Baniaka Iron Ore Project

PROJECT DESCRIPTION
Location: Baniaka iron ore project, located 45km south-east of the major city of Franceville, in the Haut- Ogooué Province, Republic of Gabon, west Central Africa.
Ownership: Is100% owned by a wholly owned subsidiary of an Australian public company listed on the Australian Securities Exchange (ASX).
Mineral Deposit size: The project has a Global Mineral Resource (GMR) of 760 Mt.
Iron Ore Type: 167.7 Mt of Indicated Detrital Iron Ore Deposit (DID) and Soft Oxide (SO) Indicated Resources
Grade: High grade (63 to >66% Fe) low gangue, low carbon intensity greener iron ore.
Planned Production: To develop Baniaka at an initial rate of 5Mtpa and to scale over time to at least 10Mtpa.
First Ore: Late 2026 (PFS 2022).
Funding Structure: Expected to be multi-party, which could include a combination of project level selldown, pre-paid offtake/royalty stream & debt
KEY ECONOMIC FUNDAMENTALS
CAPEX: ~US$200M
NPV: US$400M (Base case after tax)
IRR: 38%
Pay-back Period: 2.7 yrs

NEXT MILESTONES
1. Completion of Feasibility Study
2. Project-build financing (including escalation allowance from PFS estimate & working capital)

PROJECT MILESTONES
1. Pre Feasibility Study (PFS): Project has defined JORC Mineral Resource and Ore Reserve estimates, completed social and environmental impact studies and initial capital and operating cost estimates .
2. Exploitation Licence: Project fully permitted with an exploitation licence (mining licence) in place.
3. Rail & Port: Long term Rail and Port Service Agreement signed between Reminac and Owendo Mineral Port (OMP).
4. Electrical Power: A power supply agreement for 20MW to the operation signed between Reminac and Grand Poubara Hydroelectric Plant.
5. Mining Convention: A Mining Convention, which is a key pre-requisite for granting a mining licence, has been signed with the Gabonese Government to align the project/ mining operation with the Gabon Mining Code.
6. SEIA: Baniaka has completed a Social and Environmental Impact Assessment (SEIA) which has been approved by the Directorate General Environment and Nature Protection (DGEPN) and an Environmental Certificate issued.
7. Independent ESG certification: An independent ESG certification by London based, Digbee ESGTM with improved rating of BBB.
8. Offtake Agreements: 4 x MoU’s signed with three Chinese off-takers and one with Anglo American.

Baniaka Project at a Glance
CURRENT INVESTMENT/ FUNDING REQUIREMENTS
Debt or Equity Investment
Business is seeking an investment of US$15M in the form of either debt or equity to progress the project to feasibility study aimed at optimizing the project economics and viability. The DFS will provide a solid foundation for securing project-build and construction funding.
Interested investors are invited to commence discussions with Prime Business Capital, which has been secured by business as capital raising and advisory consultants.