Modern Mining September 2026

ODERN M INING SEPTEMBER 2026 | Vol 21 No 9 For people who are serious about mining

 Cementation Africa: Poised for growth  Ongwe Minerals – unlocking gold opportunities in Namibia  Fortuna Metals targets rutile and graphite production by 2029  Redpath Mining South Africa delivers on key platinum project  Bosch Rexroth Africa gears up for its next growth chapter  How the Zanaga Project encapsulates the Republic of Congo’s investment potential IN THIS ISSUE

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COVER 8 ROSE Foundation highlights the environmental risks many businesses overlook COMMODITIES OUTLOOK 10 How the Zanaga Project encapsulates the Republic of Congo’s investment potential GOLD 12 Ongwe Minerals: Unlocking gold opportunities in Namibia 15 Gold market shows resilience as price momentum cools in Q2 CRITICAL MINERALS 16 Fortuna Metals targets rutile and graphite production by 2029 MINING TECHNOLOGY 20 Cementation Africa: Poised for growth 24 Sasol partners to build local hydrogen technology capability 26 UP’s Fuchs Institute for Microelectronics establishes measurement facility MINING CONTRACTORS 28 Redpath Mining South Africa delivers on key platinum project EXPLOSIVES & BLASTING 32 Underground mining moves into a more connected era 34 Smarter blasting as Enaex Bright ecosystem advances digital mining ENERGY 36 SLR Consulting says energy transition opens strategic opportunities for miners AFRICA 38 Bosch Rexroth Africa gears up for its next growth chapter

ODERN M INING SEPTEMBER 2026 | Vol 21 No 9 For people who are serious about mining

REGULARS MINING NEWS 4 Valterra Platinum headline earnings surge 1633% SA’s Just Energy Transition shift – from vision to delivery 5 SA’s mining future takes centre stage at Modernisation Day 6 Aurum extends BDT2 gold mineralisation beyond Boundiali resource Ivanhoe Mines overview of operations and exploration activities 7 Electra Mining Africa showcases the technologies shaping tomorrow’s industry

ON THE COVER The ROSE Foundation works with industry to ensure used oil is collected and managed responsibly. (pg 8) .

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Wusiheite – a potential gamechanger for germanium exploration D id you know that, each year, roughly 90 to 110 new mineral species are officially identified and approved worldwide? The total count of recognised valid minerals could encourage exploration for previously unrecognised germanium-rich mineralisation by showing that germanium can occur in exceptionally concentrated, discrete mineral phases.

stands above 6 100, and the International Mineralogical Association through its CNMNC commission oversees these validations. Over the past two years several new minerals have been identified, with the most recent exciting news for the mining industry being a new germanium-rich mineral called Wusiheite, which contains about 72% GeO₂. Wusiheite is currently known only from its type locality at the Wusihe lead-zinc deposit located in southwest China’s Sichuan Province. It is important to note that while the mineral contains ~72% GeO₂ this does not mean the Wusihe deposit contains 72% GeO₂. Because it was only officially approved by the International Mineralogical Association (IMA) in August 2026, its known global distribution is limited exclusively to this single discovery site. However, the geological implications stretch worldwide. Germanium has important semiconductor applications, including high-frequency and specialised electronic devices. Industrial uses data transmission; Night- vision and thermal-imaging lenses; Solar cells: used as a substrate in high-efficiency multijunction solar cells for satellites and space applications; Semiconductors: used in high-frequency electronics and transistors, and in polymer catalysts: used to produce clear PET plastics. The discovery adds to China's already substantial geological and industrial position in the germanium supply chain. However, for the world, it escalates supply chain anxieties: The US Geological Survey identifies germanium as a critical mineral, while the European Union classifies it as both a critical raw material and a strategic raw material. The discovery could reinforce existing efforts in Europe, and elsewhere, to diversify germanium supply through alternative mining, processing and recycling. So, what does this discovery mean for the industry at large? It spurs exploration elsewhere and include fibre optics where germanium is used in silica- based optical fibres to help control their refractive properties, enabling high-speed

Apart from Wusiheite, recent mineral finds include Jinxiuite (a novel nickel- bismuth compound found in southern China), Grahampearsonite (a deep-earth mineral discovered inside a diamond from Brazil), and three new minerals (Raydemarkite, Virgilluethite, and Stunorthropite) uncovered in Cookes Peak, Luna County, New Mexico. While new finds are great, old favourites on the homefront are keeping our miners happy. Over the past year, the platinum group metals (PGM) sector has staged a strong financial and operational recovery, supported by higher PGM prices, resilient production and improved market conditions. This includes Northam Holdings, which reported record FY2026 production, while its interim results showed a substantial improvement in profitability, driven by stronger PGM prices and higher sales. Valterra Platinum reported a record financial

surge, with headline earnings per share

Wusiheite is currently known only from its type locality at the Wusihe lead-zinc deposit located in southwest China’s Sichuan Province.

skyrocketing 1 633% to R82.02 for the first half of the year. Gold miners are also scoring big time, with DRDGOLD expecting earnings and headline earnings per share to increase by

Nelendhre Moodley.

between 85% and 95% for the year ended 30 June 2026, as

Editor: Nelendhre Moodley e-mail: mining@crown.co.za Business Development Manager: Angela Devenish e-mail: angelad@crown.co.za Design & Layout: Ano Shumba Publisher: Karen Grant

production exceeded guidance.

