The Achmmach tin project is located near Meknes, Morocco and benefits from a large, high grade and well understood tin resource. With over 120,000 meters of drilling and an estimated resource of 39.1 Mt @ 0.55% Sn containing a total of 213,000 tons of tin metal, Achmmach is one of the largest and highest-grade tin deposits globally, with further potential to grow along strike and depth.
During 2024, a Scoping Study was completed which incorporated the benefits of combining Achmmach with the nearby El Hammam mine and processing facility that it had recently acquired from SAMINE. Ore will be mined underground at Achmmach and transported by road 7km to the El Hammam mine for treatment to produce tin concentrate.
The Scoping Study demonstrated the integrated project to be a low-cost, long-life producer of clean and high-grade tin concentrate well located to service European demand.
The 2024 Scoping Study¹ demonstrated the potential of Achmmach: 63.7kt of tin produced over a 17 year life, with peak production of 5ktpa making it a globally significant tin operation. With a post-tax NPV8 of US$307M and a post-tax IRR of 45%, a capital cost of US$54 million and first quartile operating costs over a 17 year mine life, Achmmach benefits from compelling project economics.
A definitive feasibility study that draws on the Scoping Study is currently underway. The study is based on an 18-month construction schedule with commercial tin production commencing in 2026 and ramping up to a sustained mining and processing rate of 900,000 tpa of ore.
In 2025, Inner Mongolia Xingye Silver & Tin Mining Co Ltd (“Xingye”), a major mining company, acquired 75% of the Achmmach project through its acquisition of Atlantic Tin Ltd. Xingye’s operating expertise and significant financial capacity derisks the completion of the Achmmach development and ongoing operations.
In addition to Achmmach, Apex’s royalty covers the Bou El Jaj Tin Project located within 7 kms of the proposed Achmmach tin processing facility as well as a highly prospective “SAMINE” corridor that runs between Achmmach and Bou El Jaj providing the potential for an increase in operational scale or an extension to the mine life.
Apex holds a 1.2% gross revenue royalty that covers all of the Achmmach project as well as the Bou El Jaj and SAMINE corridor tenements. The royalty is not subject to any buyback provisions.
|
Mt |
Grade Sn % | |
|---|---|---|
| Measured | 2.1 | 0.85% |
| Indicated | 25.8 | 0.61% |
| Inferred | 11.2 | 0.33% |
| Total | 39.1 | 0.55% |
1 Per Atlantic Tin Limited MRE dated July 2024
