Technical Due Diligence Across Multiple Projects for Traxys Europe S.A.

The Challenge / The Scope:

As a globally integrated commodity trading and investment group, Traxys Europe S.A. routinely evaluates opportunities for debt financing, equity participation, and offtake agreements across a wide portfolio of mineral projects. These opportunities span various commodities, technical maturities, and jurisdictions, often under tight decision-making timelines.

To support its investment strategy and commercial partnerships, Traxys requires independent, techno-economic due diligence to assess the technical, operational, and financial viability of prospective projects. This includes identifying key risks, validating public and internal technical disclosures, and assessing the project’s alignment with Traxys’ strategic and commercial objectives.

Micon has been engaged on multiple occasions to conduct tailored due diligence reviews across polymetallic, base, and industrial metal projects. These assessments have covered underground and open pit operations, processing facilities, and projects at various stages. Projects assessed include ramp-up, restart and expansion scenarios  in countries such as North Macedonia, Australia, Turkey, Finland, and Mexico. Each engagement required a bespoke approach, depending on the nature of the opportunity and the role Traxys intended to take, from financing to operational partnership.

Micon’s Approach:

Micon applied its Technical Due Diligence Framework - a structured, risk-based methodology tailored to the scope and commercial context of each engagement. The process began with a high-level “fatal flaw” screening, focused on core technical pillars such as mineral resources and reserves, mining methods, processing design, infrastructure readiness, and ESG factors. Where warranted, this was followed by targeted, site-based investigations to evaluate critical risks and validate key assumptions.

Each discipline was assessed using specialised methodologies. In geology and resources, Micon reviewed or constructed 3D geological models, evaluated QA/QC protocols and classification logic, and assessed the reliability and relevance of historical data. For mining and life-of-mine planning, our reviews examined method suitability, dilution and recovery assumptions, stope or pit design criteria, and operational efficiency.

Metallurgical due diligence focused on the adequacy of testwork, recovery projections, and flowsheet logic. Where relevant, Micon cross-checked financial model inputs against technical findings, benchmarked CAPEX and OPEX estimates, and assessed permitting status and ESG compliance.

This integrated approach, linking technical analysis to commercial outcomes, enabled Traxys to make informed decisions, identify and mitigate legacy risks, and move forward with confidence in complex and often fast-moving opportunities.

Results:

Micon’s due diligence analyses provided Traxys with technically grounded evaluations that directly shaped investment decisions and informed risk mitigation strategies. Across multiple projects, Micon identified material deficiencies in geological data quality, reserve classification practices, and grade control execution. These findings triggered targeted remediation efforts in areas such as resource modelling, permitting approach, and mine planning.

Micon’s independent assessments supported recalibration of mine designs, processing flowsheets, and throughput assumptions, contributing to more accurate asset-level valuations. In selected cases, cost benchmarking and input sensitivity analysis enabled scenario testing of project viability and operating flexibility. These insights allowed Traxys to quantify technical and commercial risks, sharpen deal structuring, and prioritize high-impact improvements post-acquisition. Micon’s work helped ensure alignment between project fundamentals and Traxys’ strategic investment criteria under real-world operating conditions.