AMF Fund I. Five projects, one disciplined pathway.
A US$50m vehicle that funds five Prospecting Right projects from exploration to Mining Right conversion and then to an offshore exit. Exploration runs on confirmed delivery-partner terms.
- US$50m
- Target fund size
- 5
- Projects
- 10.0x
- Base-case MOIC*
- 54.2%
- Base-case IRR*
*Illustrative planning estimate from AMF's financial model. It is not a forecast or a guarantee of future returns.
A three-stage pathway from earn-in to offshore exit.
Each project is held in its own Special Purpose Vehicle. AMF earns its equity by funding the work, and the right-holder keeps a continuing share through exit.
- IStage I
SPV formation & earn-in
AMF earns a minimum 75% equity stake in a purpose-built SPV by funding geo-studies, drilling and the CPR. The right-holder retains the balance.
- IIStage II
Mining Right conversion
The SPV applies for a Mining Right under its statutory preferent right, subject to environmental, social and Mining Charter approvals.
- IIIStage III
Offshore sale-down
The SPV, now holding the Mining Right, is sold to offshore investors through a structured, SARB-compliant pathway, giving AMF its exit and the right-holder a continuing share.
This is a summary of AMF's internal structuring framework for general introduction. It is not a legal opinion. The detailed framework, prepared to guide AMF's planning and its instructions to South African counsel, is available on request under appropriate confidentiality.
Fund I at a glance
Indicative only and subject to change. Final terms will be set out in the definitive offering documents.
- Vehicle
- AMF Fund I
- Target size
- US$50m
- Portfolio
- 5 Prospecting Right projects
- Equity per project
- Minimum 75% AMF stake in each SPV
- Use of proceeds
- Geo-studies, drilling and independent CPR, then Mining Right conversion
- Delivery
- Confirmed, rate-carded delivery-partner terms
- Exit route
- Offshore sale-down via a structured, SARB-compliant pathway, or JV or listing
- Jurisdiction
- South Africa (MPRDA)