Q&A Lycopodium SAXUM Partnership

August, 2025

S

The Lycopodium/SAXUM Partnership

AXUM and Lycopodium are pleased to formally share details of their strategic partnership—an alliance that brings together two

Highlights

engineering firms with complementary strengths and a shared

commitment to technical excellence, innovation, and client-focused delivery.

Page 2.

This collaboration enhances both organisations’ ability to support complex,

Why the Partnership?

multidisciplinary projects across Latin America and other key markets.

To provide greater insight into the purpose and future of this alliance, we present an exclusive interview with Guillermo Etse, Executive Director &

Discover the core motivations that led both SAXUM and Lycopodium to pursue this strategic partnership.

Q&A

CEO of SAXUM, and Peter De Leo, Managing Director & CEO of Lycopodium.

In this discussion, both leaders reflect on the drivers behind the partnership, the opportunities it creates, and what clients can expect in terms of continuity, added value, and expanded capabilities.

Page 3.

Key Benefits of the SAXUM– Lycopodium Alliance.

Explore how this alliance expands reach, capabilities, and impact.

Page 5.

What does the partnership mean for SAXUM? A look at how the partnership Peter De Leo (PDL) Managing Director & CEO Lycopodium Limited

Guillermo Etse (GE) Executive Director & CEO SAXUM

Who is SAXUM, and how has the company evolved over time?

redefines operations while preserving SAXUM’s identity.

Page 6.

level engineering and project management services to the industry.

Bringing Global Expertise to Latin America.

Over the past three decades, we have grown into a specialized firm

See how Lycopodium’s

serving the mining and cement sectors, with a strong footprint across

international project delivery

the Americas—particularly in Argentina, Brazil, and the United States.

experience aligns with the

GE: SAXUM was founded in 1996 with a clear vision: to deliver high-

region’s unique dynamics.

Today, SAXUM has contributed to more than 400 projects worldwide, offering value-added engineering solutions that span metallurgical, lithium, cement, and lime processes, as well as mechanical, piping, civil, structural, electrical, automation, and control disciplines. Our portfolio also includes project and construction management across industries such as mining, cement/lime, manufacturing, grain/seed, and infrastructure.

1

"This partnership strengthens SAXUM’s mineral processing expertise and expands it's EPCM and modular system capabilities."

Guillermo Etse - SAXUM

This evolution reflects our commitment to quality, technical excellence, and longterm partnerships with an increasingly global clientele.

Who is Lycopodium, and what is the story behind its foundation and growth?

PDL: Lycopodium was founded in 1992, as a small, privately-owned engineering

2

company

based

in

Perth,

Western

Australia. Lycopodium was listed on the ASX in 2004 and over the past three decades has built its reputation by successfully delivering studies and projects around the world, including in Africa, Australia, Southeast Asia and North and South America.

We work across most major commodities, including gold, lithium, diamonds and gems, copper, nickel, battery minerals, mineral sands, uranium, graphite and other rare earths.

While its headquarters remain in Perth, the Company has steadily grown its global footprint over the years, with offices in Australia, Canada, USA, Argentina, Brazil, Peru, South Africa, Namibia, Botswana, Ghana and the Philippines.

What was the fundamental impetus for deciding to embark on this endeavour?

PDL: A key strategic focus for Lycopodium has been to extend its core capabilities across the global market, where we believe its skillset and experience will be valued. Lycopodium has historically delivered its services across a broad range of geographies however predominantly in Africa and the Australasian and Asian regions.

Although Lycopodium has completed some significant work on projects in the Americas, a key example being the delivery of the engineering, design and technical field support for First Quantum’s Cobre Panama Project, we considered there was significant opportunities for Lycopodium to extend its services across the Americas and particularly into Latin America. The Americas accounts for over 30% of the hosted minerals resources globally and to help us achieve our objectives we considered it necessary to have ‘boots on ground’, with Latin Americans as part of the team.

Although we opened the Toronto office in 2011, to tangibly service the North American clientele, when considering Latin America,

Today, Lycopodium is considered a global leader in integrated engineering, project, construction and asset management, spanning the Resources, Rail Infrastructure and Industrial Processes sectors.

we believed there was a need for people with an understanding of the local settings and execution approach within the organization.

