Investment Highlights
A generational asset with a downstream engine
Long-life reserves, committed partners and hydrometallurgical processing economics — with optionality into the highest-margin end of the value chain.
874 Mt
Total JORC mineral ore reserves (Koktenkol)
~US$3.9bn
Total project capex (incl. US$308M initial module)
55 Years
Multi-stage platform mine life
224%
IRR (after tax)
US$16.6bn
NPV at 10% discount rate
2.1 Years
Payback period
Preliminary economics per JORC-compliant technical-economic assessment as of 1 January 2025 (technical report in progress); tungsten and molybdenum pricing per Argus market reporting.
Why NSMT
Multiple Strategic Material Platforms
Hydrometallurgical Processing Edge
Exposure to AI & Semiconductor Growth
Exposure to Electrification & Energy Transition
Exposure to Defense Demand
Significant Downstream Optionality
Long-Term Scalability
De-Risked via Committed Partners — NFC · ADCB · Traxys
AI changes everything
Artificial intelligence is accelerating demand across the entire platform
NSMT is built for this multi-year structural trend.
Why now
The world needs new, independent suppliers of critical materials. The next 10–15 years will determine the industry's leaders.