Round 1 Investments

EMMERSON PLC (Fertilisers in Morocco)

Emmerson (EML.LN) is developing the Khemisset potash project located in Morocco. The project contains a large, relatively shallow JORC compliant mineral resource estimate of 537Mt @ 9.24% K2O. Khemisset has strong competitive advantages relative to other proposed potash developments in terms of geological conditions, infrastructure and location resulting in projected low capex and high operating margins. Emmerson’s June 2020 Feasibility Study has detailed a 20 year mine life producing a standard muriate of potash (MOP) and salt product for domestic and international markets with outstanding metrics (post tax NPV of US$1.4Bn and IRR of 38.5%). Starboard commenced incubation of Khemisset in 2014 via Moroccan Salts Limited (MSL). MSL entered into an MOU with Emmerson in October 2017 for the acquisition of Khemisset via reverse takeover. Starboard managed the RTO process and re-listed EML on the LSE in June 2018 after raising £6m for a post transaction valuation of £15m. EML market capitalisation has been between of £20-80 million since listing and it currently awaits approval of its Environmental and Social Impact Assessment by the Moroccan government.


5EA ADVANCED MATERIALS INC. (Fertilisers, Critical Materials in USA)

5EA Advanced Materials (FEAM.NASDAQ; 5EA.ASX), formerly American Pacific Borates (ABR.ASX), is developing the Fort Cady borate and lithium project located in the southern Mojave Desert of California, USA. The project contains a globally significant JORC compliant mineral resource estimate of 74.3Mt @ 4.2% B2O3 (7.4% H3BO3 boric acid equivalent) and 356ppm Li. The operation at Fort Cady is targeting boric acid and lithium production for domestic and international markets. End markets being targeted include the agriculture sector and the specialty glass, ceramics and fiberglass manufacturing sectors with a need for high purity borate products. The 2023 Feasibility Study released by ABR outlined peak production of 450ktpa boric acid with a lithium carbonate by-product. The financial metrics indicate EBITDA in full production of US$622m per annum, with a post-tax, unlevered project IRR of 23% and NPV8 of US$2.4Bn. Starboard first invested in the Fort Cady Project in August 2016 and subsequently managed the listing of ABR onto the ASX in July 2017 in a A$15m IPO. 5EA's combined market capitalisation on the NASDAQ and ASX during the past 12 months has ranged from US$300m to US$1.2 billon.


EUROBATTERY MINERALS AB (Battery Metals in Finland)

Eurobattery Minerals (BAT.NGM) is a Swedish registered company listed on the Nordic Growth Market and is developing the Hautalampi nickel (Ni), cobalt (Co) and copper (Cu) project in central Finland. Following drilling in 2020 and 2021, BAT released a JORC compliant Indicated and Inferred Resource of 5.28Mt @ 0.35% Ni, 0.24% Cu and 0.08% Co at Hautalampi and 2.186Mt @ 0.25% Ni, 0.16% Cu and 0.06% Co along strike at Mökkivaara. Mineralisation is interpreted to be continuous between Hautalampi and Mökkivaara indicating good potential for additional resources to be defined. BAT intends to advance Hautalampi in order to create one of the few battery metal mines in Europe with the view of becoming a significant supplier of upstream supply of ethical and traceable raw materials critical to the expanding electric vehicle (EV) market. The Environmental Impact Assessment for Hautalampi was approved by the Finnish authorities in August 2023.


COBALT RECURSOS SL (Battery Metals in Spain)

Cobalt Recursos SL is a private Spanish registered company focused on building a portfolio of cobalt projects in Spain. The demand outlook for cobalt is strong, primarily due to growing demand for intermediate cobalt products used in the expanding electric vehicle battery market. The Iberian Peninsula has an abundance of rocks prospective for hosting economic accumulations of primary and secondary cobalt minerals. Starboard is the primary investor in Cobalt Recursos.

Investing with Starboard Global

Starboard periodically undertakes fundraising for specific projects that meet its investment criteria. The Company also manages private seed and public market fundraising for the other companies under its management that are used to advance those individual projects towards development and increase shareholder value. Parties interested in investing in Starboard Global or co-investing in specific projects are welcome to get in contact with us. Starboard also welcomes the chance to review and potentially invest in exciting mineral projects around the world, with a focus on exploration and development stage assets.