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Mining Weekly Editor Martin Creamer unpacks the latest drilling developments at Okiep in the Northern Cape, developments in the green hydrogen and green ammonia project in Nelson Mandela Bay, and investment demand for platinum still being extremely strong.

This audio is brought to you by Endress and Hauser, a global leader in process and laboratory measurement technology, offering a broad portfolio of instruments, solutions and services for industrial process measurement and automation.

More than R180-million has been raised to transition key copper projects in South Africa's endowed Northern Cape into operations as early as in the second quarter of this year.

The strongly supported capital raise is described as being pivotal by Tony Lennox, the CEO of ASX- and JSE-listed mining development company Orion Minerals, which is reviving the Prieska Copper Zinc Mine, near Copperton, which produced 430 000 t of copper and a million tons of zinc from volcanogenic massive sulphide (VMS) base metal deposits when operated from 1971 to 1991 by Anglovaal.

"In particular, we received strong support from South African investors via the JSE – which reflects Orion's growing visibility and status in South Africa as an important new copper producer at a key time in the global metals cycle. In addition to continued support from long-standing shareholders, we also attracted several new investors onto the register," Lennox added in the media release to Mining Weekly.

The quantum of the raising puts Orion in a position to begin developing the Uppers Mine at the Prieska Copper Zinc Mine as soon as the financing transaction with Glencore is completed. Linked to the sale of bulk copper and zinc concentrates, the Prieska mine has secured a binding prepayment agreement with a wholly owned subsidiary of Glencore for a $250-million facility.

South African Reserve Bank approval is expected in the coming weeks.

Also funded will be optimisation studies, ongoing site works and resource extension drilling at Orion's Okiep Copper Project, also in the Northern Cape, where the latest drilling has provided a clear path to scale up at Flat Mine East, where an extension hole is already proceeding down dip as a follow-on.

The latest capital raising, conducted by way of a placement, involves the issue of 698-million ordinary shares at an issue price of 26c a share.

The permitted Prieska mine has a compliant resource of 31-million tonnes at 1.2% copper and 3.6% zinc.

A definitive feasibility study published last year has confirmed the potential to develop a mining operation through a two-phase development strategy aimed at derisking the development pathway and fast-tracking value-creation from a safe, modern, long-life, mechanised, underground base metal mine. Yearly steady-state production of 22 000 t of copper and 65 000 t of zinc is expected

The initial Upper phase is based on mining near-surface supergene sulphide ore, which is accessible from an existing decline.

The Deeps phase will start after the completion of mine dewatering, refurbishment of the main shaft and construction of the mining infrastructure. The Deeps has an 11-year mine life and will overlap with the past 2.2 years of the Upper mining, providing a combined mine life of 13.2 years.

Orion sees the potential to define a new VMS opportunity in the area surrounding the mine's deposit, with near-mine exploration programmes delivering a series of compelling new targets.

VMS deposits, which generally occur in clusters, often comprise additional medium-sized deposits and even more smaller deposits.

Orion could in future use modern geophysics and the latest geological advances to see if there are additional VMS deposits nearby.

Interestingly, through Xplor, mining major BHP and Orion have partnered to look at older geology in new ways.

As part of the programme, a number of Orion's South African exploration project companies will receive an aggregate equity-free grant of $500 000, access to BHP's technical specialists, and structured support to advance geological concepts in the Northern Cape, with deeper copper-centric metal systems being intensively probed. Xplor is providing the chance to apply new tools and better data.

This audio is brought to you by Endress and Hauser, a global leader in process and laboratory measurement technology, offering a broad portfolio of instruments, solutions and services for industrial process measurement and automation.

Nasdaq-listed Greenland Mines has signed a definitive agreement with TSX-listed Neo Performance Materials to acquire full ownership of the Sarfartoq rare earths project in south-west Greenland for $35-million.

The transaction establishes a highly strategic, Western-aligned critical minerals platform.

The project hosts 35-million kilogrammes of combined neodymium and praseodymium. With the total oxides recoverable from the project comprising between 25% and 40% of these elements, it ranks among the highest neodymium and praseodymium resources globally.

