This business plan (the “Plan”) has been prepared by the directors of TerraNova Copper & Minerals Group (Pty) Ltd (“TerraNova”, the “Group” or the “Company”) solely to assist prospective financiers, development finance institutions and equity investors in evaluating a potential participation in the Group’s ZAR 8.6 billion capital-raising programme. It does not constitute an offer, invitation or solicitation to subscribe for or purchase any security.
The financial projections contained herein are forward-looking and rest on assumptions management considers reasonable at the date of preparation. The headline revenue and EBITDA figures reflect the sponsor’s operating targets; all items below EBITDA, depreciation, financing costs, the mineral royalty, rehabilitation provisioning, taxation and returns, have been independently re-derived by the preparers under the transparent assumptions set out in the Financial Plan and Appendices. Mining is inherently exposed to commodity-price, geological, operational and regulatory risk; actual results will differ from projections, potentially materially. Copper price, grade, recovery and the rand/dollar exchange rate are the dominant value drivers and are stress-tested explicitly herein.
Where this Plan cites third-party market and technical data, including copper-price forecasts, comparable-mine parameters and industry statistics, such data is believed reliable but has not been independently verified by the Company. Mineral resource and reserve figures used for modelling are indicative planning assumptions benchmarked to the Phalaborwa carbonatite district and do not constitute a declared, independently-competent-person-signed Mineral Resource or Reserve statement under the SAMREC Code; a bankable feasibility study and competent-person’s report would form part of formal due diligence.
NoteAnalytical independence
Consistent with bankability standards, the modelling preserves the sponsor’s revenue and EBITDA targets but re-derives net profit from first principles, applying units-of-production and straight-line depreciation, full cash interest on drawn debt, an IAS 37 rehabilitation provision, and a 27% corporate tax charge with assessed-loss carry-forward. The South African mineral royalty is computed under the MPRRA formula. Where our re-derived figures differ from the sponsor’s stated numbers, we disclose the variance openly.
By accepting this document, the recipient agrees to keep its contents confidential, to use it solely for evaluating the transaction described, and to return or destroy it on request. Prospective investors should conduct their own due diligence and obtain independent legal, tax, technical and financial advice before making any investment decision.