In this edition Modern Mining spoke to Ongwe Minerals, which is looking to unlock gold opportunities in Namibia (pg 12), Fortuna Metals as it targets rutile and graphite production by 2029 (pg 16), Cementation Africa, which is poised for growth (pg 20), Bosch Rexroth Africa, which celebrates sixty years in business – the company is gearing up for its next growth chapter (pg 38) and Redpath Mining South Africa as it delivers on key platinum projects for Northam Platinum. In mid-July, the South African platinum group metals producer celebrated the opening of the world's deepest raise-bored shaft at its Zondereinde mine in the Bushveld Complex. Redpath Mining South Africa played a key role in the delivery of this project (pg 28). n

Deputy Publisher: Wilhelm du Plessis Circulation: Brenda Grossmann and Shaun Smith Published monthly by: Crown Publications (Pty) Ltd P O Box 140, Bedfordview, 2008 Tel: (+27 11) 622-4770 Fax: (+27 11) 615-6108 e-mail: mining@crown.co.za www.modernminingmagazine.co.za

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The views expressed in this publication are not necessarily those of the editor or the publisher.

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MINING NEWS

Valterra Platinum headline earnings surge 1633% Platinum miner, Valterra Platinum, reported

outstanding interim results for the six months ended 30 June 2026, delivering a step change in financial performance as stronger platinum group metals (PGM) prices, disciplined operational execution, capital allocation and robust free cash flow generation, strengthened the company’s balance sheet and shareholder returns. Valterra Platinum recorded significant growth across all key financial metrics. Revenue increased 93% to R82 billion, adjusted EBITDA rose 404% to R33.4 billion, and headline earnings per share surged 1633% to R82.02. The company also strengthened its balance sheet, ending the period with a net cash position of R23.7 billion, compared with net debt of R4.9 billion a year earlier. Craig Miller, CEO of Valterra Platinum, said: “Operating as an independent company over the past year has enabled us to sharpen our focus, accelerate decision-making and strengthen execution across the business. This is evident in our

Valterra Platinum revenue increased 93% to R82 billion.

PGM ounces, in line with higher refined production. As a result of our disciplined operational execution and higher PGM prices, we delivered a 4-fold increase in EBITDA to R33.4 billion, the third highest interim profits in our history. As a result, the Board has declared a substantial interim dividend of R15 billion, or R57 per share, equating to 70% of headline earnings. n At the event, Seriti signed a new agreement for a further R10 billion of investment - bringing the total to R25 billion - for two further phases of development, reinforcing long-term confidence in South Africa’s renewable energy sector through continued investment with strategic partners, including Goldwind, Tractionel, and Stefanutti Stocks, and customers including energy traders such as Etana, Energy Exchange and NOA. n

exceptional first-half 2026 performance, which reflects strong operational momentum, advancement in executing on our strategy and creating value for all our stakeholders. Our results were a direct consequence of a solid metal in concentrate (M&C) production increasing by 4% to 1.5 million PGM ounces and sales volumes rising by 18% to 1.7 million

SA’s Just Energy Transition shift – from vision to delivery President Cyril Ramaphosa marked a major milestone in South Africa’s Just Energy Transition (JET) as Seriti Green’s Ummbila Emoyeni Wind Farm officially entered commercial operation. Hosted by Seriti, the event brought together national and provincial create new transmission infrastructure that will survive for decades to come. The Main Transmission Substation (MTS) was delivered in a record 17- month timeframe. “This project underscores the value of the partnership between government, Eskom, the private sector and

government, traditional leaders, local communities, business leaders and international partners to celebrate the completion of 25 turbines, the first 155MW phase of the renewable energy project. In April 2023, the President recognised the diversified energy company at the Fifth Annual Investment Conference in Sandton, acknowledging their R4.5 billion investment in the first phase of the facility. Over the three years since, the investment rose to a R15 billion project with more wind farms under way. The project forms part of a planned 900MW renewable energy programme in Mpumalanga and is supported by the new Vunumoya transmission infrastructure, delivered by Seriti through an investment of around R1.2 billion to

communities. It shows that South Africa’s Just Energy Transition is being realised through practical action,” explained Ramaphosa.

Seriti Green’s Ummbila Emoyeni Wind Farm officially entered commercial operation.

