INVESTMENT HIGHLIGHTS

Atlantic Strategic Minerals (“ASM”) constitutes a package of strategically located and producing mineral sands deposits and processing facilities located in Virginia and North Carolina, USA. The Virginia assets include the Millrun and Hickory deposits, a wet concentration plant and a mineral separation plant that were successfully restarted in early 2025 (following final investment decision in March 2024). The North Carolina assets include the greenfield Aurelian Springs project which forms a core component of the future ASM growth plan.

The properties include some of the highest-grade mineral sands resources globally, producing high-quality ilmenite and zircon from a historically operating mine. Appian was able to leverage its deep development and operational expertise to de-risk and restart the mining operations.

The Properties are well-positioned to provide a domestic supply of mineral sands and have long-term offtake contracts in place with tier-1 counterparties. The Transaction also advances Appian’s mineral sands strategy and complements its investment in Gippsland Critical Minerals, an existing mineral sands portfolio company in Victoria, Australia.

For more information about ASM please click here.