Genmin has secured A$3.0 million in director-backed funding to push forward its Baniaka iron ore project in Gabon, a key step as the company works toward development and first production. The money will help Genmin advance project work, support early-stage development, and strengthen its next financing milestones.
The new funding comes through a convertible note-style deal with ID Advisors, a large family office with mining experience in iron ore and steel. The package is for US$3 million, which is about A$4.64 million, and includes unsecured notes plus more than 115.75 million unlisted options in two tranches. The notes carry a 12% coupon, are due on 30 June 2027, and can be converted into Genmin shares at $0.040 per share.
This support matters because Baniaka is Genmin’s 100% owned iron ore project in the Republic of Gabon, in west Central Africa. The company plans to develop the project first at 5 million tonnes per annum and then expand it to at least 10 million tonnes per annum over time. Genmin is targeting commercial production in late 2026, making funding and build progress important in the months ahead.
FAQs [Frequently Asked Questions]
1. What did Genmin secure?
Genmin secured A$3.0 million in director-backed funding to support development of its Baniaka iron ore project in Gabon.
2. How will the money be used?
The funds will help advance early project work, support development activities, and move Baniaka closer to production.
3. When could Baniaka start production?
Genmin is targeting commercial production in late 2026, subject to financing and development progress.