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As part of its ongoing non-binding discussions on the Kanyika Niobium Project with strategic partners including potential off-takers, funders, and mining, engineering, and construction firms; Globe Metals has decided to implement the Early Contractor Involvement (ECI) approach, which promotes early collaboration with these strategic partners.

Consequently, the Company will delay the release of the Bankable Feasibility Study (BFS) to ensure that the final design and budget include improvements identified from the ECI and is aligned with current market conditions.

  Globe’s Interim Chief Executive Officer, Charles Altshuler, comments: “We continue to believe strongly in the fundamentals of the Kanyika Project. Recent shifts in market dynamics present a valuable opportunity to enhance the project's commercial viability and long-term strategic importance. Adopting the ECI approach and taking the time now to reflect these market developments in the BFS are essential for improving project outcomes and mitigating project risks. We believe these strategic initiatives will facilitate the progression of discussions around short-term funding, while we finalise non-binding agreements and secure the remaining capital needed for full project development.”

Altshuler explains that the ECI approach embodied industry’s best practice for developing vertically integrated projects and positions the Company well for the upcoming phase of financing. He says the decision to extend the BFS timeline was guided by a combination of internal and external factors, including:

Project scope, construction methodology, and technical optimization.

Project scope, construction methodology, and technical optimisation In collaborating with leading contractors and engineering firms with proven success in delivering mining and processing projects across Africa, Globe says it is implementing an ECI approach which allows the firm to refine the project’s scope, layout, and construction strategy based on expert insights before finalising the BFS. He explains that their expertise ensures the design in the BFS is not only technically solid but also constructible, schedule-aligned, and suited to regional logistical, labour, and climatic realities.

“This collaborative approach also allows Globe to address potential bottlenecks and risk factors early, and the opportunities to reduce capital intensity and implementation timelines, resulting in a BFS which is ready for execution and financing.”

Economic and procurement optimisation

The Company is currently refining the BFS to enhance economic efficiency and maximize long-term project value. This process involves optimising plant design, infrastructure layout, and process engineering to reduce operational costs related to power consumption, reagent usage, and equipment selection. It continued explaining that in parallel, by engaging with key suppliers early to secure better pricing and improve supply chain visibility, the Company could enjoy competitive tendering and bulk purchasing advantages.

Market alignment

Globe says in light of recent global developments affecting the niobium and tantalum markets, the company it is reassessing its production scale, ramp-up strategy, and pricing assumptions in the BFS.

It states: “Geopolitical instability in key producing regions, such as the Democratic Republic of the Congo (DRC) and Rwanda, has increased demand for ethical, non-conflict and traceable sourcing particularly from Malawi.”

“Through discussions with potential off-takers, the Company is seeing accelerating demand from defense, aerospace, electronics, battery and superalloy sectors.”

“There is a growing global trend among buyers to diversify their sourcing of critical metals away from politically unstable regions and single-source supply chains.”

“The Company is committed to aligning the BFS with these market dynamics to ensure a commercially viable and sustainable project.”

Impact and Timing

As part of this process, Globe states that it has initiated non-binding discussions and negotiations with several mining, engineering, and construction firms. It says these discussions aim to:

• Refine the project scope and   construction methodology

• Optimise infrastructure sequencing and    production ramp-up

• Validate key operating assumptions

• Improve accuracy in capital and   operational cost estimates in   preparation for a formal EPC tender   process. The Company explained that the release of the BFS will be strategically timed to coincide with the finalisation of these commercial arrangements.

“While no binding agreements are in place at this stage, the Company will continue to keep the market informed in accordance with our continuous disclosure obligations.”

“Importantly, the adjustment in timing does not affect the Company’s target to commence substantial mining operations by September 2025. The Company’s engagement with these firms is part of a broader strategy focused on production planning, contractor integration, and detailed execution. The current BFS phase represents the ideal window for early EPC involvement and this approach underscores the Company’s ongoing commitment to project advancement to the Government of Malawi.”

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