The Company owns the Swanson Tantalum Mine Project, the TVC Kum-Kum Polymetallic (Nickel, Copper, PGE, Lithium and Tantalum) Exploration Project and the Bitterwasser Lithium in Clays and Brines Project.
Swanson Tantalum Mining Project
The Swanson Tantalum Mining Project is positioned to anchor Arcadia’s core value proposition as a diversified explorer, with the potential to deliver early cash flows once in production. Recent increases in Tantalum Pentoxide concentrate prices, together with the Project’s 2023 DFS financial metrics demonstrating strong revenue sensitivity, indicate a materially shorter payback period, higher NPV, robust IRR and significant free cash generation under current market conditions.
These favourable pricing conditions are expected to persist, driven by structural changes in the global Tantalum market — including the reduction of conflict‑linked supply and rising demand from AI‑driven data centre growth. As a result, the Project is anticipated to enhance shareholder value while providing internally generated capital to support Arcadia’s broader exploration portfolio, without reliance on additional shareholder funding.
The Swanson Mining Project features a low‑capex, simplified gravimetric processing flowsheet that has been extensively developed to deliver high recoveries and strong early cash flows. Fully permitted and construction‑ready, the Project is positioned for rapid development once capital is secured.
Arcadia is actively progressing discussions with Development Finance Institutions and strategic industry partners to secure expansion capital and establish a definitive pathway to production. This includes engagement with the EU’s Global Gateway for Raw Materials Initiative, as well as potential joint‑venture opportunities with sector participants.
TVC Kum-Kum Polymetallic Exploration Project
Extensive geological and technical studies have been completed across the TVC Kum‑Kum Polymetallic Exploration Project, located over both the Tantalite Valley Complex and the Kum‑Kum Complex. These include mineralogical, geochemical, petrological, geological mapping, remote‑sensing and geophysical programmes.
Historical drilling undertaken in the 1970s and 1980s to depths of up to 200 m intersected broad mineralised zones, returning 0.21%–0.58% Nickel and 0.30%–0.50% Copper over widths of up to 30 m. More recent surface sampling by Arcadia has confirmed the presence of high‑grade mineralisation, including 4.62% Ni, 6.3% Cu, and 0.51–1.03 g/t PGE.
Arcadia’s integrated study work indicates that both complexes represent mafic–ultramafic, multilayered systems, with strong correlation between mineralised outcrops and historical drill intercepts. Based on these results, the Company has defined several priority drill targets, which will form the basis of a planned drilling campaign following funding.
Bitterwasser Lithium-in-Clays and Brines Exploration Project
The Bitterwasser Lithium-in-Clays and Brines Project covers the extensive Bitterwasser Basin in Namibia’s Hardap Region, approximately 190 km south‑southeast of Windhoek. Arcadia has completed substantial drilling across the Bitterwasser pan district and has declared a lithium‑bearing mineral resource of meaningful scale.
Further technical work is required to assess the commercial viability of the Bitterwasser Clays, particularly in relation to the ability to concentrate the material to levels suitable for commercial processing.
At the Bitterwasser Brines Project, additional testwork is planned to resolve assay inconsistencies observed between ICP‑MS and Magnetic Resonance techniques, where both high and low lithium values were encountered. Should the higher‑end mineralisation be confirmed, Arcadia intends to advance further studies into the Project’s lithium‑in‑brines potential.
Karibib Copper-Gold-Tungsten Exploration Project (farmed out to Kaoko Metals Ltd)
In Q3 2025, Arcadia farmed out the Karibib Copper‑Gold‑Tungsten Project to Kaoko Metals Ltd. Kaoko has since advanced exploration activities and confirmed indications of tungsten, copper and gold mineralisation through early reconnaissance sampling. The project is now being progressed toward scout drilling at the Gamikaubmund prospect, supported by ongoing geochemical and structural interpretation work to refine priority drill targets.