Emerging African iron ore producer Genmin Limited (ASX: GEN) is pleased to announce the successful completion of the second and final tranche of its A$25.7 million Placement, following receipt of all required shareholder approvals at the Company’s Extraordinary General Meeting held on 16 December 2025.
Completion of Tranche 2, which raised approximately A$24.4 million, marks a significant milestone for Genmin, leaving the Company debt free and with a strengthened balance sheet. The enhanced financial position provides Genmin with strong working capital to accelerate all workstreams associated with project financing and progressing towards a Final Investment Decision (FID) for its flagship Baniaka iron ore project in Gabon.
The Placement materially strengthens Genmin’s capacity to capitalise on the recently executed Letter of Intent (LOI) with SHICO, announced on 1 December 2025, under which SHICO intends to become a cornerstone project participant by providing up to 60% of the required project financing. Together, the funding and the LOI position Genmin to advance Baniaka with greater certainty and momentum.
Demonstrating strong alignment with shareholders, directors and senior management invested more than A$8.3 million in the Placement. Following completion, directors collectively hold approximately 25.1% of the Company.
In parallel, Genmin has strengthened its leadership capability with the appointment of experienced mining executive Blair Sergeant as Strategic Adviser, adding further depth as the Company advances Baniaka towards development.
Foster Stockbroking and Canaccord Genuity acted as Joint Lead Managers and Bookrunners to the Placement.
Genmin Executive Chair Greg Lilleyman said:
“With the successful completion of Tranche 2, Genmin is now in a very strong financial position — debt free, well capitalised and supported by a highly committed Board and executive team.
This funding allows us to accelerate critical workstreams as we advance Baniaka towards a Final Investment Decision. Combined with the recently executed LOI with SHICO, we are moving closer to establishing Gabon’s first commercial iron ore mine and delivering long-term value for shareholders.”
The Company will continue to update the market as it progresses project financing discussions and advances Baniaka towards FID.