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SA’s mining future takes centre stage at Modernisation Day Three new reports highlight the South African mining sector’s journey to

to deliver sustainable positive impact and long-term value for investors, employees, communities and the broader economy. The three reports are: • Research, Development and Innovation (RDI) for the Modernisation of South African Mining: A survey report prepared jointly by the Human Sciences Research Council (HSRC) Centre for Science, Technology and Innovation Indicators (CeSTII) and the RIIS through a pilot research project with Minerals Council South Africa; • The Global Benchmarking Report prepared by RIIS and Minerals Council South Africa; • 10 Insights into 4IR Report: AI - Powering the Future; prepared by PwC Smart Mining and Minerals Council South Africa. “The launch of these publications marks another significant milestone in advancing South Africa’s mining modernisation agenda and reinforcing the sector’s

modernise operations, with the Minerals Council South Africa and key stakeholders releasing studies into research, development and innovation (RDI) investment trends, insights into artificial intelligence (AI) in mining and a global benchmarking report. South Africa’s mining sector is more than 140 years old. To make mining safer and healthier, more inclusive, sustainable and productive, modernisation is essential. These goals will be achieved through implementing innovative mining methods and processing technologies, utilising AI to, amongst others, explore for new mineral deposits and optimising mining operations to keep South Africa globally competitive. The launch of these reports reflects a growing recognition that modernisation is no longer optional; modernisation is essential for mining in South Africa to secure safe and healthy operations

Sietse Van Der Woude, Senior Executive: Modernisation and Safety at the Minerals Council.

commitment to innovation-led safety, growth, inclusive industrial development and global competitiveness,” says Sietse Van Der Woude, Senior Executive: Modernisation and Safety at the Minerals Council. n

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MINING NEWS

Aurum extends BDT2 gold mineralisation beyond Boundiali resource

Ivanhoe Mines overview of operations and exploration activities

ASX-listed Aurum Resources has announced the latest gold intercepts from an ongoing 100 000 m diamond drilling programme at its 3.22 moz Boundiali Gold Project in Côte d’Ivoire. These results, which are the final batch of drilling at the BDT2 deposit, comprise 10 holes for 3 565.05 m of step-out and extensional drilling that has intersected gold mineralisation outside the current Mineral Resource and extended the deposit at depth. Key drill intercepts from the BDT2 deposit include: • 0.61m @ 47.60 g/t Au from 189.39m (DSDD0477) • 4.46m @ 4.23 g/t Au from 90.00m inc. 0.50m @ 35.19 g/t Au (DSDD0471) • 39m @ 0.79 g/t Au from 372.00m inc. 3m @ 5.76 g/t Au (DSDD0461). Aurum’s Managing Director Dr Caigen Wang said: “Our latest BDT2 results reinforce the momentum we continue to drive across the Boundiali deposits. This final batch of

TSX-listed Ivanhoe Mines is a leading Canadian mining company with three principal tier-one mining operations in Southern Africa: the Kamoa-Kakula Copper Complex in the Democratic Republic of the Congo (DRC); the ultra-high-grade Kipushi zinc-copper-lead-germanium mine, also in the DRC; and the Platreef platinum, palladium, nickel, rhodium, gold, and copper mine in South Africa. In addition, Ivanhoe Mines is expanding the Makoko District copper discovery in the Western Forelands, in the DRC, as well as exploring for new sedimentary-hosted copper discoveries across its vast and highly prospective exploration licence packages in the DRC, Angola, Zambia, and Kazakhstan. Founder and Co-Chairman Robert Friedland commented: “Our operational recovery at Kamoa-Kakula is gathering momentum and we firmly believe we have turned the corner. Mining rates have continued to improve at both Kamoa and Kakula as underground development advances and additional mining areas are brought online. We intend to have higher copper production in the second half of 2026, setting the foundation for an even stronger 2027. Kipushi delivered another outstanding quarter, achieving yet another production record as zinc prices reach multi- year highs. We continue to examine ways to unlock the high concentrations of gallium and germanium at Kipushi, two metals critical to the resilience of global supply chains. Our balance sheet will further strengthen in the second half of 2026 as we monetise our stockpiles of unsold metal at a time when metal prices outperform at $13 700 per tonne of copper and $3 600 per tonne of zinc. At Kamoa-Kakula we currently hold 40 000 tonnes of unsold copper, and at Kipushi we currently hold 44 000 tonnes of unsold zinc.” n

step-out drilling has pushed mineralisation beyond the current resource envelope and confirmed the system remains open at dept and highlight both grade and scale potential in areas previously untested. With 16 diamond rigs owned by Aurum now active across Boundiali, we are executing one of the most aggressive and efficient drilling programs in the region. Aurum has grown the Boundiali resource to 3.22 moz in a remarkably short timeframe, and these new results will feed directly into a major resource update targeted for the end of Q3 CY2026. n

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Electra Mining Africa showcases the technologies shaping tomorrow’s industry

Electra Mining Africa takes place from 7-11 September at the Johannesburg Expo Centre in Nasrec.

evaluate products designed to address real operational challenges. While the mining, automation, electrical, power, manufacturing and transport sectors each have their own specialised technologies and expertise, today’s industrial operations increasingly rely on integrated solutions to improve productivity, efficiency and safety. Bringing these sectors together under one roof enables industry professionals to better appreciate how these complementary capabilities support smarter industrial operations. Beyond the exhibition floor, Electra Mining Africa offers opportunities for professional development, networking and knowledge sharing through a programme of seminars and workshops. New for 2026, the SAIMechE Skills and Career Hub will encourage collaboration between industry and the education and training sector, while a range of co-located events will further reinforce the exhibition’s focus on technical excellence, innovation and industry advancement. n

2026 edition. The exhibition has grown by 4,000m² compared with the previous event to a record 44,000m² of net exhibition space. Exhibitors will occupy six indoor exhibition halls together with expanded outdoor display areas. Taking place from 7-11 September at the Johannesburg Expo Centre in Nasrec, Electra Mining Africa will showcase thousands of products, technologies and services from more than 1,000 local and international exhibitors.

