Stratex Resources Acquires Kalplats Project in South Africa

Stratex Resources Ltd, a Mauritius-based private company, has acquired African Thunder Platinum from a consortium of investors led by Pala Investments. The acquisition includes the Kalahari Platinum Project (Kalplats), a mine licensed in the North West province of South Africa, and 70% ownership of Greenstone Platinum, an asset level.

African Thunder Platinum, previously holding the Phokathaba Platinum mine in the Eastern Bushveld, sold the mine to the Sail Group in 2018. However, the company retained ownership of the Kalplats Project until its sale to Stratex Resources. Stratex plans to develop the project in partnership with a current South African PGM developer or producer.

The Kalplats Project is a mine licensed, at the feasibility stage, and hosts over 6.288 million ounces of three-element (3E) platinum group metals (PGM), with a metal prill split of 48% palladium (Pd), 43% platinum (Pt), and 4% gold (Au). The project is characterized by its low-risk, shallow, high-grade mineral reserve grade of 2.92 grams per ton (gpt), allowing for a straightforward, low-complexity, and low-cost operation. The project is expected to deliver strong project economics, with an average production of 92,000 ounces per annum (oz pa) over a 12-year mine life, and substantial resource growth and upgrade potential at depth.

Stratex Resources, which already owns the Kalahari Platinum Project, is a Pd-rich, feasibility stage project with the potential to be a low-cost, low-risk PGM project. The company's strategic vision includes developing the Kalplats Project to leverage its existing expertise and infrastructure in the region. The project's proximity to Johannesburg and accessible by major roads, along with its short lead time to production, makes it an attractive investment opportunity.

Stratex Resources is held in majority by Brett A. Richards (Richards Enterprises Inc. - Bahamas) and partnered with Fanosi Holdings as the Broad-Based Black Economic Empowerment (B-BBEE) partner, as well as a minority ownership by GT Consultancy. The company's strategic vision includes developing the Kalplats Project to leverage its existing expertise and infrastructure in the region, positioning it as a low-cost, low-risk PGM project.

The acquisition of African Thunder Platinum and the Kalplats Project marks a significant step for Stratex Resources in expanding its portfolio of PGM projects in South Africa. The project's Pd-rich nature and low-risk profile make it an attractive investment opportunity, given the robust market dynamics for palladium. The project's proximity to infrastructure and its short lead time to production further enhance its potential for success.

Stratex Resources' acquisition of the Kalplats Project is part of its broader strategy to develop and expand its presence in the PGM sector. The company's commitment to sustainable and responsible mining practices, coupled with its strategic partnerships, positions it well to capitalize on the growing demand for PGMs in the global market.