Amigo Resources PLC (LSE: AMGO), a London-listed mining company focused on gold, platinum group metals and rare earth opportunities in Africa, has announced the successful production of metal ingots containing gold and platinum group metals (PGMs) from its Tanzanian operations. The 16.75 kg ingots were produced using mineral concentrates from the company's Kabete and Mojimoto projects, with contained osmium and iridium elements of 2.265%. The company has calculated a preliminary indicative gross contained metal value of US$1.05 million per tonne of produced ingot using reference market prices, though this remains subject to independent laboratory confirmation and should not be treated as realised or payable value.

Key Points

  • Amigo Resources PLC (LSE: AMGO) — London-listed African-focused gold and PGM miner
  • Metal ingots weighing approximately 16.75 kg successfully produced from Tanzanian mineral concentrates, containing osmium, iridium, copper, iron and gold
  • Preliminary indicative gross contained metal value of US$1.05 million per tonne of produced ingot, subject to independent confirmation; 12 tonnes of concentrate on hand for further metallurgical trials
  • Investors should watch for independent assay results, mass-balance studies, and progress on offtake and refining partner discussions

Ingot Composition and Preliminary Metal Valuation from Amigo's Tanzanian Mineral Concentrates

Based on the company's internal testing, the 16.75 kg ingots comprise copper at 62.459%, iron at 35.220%, osmium at 1.979%, iridium at 0.286%, and gold at 0.052%. The combined osmium and iridium content stands at 2.265%, equating to 379 grams within the ingots. On a one-tonne equivalent basis, this corresponds to approximately 19.76 kg of osmium and 2.87 kg of iridium. The announcement is explicit that these are preliminary internal readings and that independent assays using suitable PGM methods are required before osmium, iridium or gold quantities can be treated as confirmed metal inventory. The figures do not establish representative bulk grade or actual one-tonne production.

Copper-Assisted Pyrometallurgical Process Underpins Amigo's Integrated Recovery Strategy

The ingots were produced by combining physical beneficiation, concentrate upgrading and copper-assisted pyrometallurgical processing, with locally sourced copper used as a collector metal. The 379 grams of combined osmium and iridium were extracted from just 5 kg of concentrate, supplemented by approximately 10 kg of copper. Amigo's stated strategy is to maximise recovery of valuable metals alongside existing gold recovery activities from the same mineral processing chain. The company believes this integrated approach could improve overall resource utilisation and establish additional commercial opportunities from concentrates generated at its Kabete (51% owned) and Mojimoto (50.49% owned) operations in Tanzania.

12 Tonnes of Concentrate Inventory to Drive Further Metallurgical Trials and Assays

Amigo's Tanzanian operations have produced 12 tonnes of concentrate through testing and commissioning of the processing plants, which the company intends to use in further metallurgical trials, independent assays and mass-balance studies. The structured optimisation programme will focus on furnace charge composition, copper collector ratios, flux chemistry, temperature control and successive fusion stages, with the objective of improving metal collection efficiency and establishing a commercially scalable process. Executive Chair Craig Ransley stated in the announcement that, based on internal testing results, the concentrate on hand could contain in excess of 800 kg of osmium and iridium, though the announcement cautions there is no certainty the existing concentrate contains the same metal content.

Offtake and Refining Partner Discussions Under Way as Independent Validation Remains Critical

Amigo confirms it is in discussions with prospective offtake and refining partners regarding the potential commercialisation of its PGM-bearing metal products, including the percentage of contained metal value that the company would ultimately realise. The preliminary indicative valuation of US$1.05 million per tonne used reference prices including an iridium price of US$7,850 per ounce and an osmium price of US$12.86 per gram, accessed on 9 November 2026. Investors should note that the valuation remains subject to independent laboratory grade confirmation, representative sampling, refining recoveries and applicable commercial terms before any commercial conclusions can be drawn.