Genmin : Scale and continuity confirmed for Bandjougoy at Baniaka

only24 February 2022

ASX Announcement

Scale and continuity confirmed at Bandjougoy with significant thickening

useof iron mineralisation

Assays for remaining diamond drill holes expected over coming weeks triggering a maiden Oxide

Mineral Resource estimate due Q2 2022

Highlights

• Diamond drilling Oxide Mineral Resource growth program comprising 26 holes for approximately 2,930m completed in late 2021 at the Bandjougoy prospect.

• First six (6) diamond drill holes representing two (2) sections reported in November 2021 confirming scale and suitability for shallow, open pit mining.

• Diamond drill results reported in this announcement represent the next eight (8) holes over three (3) sections for an interpreted strike extent of 800m. With this announcement, 14 of 26 diamond drill holes now reported, results

		of the remaining 12 holes expected in the coming weeks.
• These new drill results show a significant thickening of iron mineralisation to the west, continuity over the drill-
personal	tested 3km of the modelled 4.4km strike extent, and continues to validate Bandjougoy's suitable geometry for
the potential development of a large-scale open pit mining operation.
Bandjougoy, with a strike length of 4.4km, is the single largest target for Oxide mineralisation at Baniaka without
•
		an Oxide Mineral Resource; it has an in-situ Oxide Exploration Target of 67-124 million tonnes at 35-49% Fe1.
• Earlier pilot scale metallurgical test work results reported in September 2021 on bulk Bandjougoy Detrital Iron
For

and Soft Oxide samples returned Lump, Fines and Pellet Feed products between 62 and 65% Fe.

• The drill results substantiate Genmin' s strategy to centre mine infrastructure adjacent Bandjougoy the Baniaka Preliminary Feasibility Study, scheduled for completion Q2 2022.

African iron ore explorer and developer, Genmin Limited (Genmin or Company) (ASX: GEN), is pleased to report

the results of a further eight (8) diamond drill holes representing three (3) drill sections from the recently completed diamond drilling program at its 100% owned Baniaka Iron Ore Project (Baniaka), located in the Republic of Gabon, Central West Africa (Figure 1).

1 Information regarding the Bandjougoy Exploration Target is extracted from the "Independent Geologists Report on the Mineral Assets of Genmin Limited" dated January 2021 (IGR) authored by SRK Consulting (Australasia) Pty Ltd. The IGR is included in the Company's Prospectus dated 9 February 2021. The Bandjougoy Exploration Target is conceptual in nature, there has been insufficient exploration to estimate a Mineral Resource and it is uncertain if further exploration will result in the estimation of a Mineral Resource.

GENMIN LIMITED | ASX:GEN | ACN 141 425 292

Address: London House, Suite 3, Level 8, 216 St Georges Terrace, Perth Western Australia 6000

Phone: [phone] | Email: [e-mail] | Web: genmingroup.com

Managing Director and Chief Executive Officer, Joe Ariti commented: "We are extremely pleased with these diamond drilling results from Bandjougoy. These results show excellent geological continuity with a significant thickening of iron mineralisation to the west, providing an ideal starter location for open-pit mining activities. In this area, Oxide thicknesses are up to 65m beneath the existing detrital iron mineral resource, validating our strategy to centre mine

onlythe commencement of a maiden Oxide mineral resource estimate. The Bandjougoy maiden Oxide mineral resource will not only increase Baniaka's Oxide resource inventory but will provide additional Soft Oxide material for production f a pellet feed product. Pellets are a greener feedstock for blast furnace iron making, as they do not require sintering,

infrastructure for Baniaka adjacent to Bandjougoy in the PFS, as it is likely to form the mainstay of initial mining activities".

He added: "Remaining assays for the balance of the diamond program are expected in the coming weeks, triggering

and as China's steel making industry decarbonises, we expect to see greater demand for pellets".

useThe diamond drilling program comprising 26 holes for 2,930m was completed at the Bandjougoy prospect (Figure 2) in late 2021. Drilling reported to date has intersected oxidised iron mineralisation (Oxide) beneath the Detrital Iron Deposit (DID) mineralisation over 3km of the total strike length of 4km being tested at Bandjougoy during the diamond drilling program. Oxide iron mineralisation comprises both Soft Oxide and Intact Oxide material types. DID and Soft Oxide are the initial targets to support a mining operation at Baniaka.

