroon · bauxite non-priority | — Absent pre-tax · Canyon Minim Martap DFS (Aug 2025) 2025 · 1y | IFC fit: — | Pending | Modest + 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 Sourced In construction, Stage-1 FULLY FUNDED to first shipment (Q3 | — |
| Phalaborwa South Africa · REE (NdPr+HREE) green-transition | — Absent PEA · Rainbow Phalaborwa Interim Study (Dec 20 2024 · 2y | IFC fit: — | Pending | Yes, 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 Sourced DFS in progress (2026); pilot plant validating flowsheet; fi | — |
| Zanaga Republic of Congo · Fe non-priority | — Absent after-tax · Zanaga Iron Ore Company FS (2024 update; 2026 · 0y | IFC fit: — | Pending | Very 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) Sourced Permitted + Apr-2026 economic update; pre-construction; pend | — |
Shortlist = in-mandate ∩ bankability-complete ∩ deep-assessed ∩ financeability set. Mandate-fit column maps each institution to the closest published lens (African multilaterals → african-multilateral fit; IFC and DFC → the Western-DFI/ECA lens, an approximate proxy for IFC as a global multilateral; EBRD → its own accession status). It is a shown signal, not folded into the rank (which is DFI capital need, then NPV). Time-to-cashflow band is Derived editorial. This shortlist narrows a universe for origination; it is not an underwriting recommendation.
Bilateral DFI · screening funnel, 159-asset roster
DFC prioritises green-transition / critical minerals. Of the 49-asset shortlist, 21 are green-transition-class (battery/grid/magnet); the rest are geography-eligible but outside that priority. "Green-transition" here is narrower than the broad "critical minerals" sense (which also covers food-security minerals such as potash) used in the financeability commodity_class — complementary lenses, not a contradiction.
| Asset | Bankability (NPV₈) | Mandate fit | Downstream verdict | DFI capital need / funding | Time-to-cashflow |
|---|---|---|---|---|---|
| Kabanga Tanzania · Ni-Cu-Co green-transition | US$1,579m Sourced after-tax · Lifezone Metals FS TRS 2025 2025 · 1y | DFC fit: Financing parties engaged: US DFC | Pending | High Sourced In progress — DFC/EXIM/JOGMEC + SocGen PF package being fina | ~4 yr MEDIUM Derived |
| Ewoyaa Ghana · Li green-transition | US$1,500m Sourced after-tax · Atlantic Lithium DFS (Jun 2023) + DFS Up 2023 · 3y | DFC fit: Control change pending: Huayou Cobalt t… | Pending | High Sourced In transition — Huayou agreeing to sole-fund remaining devel | uncertain HIGH Derived |
| Kokoseb Namibia · Au non-priority | US$555m Derived after-tax · vintage Absent | DFC fit: No Western-DFI/ECA financing disclosed | Pending | High Sourced Equity-funded to date (A$30m placement Aug 2025); constructi | ~2 yr LOW-MEDIUM Derived |
| Ngualla REE Tanzania · REE green-transition | — Pending after-tax · Peak Rare Earths BFS Oct 2022 2022 · 4y | DFC fit: Controlling shareholder: Shenghe Resources | no elevated downstream flag captured (some markers Pending) | High Sourced Shenghe-anchored; BFS-stage, FID pending — NdPr price (~$110 | 3-4+ yr MEDIUM Derived |
| Toliara (Vara Mada) Madagascar · Mineral sands (Ti/Zr/REE) green-transition | US$1,720m Derived after-tax · Energy Fuels Toliara/Vara Mada FS (Jan 2 2026 · 0y | DFC fit: — | Pending | Large (~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 Sourced FS-complete; PRE-FID — FID requires a formalised govt invest | — |
