Lion NorteLion Norte
The Rosário Project

Fully integrated.
Mine to port.

A flat, free-digging open pit in the state of Piauí, paired with sealed roads and a port less than two hours away. The shape of a low-cost producer.

Mining Area & Rights

  • 4 mineral rights covering 7,800 hectares
  • Target mine life: 20–25 years
  • Free-digging open-pit, flat geography
  • Shallow 20 m target depth · strip ratio ~0

Operation

  • First production: late 2028
  • 2028–2030: 1–4 Mtpa
  • 2031 onward: 5–10 Mtpa
  • Product quality: Fe 62–65% concentrate

Integrated Logistics

  • 100 km tarmac haul (50-t trucks)
  • Loading port: Luís Correia, Piauí
  • Phase 1 — Transshipment (2026)
  • Phase 2 — Pier loading · 18 m draft · Capesize
Mining rights in the region around Rosário and Luís Correia Port
Tenement Upside

Significant additional resource upside.

Lion Norte holds a first right of refusal to acquire 108 additional tenements over 202k hectares, an area roughly the size of Luxembourg.

Aerial view of Porto Piauí breakwater at Luís Correia
Porto Piauí · Luís Correia

First shipment scheduled for 2H 2026.

Investe Piauí is 100% owner of the port and a cornerstone investor in Lion Norte. Mini-bulker loading piers, 3.6 km access bridge and an iron-ore stockyard, with future plans for Capesize loading at berth.

Technical Information

Drilling complete. Resource certification ahead of IPO.

200–250 Mt
Expected resource (inferred + indicated)
150+
Drill holes completed
1,100+
Samples taken
62%
Preliminary Fe in final product
Maps

Drilling Campaign

Rosário target drilling and topography map showing 140+ drill holes across the Rosário and West Block targets
Drilling & topography · Rosário (1,231 ha) + West Block (147 ha)
Timeline & Key Milestones

From discovery to first production.

PHASE 01
2024–2025

Exploration

  • — Sep 2024 — Discovery & mapping; surface and trench sampling
  • — Apr 2025 — Exploration NI 43-101 certification
  • — May 2025 — Investe Piauí becomes 5% shareholder
  • — Aug 2025 — Base set up in Cocal; team recruited
PHASE 02
2025–2026

De-Risk Studies

  • — Nov 2025 — Drilling campaign starts
  • — Jan 2026 — MoU with Porto Piauí signed
  • — Mar 2026 — Drilling complete; geo-metallurgical studies
PHASE 03
2026

IPO — London Stock Exchange

  • — Aug 2026 — Resource NI 43-101 certification; PEA
  • — Q3 2026 — Anchor investors commit
  • — Q4 2026 — Initial Public Offering
PHASE 04
2026–2027

Feasibility & Approvals

  • — Q4 2026 — Pre-Feasibility Study begins
  • — H1 2027 — Licences, permits, final engineering
  • — H2 2027 — Iron Ore Terminal agreement with Porto Piauí
PHASE 05
2028

Construction & Start-Up

  • — Q1 2028 — Installation; environmental licence (LI)
  • — H2 2028 — Operational environmental licence (LO)
  • — Q4 2028 — First production