Kazera Global
KZG · AIM · Basic Resources · mcap £17m · 1.4p 9 open situations →
Open · 9
2A Mining Right approval
Upgrades to lift HMS and diamond output began after the Nov 2025 raise. WHM signed the life-of-mine SAI agreement on 9 Jul 2026 and received the US$750,000 advance on 20 Jul 2026. SAI began shipping equipment on 2 Sep 2026. The 2A execution on 23 Sep 2026 triggers a US$1.75m advance. Commercial production is targeted for Q1 2027, with a planning target of about 30,000t/month after the Q2 2027 ramp.
- WHM share
- 20% cost-free entitlement to production 24 Sep 2026 ↗
- First production
- Commercial production targeted Q1 2027 24 Sep 2026 ↗
- Diamonds
- Diamond-bearing gravels and recovered diamonds excluded from sharing; stay with DBM 9 Jul 2026 ↗
- SAI advance
- Initial US$750,000 received, announced 20 July 2026 20 Jul 2026 ↗
- Later cash
- US$1.75 million SAI advance payable on grant and execution of the 2A Mining Right 2 Sep 2026 ↗
- Ramp-up
- At least 10,000t/month by Q2 2027; planning target about 30,000t/month after 24 Sep 2026 ↗
Next: Commercial production in Q1 2027
- 24 Sep 2026 Mining Right executed 23 Sep 2026
- 3 Sep 2026 Right granted; execution and registration pending
- 2 Sep 2026 Right granted; execution and registration pending
- 24 Aug 2026 Final Technical Report signed off; grant awaited
Board reset and new CEO
Jennings became interim CEO in April 2026 after the Board reset. On 24 Sep 2026 the company announced that NED Paul Dulieu becomes CEO from 1 October 2026. Jennings stays as Executive Director, focused on South African operations, new investments and financial oversight, and joins the Audit and Nomination and Remuneration Committees.
- New CEO
- Paul Dulieu, currently Non-Executive Director, from 1 October 2026 24 Sep 2026 ↗
- Outgoing interim CEO
- Richard Jennings stays on Board as Executive Director 24 Sep 2026 ↗
- Jennings focus
- South African operations oversight, new investment origination, financial and strategic oversight 24 Sep 2026 ↗
- Committees
- Jennings joins Audit and Nomination and Remuneration Committees with Geoff Eyre 24 Sep 2026 ↗
- Rationale
- Move from fixing problems and unlocking assets into delivery and growth 24 Sep 2026 ↗
- 24 Sep 2026 Interim period ending; permanent CEO named
- 26 May 2026 HMS operating partner secured
- 30 Apr 2026 Reset continues; another non-executive leaves
- 27 Apr 2026 Operational reset and cost cuts under way
Fujax prepayment settlement
On 3 Sep 2026 Kazera agreed to settle the Fujax prepayment claim (about US$1.32m at 30 June 2026) for US$1.0m, half in shares and half in cash instalments to 1 Mar 2027. On 8 Sep 2026 it said the US$500,000 of Settlement Shares are part of the General Meeting resolutions. Their number is still to be set, and they are admitted separately.
- Settlement Sum
- US$1.0m, of which US$500,000 in shares and US$500,000 in cash to 1 March 2027 8 Sep 2026 ↗
- Share element
- Number of shares to be determined under the agreement; not part of the cash proceeds of the Fundraising 8 Sep 2026 ↗
- Cash element
- US$500,000: five monthly US$60,000 payments from end Oct 2026, then US$200,000 by 1 March 2027 3 Sep 2026 ↗
- Conditions
- Shareholder authorities at 21 September 2026 General Meeting and AIM Admission of Settlement Shares 8 Sep 2026 ↗
- Lock-up
- No disposals for 30 days, then no more than 25% in any rolling 30 days 3 Sep 2026 ↗
- Completion effect
- Prepayment, guarantee and subordination arrangements released and terminated 3 Sep 2026 ↗
Next: Fujax Settlement Shares number set; separate Admission application
- 8 Sep 2026 Terms agreed; settlement shares pending approval
- 3 Sep 2026 Terms agreed; shares and cash payments pending
Return of Aftan settlement proceeds
Includes Aftan arbitration award enforcement – Initial US$500,000 received
On 22 June 2026 the Board said it intended to return about 80% of net Aftan settlement cash, once the initial US$500,000 arrived. On 24 July 2026 it proposed a contingent value right (CVR) mechanism: ex-entitlement 31 July, record date 3 August 2026. Distributions are a single one in early 2027 if Hebei settles early, or three in 2028-2030; the balance is retained.