As industrial technologies continue to evolve at pace, mining, manufacturing and industrial businesses are under increasing pressure to improve productivity, strengthen safety, reduce operating costs and meet growing sustainability expectations. At the same time, advances in digital technologies are transforming how organisations design, manage and optimise their operations. The focus has shifted from exploring technological possibilities to implementing practical solutions that deliver measurable business value. As these technologies continue to mature, organisations are moving beyond stand-alone digital solutions towards connected, intelligent operations. Industrial automation, artificial intelligence (AI), robotics, predictive maintenance, digital manufacturing and smart operational systems are increasingly being integrated to improve decision-making, optimise asset performance, reduce downtime and improve safety in the workplace. For industry professionals looking to explore the latest industrial technologies and solutions, Electra Mining Africa will once again bring together technology solution providers, equipment manufacturers, engineering specialists and industry experts under one roof. Reflecting continued confidence expressed by industry, Electra Mining Africa has expanded its footprint for the

From large-scale mining equipment and industrial machinery to automation systems, digital technologies, power solutions and manufacturing

Advances in digital technologies are transforming how organisations design, manage and optimise their operations.

innovations, the exhibition brings together a broad range of technologies, equipment and services for the mining, manufacturing and industrial sectors. Attendees will also discover pumps and valves, welding and fabrication equipment, safety solutions, personal protective equipment (PPE), tools, components and engineering services. They will be able to compare solutions, engage directly with technical specialists and company representatives, and

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COVER STORY

ROSE Foundation highlights the environmental risks many businesses overlook Used oil is one of the most common hazardous waste streams generated by South African businesses. Managing it responsibly prevents pollution, supports resource recovery and keeps valuable materials in use for longer.

S outh African businesses generate millions of litres of used oil every year. Most never think about it after it leaves their premises. Yet used lubricating oil is classified as hazardous waste, and just one litre has the potential to contaminate up to one million litres of water. From transport fleets and workshops to factories, mines and farms, how that oil is stored, collected and recycled matters. For more than 30 years, the ROSE Foundation (Recycling Oil Saves the Environment) has worked with industry to ensure used oil is collected and managed

A problem hiding in plain sight Used oil is one of the most common waste streams generated by businesses that rely on vehicles, machinery and equipment. Yet it rarely attracts the same attention as energy consumption, emissions or water use. According to the ROSE Foundation, approximately 350 million litres of lubricating oil are sold in South Africa each year. Around 150 million litres eventually

For more than 30 years, the ROSE Foundation has worked with industry to ensure used oil is collected and managed responsibly.

become used oil, with roughly 120 million litres considered collectable for recycling. Those figures highlight the scale of the challenge – but also the opportunity. Every litre that is collected and recycled responsibly is one less litre that could contaminate soil, groundwater and waterways. "Most businesses would never deliberately pour used oil

responsibly. Established in 1994, the organisation serves as the lubricants industry's Extended Producer Responsibility (EPR) scheme and has helped keep more than 1.5 billion litres of used lubricant oil out of the environment.

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South African businesses generate millions of litres of used oil every year.

Used oil is one of the most common waste streams generated.

Used oil should be seen as a recoverable resource.

into the environment," says Bubele Nyiba, CEO of the ROSE Foundation. "But that's why responsible collection and recycling are so important. Once used oil leaves a site, it needs to be managed correctly." More than waste Used oil may have reached the end of its original purpose, but it still has value. Most used oil collected in South Africa is recycled as industrial heating fuel, while some is re-refined into base oil. Recovering and reusing these materials helps keep valuable resources in circulation and supports circular-economy principles. "Used oil should be seen as a recoverable resource," says Nyiba. "When it is collected and managed correctly, it supports both environmental protection and resource recovery." Turning intention into action Many businesses are looking for practical ways to strengthen

their environmental credentials. Responsible used-oil management is one of the simplest places to start because the results are tangible and measurable. Working with accredited collection networks helps businesses ensure used oil is directed into approved recovery streams rather than being disposed of irresponsibly. The benefits extend beyond environmental protection. Responsible management can help organisations: • Reduce the risk of pollution and contamination • Support good environmental practice For businesses that generate used oil, the message is straightforward: responsibility does not end when that oil leaves your premises. "Every litre that is collected and recycled responsibly is a positive outcome for the environment," says Nyiba. "When thousands of businesses do the right thing, the collective impact can be significant." n • Strengthen governance and accountability • Contribute to circular-economy outcomes.

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IRON ORE

Botanical nursery and seed bank at the Zanaga Project.

