Mining & Trade News

Globe Metals & Mining has announced the results of the Bankable Feasibility Study (BFS) for the Kanyika Niobium Project, which confirms Kanyika as a globally significant, long-life niobium project with compelling economics.

This BFS updates and builds on the feasibility study released in 2021 and is supported by a full technical report. Charles Altshuler, Interim CEO & CFO of Globe Metals & Mining, said: “The BFS confirms Kanyika as a globally significant, long-life niobium project with compelling economics, low operating costs and a clear, staged development pathway. With a post-tax Net Present Value (NPV) of over US$1 billion, a 48% Internal Rate of Return (IRR) and average net operating costs of approximately US$14.26/kg Nb?O?, the Project demonstrates robust economics supplying critical minerals into a marketplace calling for increased supply and diversity. Our phased development approach improves capital efficiency and reduces execution risk.”

“Importantly, Kanyika represents one of the few nearterm opportunities to establish a new, large scale source of niobium supply outside Brazil. As demand continues to grow across aerospace, defence, data centres, AI and advanced manufacturing, we are seeing increasing strategic interest in securing long-term, conflict-free supply.”

“Our focus is now firmly on execution, progressing funding, offtake and Engineering Procurement and Construction Management (EPCM) arrangements toward a Final Investment Decision, while advancing early works and procurement to enable construction. We believe the Project is well positioned to transition into development and deliver long-term value for shareholders.

Key Highlights

Financial and operating metrics (on a 100% basis and are stated in real 1 January 2026 terms):

• Post-Tax Net Present Value (NPV)8 (real) of US$1,025M (A$1,464M) • Post-Tax Internal Rate of Return (IRR) of 48% • Average annual Earnings Before Interest,Taxes, Depreciation and Amortisation (EBITDA) of US$205M (A$293M)

• Pre-tax NPV8 (real) of US$1,524M (A$2,177M) • Life of Mine (LOM): 24 years with first production of niobium oxide expected early 2028

• Large scale project generating net sales revenue over LOM of US$6,983M (A$9,975M) • Gross margin over LOM of US$5,057M (A$7,225M) equating to a 72% gross margin

• Average annual net operating cost (after tantalum by product credit) of US$14.26/kg Nb?O? - in the lowest cost quartile due to the low strip ratio, 80% Nb?O? recoveries in the concentrator and use of solar power and battery storage (BESS)

• Initial phase capital cost of US$139M (A$199M), comprising capex for the mine and refinery of US$82M, Solar PV and BESS of US$28M, EPCM & Owner’s cost of US$15M and contingency of US$14M]

Resources and reserves:

• Ore Reserve (BFS): 33.8 Mt at 3,050 ppm Nb?O? and 142 ppm Ta?O?, supports a mine life of 24 years

• 2018 Mineral Resource Estimate (MRE) 2 (JORC Code guidelines (2012) compliant): 68.3 million tonnes of mineralisation with a grade of 2,830 ppm Nb?O? and 135 ppm Ta?O?

Project development strategy:

Phased development to reduce upfront capital and execution risk:

• Initial phase: targeted production ~1,502 tpa of Nb?O? (plus ~65 tpa Ta?O?) -Equivalent to ~500kt of ore mined and processed run of mine (ROM) capacity per annum ~33% of full run of mine (ROM) capacity

• Expansion to full scale: targeted production ~3,477 tpa Nb?O? (plus ~ 156 tpa Ta?O?), subject to market conditions -Equivalent to ~1,500kt of ore mined and processed full run of mine (ROM) capacity per annum ~100% of full run of mine (ROM) capacity

Strategic and technical strengths:

• A potential globally significant primary niobium and tantalum oxide producer, targeting critical minerals markets across AI, aerospace, defence, superconductors, and advanced manufacturing.

• Fully integrated, on-site mine-to-refinery configuration producing high-purity niobium and tantalum oxide products

. • Provides a conflict-free, traceable and diversified supply source outside Brazil.

• Completed technical programme including extensive metallurgical testwork and engineering optimisation underpinning a robust and optimised processing flowsheet, top-quartile recoveries, materially de-risking execution

Targeted next steps and timetable:

• Calendar Q2 2026: Continue project evaluation and advance funding, offtake and EPCM negotiations. Complete the remaining BFS finalisation tasks and progress early development works. Complete technical and commercial framework required for development.

• Q3 2026: Target Final Investment Decision (FID); execute initial funding and EPCM contracts; commence long-lead procurement, commence relocation of affected households in the initial phase.

• Q4 2026: Mobilise contractors and site teams and commence initial phase site works (site establishment, access roads, camp construction, water supply and temporary power).

• Q1 2027 to Q3 2027: Major construction activities (civil works, structural steel erection, plant installation, tailings storage facility, power infrastructure); pre-strip and initial ore exposure.

• Q4 2027: Mechanical completion of major circuits; commissioning preparations.

• Q1 2028: First production and initial revenues; target positive operating cash flow as initial phase reaches steady state.

• Q2 2028 – 2030: Expansion phase construction to reach full capacity; full-scale operations expected in early 2030 (depending on market conditions)

• Mine life through to 2052, with progressive closure and rehabilitation starting from 2049.

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