Our office in Lima, which we opened in late 2023, is in its initial stages and at this time is more of an inward facing value engineering office. We didn’t believe it possible to build the networks, develop the understanding of the culture or the various local settings on a

Two Engineering Forces, One Shared Goal The Story Behind the Partnership

purely ‘organic’ basis and considered

for SAXUM to partner with a globally

have consistently delivered across

we needed to seek a relationship with a

recognized leader in the mining sector.

the Americas.

suitably sized company and partner that

This alliance strengthens our ability

was culturally a good fit, and SAXUM is

to participate in, and benefit from, the

Lycopodium clearly embodies the

both of these things.

development taking place in the regions

qualities of an ideal strategic partner

where we operate.

to help advance SAXUM’s growth

GE: Two key factors supported SAXUM’s

strategy across the diverse markets

decision to join forces with Lycopodium.

Second,

in

the

cement

and

lime

First, the Latin American mining industry—

industry—SAXUM’s other core business

where SAXUM holds a strong presence

pillar—it is strategically important to

and solid reputation—is expected to

provide our clients, including some of

experience significant growth in the short

the world’s largest cement and lime

What are the key benefits this partnership brings to both SAXUM and Lycopodium?

to medium term, largely driven by foreign

producers, with integrated engineering

GE: This strategic alliance marks a

investment. To play a leading role in the

and project management services in key

significant milestone for SAXUM

engineering and management of these

regions such as Africa, Asia, and APAC,

as it integrates into the globally

projects from the outset, it is essential

maintaining the same high standards we

respected Lycopodium organization.

we serve.

The partnership enhances SAXUM’s capabilities in mineral processing, supports the adoption and expansion of EPCM methodologies, and fosters the development of modular systems tailored to the mining sector. It also sets the stage for accelerated growth both regionally and internationally.

By leveraging Lycopodium’s reputation and client network, SAXUM strengthens its presence in Argentina, Brazil, and Latin America, while also gaining access to new markets in Africa, the APAC region, and Asia.

“With over 30% of the world’s minerals in the Americas, success required boots on the ground—Latin Americans embedded as part of the team. Local networks and cultural insight don’t grow organically; we needed a partner with the right scale and mindset.

SAXUM was the perfect fit.”

Peter De Leo - Lycopodium

This expanded reach, particularly in the cement and lime industries, allows

SAXUM

multidisciplinary

to

deliver

its

engineering

and

project management expertise on a broader scale. As part of a publicly listed company, SAXUM benefits

3

importance of our teams getting

projects

How do the two organizations intend to work together from a functional/logistical perspective?

while maintaining its identity and

PDL: With the expanding business,

people in our Perth office and had

entrepreneurial spirit. This strategic

we have been focused over the

Lycopodium personnel spend time

move positions SAXUM to diversify

past few years, on the integration

with the team in Tucumán.

its project portfolio, access global

of

best practices, and grow into new

collaboration

consistency

GE: Companies like Lycopodium

specialties and markets.

in approach across our global

and SAXUM view their human

operations and the systems we

resources, culture, and systems/

SAXUM

now have in place facilitate work

procedures as core and highly

facilitates Lycopodium’s continued

sharing across our geographical

valuable components of how they

growth in Latin America and the

locations. For us, it is business as

operate and deliver value to clients.

US. It provides Lycopodium with

usual to have, for example, design

As such, our logistical plan for joint

additional sectoral diversification,

and engineering being performed

operations is fundamentally based

with

capabilities

in Manila, for a project being

on the integration of systems

in cement and other aligned

delivered in Africa jointly by our

and procedures, supported by an

industries, but most importantly

Americas team (where the client is

intensive program of personnel

provides

located) and our African team (with

exchange and collaboration for

physical presence in the form of

proximity to the project site).

the development and execution of

a mature organization and team

We

from increased global visibility and

credibility.

The

alliance

enables the company to pursue larger,

4

PDL:

more

complex

Joining

with

SAXUM’s

the

Company

with

new

systems

also

and

to

to know each other face-to-face, and in this regard we have already hosted a number of key SAXUM

support

understand

the

global projects.

of high-quality professionals in Argentina, Brazil and the US.