How the Zanaga Iron Ore Project encapsulates the Republic of Congo’s investment potential African investment stories are often dominated by discussions around risk. Far less attention is given to the countries and projects that demonstrate long-term investment viability through resource quality, government support, infrastructure development and sustained international interest. The Zanaga Iron Ore Project is looking to reframe this narrative to the latter, proving that African mining projects are not only feasible, but highly compelling and globally significant.

A frican investment stories are often dominated by support, infrastructure development and sustained international interest. The Zanaga Iron Ore Project is looking to reframe this narrative to the latter, proving that African mining projects are not only feasible, but highly compelling and globally significant. Africa’s largest undeveloped iron ore reserve Located in the southwest of the Republic of Congo, the Zanaga Project possesses a mineral resource estimated at approximately 6.9 billion tonnes and reserves exceeding 2 billion tonnes, placing it among the most significant iron ore developments discussions around risk. Far less attention is given to the countries and projects that demonstrate long-term investment viability through resource quality, government globally, and affording it the status of Africa’s largest undeveloped iron ore reserve. The project, which is owned and operated by London-listed Zanaga Iron Ore Company, has been designed to produce up to 30 million tonnes per annum of high-grade iron ore concentrate over a mine life exceeding 30 years. In an era where steelmakers are increasingly seeking higher- grade iron ore suitable for lower-emission steel production, Zanaga’s ability to produce Direct Reduced Iron (DRI) grade concentrate places it in a strategically valuable position. The global steel industry is accelerating its transition toward greener manufacturing processes, creating rising demand for premium iron ore products.

The Zanaga story is a Republic of Congo story Major mining projects require more than mineral resource potential; investors need confidence in regulatory frameworks, infrastructure planning, access, project economics, permitting processes, and government and community engagement over decades rather than years. Reflecting this, the Zanaga story is very much a Republic of Congo story, with a symbiosis existing between the company’s aims and the wider vision for the country. Recognising the vital role of business-led growth, the World Bank Group argued in a 2023 paper that mobilising the private sector is essential to Africa’s development, noting that “the private sector is critically important to create jobs and improve the livelihoods of people throughout the continent.” The Republic of Congo has been cognisant of this with regard to the oil and gas industry, which has dominated the country’s economy for decades, accounting for about 42% of GDP, 80% of total exports, and 60% of domestic revenues. But there is a growing school of thought that recognises mining as one of the country’s strongest opportunities for economic transformation, export diversification and job creation. Where hydrocarbons have already demonstrated that natural resources can serve as an anchor for wider industrial development across supply chains, large scale mining projects like Zanaga can help further diversify and grow the national economy. Zanaga has been a long-term operator in the Republic of Congo and has developed strong relationships with

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to working alongside public and private partners to deliver infrastructure that not only supports the Zanaga Project but also contributes to wider economic growth, industrialisation and investment across the Republic of Congo, positioning it as an Atlantic hub for central Africa. The value of timing The timing of Zanaga’s development is particularly significant, with global demand for high-grade iron ore being reshaped by decarbonisation policies and cleaner steel production technologies. As producers increasingly seek DRI-grade feedstocks, deposits capable of meeting these specifications are expected to command premium valuations, particularly given a forecasted supply deficit. Since the company’s confirmation that the Zanaga Project is capable of producing a 68.5% - 69.1% Fe DRI grade pellet feed product, ideally suited for the emerging green steel market, Zanaga’s development strategy has focused heavily on this facet. This gives the Republic of Congo an opportunity to position itself within one of the most important industrial transitions currently taking place worldwide. Rather than competing solely on resource volume, the country can compete on resource quality and strategic relevance to low-carbon industrial supply chains. Strong endorsements Development plans for the Zanaga Project involve an estimated capex of US$2.17 billion, and whilst this is expected to be met over a longer horizon, investor appetite is already evident as the company work towards a Final Investment Decision in 2027. The project’s latest investor group comprises notable mining executives with a pedigree of generating significant value from development projects, including Sir Mick Davis. This group have evidently seen potential in its scale, economics and market positioning. However, it’s important to consider that a vote of confidence in Zanaga is a vote of confidence in the Republic of Congo; perhaps the strongest endorsement of any investment destination is continued private-sector commitment. This investor interest reflects confidence that the Republic of Congo can support the development of this globally significant project over the long term and offers a strong incentive for future industrial activity in the country. The Republic of Congo is quietly enhancing its reputation for offering a measured and predictable operating environment, and the advancement of the Zanaga Project over many years, alongside continued engagement with government authorities, infrastructure partners, international investors and supportive community stakeholders, reflects a level of assurity that often constitutes the necessary ingredients for bringing a major mining project into production. Whilst the Zanaga Iron Ore Company may be seen as an industry junior when compared with the sector’s heavyweights, this is a status the developers deliberately embrace. Operating with a leaner structure permits faster decision-making and more nimble processes than those typically available to larger competitors, whose scale often brings slower governance, greater bureaucracy, and reduced agility. For Zanaga, this advantage enables both technical optimisation, as evidenced by the successful production of a DRI-grade product, and alignment with evolving market dynamics, while maintaining a clear strategic stakeholder focus. n

Zanaga has consistently prioritised supporting training and employment opportunities.