| Assafou Côte d'Ivoire · Au non-priority | US$1,715m Derived after-tax · Endeavour Mining Assafou-Dibibango DFS ( 2026 · 0y | DFC fit: No Western-DFI/ECA financing disclosed | Pending | None / N/A N/A Early works launched (long-lead orders, detailed engineering | ~3 yr LOW Derived |
| Mahenge Tanzania · graphite green-transition | US$1,652m Derived after-tax · Black Rock Mining eDFS update (FEED 2024 2026 · 0y | DFC fit: — | Pending | Yes — and largely met: DBSA + IDC + CRDB facilities ~US$179-204m already committed; Module 1 capex ~US$182-231m Sourced DBSA/IDC/CRDB debt + POSCO equity/offtake-prepayment; early | — |
| Kasiya Malawi · rutile+graphite green-transition | ≤US$1,448m Sourced after-tax · Sovereign Metals Kasiya DFS (Apr 2026); 2026 · 0y | DFC fit: — | Pending | Likely — junior developer, ~US$0.66bn+ initial capex; project finance not yet secured Derived DFS-funded via A$40m (2025) raise; project financing not yet | — |
| Orom-Cross Uganda · graphite non-priority | US$1,411m Derived after-tax · Blencowe Orom-Cross optimised DFS (May 2 2026 · 0y | DFC fit: — | Pending | Yes — 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 Sourced DFS-complete + permitted; assembling P1 project finance (~US | — |
| Bankan Guinea · Au non-priority | US$1,358m Derived after-tax · Predictive Discovery Bankan DFS (Jun 202 2025 · 1y | DFC fit: — | Pending | Capex ~US$463m (incl ~US$34m contingency); producing-asset cashflow supports but does not eliminate external funding; financing process commencing post-DFS Sourced DFS-complete; ESIA approved; Exploitation Permit in final re | — |
| Afema Côte d'Ivoire · Au non-priority | US$1,287m Derived after-tax · Turaco Gold Afema PFS (17 Jun 2026 ASX a 2026 · 0y | DFC fit: — | Pending | Total 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 Sourced PFS-complete (Jun 2026) + maiden Reserve; DFS Q2-2027; first | — |
| Doropo Côte d'Ivoire · Au non-priority | US$1,160m Derived after-tax · DFS Dec 2025 2025 · 1y | DFC fit: No Western-DFI/ECA financing disclosed | Pending | None / N/A N/A FID taken Mar 2026; corporate/balance-sheet funded (Resolute | ~2 yr LOW Derived |
| Steelpoortdrift South Africa · Vanadium (V2O5) green-transition | US$1,159m Derived after-tax · VR8 Steelpoortdrift DFS (Oct 2022) 2022 · 4y | DFC fit: — | Pending | Yes — 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 Sourced DFS-complete + fully permitted; pre-FID (financing-gated); n | — |
| Etango Namibia · U3O8 green-transition | US$1,070m Sourced after-tax · Bannerman Energy Etango-8 updated DFS (A 2025 · 1y | DFC fit: — | Pending | Partly filled commercially — CNNC (CNOL) to invest up to US$321.5m for 45% of the JV; build capex ~US$317-353m Sourced Early works underway; CNNC JV US$321.5m (45%); FID guided 20 | — |
| Kanyika Malawi · Niobium (+Ta) non-priority | US$1,000m Sourced after-tax · Globe Kanyika BFS (Apr 2026) 2026 · 0y | DFC fit: — | Pending | Yes — 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 Sourced BFS-complete + fully permitted + early works begun; pre-FID | — |
| Nyanzaga Tanzania · Au non-priority | US$977m Derived after-tax · vintage Absent | DFC fit: No Western-DFI/ECA financing disclosed | Pending | None / N/A N/A FID Apr 2025; self-funded (Perseus cash); ~48% construction- | ~0.5 yr LOW Derived |
| Dasa Niger · U3O8 green-transition | US$917m Sourced after-tax · Global Atomic Dasa 2024 Feasibility Stud 2024 · 2y | DFC fit: — | Pending | Yes — 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 Sourced Under construction (~US$250m invested) but financing-gated f | — |
