Investors
Capability is slow, capital intensive and heavily permitted.
Early stage and privately held. What follows is the position and the state of it.
Why now
01Demand moved. Capacity did not.
The grid, transport, data centres and defence began drawing on the same finite pool of refined copper at the same time, for reasons unconnected to each other. Primary refining in the United States had already contracted to a handful of plants.
A gap like that does not close by finding more ore. It closes by building capability, which is slow, capital intensive and heavily permitted. Those are the properties that make it painful to build and valuable to own.
Why this
02Position
Both ends, one company
Concentrate is sold into a refining market with few buyers, so the seller takes the price. The margin, and the security value governments now attach to it, sit in the refining. Holding both ends is the point, not a diversification.
Method
Order, not effort
Exploration is a ranking problem. Ranking ground before drilling it changes the cost of being wrong, which is the only cost that matters early.
Ground
A worked province
The Central African Copperbelt has been mined for a century. The easy answers went long ago, which is what makes method worth more than acreage.
Where we actually are
03- Exploration
- Early. Targeting underway on the Copperbelt. No mineral resource or reserve has been declared, and nothing in our materials implies one.
- Recognition
- BHP Xplor 2026 finalist, with technical input from BHP.
- Processing
- A site in Michigan that has previously carried industry. In development, pre construction. Nothing is built, and no permit, connection or agreement relating to it is in place.
- Commercial
- Feedstock, offtake and capital structure under discussion. Nothing is signed.
- Structure
- Privately held. No listed securities, no published financial statements, no production.
What a diligence process gets
04The cheapest thing to inflate in mining is a number.
So it is worth saying what exists. There is no resource statement, because no resource has been declared. No financial statements are published, because the company is private and pre revenue. What a counterparty receives on request is the following.
- Licence and tenement documentation for the Zambian ground
- The exploration programme, its method, and the targeting work behind the ranking
- The processing case: site, configuration, capital estimate and the assumptions under it
- Every recurring figure with its source, its status, and whether it is actual, modelled or target
Enquiries
05- Contact
- Mweemba Ntembe
Director of Business Strategy and Investor Relations
Materials are provided to counterparties on request and under the usual confidentiality arrangements.
Nothing on this website is an offer of securities or investment advice.