Globe Metals & Mining Limited is engaged in confidential negotiations with Sinomine (Hong Kong) Rare Metals Resources Co., Limited regarding a potential transaction that would involve acquiring 100% of the shares in Globe’s UK subsidiary, which holds the company’s interest in the Kanyika Niobium Project in Malawi.

The discussions remain confidential and incomplete, with no binding terms agreed. Commercial terms and due diligence are actively progressing based on a non-binding indication of interest valuing the project subsidiary at approximately US$80 million in cash consideration. Any definitive agreement that emerges from the process is expected to require Globe shareholder approval as a condition precedent to completion.

The negotiations form part of a broader review of potential joint venture, strategic, offtake, investment, funding and project development opportunities for Kanyika, with alternative non-binding pathways available if the transaction with Sinomine does not proceed. Globe continues to progress the project in the ordinary course while discussions continue.

The Kanyika Project is underpinned by a Bankable Feasibility Study completed in April 2026, which reported a post-tax Net Present Value of US$1,025 million and a post-tax internal rate of return of 48% over a 24-year life of mine. First production of niobium oxide from the asset is expected in early 2028.

The Large-Scale Mining Licence for Kanyika was amended in August 2025 to formally include zircon, hafnium, praseodymium, and neodymium alongside niobium, tantalum, and uranium, expanding the asset’s resource base. Meanwhile, the Malawi Mines and Minerals Regulatory Authority has granted a deadline of 27 September 2026 to commence substantial mining operations at the site.

Read the full announcement: Kanyika Niobium Project Update