Investment Opportunity
$200M to develop one of West Africa's most compelling undeveloped gold and nickel projects. Exceptional returns. Proven geology. Clear path to production.
The Opportunity
A Generational Mining Investment
Natder Limited is raising $200M to explore, develop, and bring into production a 12,784-hectare gold and nickel concession in the Sula Mountains Greenstone Belt, Tonkolili District, Sierra Leone. The project combines exceptional geological potential with compelling financial returns, offering investors exposure to one of West Africa's most promising undeveloped mineral assets.
The investment thesis rests on five core pillars — each independently compelling, and together forming a uniquely attractive proposition in the junior mining sector.
Exceptional Geological Foundation
80-95% gold favorability confirmed across 12,784 hectares within the Sula Mountains Greenstone Belt — one of West Africa's most prolific geological domains. Independent EITAP geochemical data validates multi-element anomalies consistent with world-class orogenic gold systems.
Institutional Scale
The concession's sheer size and contiguous ground position provide rare optionality for a junior explorer. Multiple high-priority drill targets have been identified across the tenement, supporting a district-scale development thesis.
Compelling Financial Returns
Preliminary financial modelling projects a net present value of $600-750M, an internal rate of return of 60-75%, and a payback period of approximately three years — significantly outperforming industry benchmarks for comparable gold projects.
Multi-Commodity Diversification
In addition to gold, the concession hosts significant nickel laterite mineralisation. This dual-commodity profile diversifies the revenue base and reduces single-commodity price risk, enhancing the project's resilience across market cycles.
Favorable Market Conditions
Gold prices remain elevated above $2,000/oz with strong macro tailwinds including central bank buying, geopolitical uncertainty, and de-dollarisation trends. Nickel demand is accelerating due to the global energy transition and EV battery requirements.
Financial Projections
Projected Returns & Key Metrics
Conservative financial modelling demonstrates exceptional returns across all primary investment metrics.
| Metric | Value |
|---|---|
| Total Investment Required | $200M |
| Phase 1 — Exploration & Feasibility | $50M |
| Phase 2 — Development & Construction | $150M |
| Target Annual Production | 80,000 oz |
| Projected Mine Life | 10+ years |
| 10-Year Gross Revenue | $3.7B |
| 10-Year Net Profit | $1.77B |
| Net Present Value (NPV) | $600–750M |
| Internal Rate of Return (IRR) | 60–75% |
| First Production Target | Q1 2028 |
| Estimated Payback Period | ~3 years |
Return Benchmarks — Natder vs Industry Average
| Metric | Natder Limited | Industry Average |
|---|---|---|
| IRR | 60–75% | 15–25% |
| NPV | $600–750M | $150–300M |
| Payback Period | ~3 years | 5–7 years |
| Mine Life | 10+ years | 8–12 years |
Use of Funds
Investment Structure & Capital Allocation
A phased investment structure ensures disciplined capital deployment with clear decision gates at each stage.
Phase 1 — Exploration & Feasibility ($50M)
| Allocation | % | Amount |
|---|---|---|
| Exploration Drilling | 40% | $20M |
| Geophysical Surveys | 15% | $7.5M |
| Geological Consulting | 15% | $7.5M |
| Environmental Baseline Studies | 10% | $5M |
| Regulatory & Permitting | 5% | $2.5M |
| Corporate & Administration | 15% | $7.5M |
Phase 2 — Development & Construction ($150M)
| Allocation | % | Amount |
|---|---|---|
| Processing Plant & CIL Circuit | 35% | $52.5M |
| Mining Equipment & Fleet | 20% | $30M |
| Infrastructure & Utilities | 20% | $30M |
| Tailings Storage Facility | 10% | $15M |
| Pre-Production Mining | 10% | $15M |
| Contingency | 5% | $7.5M |
Key Metrics
Numbers That Speak for Themselves
$600–750M
Net Present Value
Based on conservative gold price assumptions
60–75%
Internal Rate of Return
3–4x the industry average IRR
$3.7B
Gross Revenue (10-Year)
At target production of 80,000 oz/yr
$1.77B
Net Profit (10-Year)
After all operating and capital costs
80,000 oz
Annual Gold Production
Target steady-state output
12,784 ha
Concession Area
Contiguous ground in the Sula Mountains
Why Natder
Competitive Advantages
Six structural advantages that position Natder Limited ahead of comparable exploration and development-stage gold projects.