This strategic acquisition further enhances our capabilities, expands our service offering and positions us more competitively in the global market, enabling us to establish a material footprint in Latin America.

“

Guillermo Etse SAXUM

“While our brand, values, and commitment to highquality engineering remain the same, this partnership strengthens SAXUM's identity and expands our reach—especially in mining across the Americas and cement globally.”

From a delivery perspective, we will continue to uphold our clientfocused approach, with the same proximity and responsiveness that characterizes SAXUM’s work.

However, we will now be supported by a larger pool of multidisciplinary professionals,

allowing

for

greater

scalability, technical depth, and delivery assurance,

especially

for

large

and

complex projects.

In short, clients can expect the same personal engagement and commitment they are accustomed to, now with enhanced capabilities and a reinforced spirit of excellence and innovation, thanks to this alliance.

PDL:

Both

Lycopodium

and

SAXUM

are technically focused value driven

Will this partnership impact SAXUM’s identity and operations?

GE: Our brand, core values, commitment to delivering high-quality engineering solutions, and organizational structure remain unchanged. However, this partnership will strengthen SAXUM’s identity and capabilities, particularly in serving the mining industry across the Americas, while also enabling significant geographic expansion of our services to the cement and lime industries.

Clients will continue working with the same trusted project managers and engineers they have always known. At the same time, both our clients and the broader market will benefit from a wider spectrum of services and technical capabilities, now enhanced by the corporate strength and global expertise of Lycopodium.

What should clients expect from this partnership in terms of delivery, innovation, or added value?

GE: For SAXUM, this partnership with Lycopodium represents a unique opportunity

organizations. The cultural alignment is strong with a commitment to innovation and continuous improvement being part of the fabric of each organization. From Lycopodium’s side it has historically participated in world-leading Research & Development projects that are determining the path forward across a spectrum of new industries and technologies. This includes in digital engineering, process optimisation

and

emerging

energy

sources and storage solutions to support the decarbonization of mine sites. We see many similarities in the approach taken and values held by SAXUM.

to deliver even greater value to our clients by combining global experience with deep regional knowledge. Our clients will benefit from a broader and more robust technical offering, enhanced by access to cutting-edge innovation, tools, and best

One Team.

Boundless Possibilities

practices from Lycopodium’s international operations.

5

Q&A Engineering the Future—Together

Clients can expect to see a continuation of this spirit of innovation and commitment to engineering and project delivery excellence leveraging the additional personnel and breadth of expertise which have now been enhanced.

As a combined force, what do you collectively bring to the Latin American market that differentiates you from others?

PDL: The Lycopodium DNA is first principles engineering and integrated

the Americas and we now have a greater

decades of experience working across

ability to deliver exceptional value for

the region, with a proven track record

them there too.

of delivering successful projects under the technical, logistical, regulatory, and

How has the journey been thus far?

cultural complexities that are unique to

PDL: The leadership and team at SAXUM

Latin America.

are highly qualified and talented. They value engineering excellence and are

Our clients will benefit from a seamless

client focused and value centric. These

integration of global best practices with

qualities reflect those within Lycopodium

local execution capabilities, ensuring not

and consequently it has been a pleasure

only technical excellence but also agility,

to welcome the SAXUM team to the

adaptability, and cost-efficiency.

Lycopodium family. The SAXUM business will continue to be managed by the

such as ourselves becoming managers of

Together with Lycopodium, we now offer a powerful combination: world-renowned engineering depth, integrated project delivery, modular design leadership, and a highly experienced in-country team that understands how to navigate

packages which are assembled and joined

the

together to provide the solution.

projects in the region.

At Lycopodium we believe there exist

ability for it to be designed to be fit for

How does Lycopodium’s experience in delivering projects in other parts of the world translate to the Latin American landscape?

its intended duty, highly constructable,

PDL: Latin America offers unique physical

operable

and social challenges but having cut

project delivery of plants designed by Lycopodium. That has always been our

6

proximity to our clients. SAXUM brings

approach for which we are well regarded.

This is not always the norm across the Americas where you often see engineers

significant advantages to a single fully integrated plant design maximizing the

and

maintainable

without

compromise and at no additional cost.

practical

realities

of

executing

our teeth on projects throughout Africa, Australia and Asia, we are undaunted by

have

a shift in culture, climate or conditions,

a reputation for quick ramp-up and

retaining a willingness to understand the

operational competence, often exceeding

regional nuances.