| Koné Côte d'Ivoire · Au non-priority | US$889m Derived after-tax · FS Jan 2024 2024 · 2y | DFC fit: No Western-DFI/ECA financing disclosed | Pending | Moderate-High Sourced FULLY FUNDED (Oct 2024 US$825m streaming+loan package); cons | <1 yr LOW Derived |
| Farim Guinea-Bissau · phosphate non-priority | US$673m Derived after-tax · Itafos Farim FS (May 2023) 2023 · 3y | DFC fit: — | Pending | Yes — pre-production capex ~US$308m; FID pending for years (parent has prioritised its Brazil [Santana/Araxa] + Idaho [Conda] assets); no FID committed Sourced FS-complete + fully permitted + ESIA done; PRE-FID (FID long | — |
| Bilboes Zimbabwe · Au non-priority | US$582m Sourced after-tax · Caledonia Bilboes Feasibility Study (Nov 2025 · 1y | DFC fit: — | Pending | Peak funding requirement ~US$484m, primarily NON-RECOURSE senior debt + Blanket internal equity + royalties/streams/mezzanine/convertibles; NOT DFI-dependent Sourced FID taken; ADVANCED commercial funding — US$150m convertible | — |
| Tumas Namibia · U3O8 green-transition | US$577m Sourced after-tax · Deep Yellow Tumas updated DFS (Apr 2025) 2025 · 1y | DFC fit: — | Pending | Yes — ~US$474m capex; Nedbank Mandated Lead Arranger for ~US$350m debt; FID price-contingent Sourced FID deferred Apr 2025 on uranium price; phased early works + | — |
| Waterberg South Africa · PGM non-priority | US$569m Sourced after-tax · Platinum Group Metals Waterberg 2024 DFS 2024 · 2y | DFC fit: — | Pending | Yes — 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 Sourced DFS-updated + Mining Right; pre-construction; financing-gate | — |
| Kangankunde Malawi · REE (NdPr) green-transition | US$555m Sourced after-tax · Lindian Resources Kangankunde Stage 1 FS 2024 · 2y | DFC fit: — | Pending | Low 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 Sourced Fully funded Stage 1; in construction; first production targ | — |
| Twin Hills Namibia · Au non-priority | US$552m Derived after-tax · DFS 2023 2023 · 3y | DFC fit: No Western-DFI/ECA financing disclosed | Pending | None / N/A N/A Self-funded (Shanjin); construction commenced Sept 2025; fir | ~0.5 yr LOW Derived |
| Douta Senegal · Au non-priority | US$535m Derived after-tax · Thor Explorations Douta PFS (Jan 2026) 2026 · 0y | DFC fit: — | Pending | Initial development capital ~US$253.5m; ~US$137m cash on hand (end-2025) + Segilola cashflow; construction financing to be finalised Sourced PFS-complete + ESIA approved; Mining Convention being finali | — |
| Kobada Mali · Au non-priority | US$500m Sourced after-tax · Toubani Resources Kobada updated DFS (Ma 2025 · 1y | DFC fit: — | Pending | Met commercially — A$395m package (Oct 2025): EEA US$160m gold stream + A$125m equity + options; ~US$216m capex; senior-debt process also run Sourced Fully funded (A$395m); FID taken; construction commenced; fi | — |
| K.Hill Botswana · Mn (battery-grade) green-transition | US$481m Sourced after-tax · Giyani K.Hill DFS (28 May 2026) 2026 · 0y | DFC fit: — | Pending | Yes — 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) Sourced DFS complete (May 2026); pre-construction; financing-gated ( | — |
| Boundiali Côte d'Ivoire · Au non-priority | US$475m Derived after-tax · Aurum Boundiali PFS (11 Jun 2026 ASX ann 2026 · 0y | DFC fit: — | Pending | PFS-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) Sourced PFS-complete + maiden Reserve + env certificates issued + li | — |
| Dugbe Liberia · Au non-priority | US$436m Derived after-tax · Pasofino Gold Dugbe FS (Jul 2022, NI 43- 2022 · 4y | DFC fit: — | Pending | Yes — ~US$397-435m construction capex; financing not yet secured; FS being updated to support a 2026 construction decision Sourced FS-update + pre-construction funding (Nioko/Hummingbird); co | — |
