ETL Consulting, through its wholly owned subsidiary, Premier-Mining Consortium, has secured a high value Iron Ore Prospecting Licence registered as Prospecting Licence (PL) 088/2024 located in the central district of Botswana near Serowe village. This Iron Ore deposit is located about 240 km north of Gaborone, 30km southwest of Serowe and to the north of the Mokgware Hills.

The first recorded reference to the Nakalaphala iron ore occurrence was made by Wayland (1945) who geologically mapped the area, collected samples and undertook geochemical analysis of the ore. Historical data confirms follow up exploration which occurred during a period of 1948 to 1949, an exploration programme consisting of opening of a shaft and trenching was carried out. Exploration for Iron Ore has been ongoing for several decades and significant findings and major achievements have been realized most recently. Two major types of iron ore have been discovered in the prospecting area which are the Massive High-Grade Replacement Type (Hematite and Magnetite) and Banded Deposit (Magnetite interbedded with Dolomite and Limestone). Geological studies revealed that a significant part of the high-grade replacement ore explored is outcropped and generally occurs at shallow depths. Extensive drilling programme was carried out by the previous iron ore prospecting companies. Desktop studies revealed drilling of exploration boreholes (RC) with more than 60 boreholes in the Nkalaphala area. Studies indicate that the prospecting area has economic potential with inferred resources of over 19 Million Tonnes of Iron Ore at an average grade of over 60% Fe203. Nakalaphala Iron Ore deposits can be categorized as mineralized blocks for more precise resources modelling.

The setting of the Prospecting License within partially unexplored and highly prospective geological settings provides good potential for mineral exploration and warrants further investment and expenditure. The use of previous borehole data, geochemical data and topography wireframes may lead to the upgrade of reserves. The Nakalaphala iron ore project can be an open cast with excavation, drill and blast, and load and haul mining operation. The potential of the area has been demonstrated through geological exploration over the past several years. Additional drill works, sampling and analysis will be undertaken to boost the confidence and upgrade the resource quantification models.

ETL will proceed to establish an Iron Ore Mine with a steel manufacturing component onsite for the production of steel Ingots. This product will be available to the European market whereat off-taker agreements have already been put in place.