01 · Resource depth
A multi-commodity resource base
South Africa holds world-class reserves of coal, manganese, iron ore, PGMs, chrome and battery metals. Few single-commodity funds can match that pipeline breadth.
Investment approach
Closing the gap between discovery and development.
AMF funds a confirmed exploration programme with fixed partner costs. In return, AMF takes equity in a purpose-built SPV, and the original right-holder stays on as an equity partner throughout.
Vision
To be Africa's foremost platform for turning undercapitalised mineral rights into world-class mining assets, creating lasting value for right-holders, investors and the economies where we operate.
Mission
- 01
Identify and diligence high-potential Prospecting Rights across South Africa's diversified commodity base.
- 02
Fund exploration to Competent Person's Report standard through a confirmed delivery-partner network with fixed costs.
- 03
Guide projects through the regulatory pathway to a Mining Right under the MPRDA, in line with South African law, the Mining Charter and exchange-control requirements.
- 04
Connect mature, de-risked projects to global capital markets through a structured offshore pathway, giving every project a distinct point of value creation and exit.
The pathway
One repeatable process, applied project by project.
Each step has its own diligence gate. Capital is released in stages as technical and regulatory milestones are met.
01
Prospecting Right
Sourced from right-holders with high-potential ground but no exploration capital.
02
Funded Exploration
Geophysical targeting by StrataProbe, drilling by Diabor and geology by Frontline, on rate-carded terms.
03
Competent Person's Report
An independent CPR establishes the resource and becomes the first re-rating event.
04
Mining Right
The SPV uses its statutory preferent right under the MPRDA to convert to a Mining Right.
05
Exit
Realised through trade sale, joint venture or listing, with the right-holder staying on as a partner.
Value inflection
Re-rating happens at specific, identifiable moments.
The two re-rating events are CPR publication and Mining Right conversion. This gives each project a clear value-creation point and exit window, unlike assets that appreciate slowly over time.
Execution
Cost certainty, not a theoretical estimate.
Every project's exploration budget is checked against AMF's live Exploration Cost Model. The model is formula-driven and built from confirmed, partner-signed rate cards, so investors and right-holders rely on a tested execution method rather than a top-down estimate.
Rate-carded delivery partners
- StrataProbeGeophysical targeting
- DiaborExploration drilling
- FrontlineGeology & resource work
Why AMF
Four reasons the model works.
02 · Structural gap
A funding gap AMF is built to fill
Many Prospecting Right holders cannot fund the work needed to reach CPR stage. AMF funds that gap on commercial terms and shares in the upside it helps create.
03 · Value inflection
A discrete re-rating event
Value jumps at CPR publication and Mining Right conversion rather than building gradually. Each project therefore has a clear point where value is created and an exit becomes possible.
04 · Execution
A proven delivery network
Signed rate cards with StrataProbe, Diabor and Frontline give AMF a level of cost certainty that most funders and right-holders cannot get on their own.
Regulatory framework
Built around South African law from day one.
- MPRDA
- The SPV's statutory preferent right is the route from Prospecting Right to Mining Right.
- Mining Charter
- Mining Right applications are subject to Mining Charter, environmental and social approvals.
- Exchange control
- The offshore sale-down follows a structured, SARB-compliant pathway.
- Independent CPR
- The resource is confirmed by an independent Competent Person's Report before conversion.
Responsible investment
Value that stays where it is created.
AMF's responsibility commitments are not a separate policy layer. They follow from how every project is owned, evidenced, approved and governed.
01 · Shared ownership
Right-holders stay invested
The original Prospecting Right holder keeps an equity share in the SPV through exploration, conversion and exit, so value created stays partly with South African owners.
02 · Independent evidence
Resources confirmed by a Competent Person
No project moves to conversion on management estimates. An independent Competent Person's Report sets out the resource before capital is committed to the next stage.
03 · Environment & community
Approvals built into the plan
Environmental authorisation, social and labour obligations and Mining Charter requirements are planned and costed as part of each project's Mining Right pathway.
04 · Governance
Ring-fenced, rate-carded, auditable
Each project sits in its own SPV, with exploration spend checked against confirmed partner rate cards, giving investors a clear line of sight from capital to work done.