Above-Ground Gold creates an investment framework built around a smaller, increasingly measurable set of variables — without the full geological development risk of conventional mining.
The Synterra investment proposition begins with a fundamental difference from conventional gold mining. The material has already been mined. It has already been extracted, transported, crushed, milled and deposited into identifiable surface deposits.
Synterra therefore approaches gold production without the complete spectrum of geological access risk, underground development complexity and deep capital expenditure associated with discovering and accessing a new orebody.
The investment analysis concentrates instead upon a smaller group of increasingly measurable variables: tonnage, residual gold grade, metallurgical recovery, processing cost, throughput and gold price. Each of these can be independently established, tested and modelled before major development capital is committed.
Above-Ground Gold investment analysis concentrates upon a commercially tractable set of variables that can be established through independent technical investigation before development capital is committed.
The physical volume of a tailings deposit can be established through professional surveying, drone mapping and systematic drilling. Unlike an underground orebody, the resource is at surface and accessible to direct measurement and sampling.
Historic tailings contain gold not recovered by the original processing plant. Modern assaying techniques establish what is present, at what grade, and how it is distributed through the deposit.
Metallurgical testwork determines what proportion of the contained gold can be economically recovered using modern processing technology. Recovery rates and processing requirements are established through laboratory and pilot-scale testing before plant decisions are taken.
Operating cost per tonne, throughput capacity and processing infrastructure requirements can be determined from established flowsheets. Unlike underground mining, there is no ongoing extraction cost associated with accessing the resource.
Synterra has identified more than 15 legacy tailings deposits across South Africa and Zimbabwe. Five strategic dump projects have been entered into active assessment. The portfolio under active assessment currently represents in excess of 150 million tonnes of legacy tailings material.
This scale is deliberate. Individual tailings deposits can vary considerably in terms of grade, mineralogy, accessibility and ownership clarity. Portfolio construction allows Synterra to apply a disciplined evaluation process and allocate development resources towards deposits that meet commercial thresholds across all key variables.
The dual-jurisdiction strategy — South Africa and Zimbabwe — provides geographic diversification within a coherent Above-Ground Gold investment discipline. Both jurisdictions have extensive histories of gold production, established legal frameworks for mining and processing, and a substantial inventory of legacy tailings created by previous generations of miners.
Synterra's objective is a portfolio of independently verified, commercially viable Above-Ground Gold assets capable of attracting project finance, streaming arrangements and institutional investment.
Legacy tailings dumps identified across Southern Africa
Tonnes of above-ground legacy tailings material under active assessment
Strategic dump projects entered into active development assessment
The table below illustrates gross recoverable gold value at portfolio scale across a range of gold price scenarios. These figures are illustrative only and are based upon unaudited internal resource estimates. They do not constitute an independently verified mineral resource statement and should not be relied upon as such.
| Gold Price (per troy oz) | Illustrative Gross Recoverable Gold Value |
|---|---|
| US$3,000 | US$205 million |
| US$4,000 | US$273 million |
| US$5,000 | US$342 million |
Important Notice: The above figures are for illustrative purposes only. They are based on unaudited internal assessments and are subject to change following independent verification. They do not represent independently verified mineral resources under NI 43-101, JORC or SAMREC standards. Actual recoverable gold values will depend upon independent resource verification, metallurgical testwork, processing recovery rates, operating costs, royalties, taxes and applicable gold prices at the time of production. No reliance should be placed upon these figures as a basis for investment decisions.
One of the distinctive characteristics of gold production — whether conventional or from tailings retreatment — is the operating leverage to the gold price. A processing plant with a fixed cost base of US$X per tonne produces gold whose value moves with the market.
As gold prices rise, the economic value of a defined tailings resource increases proportionally. Projects that may be marginal at lower gold prices can become highly attractive as prices increase. Conversely, Synterra's evaluation methodology requires projects to demonstrate commercial viability across a range of gold price scenarios, not only at current spot.
This sensitivity cuts both ways. Synterra's disciplined approach to resource evaluation and conservative recovery assumptions are designed to ensure that development capital is committed only to projects with genuine resilience across the gold price cycle.
Synterra structures its projects to be compatible with a range of established resource finance mechanisms, allowing investment to be matched to the appropriate stage of project development.
Development-stage projects with independently verified resources, defined processing flowsheets and contracted offtake can be structured for non-recourse project finance, sizing debt against projected cashflows and lender-required debt service coverage.
Metal streaming and royalty arrangements provide upfront capital in exchange for a defined share of future production or revenue. These structures are well-established in the gold sector and align investor and operator incentives around production performance.
Contracted offtake — typically with a major gold refiner or trading house — can support pre-export financing and provide lenders with additional production certainty. Synterra's dual-jurisdiction strategy enables access to established Southern African offtake channels.
Early-stage resource verification and project development are typically financed through structured private placements with specialist mining investors, family offices and private capital groups with experience in Southern African resource projects.
Qualified investors and advisers may request access to the Synterra Assets Data Room, which contains project documentation, technical summaries and financial information subject to NDA.