Genmin's Baniaka Project Receives Twenty-Year Mining Permit

Genmin Limited (ASX:$GEN) has announced the receipt of a large-scale, twenty-year mining permit for its 100% owned Baniaka iron ore project located in Gabon, west Central Africa. The permit was issued through a Presidential Decree signed by His Excellence Général Brice Clotaire OLIGUI NGUEMA, the President and Head of State of the Republic of Gabon. This milestone, in conjunction with the Certificate of Environmental Conformance received in August 2023, provides regulatory approval for the Company to build and operate Baniaka.

Executive Commentary on Baniaka Project's Mining Permit

Today is a momentous occasion for Genmin with the Minister of Mines presenting us with the signed Presidential Decree authorising the production of iron ore from Baniaka for an initial term of 20 years. It enables us to set a target date for the commencement of production of the end of Q2-2025, and in the next 6 months to finalise project build funding against a backdrop of a new government in Gabon actively promoting, and streamlining timeframes for new economic development, and a strong iron ore price environment that has traded in the range of US$105 to US$144 per tonne over the past six months and averaged US$136 per tonne over the past 45 days. I would like to thank the President and Head of State of Gabon, His Excellence, Général Brice Clotaire OLIGUI NGUEMA and Minister OPIANGAH for their confidence and trust in Genmin to deliver Baniaka and the efficiency in which the Mining Permit was delivered. I would also like to thank our partners WSP-Golder South Africa, a global sustainability consultant, and local social and environmental consultant, TEREA. Without their respective efforts and expertise in navigating the social and environmental impact assessment process, this timely outcome in delivering the Mining Permit would not have been possible.

Summary of Genmin's Baniaka Project Mining Permit

Genmin Limited (ASX:GEN) has successfully secured a large-scale, twenty-year mining permit for its Baniaka iron ore project in Gabon, west Central Africa. The permit, issued through a Presidential Decree, provides regulatory approval for the Company to develop and operate the Baniaka project. The Company's Managing Director and CEO, Joe Ariti, expressed gratitude towards the President and Minister of Mines for their confidence and trust in Genmin. With the receipt of the Mining Permit, the Company is focused on completing a proposed capital raising, returning the Company's shares to trading on the ASX, and finalizing discussions with potential project build financiers over the next two quarters. The permit sets a target date for the commencement of production at the end of Q2-2025, amidst a favorable iron ore price environment and a new government in Gabon actively promoting economic development.