Lycopodium

nameplate

processing

capacity,

plants

incumbent leadership team, with this well established and respected organization positioning us favourably for further expansion and success in the Americas.

GE: From the very beginning, our journey with Lycopodium has been defined by a strong alignment in values, culture, and professional standards. Both organizations share a deep commitment to engineering excellence, client service, and integrity— making the integration process smooth and mutually enriching.

We’ve found in Lycopodium not just a strategic partner, but a likeminded group of professionals who share our passion for quality, our collaborative mindset, and our longterm commitment to building strong relationships—with clients, colleagues,

complemented

by quality fit-for-purpose associated

There is a lot in Latin America which is

infrastructure and services. Adding this

similar to many of the settings in which

capability to SAXUM’s expertise, local

Lycopodium has delivered its projects,

knowledge and established relationships

but there is also a lot which is different

in the Latin American market is an

too. You always have to be mindful of

exciting proposition.

the local circumstances, local delivery

GE: From SAXUM’s perspective, what

licence-to-operate, local capacity, etc.

truly differentiates this combined force

Understanding that, is part of our service

in the Latin American market is the fusion

philosophy. Interestingly, we have many

"SAXUM brings decades of experience working across the region, with a proven track record of delivering successful projects under the technical, logistical, regulatory, and cultural complexities that are unique to Latin America."

of world-class engineering standards

clients whom we are servicing on projects in Africa or Australia who have projects in

Guillermo Etse - SAXUM

with deep regional understanding and

settings, and execution, labour laws,

&

"Our strategy is to work together, combining our respective strengths to provide a worldclass offering to our clients."

Peter De Leo - Lycopodium and communities alike. The level of trust, mutual respect, and shared vision we’ve established has created a highly productive working environment and lays a strong foundation for future growth. We’re happy to be part of Lycopodium and excited about what we can achieve together.

What is the long-term vision for this partnership, and how do you see it evolving over the next five to ten years?

PDL: In the short-term our focus is on bedding down SAXUM into Lycopodium and Lycopodium into Latin America. We are already starting to see integration across the two organizations, both in terms of systems and how we operate, and in terms of our approach to opportunities in the market, bringing together our combined expertise and knowledge to deliver a comprehensive offering for clients operating in Latin America.

This will be a journey that will evolve over time, we are certainly not looking to change things overnight, our strategy is to work together, combining our respective strengths to provide a world-class offering to our clients. We are mindful of creating a simple collaboration model tailored to the needs of our clients and their projects, tapping into the strengths of the combined groups which we have no doubt will deliver significant value.

Chris Banting (third from the left), Lycopodium Group Finance Manager, visiting SAXUM’s Tucumán office alongside members of SAXUM’s Finance and HR teams.

Asia, and the broader APAC region by leveraging Lycopodium’s global footprint.

This alliance enables us to evolve from a regionally focused firm into a global engineering partner, participating in high-impact projects across multiple continents, while preserving the agility, dedication, and client proximity that define us.

We also anticipate a deeper integration of teams, systems, and capabilities, particularly in areas such as innovation, modular solutions, and digital engineering, which will enhance our efficiency and responsiveness to the evolving needs of the industries we serve.

Our long-term vision is clear: to become a leading global reference in engineering and project delivery for the mining and heavy industries, with a solid

SAXUM team members from the Finance, HR, and Engineering departments from the Tucumán office visiting Lycopodium’s Perth headquarters in July 2025.

GE: From SAXUM’s perspective, this partnership represents a longterm commitment to building a global platform for engineering and project delivery, firmly rooted in technical excellence and

operational base in the Americas and full synergy with Lycopodium.

For more information about SAXUM and Lycopodium, we invite you to visit our websites:

client focus. Over the next five to ten years, we envision SAXUM–

www.saxuming.net

Lycopodium consolidating its leadership in the mining, cement, and

www.lycopodium.com

lime sectors across the Americas, while expanding its operational presence and expertise in the cement and lime markets into Africa,

7

www.saxum.us 8

www.lycopodium.com