| Enchi Ghana · Au non-priority | US$434m Derived after-tax · Newcore Gold Enchi PFS (24 Jun 2026 Glob 2026 · 0y | DFC fit: — | Pending | Upfront capex ~US$351m (5.5Mtpa CIL, 24-month build, contract mining); 'fully funded to complete the PFS'; construction financing to be arranged Sourced PFS-complete (Jun 2026); mining-lease application this year; | — |
| Baniaka Gabon · Fe non-priority | US$391m Sourced after-tax · Genmin Baniaka PFS (16 Nov 2022) 2022 · 4y | DFC fit: — | Pending | Yes — 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 Sourced Fully permitted + early civil works; PRE-DFS / pre-FID (FID | — |
| Songwe Hill Malawi · REE (NdPr) green-transition | US$387m Derived after-tax · Mkango Resources updated DFS (Mar 2026); 2026 · 0y | DFC fit: — | Pending | Yes — junior; U.S. DFC already funding FEED (US$4.6m, Sep 2025); project-finance package to follow Sourced DFC FEED funding secured; NASDAQ SPAC merger (Crown PropTech | — |
| Chilalo Tanzania · graphite green-transition | US$338m Sourced after-tax · Evolution Energy Chilalo updated DFS (Ma 2023 · 3y | DFC fit: — | Pending | Yes — US$120m capex; debt process run by Auramet International; non-binding EOIs from European/African/Tanzanian banks, MULTILATERAL institutions, funds and strategics Sourced DFS+FEED+ML in hand; FID-ready; financing-gated (debt proces | — |
| Makuutu Uganda · REE (HREE) green-transition | US$278m Sourced after-tax · Ionic Rare Earths Makuutu Stage 1 DFS (M 2023 · 3y | DFC fit: — | Pending | Yes — ~US$120.8m Stage-1 capex; financing is the explicit gating factor for FID; no DFI/binding finance committed Sourced DFS + ML in hand; demo plant (Phase 1, Mar 2025) producing M | — |
| Muntanga Zambia · U3O8 green-transition | US$243m Sourced after-tax · GoviEx Muntanga FS (23 Jan 2025 results 2025 · 1y | DFC fit: — | Pending | Yes — capex ~US$282m (heap-leach); financing-gated; LOIs from financing institutions received; advisor (Endeavour Financial) appointed; no DFI named Sourced FS-complete + fully permitted + ESIA/RAP approved (Jun 2026) | — |
| Lofdal Namibia · REE (HREE: Dy/Tb/Y) green-transition | US$232m Derived after-tax · Namibia Critical Metals Lofdal PFS (Dec 2025 · 1y | DFC fit: — | Pending | Capex ~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 Sourced PFS-complete + fully permitted; DFS underway (JOGMEC-funded, | — |
| Sanankoro Mali · Au non-priority | US$221m Sourced after-tax · Cora Gold Sanankoro updated DFS (Sep 202 2025 · 1y | DFC fit: — | Pending | Met commercially — US$124m capex; fully funded by EEA US$120m gold stream + ~£15.7m EEA-led equity, pending permit Sourced Fully funded to production (EEA stream + equity), pending th | — |
| Ancuabe Mozambique · graphite green-transition | — Absent pre-tax · Triton Ancuabe DFS (Dec 2017 / 2024 upda 2024 · 2y | DFC fit: — | Pending | Total project cost ~US$90.3m (updated DFS 2024, down from US$99.4m); financing not yet secured; Argonaut financial adviser; FID pending Sourced DFS-complete + concession + env approval; FID 2025-2026 pend | — |
| Bekisopa Madagascar · Fe non-priority | — Absent pre-tax · AKORA Bekisopa PFS (31 Mar 2025) 2025 · 1y | DFC fit: — | Pending | Low — 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 Sourced PFS-complete; DFS + EIA + mining-licence application underwa | — |
