WELCOME TO
STEENKAMPSKRAAL
RARE EARTHS MINE

The Steenkampskraal mine contains 15 rare earths, including those that are used to make electric motors for electric vehicles and wind turbines.

The current explored and delineated orebody reports a NI 43-101 Mineral Resource Classification containing approximately 15,630 tonnes of neodymium, 4,459 tonnes of praseodymium, 867 tonnes of dysprosium and 182 tonnes of terbium.

The combined grade of these four important rare earths is 3.49%, which is higher than the total rare earth grades in most rare earth deposits.

Executive Summary

Steenkampskraal Monazite Mine aims to become a leading producer of rare earth elements (REE’s) and thorium, specifically focusing on monazite extraction.

Located in South Africa, the mine boasts significant deposits of monazite, a mineral rich in REE’s essential for various industries such as electronics, renewable energy, and defense. Our business strategy emphasizes sustainable mining practices, technological innovation, and strategic partnerships to ensure long-term success.

The orebody is globally considered to be the highest-grade rare earths resource in the world @ 14.5% contained TREO+Y2O3 on average (>90g/t gold equivalent).
Reclamation, rehabilitation and construction phases have commenced with well-developed underground and surface infrastructure (~ZAR1B sunk costs).
Relatively small-scale volumes required due to exceptionally high average grade.
The implemented optimization investigations will draw from advanced information from historical mining, processing, resource definitions and feasibility studies.
An optimized techno-economic development plan is to be implemented to further improve efficiencies.
The low-risk 3-stage development plan will require low initial capital and relatively quick production start-up to steady state.
The mine is fully licensed to operate and fully compliant.

Current Mineral Resource and Reserve Estimate

665,000 tonnes of ore (Measured, Indicated & Inferred Resource)

14.5% TREO (Measured, Indicated & Inferred Resource)

86,900 tonnes contained TREO (Measured, Indicated & Inferred Resource)

Total Proven and Probable Reserve (includes dilution) 799,700 tonnes

Total Proven and Probable Reserve TREO grade 8.68%

Total Proven and Probable Contained Reserve REO 69,400 tonnes

Features of the Mine

The Steenkampskraal Mine is located in the Western Cape province of South Africa. It is an existing mine that was operated by Anglo American Corporation from 1952 to 1963.
In addition to the mining right area of 474 hectares, the company also owns three surrounding farms with a total area of about 7,000 hectares.
Steenkampskraal has one of the highest grade rare earth deposits in the world.
The current explored and delineated orebody reports a resource of about 665,000 tonnes at an average grade of 14.5% Total Rare Earth Oxides (TREO) for a total of 86,900 tonnes contained TREO.
The current exploited and delineated orebody reports a reserve of about 799,700 (including dilution) tonnes at an average grade of 8.68% Total Rare Earth Oxides (TREO) for a total of 69,400 tonnes contained TREO.
The total quantity of neodymium in the mine is 15,600 tonnes at a grade of 2.58% Nd₂O₃.
There is great potential to further increase the mineral resource beyond the current known resource area through an exploration programme at depth and along strike.
Low Capex – Much of the work and the investment to bring the mine into production has already been done.
Low Opex – Shallow mine with an average depth of 100m within the current resource/reserve area. The high grade of 14.5% means that, on average, including dilution, 12 tonnes of ore will yield 1 tonne of rare earths and the associated cost of sales will remain low relative to other rare earth operations.

Current Status

Steenkampskraal has a National Instrument 43-101 compliant Technical Report with both a Mineral Resource Estimate and a Mineral Reserve Estimate.
The Department of Mineral Resources and Energy (DMRE) issued a New Order Mining Right for the Steenkampskraal mine which is valid until 2030 and which is renewable.
The National Nuclear Regulator (NNR) issued a Certificate of Registration to Steenkampskraal which allows it to mine, process, transport and store naturally-occurring radioactive materials.
The DMRE approved Steenkampskraal’s Mining Works Programme and Environmental Management Programme.
Steenkampskraal has completed the mineralogical characterisation of the ore and the metallurgical test work is continuing to further enhance the value of the mine.
The mine shaft and decline headgear has been partly equipped and is currently being refurbished.
The Department of Water and Sanitation has issued a Water Use Licence which satisfies the water requirements for the entire operation.
Boreholes have been drilled that can provide sufficient water for the mine’s requirements.
A reverse osmosis water treatment and desalination plant has been installed.
Office buildings have been installed and much of the infrastructure is now in place.

