OC4A Project

• Location: Kriel, Mpumalanga, South Africa

• Permit Holder: 2 Seam (Pty) Ltd

• Mining Contractor: Trollope Mining Services

• Project Value: Approx. 1 million tonnes of mineable coal reserves

• Timeline: Early 2022 – Present

Synopsis

OC4A marked a high point in Transvaal VC’s coal portfolio. With operations ramping up just as the Russia-Ukraine war triggered an unprecedented surge in global coal prices, OC4A became a standout performer in both revenue and return on investment.

With around 1 million tonnes of coal in reserves and infrastructure in place from OC4, the pit was able to move quickly to full production. Export and domestic offtake opportunities were both leveraged during this time, making OC4A one of the most profitable open-cast coal initiatives under the 2 Seam license.

Lessons Learned

• Timing and market readiness are critical in commodity investing.

• Infrastructure and planning investments in precursor projects (OC4) enable agility.

• High-impact results can be achieved when operational preparedness meets global tailwinds.

• Strategic location and contractor continuity (Trollope) contributed to consistency and scale.

Key Takeaways for Investors

• Exceptional Market Timing: Coal prices reached historic highs during OC4A’s peak production window.

• High ROI Project: OC4A significantly outperformed its CAPEX-to-revenue expectations; but unfortunately our Term Sheet did not benefit from this record margins.

• Export-Ready Operations: Project successfully tapped into both local and global coal demand.

• Portfolio Star: OC4A stands as a flagship example of how Transvaal VC must make sure they benefit from the upside of the market on future Term Sheets.