TitanForge — Implementation Roadmap
The critical milestones and stage gates, the quarterly execution plan for Years 1-2 and the programme delivery organisation underpinning TitanForge.
Section 11 · Business Plan
Implementation Roadmap
The critical milestones and stage gates, the quarterly execution plan for Years 1-2 and the programme delivery organisation underpinning TitanForge.
The roadmap is built around one governing principle: revenue-critical
logistics capacity must never lag mine capacity by more than 12 months.
The critical path runs financial close → Iron Crown early works and
Vulcan refurbishment → Helios energisation (which gates furnace restart
economics) → Atlas Rail fleet delivery against access slots → Ocean Gate
terminal capacity → Horizon acquisitions → Forge Industrial Park →
regional platform consolidation.
10.1 Critical milestones and stage gates
| Gate | Timing | Milestone | Go/no-go criterion |
|---|---|---|---|
| G0 | 2026 H2 | Financial close & FID | R92bn committed under common terms agreement; conditions precedent satisfied |
| G1 | Y1 H2 | Vulcan refurbishment start | Helios PPA and grid budget quote signed; furnace economics re-confirmed |
| G2 | Y2 H1 | Atlas Rail tranche 1 order | Signed corridor access slots ≥ 10 Mtpa |
| G3 | Y3 H1 | Iron Crown first ore | Rail evacuation ≥ mine ramp schedule; DSRA funded |
| G4 | Y3–Y6 | Horizon acquisitions | Per-deal IRR ≥ 20% ungeared; country-risk cover (MIGA/DFC) in place |
| G5 | Y5 | Integrated corridor at capacity | 35 Mtpa rail + 20 Mtpa port operational; DSCR ≥ 1.3x trailing |
| G6 | Y7 | Regional platform review | Leverage < 1.0x ND/EBITDA; dividend step-up to 55% payout |
Three of the seven projects (Iron Crown, Atlas Rail, Ocean Gate) form
a single revenue chain: a 12-month slip on rail access slots strands
mine output and directly produces the sub-1.0x downside DSCR pattern
shown in Section 19. The stage-gate structure converts this from an
underwriting risk into a managed sequencing decision — rolling stock
tranches and mine ramp are both contractually deferrable.
10.2 Quarterly execution plan — Years 1–2
| Quarter | Key deliverables |
|---|---|
| Y1 Q1 | Financial close; DSRA funded; legacy refinancing executed; PMO stood up; Vulcan refurbishment engineering release; Iron Crown early works (access roads, water, camp) |
| Y1 Q2 | Iron Crown bulk earthworks; Vulcan furnace 1 offline for rebuild; Helios EPC award and grid budget quotes converted to connection agreements |
| Y1 Q3 | Iron Crown plant civil works; long-lead orders (mills, transformers, locomotive frame slots); Atlas Rail access-slot negotiations to term sheet |
| Y1 Q4 | Vulcan furnace 1 recommissioned; Iron Crown plant steel erection; Helios solar site mobilisation; first independent engineer report to lenders |
| Y2 Q1 | Atlas Rail tranche 1 order (25 locomotives, 1,000 wagons) against signed slots ≥ 10 Mtpa (Gate G2); Helios solar construction 30% |
| Y2 Q2 | Vulcan furnace 2 rebuild; Iron Crown pre-strip complete; Ocean Gate concession/JV heads of terms |
| Y2 Q3 | Helios first solar energisation (200 MW); Iron Crown plant cold commissioning; Horizon pipeline screening (12 targets to 4) |
| Y2 Q4 | Atlas Rail first consists delivered; Iron Crown hot commissioning readiness; Y3 first-ore gate review (G3) evidence pack to lenders |
10.3 Programme delivery organisation
| Role | Accountability | Reports to |
|---|---|---|
| Group Programme Director | Integrated master schedule, contingency, stage gates, lender/IE interface | Group CEO; dotted to Board Investment Committee |
| Project Directors (x7) | Scope, cost, schedule per flagship project; EPCM management | Group Programme Director |
| Owner’s Engineer teams | Technical assurance, design review, quality on Iron Crown & Vulcan | Project Directors |
| Independent Engineer (lender-appointed) | Quarterly certification of progress, spend and forecast-to-complete | Lender group |
| Divisional MDs | Steady-state operations, ramp-up acceptance from projects | Group CEO |
| Group Treasury | Draw scheduling, hedging, covenant compliance, DSRA management | Group CFO |
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 TitanForge Resources & Infrastructure Holdings.