Key details of Genmin's supplementary prospectus

Genmin Limited (ASX: $GEN) has released a supplementary prospectus dated 6 March 2024, which supplements the prospectus dated 7 February 2024. The supplementary prospectus offers fully paid ordinary shares and unlisted options in the company. It is important for investors to read the entire document and consult their professional advisers if they have any questions.

Executive commentary on updates and clarifications

The Company clarifies its aim to increase scale at Baniaka to more than 20Mtpa in the future as an aspirational statement and not a production target. Additionally, Genmin outlines its targeted commencement of commercial production for Baniaka, sustainability efforts, and the positioning of its Baniaka Green® brand in the Chinese market. The Company also extends the closing date for the entitlement offer and provides updates on announcements made since the date of the prospectus.

Summary of Genmin's supplementary prospectus and outlook

Genmin's supplementary prospectus provides updates and clarifications regarding the offering of fully paid ordinary shares and unlisted options. The company aims to de-risk the scheduled 12-month build for Baniaka and targets the commencement of production by mid-2025, dependent on project financing closing around mid-2024. Furthermore, Genmin emphasizes its strong focus on environmental, social, and governance business principles, including ESG certification and commitment to using clean, renewable hydroelectricity to power Baniaka. The Company's proposed iron ore products from Baniaka are positioned to support the global initiative for greener steel production. Genmin has also made significant progress in positioning its Baniaka Green® brand in the Chinese market. The supplementary prospectus also includes an extended timetable and updates on announcements made since the date of the prospectus. Investors are encouraged to review the entire supplementary prospectus for a comprehensive understanding of the updates and clarifications provided.