Feasibility phase excavation work at the Zanaga Project.

governmental officials, regulators and stakeholders. It has progressed through feasibility studies, environmental workstreams, infrastructure planning and investor engagement, underpinned by consistent positive relations with the relevant authorities, offering a positive case study of the Republic of Congo’s capacity and willingness to facilitate the advancement of businesses that can stimulate national growth. Establishing a logistics backbone One of the most interesting aspects of the Zanaga Project is the associated infrastructure strategy. Development plans include mining operations, mineral processing facilities, a potential 30 million tonnes per annum capacity pipeline, power generation and transmission, and export infrastructure on the Atlantic coast. This strategy has taken Zanaga’s potential impact beyond a single mine – helping establish a logistics backbone necessary for future industrial and mining activity across the country. The project’s connection to the Pointe-Indienne Special Economic Zone (SEZ) through a Memorandum of Understanding with the zone’s developer Plateformes Industrielles du Congo (PICP) has given way to strategic engagement to explore the development of the Zanaga Project’s downstream process infrastructure and export facilities within the SEZ. In February 2025, the company’s infrastructure plans were further bolstered by an agreement with Centrale Électrique du Congo (CEC) to assess solutions for meeting the project’s power requirements by leveraging CEC’s existing 484 MW energy assets. Engagement is also ongoing on this front. These collaborations reflect Zanaga’s broader commitment

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GOLD

Ongwe is advancing district-scale opportunities to unlock the next generation of Namibian gold discoveries.

Ongwe Minerals – unlocking gold opportunities in Namibia By Nelendhre Moodley Can Namibia, long recognised for its mature diamond and uranium industries, emerge as a significant gold producer?

A ccording to Ongwe Minerals Co-Founder and President Carl Joone, the answer is an emphatic yes. Joone believes Namibia has the potential to emerge as a major player in the gold sector through Ongwe Minerals’ exploration strategy, which is focused on unlocking the country’s untapped mineral wealth. He argues that significant near-surface gold resources remain largely unexplored and could support substantial growth in future gold production. “Over 10 million ounces of gold have been discovered in Namibia in the past 15 years, with more than 5 million ounces involving members of the Ongwe team. Building on this track record, Ongwe is advancing district-scale opportunities to unlock the next generation of Namibian gold discoveries,” says Joone. Discussing Namibia’s gold-bearing regions, Joone explains that these are geologically much younger than many of the world’s major multimillion-ounce gold districts, including those in West Africa, Canada and Australia, which are often billions of years old. The country’s gold systems, however, typically host relatively low grades, averaging between one and 1.5 grams per tonne. “Namibia’s gold deposits offer a significant advantage: they are generally large, open-pit, multimillion-ounce deposits that are relatively straightforward and cost-effective to mine and process.” The country currently has two major, operational gold- producing mines, with a third significant project under construction and a fourth that is approaching DFS level. The first commercial- scale gold mining in Namibia officially began at the Navachab Gold Mine in December 1989. Active and upcoming primary gold operations include: • Navachab Mine: Located near Karibib, this is one of the country’s longest-running open-pit gold mines. • Otjikoto Mine: Located in the north-central region, this open-pit and underground mine is a major contributor to the country’s gold output. • Twin Hills Gold Project: Is a large-scale open-pit project currently under construction and slated to become Namibia’s third major

gold mine once operational. • Kokoseb Gold Project: a recently discovered multi-million-ounce deposit that is currently approaching a DFS stage. Ongwe Minerals Founded in 2020 with private funding, the mineral exploration company is focused on discovering and advancing significant mineral assets across Africa, with a particular emphasis on Namibia. Ongwe Minerals began as a small team of geologists united by a shared ambition to discover new gold deposits. “At the time, Namibia’s gold sector was gaining momentum, with much of that success driven by Osino Resources. I believed there was an opportunity to build on that progress. We started by securing large prospective land packages and applying a first- principles approach to exploration. Our persistence paid off when we identified several new gold systems in the country. While they have not yet been defined as resources, they were previously undiscovered systems, which marks a promising early milestone for Ongwe,” says Joone. Following the roughly C$400 million acquisition of Osino Resources by Shanjin International Gold in 2024, Ongwe Minerals approached several key members of the Osino team with a partnership proposal, viewing it as a natural fit between experienced project developers and entrepreneurial exploration geologists. “We ultimately partnered with several members of the former Osino team, including founder Heye Daun, Vice President of Exploration, Dave Underwood, and capital markets specialist, Alan Friedman. It is a compelling combination: a team with a proven track record of discovering and advancing gold projects in Namibia, paired with our privately assembled asset base and exploration portfolio,” says Joone. Ongwe Minerals listed on the Toronto Stock Exchange in February this year, with a substantial project portfolio covering

