— Track record

Six transactions. On file.

Phase 1 deployments across the Mpumalanga coal complex — from Atlas, our first transaction, through the Kriel corridor enterprise programme, to the Richards Bay logistics deal. Complete deal files available to confirmed recipients under NDA.

Total transactions

Exited / completed

Ongoing

Instruments used

GRR · RBF

Project Atlas — B-grade thermal coal — Surface operations on site — bench preparation under live transmission corridor.

01 · Atlas

Completed

Project Atlas

Phase 1 · Inaugural deployment

Our first transaction. RBF deployed to a junior coal operator running a small opencast pit on a B-grade thermal seam in the Middelburg corridor. Production began on schedule; the deal exited 14 months after entry following operational issues at the mining contractor.

Commodity: B-grade thermal coal
Region: Mpumalanga · Middelburg corridor
Instrument: Revenue-Based Financing
Duration: 14 months
Entry: Feb 2019
Exit: Apr 2020
Tonnage: 125,000 t produced
Yield: 60% of projected production realised

Milestones & challenges

Project Lyra — RB1, RB2, RB3 thermal coal — Force majeure on site — operations team responding to a mechanical and ground-conditions failure that ultimately triggered the pivot to open pit.

02 · Lyra

Completed

Project Lyra

Bord-and-pillar enterprise · Kriel corridor

RBF deployed to an established Kriel-corridor operator running a bord-and-pillar mining enterprise. Production ran at RB1/RB2/RB3 spec for 44 months before a force majeure event forced a relocation of mining activity to the adjacent open pit — see Project Vela.

Commodity: RB1, RB2, RB3 thermal coal
Region: Mpumalanga · Kriel corridor
Instrument: Revenue-Based Financing
Duration: 44 months
Entry: Feb 2020
Exit: Oct 2023
Tonnage: 1,500,000 t combined with Project Vela
Yield: 70% of projected reserve realised

Milestones & challenges

Project Vela — RB1, RB2, RB3 thermal coal — Exposed coal seam on the adjacent open pit — the surface reserve that replaced the underground production base.

03 · Vela

Completed

Project Vela

Open pit pivot · adjacent reserve

When a force majeure event at Project Lyra forced a pivot, the RBF instrument was redeployed against the operator's adjacent open pit reserve. The 2022 production year delivered the highest single-year returns of the Phase 1 portfolio. Exit followed mining-contractor failure in 2023.

Commodity: RB1, RB2, RB3 thermal coal
Region: Mpumalanga · Kriel corridor
Instrument: Revenue-Based Financing
Duration: 44 months
Entry: Feb 2020
Exit: Oct 2023
Tonnage: Co-financed with Project Lyra · 1,500,000 t aggregate
Yield: Record annual returns realised in 2022

Milestones & challenges

Highveld Corridor — RB1, RB2, RB3 thermal coal · rail — Loaded wagons at the rail siding — Richards Bay export route.

04 · Highveld Corridor

Exited

Highveld Corridor

Coal export · Richards Bay route

First non-pit transaction. RBF deployed against the rail-logistics leg of a coal export programme — financing siding operations and wagon turnover into the Richards Bay corridor. Exited March 2026 after railing 65% of projected tonnage. Transnet line constraints and equipment theft brought the programme forward from its original Dec 2025 close.

Commodity: RB1, RB2, RB3 thermal coal · rail
Region: Mpumalanga → KwaZulu-Natal · Richards Bay
Instrument: Revenue-Based Financing
Duration: 24 months
Entry: Apr 2024
Exit: Mar 2026
Tonnage: 200,000 t per annum target railed
Yield: 65% of projected volume railed

Milestones & challenges

Project Orion — RB2, RB3 thermal coal — Exploration drilling on the re-entry pit — gridded sampling and dewatering programme in progress.

05 · Orion

Ongoing

Project Orion

Active deployment · Phase 2 onset

RBF deployed against a re-entry opencast cut on a previously abandoned pit. Substantial dewatering programme required before any face exposure. Mining commenced on accessible fringe blocks while dewatering completes on the central reserve.

Commodity: RB2, RB3 thermal coal
Region: Mpumalanga · Kriel corridor
Instrument: Revenue-Based Financing
Duration: 25 months projected
Entry: Sept 2024
Exit: Oct 2026 (projected)
Tonnage: 1,200,000 t target reserve
Yield: Dewatering 90% complete · fringe-block mining live

Milestones & challenges

Project Cygnus — RB2 thermal coal — Site access and load-out — articulated haul truck staging under operational security.

06 · Cygnus

Ongoing

Project Cygnus

Adjacent pit · staggered deployment with Orion

Sister deployment to Project Orion — staggered entry against an adjacent pit on the same complex. Same dewatering profile; lighter capital quantum reflecting the shorter projected production window.

Commodity: RB2 thermal coal
Region: Mpumalanga · Kriel corridor
Instrument: Revenue-Based Financing
Duration: 13 months projected
Entry: Jul 2025
Exit: Aug 2026 (projected)
Tonnage: 1,200,000 t target reserve
Yield: Dewatering 90% complete · fringe-block mining live

Milestones & challenges

Counterparty names, colliery names, and pit codes are pseudonymised in line with POPIA. All operational figures are accurate. Complete deal files — including counterparty identities, transaction economics, and IC memoranda — are available to confirmed recipients under NDA via the materials portal.

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