Globe Metals & Mining (ASX:GBE) completes Kanyika Niobium Project BFS and continues development activities
Globe Metals & Mining completed the Bankable Feasibility Study (BFS) for the Kanyika Niobium Project in Malawi during the June 2026 quarter, confirming project economics, a 24 year mine life and a phased development strategy.
The company also continued project development activities, including permitting, technical optimisation, community resettlement and engagement with potential strategic partners and funding providers.
Highlights
Kanyika BFS confirmed a post tax NPV of approximately US$1.025 billion, a post tax IRR of 48%, average annual EBITDA of approximately US$205 million and life of mine net revenue of approximately US$6.98 billion.
The project is supported by a Probable Ore Reserve of 33.8 million tonnes grading approximately 3,050 ppm Nb₂O₅ and 142 ppm Ta₂O₅, underpinning an estimated mine life of approximately 24 years.
The proposed operation includes an integrated mine, concentrator and refinery, processing approximately 1.4 million tonnes of ore per annum at steady state.
The company continued development planning, permitting activities, technical optimisation and community resettlement programmes during the quarter.
The Kanyika Niobium Project is located in central Malawi and is secured by Large Scale Mining Licence No. LML0216/21, which grants the company security of tenure and the right to mine niobium, tantalum, zirconium and other minor metals.
The project will be developed in phases, with the planned operation incorporating mining, concentration and refining activities to produce high purity niobium and tantalum oxides for direct export to international markets.
The BFS confirmed the project’s forecast production profile and development requirements, with the proposed operation expected to produce approximately 3,300 tonnes of niobium pentoxide (Nb₂O₅) and 149 tonnes of tantalum pentoxide (Ta₂O₅) annually at steady state.
Total life of mine production is forecast at approximately 79,500 tonnes of Nb₂O₅ and 3,565 tonnes of Ta₂O₅.
The study outlined total project capital of approximately US$392 million, comprising an initial development phase of approximately US$139 million followed by expansion capital of approximately US$253 million.
Forecast net operating costs were approximately US$14.26/kg Nb₂O₅ after tantalum credits, supported by the company’s stated mineralogy, metallurgical recoveries, integrated downstream refining and planned renewable power solutions.
Following completion of the BFS, Globe continued development planning, permitting activities, technical optimisation and community resettlement programmes.
The company also continued discussions with potential strategic partners and funding providers as part of its project financing strategy for the phased development of Kanyika.
During the quarter, community consultation and relocation planning continued through Project Affected Person assessment and relocation sensitisation meetings.
The company stated that these sessions covered compensation methodology, relocation planning and stakeholder rights, with compensation payments expected to commence during the following quarter.
Globe’s Interim Chief Executive Officer Charles Altshuler said,
“The BFS confirms Kanyika as a globally significant critical minerals project with robust economics, a long mine life and a clear pathway to development.”
The company also provided an update on its financing and cash position during the quarter, with Green Energy exercising 9,249,497 options post quarter end, representing total exercise proceeds of A$638,215.
At the end of the June 2026 quarter, Globe held cash of $2.78 million, compared with $4.20 million at 31 March 2026, and reported debt of $Nil.
Globe will continue progressing the disclosed development workstreams associated with the planned phased operation in Malawi, including permitting, development planning, community resettlement and engagement with potential strategic partners and funding providers.