Neo remains a strategic shareholder in the project through locked-in rights for up to 60% of future production from Sarfatoq, for use in its European magnet platform.

Greenland Mines also owns the Skaergaard asset, which, combined with Sarfartoq, creates the potential for a critical minerals hub that is outside of China and close to the US.

Skaergaard offers exposure to palladium, gold and platinum, with potential by-products including vanadium, gallium, iron-ore and titanium.

Greenland Mines plans to fast-track an updated technical and economic study on Sarfartoq, built on more than 23 000 m of drill results and the existing mineral resource estimate. The company aims to update the pricing assumptions in particular, given that rare-earth prices are two times higher then when the prior 2011 preliminary economic assessment was undertaken on Sarfartoq.

The consideration for the project will be paid in the form of $20-million in cash and $15-million in newly issued Greenland Mines shares.

"We wish Greenland Mines every success as they advance this project, while we maintain our commitment as an offtake partner and shareholder. This agreement reflects our disciplined approach to capital allocation and reinforces Neo's strategic identity as a midstream and downstream advanced materials company, where we create the most value for our customers and shareholders," comments Neo CEO and president Rahim Suleman.

Greenland Mines president Bo Møller Stensgaard concludes that Sarfartoq is a transformational addition to Greenland Mines' North Atlantic strategy.

"It will give investors exposure to two large-scale Greenland critical minerals projects and bring Neo Performance Materials on board as an offtake partner — connecting an upstream Greenlandic source of neodymium and praseodymium feedstock to Neo's midstream and downstream magnet platform.

"We have great respect for the extensive technical work already completed on Sarfartoq and look forward to rapidly building on that foundation."

This audio is brought to you by Endress and Hauser, a global leader in process and laboratory measurement technology, offering a broad portfolio of instruments, solutions and services for industrial process measurement and automation.

A binding term sheet for a senior loan facility of up to a R875-million has been secured by West Wits Mining, which is reviving gold mining on the very doorstep of the City of Gold.

The new loan facility, to be provided by South Africa's Absa and Nedbank Corporate and Investment Banking (CIB), replaces the funding arrangement with South Africa's State-owned Industrial Development Corporation (IDC) and Absa, which was announced in June last year.

The new arrangement is described as having enhanced flexibility and broader banking support for West Wits' growth strategy while also funding the production ramp-up and development of Qala Shallows, the underground gold mine project located in the historic Witwatersrand basin, 15 km west of Johannesburg.

With its access to a broader range of banking products and services, the new facility is expected to better support West Wits' development timeline and strategic growth objectives.

Drawdown is until 30 June 2028 and final maturity on 30 June 2031. Hybrid hedging is taking the form of half of the gold sales during the construction period being executed through a put option programme to ensure the project maintains exposure to gold price upside.

Qala is the first new underground gold mine to be built in South Africa in 15 years and is designed to produce 70 000 oz/y of gold over a 17-year lifespan. But Qala means 'beginning' in Zulu, which points to this being just the start, and steps are already being taken to expand production to 200 000 oz/y. Moreover, Shallows reflects Qala's relative 800-m shallowness, which has lower cost connotations.

In a joint statement, Absa and Nedbank CIB described the Qala Shallows gold project as a development that would drive local job creation, economic growth, and sustainable mining in the Witwatersrand basin, the largest and most prolific gold deposit in human history.

Discovered in 1886, the ancient basin spanning 300 km by 160 km has yielded more than 1.5-billion ounces of gold in the past 140 years.

"This facility reflects our continued commitment to enabling impactful, long-term investments in South Africa's resources industry," the banks stated in the media release to Mining Weekly.

"The execution of this binding term sheet represents another important step forward for West Wits as we continue to advance the Qala Shallows project," West Wits CEO Rudi Deysel stated.

While expressing pleasure to be working with Absa and Nedbank CIB, Deysel also acknowledged the IDC for its constructive engagement with the company, which is chaired by Michael Quinert, who pointed out on March 17, when the first gold pour from his new virgin rock Qala Shallows gold mine took place at Sibanye-Stillwater's Ezulwini gold processing plant, that many more "great" opportunities exist in South Africa for gold mine development.