First-Mover Position
Natder holds exclusive exploration rights over 12,784 hectares in a region that has seen minimal modern exploration. Early investment secures access to a large, untapped resource base before broader market recognition.
De-Risked Geology
Extensive EITAP geochemical survey data, combined with independent geological assessments, have already confirmed high gold favorability across the concession — substantially reducing exploration risk before the first drill hole.
Dual-Commodity Upside
The presence of both gold and nickel laterite mineralisation provides two independent revenue streams and shields the project from single-commodity price volatility.
Supportive Jurisdiction
Sierra Leone's mining code offers competitive fiscal terms, clear permitting pathways, and strong government support for responsible mining development. The Tonkolili District has existing infrastructure and a proven mining track record.
Scalable Development Pathway
The phased investment structure ($50M exploration, $150M development) allows investors to validate results at each stage before committing additional capital, minimising downside risk while preserving full upside exposure.
Experienced Management & Governance
Natder's leadership team brings deep expertise in West African mining, project development, and capital markets — providing the operational capability required to advance from exploration through to production.
Risk Management
Risk Mitigation Framework
A transparent assessment of project risks and the strategies in place to manage them.
| Risk | Description | Mitigation Strategy |
|---|---|---|
| Geological Risk | Resource estimates may not be confirmed by drilling. | Phased drilling programme with decision gates. EITAP geochemical data provides high-confidence target prioritisation. Independent geological review at each stage. |
| Commodity Price Risk | Gold or nickel prices may decline below project economics. | Financial model stress-tested at $1,600/oz gold. Dual-commodity revenue base provides natural hedge. Hedging strategies to be implemented pre-production. |
| Regulatory Risk | Permitting delays or changes to the mining code. | Proactive government engagement and community relations. Experienced in-country legal counsel. Sierra Leone's mining code is internationally competitive and stable. |
| Operational Risk | Construction delays, cost overruns, or technical challenges. | Phased development with contingency budgets. Engagement of Tier-1 engineering consultants. Benchmarking against comparable West African projects. |
| Environmental Risk | Environmental liabilities or community opposition. | Comprehensive Environmental and Social Impact Assessment (ESIA) before development. Community benefit-sharing framework. Adherence to IFC Performance Standards. |
| Political Risk | Changes in government policy or political instability. | Sierra Leone has a stable democratic government with a strong commitment to mining sector development. Political risk insurance to be secured for the development phase. |
| Financing Risk | Inability to secure the full $200M capital requirement. | Phased capital structure reduces single-tranche risk. Multiple financing avenues including equity, debt, streaming, and strategic partnerships. Strong project economics attract diverse capital sources. |
FAQs
Investor Questions & Answers
Common questions from prospective investors and detailed responses from our team.
What stage is the project currently at?+
What is the minimum investment amount?+
What evidence supports the gold mineralisation?+
When will production begin?+
What financial returns can investors expect?+
How does this compare to peer projects?+
Will the resource estimate be JORC-compliant?+
How can I invest or learn more?+
Get Involved
Engage With Us
We welcome conversations with institutional investors, family offices, and qualified private investors who share our vision for responsible resource development in West Africa.
Request the Investor Presentation — a comprehensive deck covering geology, financial projections, risk analysis, and the development roadmap.
Participate in the Investment — speak with our team about investment structure, terms, and minimum participation thresholds.
Schedule a Meeting — our leadership team is available for meetings in Freetown, London, and Dubai, as well as virtual briefings.