Pan African Mining Logistics – Business Plan

Investment-grade business plan for Pan African Mining Logistics (Pty) Ltd, operating as IronRoute Logistics Group — a ZAR 6.80-billion raise to build a pan-African mine-to-port bulk logistics platform across five countries, scaling revenue from ZAR 2.80 billion to ZAR 11.2 billion by Year 5 at a 27.4% project IRR and a 34.2% equity IRR.

Confidential Investment Memorandum

Pan African Mining Logistics

Operating as IronRoute Logistics Group — a pan-African mine-to-port bulk logistics platform headquartered in Johannesburg, operating multimodal export corridors across South Africa, Zambia, Botswana, Namibia and Mozambique for coal, iron ore, manganese and copper — structured as an investment-grade ZAR 6.80-billion opportunity for institutional investors, development-finance institutions and lenders.

Legal Entity

Pan African Mining Logistics (Pty) Ltd

Headquarters

Johannesburg, South Africa

Footprint

SA, Zambia, Botswana, Namibia, Mozambique

Capital Raise

ZAR 6.80 billion

Revenue (Yr1 → Yr5)

ZAR 2.80bn → ZAR 11.2bn

Project IRR (ungeared)

27.4%

Equity IRR (post-tax)

34.2%

Project NPV (15%)

ZAR 5.21 billion

Payback

Year 4 (Q3)

Sector

Mining Logistics & Bulk Freight

The Opportunity

Southern Africa’s mining sector is the dominant source of regional bulk-freight demand, yet constrained and unreliable rail has pushed an estimated 25–30 million tonnes per annum of bulk mineral exports onto road, while cross-border mining corridors continue to grow. Pan African Mining Logistics captures this as a multimodal mine-to-port corridor operator — a modern bulk fleet, telematics and contracted, largely USD-denominated export volumes (coal, iron ore, manganese, copper) across five countries — a ZAR 6.80-billion raise scaling revenue from ZAR 2.80 billion to ZAR 11.2 billion by Year 5, turning cumulatively cash-flow positive in Year 4, and delivering a 27.4% ungeared project IRR, a 34.2% equity IRR and a ZAR 5.21-billion NPV at a 15% discount rate.

Plan Contents

This investor-grade business plan is organised into the sections below. Each section is a dedicated page — select any to explore the full detail.

Important Notice & Disclaimer

This Business Plan (the “Document”) has been prepared by Pan African
Mining Logistics (Pty) Ltd, operating as IronRoute Logistics Group (the
“Company”), solely for the purpose of providing prospective investors,
lenders, development finance institutions, and strategic partners with
information about the Company and its proposed Pan-African mining
logistics expansion platform.

By accepting this Document, the recipient acknowledges and agrees to
the following terms:

Confidentiality: All information contained
herein is strictly confidential and proprietary to the Company. The
Document, in whole or in part, may not be reproduced, distributed, or
disclosed to any third party without the prior written consent of the
Company’s authorised representatives.
Forward-Looking Statements: This Document
contains forward-looking statements, financial projections, market
estimates, and strategic assumptions that are based on current
expectations and information available at the time of preparation.
Actual results, performance, or achievements may differ materially from
those expressed or implied. No representation or warranty, express or
implied, is made as to the accuracy or completeness of such
forward-looking statements.
No Offer to Sell: This Document does not
constitute an offer to sell or a solicitation of an offer to buy any
securities, debt instruments, or other financial products. Any such
offer or solicitation will be made only by means of a definitive
offering memorandum, subscription agreement, or other binding
documentation prepared in accordance with applicable laws and
regulations of the Republic of South Africa, the SADC region, and any
other relevant jurisdictions.
Independent Advice: Recipients of this Document
should conduct their own independent due diligence and consult with
qualified legal, financial, tax, and technical advisors before making
any investment decision. The Company, its directors, officers,
employees, and advisors expressly disclaim any liability for losses
arising from reliance on this Document.
Currency: All financial figures are denominated
in South African Rand (ZAR) unless otherwise stated. Conversions to
United States Dollars (USD) are indicative and based on prevailing
exchange rates at the time of preparation.
Use of Third-Party Data: Industry statistics,
market sizes, and benchmark data have been sourced from reputable
industry publications, government agencies, and independent research
providers including Mordor Intelligence, Expert Market Research, the
Minerals Council of South Africa, Transnet, the World Bank, and
Statistics South Africa. While the Company believes such data to be
reliable, it has not independently verified all third-party
information.

Document Control

Version: 1.0 | Issue Date: May 2026 | Classification: Confidential —
Investor Use Only Authorised Recipients: Recipient organisation as agreed under signed
Non-Disclosure Agreement Contact: Chief Executive Officer, Pan African Mining Logistics (Pty)
Ltd, 15 Empire Road, Parktown, Johannesburg, 2193, Republic of South
Africa

Confidential — this business plan is provided to prospective investors and lenders for evaluation purposes only and may not be reproduced or distributed without the written consent of Pan African Mining Logistics (Pty) Ltd.