131.9M Shares Issued at A$0.01 in Genmin’s First Placement Tranche
Genmin Limited has successfully completed the first tranche of its capital raising, issuing over 131 million shares to fund its flagship Baniaka iron ore project in Gabon, targeting production by late 2026.
- Tranche 1 placement raised A$1.32 million at A$0.01 per share
- 131.9 million new shares issued to institutional and professional investors
- Tranche 2 placement pending shareholder approval in December 2025
- Baniaka project holds 20-year mining permit and environmental approval
- Commercial production targeted for late 2026 with initial 5Mtpa output
Capital Raise Milestone
Genmin Limited, an emerging iron ore producer focused on Gabon, has announced the completion of tranche 1 of its recent placement, successfully raising A$1.32 million through the issuance of approximately 132 million new shares at a modest price of one cent each. This capital injection is a critical step in advancing the company’s flagship Baniaka iron ore project towards commercial production.
Strategic Project Development
The Baniaka project, located in south-east Gabon near the provincial capital Franceville, is positioned as a promising new iron ore hub. Genmin holds a 20-year mining permit alongside environmental certification, providing the regulatory foundation to develop what is expected to be Gabon’s first commercial iron ore mine. The company aims to commence production by late 2026, initially targeting an output of 5 million tonnes per annum, with plans to scale up to at least 10 million tonnes over time.
Next Steps and Financing
While tranche 1 of the placement was completed using existing placement capacity, tranche 2 remains subject to shareholder approval at a general meeting scheduled for mid-December 2025. Securing this additional funding will be pivotal as Genmin moves towards project-build financing, with ongoing discussions underway with potential financing partners. The company’s ability to secure these funds will directly influence the timeline and scale of Baniaka’s development.
Broader Portfolio and Regional Context
Beyond Baniaka, Genmin’s portfolio includes the Bakoumba iron ore project nearby and the Bitam polymetallic exploration project in north-west Gabon. The proximity of these projects to existing bulk commodity transport and renewable energy infrastructure enhances their commercial viability. Genmin’s strategic positioning in Gabon taps into a resource-rich region with growing mining potential, supported by government agreements and environmental compliance.
Outlook
Genmin’s recent capital raise and regulatory milestones underscore its commitment to becoming a significant iron ore producer in Africa. However, the company’s progress hinges on successful shareholder support for tranche 2 and securing project financing. Investors will be watching closely as Genmin navigates these next phases, which will shape its trajectory in the competitive iron ore sector.
Bottom Line?
Genmin’s next moves on financing and shareholder approval will be crucial to unlocking Gabon’s iron ore potential.
Questions in the middle?
- Will shareholders approve tranche 2 of the placement in December?
- What financing terms will Genmin secure for the Baniaka project build?
- How might global iron ore market conditions impact Genmin’s production plans?