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roughly 3 500 km² across Namibia and a team with extensive in-country experience in gold discovery. Since its listing, the company has gained strong momentum. Ongwe came to market at C$0.40 per share and now trades in the range of C$1.30–C$1.40. “The company is performing well, and, more importantly, our exploration results have been extremely encouraging,” he says. Exploration portfolio The company’s assets are located near significant gold projects, creating potential synergies and the opportunity to establish a new gold district. Joone believes the Damara Belt could host multiple discoveries with the potential for district-scale mineralisation yet to be fully realised. Ongwe secured an option to earn a 70% interest in the Damara Gold Project in central and northwestern Namibia. The Damara project is comprised of three separate project areas, namely Khorixas, Omatjete and Outjo. Early exploration has shown extensive surface mineralisation with typical Damara orogenic gold mineralisation signatures. • The Omatjete Gold Project (151 800 ha) contains the Manga Prospect & Nguni Prospects, located along the Okondeka Fault Zone 35 km and 55 km along strike from the recently discovered Kokoseb gold deposit (WIA Gold), has a strike footprint of 4.5 km and 5 km respectively. • The Khorixas Gold Project (154 000 ha) includes the Belmont Prospect, an orogenic gold system with a surface footprint of

Ongwe Minerals began as a small team of geologists united by a shared ambition to discover new gold deposits.

12 km x 6 km and numerous high grade rock chips at surface. • The Outjo Gold Project (46 000 ha) is along strike from Osino’s Eureka Gold Discovery and occupies a geological setting similar to that of the Eureka Discovery. Since the beginning of the year, the company has undertaken

SEPTEMBER 2026 | www.modernminingmagazine.co.za  MODERN MINING  13

GOLD

30 km east of Kokoseb. In 2024, regional soil sampling outlined the Manga Prospect as a strong arsenic anomaly. Follow-up rock chip sampling returned grades up to 19.75 g/t Au. A maiden 1 800m RC drilling programme confirmed the presence of bedrock mineralisation, highlighted by intercepts of 138 m at 0.22 g/t Au from 69 m and 18 m at 0.50 g/t Au from 20 m. “We believe we have just hit the western margin of an extensive mineralised system, which we are now chasing along strike.” Manga is emerging as a high-priority target within the Ongwe land package. Further to this, the company recently announced the discovery of a new 5 km long, gold in soil anomaly located 17 km from its existing Manga Gold discovery. Ongwe’s CEO, Dave Underwood, commented: “The newly discovered Nguni prospect is the biggest gold in soil anomaly I have seen in Namibia since first embarking on exploration here in 2008. This surface gold discovery is just 17 km from our Manga gold discovery at the Omatjete Gold Project and 55 km from Wia Gold’s 2.93 moz Kokoseb gold project, all associated with the same structural trend. The tenor of the gold anomaly is also extremely impressive with twenty-eight samples assaying above 300 ppb Au and eight above 500 ppb Au so far. Although the grade of the soil anomaly doesn’t necessarily indicate the grade in the rocks below, it is promising that the gold numbers are similar to those at Kokoseb, when the discovery was announced in September 2021. We are currently undertaking infill mapping and sampling to accurately define the mineralisation footprint for the drill programme to start in H2 2026. The Nguni prospect is currently open to the north, east and west. We look forward to developing the Nguni and Manga targets while continuing the grassroots sampling over the rest of this exciting and rapidly emerging gold district.” Firm to remain explorers Joone is clear that the Ongwe team are explorers rather than miners. “We are particularly strong in greenfields exploration. Our model is to make a discovery, drill it, advance it to shovel-ready status, and then sell it to a mid-tier or major mining company. I believe Namibia is becoming increasingly strategic as an emerging gold producer. For the past 20 years, West Africa has been the crown jewel of African gold mining. However, it is no longer as attractive as it once was, and Namibia is now emerging as a compelling alternative for companies looking to diversify their geological footprint into a lower-risk jurisdiction,” concludes Joone. n

The Ongwe team has extensive in-country experience in gold discovery.

Since the beginning of the year, the company has undertaken extensive surface exploration programmes across its project portfolio.

extensive surface exploration programmes across its project portfolio. “We have identified three entirely new district-scale gold systems including Nguni, Manga and Belmontall - three marked by extensive multi-kilometre surface geochemical anomalies. These are significant discoveries and the next step is to systematically refine them into high-quality drill targets. Our exploration methodology follows the same disciplined approach that proved successful at Osino. We start with large-scale surface soil and calcrete sampling programmes to define geochemical anomalies. Once these are outlined, we progress to what we refer to as bedrock drilling.” Having recently completed substantial surface sampling programmes, Ongwe is currently executing an extensive bedrock drilling campaign. The objective is to refine the newly identified gold systems into high-confidence drill targets ahead of the next phase of exploration. The company is scheduled to commence a significant diamond drilling programme during the second half of the year. Omatjete gold project The Omatjete project covers a broad area of extremely prospective terrain just

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Gold market shows resilience as price momentum cools in Q2

