Genmin Limited reported a significant increase to the Mineral Resource Estimate (MRE) for its 100% owned Baniaka iron ore project (Baniaka), located in the Republic of Gabon, Central West Africa. The 168% increase of the Baniaka MRE to 700 million tonnes (Mt) results from the inclusion of a Maiden, Inferred Oxide and Primary MRE for the Bandjougoy prospect. The MRE was completed by independent consultants Golder Associates Pty Ltd. (Golder) and is reported in accordance with the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (2012 Edition) (JORC Code).

The MRE is based on Oxide and Primary banded iron formation (BIF) assay results from an additional 43 holes for 4,280m of diamond drilling completed in the Bandjougoy prospect area. Baniaka is divided into 12 major prospects at different levels of maturity. The Baniaka Preliminary Feasibility (PFS) includes Soft Oxide mineral resources from the Bandjougoy and Tsengué prospects and detrital iron deposits (DID) mineral resources from Bingamba North, Tsengué, Bandjougoy and Flouflou prospects (collectively PFS Prospects).

The MRE reported in this announcement includes results for the final 12 diamond holes at Bandjougoy from the 2021 drilling program, totalling 1,376m of drilling. Significant Oxide intersections were: 50.4m at 46.8% Fe from 12.5m in BWDD027B; 68.0m at 45.7% Fe from 9.0m in BWDD028A; 56.1m at 48.2% Fe from 6.9m in BWDD029; 59.3m at 45.4% Fe from 13.7m in BWDD032; 65.7m at 50.0% Fe from 4.0m in BWDD033; and 48.6m at 46.2% Fe from 7.8m in BWDD037. Significant DID intersections were: 12.5m at 51.3% Fe from 0.0m in BWDD027B; 9.0m at 54.0% Fe from 0.0m in BWDD028A; 6.9m at 53.9% Fe from 0.0m in BWDD029; 13.0m at 52.2% Fe from 0.0m in BWDD031; 11.7m at 51.9% Fe from 2.0m in BWDD032; 13.5m at 54.0% Fe from 0.7m in BWDD0034; 11.0m at 56.8% Fe from 0.0m in BWDD035A; and 6.8m at 55.1% Fe from 1.3m in BWDD036.

Significant Primary intersections were: 50.5m at 33.5% Fe from 77.0m in BWDD028A; 105.3m at 32.8% Fe from 63.0m in BWDD029; 45.5m at 35.9% Fe from 56.0m in BWDD030; and 87.2m at 32.6% Fe from 77.3m in BWDD038.