MMT Commodity Trade Finance AMC

Strategy Overview

MMT Metals & Minerals Trade Finance AMC provides short-duration working capital to MMT Holding’s physical commodity trading operations. Capital is deployed through a participating profit-linked note to finance approved procurement, toll-treatment, logistics, and delivery cycles across established trading corridors.

The strategy is asset-light: the AMC does not finance plant ownership or capex. Processing is conducted through contracted toll-treatment counterparties and established logistics partners, with returns linked to completed trade cycles and agreed revenue-sharing mechanics.

Indicative terms

Instrument	Actively managed certificate
Underlying exposure	Metals & minerals trade finance
Structure	Participating profit-linked note
Return model	50/50 share of net trading margin after approved direct transaction costs; subject to product terms
Commodities	Approved metals and minerals, subject to transaction-level diligence
Geography	Zambia · Zimbabwe · UAE / KEZAD
Use of Proceeds	Procurement, toll treatment, logistics, and delivery costs
Cycle tenor	Subject to product terms

Indicative terms

Instrument	Actively managed certificate
Underlying exposure	Metals & minerals trade finance
Structure	Participating profit-linked note
Return model	50/50 share of net trading margin after approved direct transaction costs; subject to product terms
Commodities	Approved metals and minerals, subject to transaction-level diligence
Geography	Zambia · Zimbabwe · UAE / KEZAD
Use of Proceeds	Procurement, toll treatment, logistics, and delivery costs
Cycle tenor	Subject to product terms

Key parties

Investment Manager	AIP Capital Management Limited, Cayman Islands
Custodian	CBH Compagnie Bancaire Helvétique SA
Product / Note Counterparty	MMT Holding / SPV / issuer, as applicable
Distribution Agent	AIP Advisory, UAE – IFTZ
Bloomberg Reference	Available / ticker available on request
Toll-Treatment Counterparties	Approved contracted processors
Logistics Counterparties	Approved logistics partners

Key parties

Investment Manager	AIP Capital Management Limited, Cayman Islands
Custodian	CBH Compagnie Bancaire Helvétique SA
Product / Note Counterparty	MMT Holding / SPV / issuer, as applicable
Distribution Agent	AIP Advisory, UAE – IFTZ
Bloomberg Reference	Available / ticker available on request
Toll-Treatment Counterparties	Approved contracted processors
Logistics Counterparties	Approved logistics partners

The opportunity

Working capital cycle

Risk transfer to counterparties

Licensed miners in Zambia

Selected approved commodities

Subject to transaction-level eligibility

Gold

Silver

Copper

Coal

Fertilizer

Molasses

Investment process

Transaction Controls: Each deployment is expected to be linked to an approved trade cycle, with controls covering supplier diligence, KYC / KYB, title documentation, assay or quality verification, logistics documentation, contracted processing, offtaker approval, payment routing, and cycle-level reconciliation.

Source the commodity

MMT sources approved metals and minerals across Zambia, Zimbabwe, and Abu Dhabi through established supplier, buyer, processor, and logistics relationships.

Deploy the capital

AMC capital funds approved procurement, toll-treatment, logistics, and delivery costs. The mandate does not finance plant ownership or capex; processing is conducted through contracted toll-treatment counterparties.

Sell and distribute

Processed commodity is sold to approved offtakers through established trading corridors. Proceeds are distributed according to the agreed revenue-sharing waterfall for each completed cycle.

Source the commodity

MMT sources approved metals and minerals across Zambia, Zimbabwe, and Abu Dhabi through established supplier, buyer, processor, and logistics relationships.

Deploy the capital

AMC capital funds approved procurement, toll-treatment, logistics, and delivery costs. The mandate does not finance plant ownership or capex; processing is conducted through contracted toll-treatment counterparties.

Sell and distribute

Processed commodity is sold to approved offtakers through established trading corridors. Proceeds are distributed according to the agreed revenue-sharing waterfall for each completed cycle.

Selected Risk Considerations: The mandate is exposed to commodity price risk, sourcing risk, assay and quality risk, counterparty risk, toll-treatment risk, logistics risk, country risk, FX risk, sanctions / AML risk, title documentation risk, liquidity risk, and potential loss of capital. Revenue sharing is subject to completed trade cycles and final transaction documentation.

This material is intended solely for sophisticated investors and does not constitute an offer or solicitation in any jurisdiction where such offer is unlawful. AIP Capital Management is registered with the Cayman Islands Monetary Authority (CIMA); however, CIMA does not guarantee the performance of the fund or the accuracy of this material. Past performance is not a guarantee of future returns; the value of investments may fall as well as rise. Before investing, please read all offering documents carefully.