Polymetallic Targets

One of the most significant outcomes of BMIN’s AI initiative was the discovery of multiple high-potential polymetallic targets across Botswana, which the Company moved to secure to facilitate potential future development. In March 2025, BMIN announced it had applied for eight new Prospecting Licences covering approximately 6,551 km², specifically targeting key copper, gold, nickel, lead-zinc-silver, and PGM prospects identified by the AI analysis. These licence applications represent BMIN’s first venture outside the diamond sector. Five different deposit styles are being targeted through this polymetallic initiative, reflecting the variety of geological environments found in Botswana.

• Besshi-type VMS (Volcanogenic Massive Sulphide). Copper-rich stratiform sulphide deposits associated with ancient submarine volcanism. In Botswana, the Damara Belt in the northwest exhibits similarities to this setting.
• Greenstone-hosted – Copper-Nickel (and Gold) targets in Archean greenstone belts. These are mainly situated in the Limpopo Mobile Belt and Zimbabwe Craton in eastern Botswana, which share geology with established mineral districts across the border (e.g., nickel sulphide occurrences in Zimbabwe’s greenstones).
• MVT (Mississippi Valley Type). Lead and Zinc deposits in sedimentary carbonate settings. There is potential in northern Botswana where platform carbonate rocks of the Damaran sequence might host Zn-Pb deposits similar to those discovered in Namibia’s Otavi Mountainland.
• SEDEX (Sedimentary Exhalative). Targets for Lead, Zinc, and Silver within basin sediments. The sediments of the Kgwebe and Ghanzi Groups in northern Botswana are promising for this style, similar to base metal deposits in Zambia and the DRC.
• Ultramafic-associated. Targets for Platinum Group Metals (including Ni, Cu, Cr, and others) in or near ultramafic or mafic intrusions. This involves searching for feeder zones or layered intrusions that could host Ni-Cu-PGE sulphide deposits, similar to Norilsk or the Bushveld. Notably, the AI identified ultrabasic rock regions in eastern and central Botswana as being permissive for such deposits.

The AI-driven prospectivity analysis revealed that although much of Botswana is licensed for diamonds or coal, large areas remain open for polymetallic exploration. The AI analyses identified numerous prospective areas for metals in uncovered ground, with several underexplored zones earmarked for further investigation. BMIN’s prospecting licence applications focused on the most promising of these.

In northwest Botswana (Ngamiland), the AI investigation identified favourable geology for lead-zinc-silver and copper mineralisation within the Damaran Belt, including ground along strike from the Kihabe-Nxuu project (25 Mt @ ~3% Zn+Pb, 3.3 Moz Ag). BMIN’s targets are on neighbouring open ground, offering potential to unify the mineralised trend through licence acquisition or joint ventures. Some nearby areas are held by small private entities with limited activity, creating opportunities for partnerships. The strategy is to acquire open ground, define drill targets with modern methods, and then pursue synergistic consolidation.

In eastern Botswana, within the Limpopo Mobile Belt, the AI investigation identified multiple zones prospective for magmatic nickel-copper-PGE sulphides and associated deposits near the historic Selebi-Phikwe mine. Applications for these areas have since been submitted. The same work also highlighted the potential for shear-zone-hosted gold and rare-metal pegmatites (lithium, tantalum) for further assessment.

BMIN’s initial focus within the eight polymetallic licences is on copper-nickel and zinc-lead targets, several of which show the most promising AI results, including copper anomalies with no previous record, and possible blind targets. By July 2025, these applications were advancing towards approval.

Once the prospecting licences are granted, the Company intends to conduct detailed geophysical and geochemical sampling to refine the AI results into drill-ready prospects. Additional anomalies indicate manganese, copper, and IOCG-style (iron oxide-copper-gold) mineralisation. Through this portfolio, BMIN is transforming into a diversified explorer, complementing its diamond projects with critical mineral opportunities. These initiatives lay the foundation for significant resource growth, aligning with the rising global demand for battery and electrification metals.

As BMIN shifts into a diversified exploration phase, the Company acknowledges that unlocking Botswana’s critical mineral resources will require strong technical and financial collaboration. Consequently, BMIN is actively seeking a strategic partner to share in this next stage, one that offers complementary skills, resources, and vision to accelerate the assessment and development of these AI-generated polymetallic targets. Such a partnership would enable the Company to expand exploration quickly while upholding its disciplined, data-driven approach, positioning both parties to benefit from Botswana’s growing role in the global energy transition.