The Project | American Renaissance Minerals

Location

Project Location

The Nkamouna project is located in the Haut Nyong Division, East Province of Cameroon. The project site is approximately 400 kilometers by road to the port of Kribi and about 300 km from the capital city of Yaoundé.

The closest town is Lomié, at approximately 26 kilometers to the west-southwest. The project benefits from existing road infrastructure and is positioned to gain from Cameroon's ongoing infrastructure upgrades, including the planned Mbalam iron ore railroad passing within 60 km (estimated completion 2030).

The prior mining permit covers a vast area of 1,650 km², of which only approximately 10% has been explored to date, highlighting significant upside potential for resource expansion.

Resources

Reserves & Resources

The Nkamouna and Mada mineral resources have been audited by SRK in 2011. The deposits are unusual in their high Co:Ni ratio (~1:3), high cobalt grade (0.24%), and very low content of magnesium oxide. All cobalt and approximately half the nickel is contained in the mineral asbolane, a relatively hard mineral that is uniquely coarse in these deposits.

Category	Tonnage (kt)	Co Grade %	Ni Grade %	Mn Grade %	Contained Co (kt)	Contained Ni (kt)
Proven & Probable	68,100	0.26%	0.66%	1.48%	177.1	449.7
Measured	59,805	0.24%	0.68%	1.37%	144.0	407.0
Indicated	60,794	0.22%	0.62%	1.32%	134.0	377.0
Measured & Indicated	120,599	0.23%	0.65%	1.35%	277.3	783.6
Inferred	202,551	0.20%	0.59%	1.20%	405.0	1,195.0
Total Resource	323,150	0.21%	0.61%	1.26%	682.4	1,978.6

Based on SRK 2011 NI 43-101 Feasibility Study. Reserve stated above 0.12% cobalt cut-off for ferralite and 0.23% cobalt cut-off for breccias.

History

Project Timeline

1994

Discovery & Initial Validation

Geovic Ltd. founder identified the potential deposit. Confirmed world-class cobalt-nickel potential during first site visit.

1995

Prospecting & Exploration

GeoCam dug 2,500 test pits and 23 drill holes. Exploration license covering 5,000 km² granted by Cameroon.

2002

Geocam Created

Geocam established as the Cameroonian subsidiary to hold the project rights and advance development.

2003

Mining Permit Awarded to Geocam

Mining Convention approved by Cameroon Government Decree. Mining Permit No.33 granted to Geocam for initial 25-year term.

2006

TSX Listing & Capital Raise

Geovic completed listing on Toronto Stock Exchange, raised ~$100 million. Stock traded up to $600M+ market cap by 2009.

2007

State Investment

SNI (Cameroon's Sovereign Wealth Fund) invested approximately US$34 million in GeoCam at the government's request.

2011

Feasibility Study

Bankable feasibility study completed by Lycopodium. SRK completed NI 43-101 resource report. ESIA completed.

2013

Sale of Geocam to JXTC Fails

Sale of Geocam to JXTC fails.

2014

Capital Exhaustion

Geocam runs out of capital and seeks additional financing.

2021

Geovic Sale

Geovic Ltd sells its interest to Phoenix Mining.

2022–2024

Restructuring Attempt

Phoenix Mining attempts to restructure Geocam but is ultimately unsuccessful.

2025

Mining Permit Removed

Presidency removes the mining permit from Geocam.

2026

Restart Discussions Begin

US Government, ARM and Cameroon Government begin discussions about restarting Nkamouna.

Permitting

Ownership & Regulatory Framework

Mining Code Alignment

The December 2023 Mining Code mandates a 10% free-carried interest for SONAMINES. ARM is fully committed to compliance with Cameroon's updated regulatory framework.

Proposed Permit Structure

A proposed Mining Permit to be held by a Cameroonian subsidiary of ARM with local private sector partner Codias, including the mandated 10% SONAMINES interest.

U.S. Government Support

DPA Title III application submitted. Ongoing advocacy from U.S. Department of Commerce and State Department, including SONAMINES delegation meetings.

The Nkamouna Project