Unique

The mine is unique in the global rare earth landscape because its rare earth grade at 14.5% is the highest in the world with a NI-43-101 compliant MRE.

17.99% Nd

Steenkampskraal’s monazite ore has a Neodymium grade of 17.99%, which is higher than the total rare earth grades in most other rare earth deposits.

Low Capex

Low Mining Capex – About 60% of the work to bring the mine into production has already been done

The National Instrument 43-101 Mineral Resource Estimate (MRE) indicates that Steenkampskraal is one of the highest grade rare earths mines in the world.

Development strategy of the mine.

BORA Mining Services (BMS):

Bora Mining Services (BMS) has acquired a share in the Steenkampskraal Monazite Mine (SMM) for an undisclosed sum as a strategic partner. The partnership enabled operations to commence at the beginning of 2024 to bring the mine back into production during early 2025. BMS will provide the capital, staffing and equipment to commence with the refurbishment, preliminary construction work and mining contract services.

BMS CEO and owner, Enock Mathebula, is a successful entrepreneur who has developed a group of companies focused on actively supporting the mining industry as contractors for underground, rehabilitation and surface mining operations. His contribution through the Enock Mathebula Foundation is immense with the provision of numerous social upliftment, training and mentoring programmes.

BMS is a full-service underground and surface mining company specialising in integrated management solutions. Understanding client’s needs, they work to develop innovative approaches and apply high-speed methodologies to both development and production scopes.

Highlights:

Bora Mining Services (BMS) has acquired an interest in Steenkampskraal Monazite Mine (SMM).
BMS will provide the capital, staffing and equipment to commence with the refurbishment, preliminary construction work and mining contract services. The project began at the beginning of 2024.
As part of the production strategy, Obsideo Consulting will be contracted on a Hybrid BOOT (Build, Own, Operate, Transfer) system to produce monazite concentrate.

The following phases will be implemented:

The dynamic growth strategy covers producing monazite concentrate with the construction of a monazite concentration plant in phase 1, followed by the construction of a cracking plant to produce cerium depleted mixed rare earth carbonate (CDMREC) and thorium in phase 2. Preliminary investigations and discussions are underway to develop a separation plant to produce individual rare earth oxides (REO’s) in phase 3.

The first phase of a three phase process will involve the mobilisation of mining and processing plant and equipment to the site, refurbishing the decline and shaft area, and re-equipping the headgear and infrastructure. There are ongoing negotiations for the purchase of the concentrate generated from Phase 1 and into Phase 2. The thorium product is traversing well which effectively could fast track Phase 2. Off-take negotiations are ongoing to supply rare earth product to the Far Fast, Europe and USA/Canada, all of which could fast track the development scheduling of the various phase substantially.

The thorium market has changed significantly in recent years. A number of tenders have been issued both locally and internationally for thorium as a nuclear fuel for replacement of uranium. The safety and environmental benefits far overshadow uranium. Thorium isotopes are also in demand for cancer therapy and ongoing discussions are underway to supply Thorium to allow the extraction of these isotopes.

The second Phase will involve increased mining volumes and monazite concentrate production and all metallurgical test work, design and planning for the construction and commissioning of a monazite cracking plant. This will produce MREC and thorium. In this phase the design and planning of a RE separation plant will also be undertaken.

In Phase three the construction and commissioning of the separation plant will be completed to produce mixed RE oxides. The period January 2026 to December 2026 will see the cracking plant commissioning and initial production of MREC and thorium. The period January 2027 onwards will see the steady state production of monazite concentrate to the cracking plant with the production of MREC and thorium with plans to produce individual RE oxides.