| Boumadine Morocco · AuEq (gold-silver-zinc-lead polymetallic) non-priority | — Absent PEA · Aya Gold & Silver Boumadine PEA (4 Nov 2 2025 · 1y | DFC fit: — | Pending | Future construction capital not yet defined at FS level; Aya self-funds studies from Zgounder operating cashflow + market; PEA-stage Sourced PEA-complete (Nov 2025); FS work underway (360,000m infill d | — |
| Bunyu (Stage 1) Tanzania · graphite green-transition | — Absent pre-tax · Volt Bunyu Stage-1 FS update (Aug 2023) 2023 · 3y | DFC fit: — | Pending | Revised 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 Sourced Development/financing phase; UOF binding term sheet (Dec 202 | — |
| Epanko Tanzania · graphite green-transition | — Absent pre-tax · EcoGraf Epanko updated BFS (Feb 2026) 2026 · 0y | DFC fit: — | Pending | Yes, 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 Sourced BFS + IER complete; debt financing advancing (KfW IPEX-led U | — |
| Haib Namibia · Cu non-priority | — Absent PEA · Koryx Haib PEA (4 Sep 2025) 2025 · 1y | DFC fit: — | Pending | Yes, large — PEA upfront capex ~US$1.56bn (incl 10% contingency) for a junior; financing steps come after PFS (late-2026)/DFS Sourced PEA-complete + updated MRE; ESIA underway; PFS late-2026, th | — |
| Kalana Mali · Au non-priority | — Absent after-tax · vintage Absent | DFC fit: No Western-DFI/ECA financing disclosed | Pending | None / N/A N/A | long / stalled HIGH Derived |
| Kandiolé Mali · Au non-priority | — Absent PEA · Roscan Kandiolé PEA (eff. 27 Feb 2026; N 2026 · 0y | DFC fit: — | Pending | Initial capital US$218.7m; Roscan has no producing assets; financing discussions to start 2026 Sourced PEA-complete + env permit granted; mining lease + DFS + fina | — |
| Kurmuk Ethiopia · Au non-priority | — after-tax · Allied Gold disclosures; Kristie Batten 2026 · 0y | DFC fit: Parent Allied Gold under a pending Ziji… | Pending | None / N/A N/A Self-funded (US$717m budget); pre-commissioning Q2-2026, fir | ~0 (imminent) MEDIUM Derived |
| Minim Martap Cameroon · bauxite non-priority | — Absent pre-tax · Canyon Minim Martap DFS (Aug 2025) 2025 · 1y | DFC fit: — | Pending | Modest + 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 Sourced In construction, Stage-1 FULLY FUNDED to first shipment (Q3 | — |
| Phalaborwa South Africa · REE (NdPr+HREE) green-transition | — Absent PEA · Rainbow Phalaborwa Interim Study (Dec 20 2024 · 2y | DFC fit: — | Pending | Yes, 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 Sourced DFS in progress (2026); pilot plant validating flowsheet; fi | — |
| Zanaga Republic of Congo · Fe non-priority | — Absent after-tax · Zanaga Iron Ore Company FS (2024 update; 2026 · 0y | DFC fit: — | Pending | Very 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) Sourced Permitted + Apr-2026 economic update; pre-construction; pend | — |
Shortlist = in-mandate ∩ bankability-complete ∩ deep-assessed ∩ financeability set. Mandate-fit column maps each institution to the closest published lens (African multilaterals → african-multilateral fit; IFC and DFC → the Western-DFI/ECA lens, an approximate proxy for IFC as a global multilateral; EBRD → its own accession status). It is a shown signal, not folded into the rank (which is DFI capital need, then NPV). Time-to-cashflow band is Derived editorial. This shortlist narrows a universe for origination; it is not an underwriting recommendation.
Composed from mandate · bankability · downstream · safeguards · financeability · method · roster 159 assets · deep-assessed set 71 · v2.137.23
Layers 1–2 cover the full roster (breadth); layers 3–4 cover the curated diligence-grade set (depth). The narrowing between them is the platform's honest frontier, surfaced rather than hidden.