Bokoni Mine 60ktpm concentrator will be restarted ahead of the new 120ktpm plant

Operations at Bokoni were suspended at the end of F2025, with current mining and milling capacity proving insufficient to offset fixed costs and sustain profitability.

Ore reserve development is advancing to support a phased ramp-up to 240 thousand tonnes per month (ktpm) production rate, regarded as the optimum throughput to unlock economies of scale and deliver sustainable returns.

This strategy is anchored by Bokoni’s large, high-grade Mineral Resource, which positions the mine competitively on the cost curve at steady state production.

To accelerate cash generation and reduce funding needs, the existing 60ktpm concentrator will be restarted ahead of the new 120ktpm plant, with timing carefully sequenced to ore availability and ramp-up milestones.

ARM remains confident that this strategy is the right approach to unlock value from Bokoni’s exceptional resource base while exercising strict capital discipline, considering ongoing commodity price uncertainty.