Arc Minerals targets major Botswana copper discovery - One2One Investor Forum

Nick von Schirnding, CEO of Arc Minerals, presents at the Proactive Investors One2One Investor Forum, focusing on the company's two copper projects in Africa. The presentation is a company pitch, not a macro or market commentary. **Botswana — The Core Thesis** The flagship opportunity is Arc's license (PL135) in the Kalahari Copper Belt, positioned inside MMG's Zone 5 corridor. Von Schirnding emphasizes that this is not a typical "near-mine" junior story measured in kilometers, but in tens of meters. MMG (a ~$15bn Hong Kong-listed company) has flagged in its annual report that it has drilled 5 meters at 2% copper on both sides of Arc's license boundary. MMG's Zone 5 flagship deposit is roughly 100 million tons at 2% copper and 20g/t silver, currently being mined. Their expansion deposits (Mango, Zone 5 North, Zeta Northeast) are smaller at 20-30 million tons each but still high-grade. …

1. Arc Minerals holds a Botswana license situated meters from MMG's Zone 5 discoveries inside the Zone 5 corridor, a proximity the CEO calls 'unheard of' in junior mining.
2. MMG's life-of-mine projections show feedstock running out around 2038, while Phase 3 feasibility is underway and Phase 2 has a $700M FID — creating a structural need for new ore sources near their processing plant.
3. Arc has already hit copper on its first-ever drilling (~6m at 0.8% Cu) and has identified ~15km of prospective geological contact on its license; 6,000m drilling program starts late July/early August 2024.
4. At ~£16M market cap, Arc trades at roughly one-quarter the valuation of neighbor Leviathan despite being far closer to MMG discoveries, presenting a potential re-rating opportunity if drilling succeeds.
5. The Zambia project is an advanced exploration asset with a large dataset that attracts major-company interest but requires significant spending; the company is exploring partnerships or AI-driven approaches within 2-3 months.

• The claim that 15km of contact could host an expansion-style deposit assumes geological continuity that has not yet been proven — the initial drill result of 6m at 0.8% Cu is well below the 2% target grade and does not yet confirm the deposit model.
• The comparison to Leviathan's valuation (4x higher) relies on the premise that Arc's ground is 'more attractive,' but this is unproven until drilling demonstrates comparable or better grades and continuity.
• The Midnight Sun precedent (10x recovery after two JV breakups) is a carefully selected example; many juniors that lose major partners never recover, and the analogy does not account for differences in geology, management, or market conditions.
• Von Schirnding's characterization of Anglo-American's exit as 'the greatest day in the life of Arc Minerals' is rhetorically convenient but unsubstantiated — Anglo walked away after spending ~$15-20M, which typically signals they did not see a path to economic discovery at their required scale.
• The AI exploration angle for Zambia is presented as a novel option but remains vague — no specific AI company, methodology, or track record is cited, and AI-driven mineral discovery is still unproven at scale in complex geological settings like the Domes region.