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 probable ore reserves (Koktenkol)
US$580M
Stage 1 total capex (5.0 Mtpa weathering crusts)
55 Years
Multi-stage platform mine life
40 to 56%
IRR after tax, Stage 1 by scenario (JORC PFS)
US$2.2bn
NPV at 10% discount, all stages
3.8 to 4.9 Years
Payback period, Stage 1
Economics per the JORC Pre-Feasibility Study, amended 7 June 2025, on a conservative price deck of US$331/mtu APT. Current market pricing per Argus is materially higher, representing upside to these figures. All stages option 2 (55-year life): capex US$3,353M, NPV at 10% US$2,159M, IRR 53%.
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.