T he World Gold Council’s Q2 2026 Gold Demand Trends report reveals that total gold demand was flat year- on-year at 1 269 t, as the gold price eased from the record highs seen at the start of 2026. This pushed demand for H1 2% higher year-on-year to an estimated 2 522 t worth $380 bn. Investment in gold ETFs, bars and coins dropped to 262 t in Q2, as the lower gold price tempered the strong momentum seen earlier in the year. The decline was primarily driven by 45 t of outflows from gold-backed ETFs in Q2, although first-half ETF demand remained modestly positive at 18 t. Bar and coin investment was relatively stable, down just 3% year-on-year in Q2, while first-half demand was still 21% higher than at this point last year, supported by an exceptional first quarter. On the other hand, demand in the OTC market, helped by Asian investment, came in at 327 t in Q2 and a healthy 571 t in H1. Central banks and other official institutions added a net 289 t to reserves in Q2, up 62% year-on year, as buying picked up across several markets. Despite the stronger second quarter, first-half demand remained below the elevated levels seen in recent years due to weaker activity in Q1.3 The WGC’s Central Bank Gold Reserves Survey showed that 45% of respondents intend to increase their own gold reserves over the next 12 months, highlighting gold’s enduring importance in official reserves. High prices continued to weigh on jewellery demand in Q2, which fell 17% year-on-year as consumers bought less gold and shifted towards lighter products. This pulled first-half volumes lower, but the value of jewellery demand was resilient, rising 22% year-on-year in H1 to a global total of US$86bn. Second quarter total gold supply was unchanged year-on-year at 1,269 t, as mine production and recycling diverged. Mine supply rose an estimated 2% year-on-year to 966t, supported by new production from Canada and Chile. At the same time,

Louise Street, Senior Markets Analyst, World Gold Council.

2026, investment is likely to drive growth; however the demand mix could shift. OTC activity and demand from Asian investors are expected to play an increasingly prominent role, while Western gold ETF interest may be more closely linked to real yields, US monetary policy expectations and the dollar. Central banks will remain significant buyers, albeit at a slightly slower pace

recycling declined 6% year-on-year despite higher prices. Louise Street, Senior Markets Analyst, World Gold Council, commented: “Gold’s early-year rally reversed in the second quarter, with prices consolidating after correcting from record highs. But the market remained well supported, reflecting gold’s established role as a

diversifier and store of value. While gold ETF flows receded in step with prices, continued central

than we’ve seen over the last

Central banks and other official institutions added a net 289 t to reserves in Q2, up 62% year-on year, as buying picked up across several markets.

four years. High prices

will keep pressure on jewellery

bank buying, and growth in OTC investment contributed to total gold demand edging 2% higher across the first half of the year. For the second half of

volumes,

though consumers may continue to hold rather

than sell, with recycling showing little sign of increasing.” n

SEPTEMBER 2026 | www.modernminingmagazine.co.za  MODERN MINING  15

CRITICAL MINERALS

Fortuna Metals targets rutile and graphite production by 2029 By Nelendhre Moodley

ASX-listed Fortuna Metals is fast-tracking progress on its Mkanda rutile and graphite project in Malawi, with the company pushing for production within a three-year window, which is far more aggressive than traditional timelines, Fortuna Metals CEO, Tom Langley, tells Modern Mining in an exclusive interview.

The outlook for titanium metal is estimated to increase significantly from US$30B in 2025 to US$54B by 2034 – CAGR 6.5%.

R ecent developments on the project, which was acquired in September last year, include the maiden resource of 298 mt at 0.87% rutile and 1.19% graphite (TGC), production of

“Having a major US-focused cornerstone investor is strategically important for us.

This investment validates our strategy in Malawi and provides us with significant runway for continued development of the company’s Mkanda and

a high-quality Rutile product of +96% TiO2 from the bulk sample, completion of infill resource drilling and commencement of a 5 000 m ~ 20 m deep air-core drilling to test the deeper rutile mineralisation potential, of which the results are expected by year- end. Fortuna Metals is working towards first production by 2029. As a testament to the attractiveness of the asset, the

With our maiden resource estimate in hand, we have a much stronger platform from which to engage potential strategic partners, offtake customers, and funding groups. That milestone will allow us to pursue the right financing and development opportunities from a position of strength.

Kampini rutile, graphite and rare earth projects. We are particularly encouraged that investors of the calibre of WNDR have recognised the significance of these projects and their potential value to the broader US market,” says Langley. Beyond providing capital, WNDR

brings significant strategic value through their network and ability to help position the project with downstream titanium industries. “That includes potential connections across

emerging miner recently inked a strategic investment and partnership deal with WNDR, a USA based investment firm. WNDR is a Silicon Valley–based, technology-

sectors such as aerospace, where companies like Boeing are significant titanium consumers, as well as defence applications, where titanium plays a critical role. WNDR also provides exposure to emerging technologies, including humanoid robotics. For example, they were early investors in AI company Cursor, which recently sold for US$60bn to Space X. Our immediate priority is to unlock the project’s value by demonstrating the scale and quality of the resource. With our maiden resource estimate in hand, we have a much stronger

focused investment firm with over US$3 billion in assets under management. The firm has a growing interest in the critical minerals – including titanium – that underpin the next generation of AI, robotics, defence, and advanced technology applications. The investment by WNDR comprises A$8.6 million for 19% of the company. Beyond American financial muscle, WNDR, offers exposure within the US titanium, graphite and rare earth manufacturers and supply chain.

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