Serval Resources

All Going to Plan

Good Morning Team.

A few weeks ago I covered Serval Resources in depth — the newly AIM-listed copper explorer with ground in Namibia, Botswana and Côte d’Ivoire — and suggested that if this team finds even one significant deposit across their combined licence package, the numbers will look very different indeed from the starting point.

I also interviewed CEO Robin Birchall, in whom I have every faith copper will be found.

Well. The stock is now trading. The geophysics results are coming in.

And everything, so far, is going according to plan.

For those who missed the original piece as we moved from AQSE, the short version is this: Serval listed on 27 April at 22.5p per share following a £2.96 million raise, with a management team that has built and run mining companies across four continents, a land package covering over 2,000 km² across two of Africa’s most compelling copper belts, and a strategy that is methodical, well-funded and entirely coherent.

The stock is now accessible on all the major retail platforms. If you’ve been meaning to look at it and haven’t got around to it yet, well - now you can.

Botswana Results

Since listing, Serval has now published two RNSs covering geophysical survey results from three of its Kalahari Copper Belt licences in Botswana.

This is important for a couple of reasons.

First, it demonstrates that the team is moving. We are less than a month from AIM admission and there are already substantive newsflow items hitting the wire.

That is not nothing in a market where junior explorers can go quiet for quarters at a time.

Second, the results are encouraging.

On PL082 — the licence that sits directly adjacent and on strike from Cobre Limited’s Ngami project, which itself carries an exploration target of 205 to 308 million tonnes — the geophysics has identified clear areas of conductive and resistive units that are interpreted as possible indications of the target horizon contact between the Ngwako Pan and D’Kar Formations.

That contact — the N/D contact, in KCB shorthand — is the postcode you want your licences to be delivering mail to.

It hosts Khoemacau.

It hosts Motheo.

It hosts Ngami.

And it appears to be present beneath Serval’s ground (with all the usual caveats).

On PL231, sitting on the Botswana side of the Namibia border in a neighbourhood where South32 is actively evaluating ground on the other side of the fence, the survey has identified an anticlinal structure in the northern part of the licence — exactly the kind of structural trap that concentrates mineralisation in the KCB.

The survey has also given the team precise information about sand cover depth across the licence, ranging from around 20 metres in the north to around 90 metres in the south, which is operationally useful for designing what comes next.

And on PL061 — announced yesterday — the magnetic survey has identified the D’Kar and Ngwako Pan Formations in the southern portion of the licence, with a broad curved low magnetic anomaly consistent with anticlinal or synclinal geometry.

The team has flagged that electromagnetic or electrical resistivity methods will be needed to more precisely define the target horizon here, but crucially they now know where to point those tools.

Of course, these aren’t drill results and they don’t put a resource on the board. But it’s exactly what systematic, capital-disciplined exploration looks like at this stage — building the geological picture, refining the targets, and not wasting a drill bit until you know where to put it.

As Robin Birchall put it in the PL061 announcement: systematic exploration, short turnaround times and capital discipline.

For a company at this stage, trust me, this is the correct mantra.

Bigger Picture

Nothing has changed about the underlying thesis. If anything, the context has improved.

MMG — the owner of Khoemacau, Serval’s nearest significant neighbour in the KCB — has seen the record high copper price re-rate it to a double-digit billion pound company. Sandfire, the operator of Motheo, has similarly re-rated, now sitting at high single digit billions.

The asset that MMG acquired for $1.9 billion is probably worth four or five times that today.

When Birchall told me in our recent interview that every major integrated miner you care to name has either signed an NDA with Serval or been in conversation with them — mostly interested in Namibia, but some in Botswana too — it did not surprise me.

The ground is good, the neighbourhood is exceptional, and the majors are well aware that porphyries are picked over, VMS deposits are small, and sediment-hosted copper in stable African jurisdictions is exactly where you want to be building inventory for the next decade.

The Namibian asset, at Omatapati, remains the most advanced and most exciting near-term catalyst. The first Serval-operated drill programme is planned for H2 2026, targeting the strike extensions and depth continuity of the 20-metre and 27-metre intersections already in hand.

A maiden JORC resource at Omatapati would not just trigger the first milestone payment to the vendor — it would transform the company’s market profile entirely. Birchall’s own arm-wave estimate, shared with me candidly, is that 30 million tonnes at around 1.4-1.5% copper is a realistic aspiration for that asset.

Going into production, or into a transaction, that number implies a company value of £300 million to £500 million.

The current market cap is a fraction of a fraction of that.

And then there is Côte d’Ivoire, sitting in the background with its IOCG signatures, its Cu-Au associations in soil, and its circular anomaly consistent with a mineralised intrusive body — currently not a budget priority, but not going anywhere either.

When the time comes, the cost of entry remains so low that even a modest confirmation at depth would justify the expenditure many times over.

The Bottom Line

Serval Resources is not going to make anyone rich next week. It’s an exploration company at the beginning of a multi-year programme, and it should be sized accordingly in any sensible portfolio.

But the team is moving fast, the results are coming in on schedule, the geological logic is sound, the neighbourhood is exceptional, and the gap between the current market cap and what this asset package could be worth — with even modest exploration success — is quite something to contemplate.

All my big winners started at the ground floor.

The geophysics is pointing in the right direction.

The drills go in later this year.

Watch this space.