A pretax net present value, at a 7.5% discount rate, of $719-million and an internal rate of return of 93% is reported in the updated 2025 definitive feasibility study (DFS).

Peak funding is estimated at $44-million over a 2.6-year period, a reduction from $54-million over three years in the 2023 DFS.

Average steady-state production is at an estimated all-in sustaining cost of $1 181/oz.

Kimberley reefs K9A and K9B are the reefs that will be processed during the life of the project.

The compliant mineral reserves are estimated at 4.6-million tonnes grading at 2.60 g/t for 383 934 oz of gold.

The total mineral resources for the K9A reef are estimated at 8.1-million tonnes grading at 4.8 g/t gold for 1.2-million ounces of gold, and 10.5-million tonnes at 4.5 g/t gold for 1.5-million ounces of gold for the K9B reef.

Use of conventional breast mining is in a configuration considered optimal for the Qala Shallows deposit.

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This audio is brought to you by Endress and Hauser, a global leader in process and laboratory measurement technology, offering a broad portfolio of instruments, solutions and services for industrial process measurement and automation.

ASX-listed Ionic Rare Earth (IonicRE) has signed a joint development and licensing agreement with US-based Nth Cycle, a critical mineral refining technology company, to enhance end-to-end rare earth refining operations in the US and globally.

Nth Cycle will supply its proprietary electro-extraction technology for IonicRE's rare earth recycling and refining operations, thereby optimising ex-China production pathways for long-loop recycling to high-purity rare earths as well as creating the potential to eliminate oxalic acid from the process.

Partnership offers the most resilient and cost-competitive rare earth recycling and refining flowsheet currently available, reducing IonicRE's operational expenditure and carbon footprint while delivering Western rare earth independence on oxalic acid supply. Patented technology developed by IonicRE's wholly owned UK subsidiary, Ionic Technologies currently leads the Western industry in recycling and refining of rare earths from pre-consumer magnet swarf and spent magnets, while Nth Cycle is the most advanced critical mineral refiner for black mass, with singular speed and scalability advantages in the supply chain's "missing midstream".

Together, the two companies will work to replace the precipitation step in IonicRE's flowsheet with Nth Cycle's electro-extraction closed-loop process, which uses electricity to produce the chemicals - rather than oxalic acid - to convert rare earth recycled feedstocks into high-purity oxides, the solid powders used in magnet metal and alloy production.

Unlike conventional refining processes for rare earths, where the precipitating oxalic acid agent is consumed and must be continuously resupplied, the companies' integrated system eliminates that dependency entirely, while regenerating hydrochloric acid for continuous reuse during processing.

The result is the most resilient and competitive rare earth recycling and refining flowsheet available, reducing costs, external supply dependencies and carbon footprint.

China currently refines 90% of the world's rare earth elements found in ore and end-of-life materials, with recovery occurring during precipitation - a step reliant on oxalic acid. This creates a hidden dependency facing all Western refiners building operations onshore, which this partnership between IonicRE and Nth Cycle aims to address.

IonicRE MD and CEO Tim Harrison notes that oxalic acid represents about 50% of IonicRE's benchmark carbon footprint, which has been demonstrated to be 60% lower than primary (mined) supply of rare earth oxides. "This ongoing innovation [with Nth Cycle] will ensure we continue to stay a step ahead on providing not only the highest purity rare earth oxides in the market, but validated materials for Western end-users."

Nth Cycle CEO and co-founder Megan O'Connor adds that rare earth refining in the US has made progress, but building a resilient supply chain in the West requires solving every point of dependence, not just the most visible ones. She explains that Nth Cycle's technology closes one of the largest remaining links to Chinese chemical supply chains in the rare earth refining process, and because its electro-extraction platform works across rare earths, nickel, cobalt, copper and beyond, every application of its system accelerates the critical mineral supply chains that the economy and national security depend on.