- Amount
- About 80% of net cash proceeds received under the US$10.5m Aftan settlement 24 Jul 2026 ↗
- Mechanism
- Separate contingent value rights for Qualifying Shareholders, sized by holding at the Record Date; survive later share sales 24 Jul 2026 ↗
- Conditions
- Receipt of proceeds, distributable reserves, any capital reduction, working capital, Board approval; not a declared dividend 24 Jul 2026 ↗
- Dependency
- Initial US$500,000 now received, per 20 July 2026 20 Jul 2026 ↗
- Payments
- One distribution in early 2027 if Hebei settles early at US$9.0m; otherwise early 2028, 2029 and 2030 24 Jul 2026 ↗
- Retained
- Balance kept for balance sheet, working and investment capital 24 Jul 2026 ↗
- 24 Jul 2026 Programme proposed; CVR terms being finalised
- 20 Jul 2026 Initial cash received; return not announced
- 7 Jul 2026 Pending receipt of settlement cash
- 22 Jun 2026 Intention stated; mechanism not announced
Aftan arbitration award enforcement
Part of Return of Aftan settlement proceeds – Programme proposed; CVR terms being finalisedLed to Aftan mine third-party interest – Evaluating pathways; expressions of interest growingLed to Director loan facility refinancing – Funding strengthened; Tracarta loan still unresolved
The Aftan award (about US$11.9m, 7 May 2025) led to a US$10.5m settlement with Hebei signed on 22 June 2026, effective only if US$500,000 arrived by 6 July 2026. The payment was delayed as of 7 July 2026. The 20 July 2026 announcement refers to its recent receipt, removing the lapse risk on the initial payment. The announcement gives no receipt date.
- Share transfer
- No Aftan ownership transfers until US$7.125m paid, then four 25% tranches 20 Jul 2026 ↗
- Structure
- About US$7.0m loan repayment and US$3.5m share sale component 22 Jun 2026 ↗
- Initial payment
- US$500,000 received, per 20 July 2026 announcement; receipt date not stated 20 Jul 2026 ↗
- Latest status
- Payment instruction from China seen; Kazera working with Namibian parties and advisers to receive funds 7 Jul 2026 ↗
- Cause of delay
- Exchange control and banking procedures, per interim CEO 7 Jul 2026 ↗
- Board view
- Confident funds will be received in the near term 7 Jul 2026 ↗
Next: Further Hebei instalments under the settlement
- 20 Jul 2026 Initial US$500,000 received
- 7 Jul 2026 Payment instructed from China, not yet received
- 22 Jun 2026 Definitive settlement signed; awaiting first payment
- 18 May 2026 Supreme Court review pending; company confident
Director loan facility refinancing
Follows from Aftan arbitration award enforcement – Initial US$500,000 received
Director loan facilities matured on 30 April 2026, with Tracarta talks continuing and no extension terms announced. REMI cut working capital needs on 26 May 2026, and the SAI deal of 9 July 2026 added SAI-funded operations. On 20 July 2026 the company said both the US$750,000 SAI advance and the US$500,000 Hebei payment had been received, so no further drawdowns on the Jennings facility are expected. The Tracarta loan is not mentioned.
- Board view
- Funding position materially strengthened; no further Jennings loan drawdowns expected 20 Jul 2026 ↗
- REMI contribution
- ZAR600,000 (circa £27,000) monthly toward project costs 26 May 2026 ↗
- New cash source
- Initial US$500,000 from Hebei, due by 6 July 2026 22 Jun 2026 ↗
- Tracarta loan
- Extension to 1 December 2026 proposed earlier; not mentioned in this announcement 20 Jul 2026 ↗
- Earlier support
- REMI contribution of ZAR600,000 (circa £27,000) a month from 1 June 2026 22 Jun 2026 ↗
- New cash
- US$750,000 from SAI and US$500,000 from Hebei, both received 20 Jul 2026 ↗
Next: Outcome of Tracarta loan extension talks
- 20 Jul 2026 Funding strengthened; Tracarta loan still unresolved
- 9 Jul 2026 New SAI cash and funding relief; loans unresolved
- 22 Jun 2026 Funding need may ease; loans still unresolved
- 26 May 2026 Working capital need eased; loans unresolved
Aftan mine third-party interest
Follows from Aftan arbitration award enforcement – Initial US$500,000 received
Two parties were advanced under NDA in November 2025, and on 27 April 2026 the company reported preliminary third-party interest in Aftan. On 18 May 2026 it said interest is continued and growing, and a technical review points to dry beneficiation and wider pegmatite upside. It is evaluating pathways with minimal, if any, shareholder capital recourse. No terms are agreed.
- Interest
- Continued and growing expressions of interest from parties across critical minerals development, exploration, processing and mine operations (18 May 2026) 18 May 2026 ↗
- Technical view
- Potential dry beneficiation routes with low water needs; drilling and resource estimates cover only three of at least thirteen known pegmatites 18 May 2026 ↗
- Funding aim
- Route forward with minimal, if any, recourse to Kazera shareholders for additional capital 18 May 2026 ↗
- Board lead
- Non-Executive Director Paul Dulieu supports the Board's evaluation of Aftan options 18 May 2026 ↗
- Legal title
- Kazera retained legal title to the Aftan shares as security pending full payment of the consideration 18 May 2026 ↗
- Terms
- No transaction, price or partner announced; further updates as appropriate 18 May 2026 ↗
Next: further updates as appropriate; no date given
- 18 May 2026 Evaluating pathways; expressions of interest growing
- 27 Apr 2026 Preliminary expressions of interest
- 27 Nov 2025 Two parties advanced under NDA; one preliminary
Catalyse Capital Ltd & Related parties RS & CA Jennings towards control
Catalyse Capital Ltd & Related parties RS & CA Jennings raised its stake in Kazera Global from 22.1% to 26.13% on 30 Apr 2026, crossing 25%.
- 30 Apr 2026 26.13%
Retail Offer and warrants
- 26 Nov 2025 Retail Offer open; results due 4 December
Closed · 5
Company filings. Not investment advice.