Cape Zircon Mineral Resource: 901.4 Mt at 3.44% THM

Mineral Resource

901.4 million tonnes at 3.44% THM.

JORC Mineral Resource estimate, October 2026, at a 1.5% THM cut-off. Measured and Indicated make up 76% of the tonnes.

Category	Tonnes (Mt)	THM %	Slimes %	Ilmenite %	Rutile %	Zircon %	Monazite %
Measured	324.6	3.31	22.76	1.25	0.36	0.37	0.010
Indicated	363.2	3.87	18.12	1.47	0.36	0.43	0.010
Inferred	213.5	2.89	22.82	1.14	0.32	0.39	0.009
Total	901.4	3.44	20.90	1.31	0.35	0.40	0.010

3.6 MtContained zircon

3.2 MtContained rutile

11.8 MtContained ilmenite

Totals may not add due to rounding.

Competent Person statement

The information on this website that relates to Mineral Resources is based on, and fairly represents, information compiled by Mr Bernhard Siebrits of BSCGS, who is registered with SACNAPS and is a Member of the Australasian Institute of Mining and Metallurgy (AusIMM). Mr Siebrits has sufficient experience relevant to the style of mineralisation and type of deposit under consideration, and to the activity being undertaken, to qualify as a Competent Person as defined in the 2012 Edition of the JORC Code. Mr Siebrits consents to the inclusion on this website of the matters based on his information in the form and context in which they appear.

By geological unit

The same resource, by geological unit.

Mineral Resource at a 1.5% THM cut-off, October 2026, summarised by geological unit rather than resource category.

Geological unit	Tonnes (Mt)	THM %	Slimes %	Ilmenite %	Rutile %	Zircon %	Monazite %
Red Aeolian Sands (RAS)	174.3	3.21	10.04	1.42	0.46	0.49	0.010
Orange Feldspathic Sands, high zircon (OFS HZ)	569.6	3.12	25.39	1.18	0.37	0.41	0.009
Orange Feldspathic Sands, low zircon (OFS LZ)	127.6	2.72	17.29	1.00	0.13	0.14	0.006
Strandline (STRL)	29.9	13.69	14.32	4.56	0.41	0.59	0.015
Total	901.4	3.44	20.90	1.31	0.35	0.40	0.010

Assemblage

Heavy mineral assemblage by geological unit.

Percentage of total heavy minerals (THM). The red aeolian sands carry the richest zircon and rutile assemblage.

Geological unit	Ilmenite %	Rutile %	Zircon %	Monazite %	Garnet %	Other %
Red Aeolian Sands	44	14	15	0.32	5	21
Orange Feldspathic Sands HZ	38	12	13	0.30	12	25
Orange Feldspathic Sands LZ	37	5	5	0.22	18	35
Strandline	33	3	4	0.11	12	47
Total resource	38	10	12	0.27	12	28

Other comprises mainly pyroxene.

Geology

Three mineralised domains, open to the north and south.

Red Aeolian Sands

0.5 to 3 m of unconsolidated red sand at surface, with up to 30% zircon plus rutile in the heavy mineral assemblage.

Orange Feldspathic Sands

Compacted sands up to 50 m thick beneath the red sands. The high-zircon zone reaches 25 m thick in the west.

Strandlines

High-grade strandlines about 1 km from the coast. Not yet fully delineated: a priority for the next drilling phase.

Mineralisation remains open to the north and south of the current resource. The northern extension lies close to the Olifants River sediment feeder.

Measuring a test pit in the red sands at Cape Zircon — Test pitting, red sands

Test pit sampled with a measuring tape — Test pit sampling

Sample trays showing heavy mineral concentrate from drill intervals — Drill sample trays

Bagged drill samples in the Cape Zircon sample store — Sample store

Planned mining

Load and haul, near-zero strip ratio.

Mining has not started. The PEA mine plan is:

Contractor excavators and 30 t trucks would be used
437 Mt scheduled in the PEA mine plan (2025 resource), from the upper, higher-value part of the deposit
1,200 tph from year 1, doubling to 2,400 tph from year 3
About 5% of the footprint open at any time, with concurrent backfill and rehabilitation

Planned processing

A standard mineral sands flowsheet.

No plant has been built yet. The PEA design is:

Two primary concentration plants: scrubbing, desliming, 4-stage spirals
One secondary plant: LIMS and two-stage WHIMS
Seawater for processing, no groundwater would be required
Planned outputs: crude ilmenite and a zircon-rutile non-magnetic concentrate

Process unitStream numberSaleable products

Process flow diagram, after PEA Figure 5-1.

Questions

Questions about the Cape Zircon project.

How large is the Cape Zircon Mineral Resource?

901.4 million tonnes at 3.44% total heavy minerals (JORC, October 2026), of which 76% is Measured and Indicated. It contains about 3.6 Mt of zircon, 3.2 Mt of rutile and 11.8 Mt of ilmenite. Mineralisation remains open to the north and south of the current resource.

What is the geology of the Cape Zircon deposit?

Red aeolian sands 0.5 to 3 m thick sit on top of orange feldspathic sands up to 50 m thick, mineralised from surface. High-grade strandlines roughly 1 km from the coast are a target for the next drilling phase.

How would Cape Zircon be mined?

By load and haul, using contractor excavators and trucks, with a near-zero strip ratio. The PEA mine plan (2025 resource) schedules 437 Mt at 1,200 tph, rising to 2,400 tph from year 3.

How would Cape Zircon ore be processed?

In two primary concentration plants (scrubbing, desliming and 4-stage spirals) and one secondary plant (LIMS and two-stage WHIMS), using seawater. The outputs would be a crude ilmenite concentrate and a non-magnetic zircon and rutile concentrate.

Who owns Cape Zircon?

Buchuberg Resources (Pty) Ltd holds the prospecting rights. Its shareholders are Panex Resources (Pty) Ltd, Sandveld Ventures (Pty) Ltd and the VS Madlela Family Trust.

Who should I contact about Cape Zircon?

Questco (Pty) Ltd, corporate advisor to Buchuberg Resources, at capezircon@questco.co.za. All enquiries go through Questco.

A zircon-rich resource, mineralised from surface.

Prospecting rights