The Waterberg deposit is a magmatic layered Bushveld type of palladium and platinum mineralization with significant copper and nickel. The deposit is confirmed by age-dating by Wits University to be Bushveld in age. The host rocks are magmatic high iron magnesium rocks, classic for magmatic copper nickel deposit types. The deposit has a consistent dip and strike in general terms with a value zone in a rock package with distinctive markers. In detail, the value zone crosses small scale lithologic layers.

The Bushveld and Molopo Complexes in the Kaapvaal Craton are two of the most well known mafic/ultramafic layered intrusions in the world. The Bushveld complex was intruded about 2,060 million years ago into rocks of the Transvaal Supergroup, largely along an unconformity between the Magaliesberg quartzite of the Pretoria Group and the overlying Rooiberg felsites. It is estimated to exceed 66,000km2 in extent, of which about 55% is covered by younger formations. The Bushveld Complex hosts several layers rich in Platinum Group Metals (PGM), chromium and vanadium, and constitutes the world's largest known resource of these metals.

The Waterberg Project is situated off the northern end of the Northern Limb, where the mafic rocks have a different sequence to those of the Eastern and Western Limbs.

PGM mineralization within the Bushveld package underlying the Waterberg Project is hosted in two main layers: the T-Zone and the F-Zone.

The T-Zone is a linkable unit, which includes five identifiable layers. The three mineralised and economical potential layers are the T1 Layer, the T2HW Layer (Middling between T1 and T2), and the T2 Layer.

Mineralisation within the T1 Layer is hosted in a troctolite with variations in places where troctolite grades into feldspathic harzburgite. In other localities, olivine bearing feldspathic pyroxenite grades into feldspathic harzburgite. The 4E grade (g/t) is typically 1-7g/t with a Pt:Pd ratio of about 1:1.7. The Cu and Ni grades are typically 0.08% and 0.08% respectively.

The unit is mineralised with blebby to net-textured Cu-Ni sulphides (chalcopyrite/pyrite and pentlandite) with minimal Fe-sulphides (pyrrhotite). The thickness of the layer varies from 2m to 6m.

Mineralisation within the T2 Layer is hosted in Main Zone norite and gabbronorite that shows a distinctive elongated texture of milky feldspars. In some instances, the T2 gabbronorite/norite tends to grade into pyroxenite and in places into a pegmatoidal feldspathic pyroxenitic phase, with the same style of mineralization as in the gabbronorite/norite. Lithologically, the T2 Layer is generally thicker than the T1 Layer. The high grade zones range from 2m to approximately 10m within these lithologies. Sulphide mineralization in the T2 Layer is net textured to disseminate with higher concentration of sulphides compared to the overlying T1 Layer. The 4E grade (g/t) is typically 1-6g/t with a Pt:Pd ratio of about 1:1.7. The Cu and Ni grades are typically 0.17% and 0.09% respectively.

A thick package of norite and gabbronorite ranging from 100m to about 450m underlies the T-Zone and overlies the F-Zone.

F-Zone mineralization is hosted in a thick package of troctolite, which usually has small bands of pyroxenite and/or pegmatoidal pyroxenite and harzburgite. These layers or pulses were identified using their geochemical signatures and various elemental ratios. The initial subdivision was into a harzburgitic layer (FH) which is underlain by a pyroxenitic layer (FP). The harzburgitic layer (FH) was further subdivided into six units of varying thickness based on the noted significant occurrence of chrome in the geochemical signature. In each case, the concentration of the chrome falls off steadily going up in the sequence until the next significant occurrence of chrome is noted.

The dip of the orebody varies from approximately 20° to over 50°. The minimum mining height considered as part of this study is 3m. The maximum thickness of the target areas is well in excess of 25m.

Due to the complex nature of the orebody with varying thickness, varying dip and varying grades, a number of different mining methods have been utilized. These include the following:
- Blind Longitudinal Retreat (BLR)
- Sub-level Open Stoping (SLOS) – Transverse
- Sub-level Open Stoping (SLOS) – Longitudinal.

The selected process design makes use the following key unit processes:
- Crushing and Screening
- Milling
- Flotation
- Tailings Disposal
- Concentrate Filtration and Dispatch
- Reagent Make Up and Dosing.

Run-of-Mine (RoM) ore at a top size of 350mm, from underground, will be conveyed to either one of two 6500t RoM silos for storage prior to the crushing circuit. The RoM ore will be extracted from the silos, in pre-determined ratios, at a controlled rate using variable speed vibrating pan feeders and discharged onto the primary crushing feed conveyor, which will convey the blended ore to a vibrating grizzly screen. The screen oversize material will report to a single jaw crusher for size reduction to -255mm, while the undersize material will be combined with the primary crushed material onto the primary crusher product conveyor, which in turn will transfer the primary crushing circuit product to the screening circuit. Provision will be made for dust suppression at the primary crushing area.

The primary crushing circuit product will be conveyed to either one of two, dual deck, coarse ore screens for classification into 3 siz fractions:
- The coarse ore screen oversize product will be conveyed to either one of two secondary cone crushers for further size reduction.
- The coarse ore screen's middling product will report to the tertiary crusher feed conveyor which in turn will convey the material to either one of the two tertiary cone crushers.
- The coarse ore screen's undersize product will report directly to the mill silo feed conveyor.

The undersize products from the coarse and fine ore screening circuits will report to a dedicated 10 000 ton mill feed silo. The mill feed material will be extracted from the mill feed silos at a controlled rate, via dedicated duty/standby belt feeder arrangements.

Provision will be made for spillage/scats reloading as well as primary milling grinding media addition to the mill feed belt.

The primary milling circuit will consist of a 9 MW, 6.31m × 9.15m EGL, grate discharge ball mill, operating in closed circuit with a classification screen. A de-chipping and trash removal system will be provided.

The primary milled product will be pumped to a classification screen, after which the screen oversize product will be recycled back to the primary mill feed while the undersize product will gravitate to the primary rougher flotation circuit, via a sampling system.

The primary milling classification screen undersize product will gravitate to the primary rougher feed surge tank via a sampling system, from where it will be pumped as feed to the primary rougher flotation circuit.

The primary rougher tailings, as well as the primary cleaner tailings, will report to the primary rougher tailings surge tank from where it will be fed to the secondary milling circuit.

The secondary milling classification cyclone overflow product will be pumped to the secondary rougher flotation circuit. The secondary rougher flotation circuit will consist of a single bank of 6 x 130m3 forced air tank cells in series to produce a single concentrate product. The concentrate product will gravitate to the secondary rougher concentrate sump from where it will be pumped to the secondary cleaning circuit. The secondary rougher tailings product will gravitate to the secondary rougher tailings sump from where it will be pumped to the scavenger flotation bank.

The primary rougher concentrate product will be pumped to the primary cleaning circuit, where it will be combined with the primary recleaner tailings product. The primary cleaning circuit will consist of a single bank of 3 x 20m3 forced air tank cells in series to produce a single concentrate, which will be pumped to the primary re-cleaning circuit.

The three concentrate products (high, medium and low grade) from each flotation module will report to the dedicated 35m diameter high rate concentrate thickeners. Each concentrate product will be sampled individually, prior to thickening. Provision will be made for trash removal via linear screen installations prior to thickening.

The thickened concentrate from each concentrator module will report to either one of three concentrate filter feed surge tanks, from where it will be pumped to the final concentrate filters.

The concentrate will be dewatered to a product containing less than 12% moisture. The final product will be stored on the floor from where it will be loaded into trucks for final transportation to the smelters.