Bandjougoy Drilling Results

personalThe 2021 diamond drilling program at Bandjougoy builds on an initial 12 exploratory diamond drill holes for 1,186m

completed in 2018. The 2018 drilling confirmed Oxide and Primary mineralisation on the eastern part of Bandjougoy (significant intercepts were reported in the IGR included in the Company's Prospectus dated 9 February 2021). The 2021 diamond drilling program was designed to confirm Oxide mineralisation over a continuous 4km of the possible 4.4km strike length of Bandjougoy (Figure 3). This drilling program was completed in Q4 2021, and comprised 26 holes for approximately 2,930m. Results for the first six (6) of these 26 holes were reported to the market on 23 November 2021 and comprised the easternmost two drill sections BJ323 000E and BJ322 000E.

Results reported in this announcement comprise a further eight (8) drill holes for a total of 1,027.5m over three (3)

ections (BJ321 800E, BJ321 400E, and BJ321 000E) extending through the centre and west of Bandjougoy. All

analytical results were reported by ALS laboratories at Loughrea, Ireland, and Johannesburg, South Africa.

All eight (8) holes were successful in intercepting in-situ Oxide and/or Primary Banded Iron Formation (BIF) mineralisation at downhole depths that were forecast during drill planning. DID mineralisation was also intercepted in drill holes that were collared in areas with surface projection of the BIF.

Significant intercepts and collar locations are provided in Table 1 and Table 2, with key Oxide (comprising both Soft Oxide and Intact Oxide material) intervals listed below:

For	• 49.5m at 45.0% Fe from 10.5m in BWDD019;
•	48.5m at 38.2%	Fe from 16.5m in BWDD020;
•	61.1m at 47.9%	Fe from 6.4m in BWDD021;
•	18.2m at 53.8%	Fe from 8.3m, and 52.2m at 43.3% Fe from 30.5m in BWDD024; and
•	57.5m at 45.0%	Fe from 7.8m in BWDD025.

Significant DID intervals are further listed below:

• 6.5m at 52.7% Fe from 4.0m in BWDD019;
• 12.3m at 44.8% Fe from 4.3m in BWDD020;
• 11.2m at 51.1% Fe from 3.4m in BWDD022;
• 8.3m at 52.5% Fe from 0.0m in BWDD024; and
• 7.8m at 55.6% Fe from 0.0m in BWDD025.

Although Oxide mineralisation was the specific focus of the drill campaign, significant intercepts were also noted in Primary BIF, which are listed below:

genmingroup.com | ASX: GEN

2

	• 78.3m at 33.6% Fe from 65m in BWDD020;
	• 42.3m at 35.9% Fe from 50.9m, and 38.1m at 34.2% Fe from 95.5m in BWDD022; and
	• 79.8m at 34.4% Fe from 61m in BWDD026.
		Table 1. Significant Intercepts for Bandjougoy prospect diamond drill sections
				BJ321 800E, BJ321 400E, & BJ321 000E
			Mineralisation	Depth	Depth	Interval1	Core	Fe1	SiO2	Al2O3	P	S
	Section	Hole ID	Loss
	Zone	From (m)	To (m)	(m)	(%)	(%)	(%)	(%)	(%)
			(m)
BJ321 800E	BWDD019	DID	4.0	10.5	6.5	0.0	52.7	10.7	7.4	0.06	0.04
only		BWDD019	Oxide	10.5	60.0	49.5	0.0	45.0	29.6	2.3	0.06	0.02
BJ321 800E
BJ321 800E	BWDD019	Oxide	64.2	73.7	9.5	0.0	47.0	27.3	1.2	0.04	0.09
BJ321 800E	BWDD019	Primary	73.7	101.2	27.5	0.0	34.5	42.1	2.2	0.04	0.05
BJ321 800E	BWDD020	DID	4.3	16.5	12.3	2.0	44.8	18.3	10.2	0.04	0.05
BJ321 800E	BWDD020	Oxide	16.5	65.0	48.5	0.0	38.2	39.9	3.1	0.03	0.01
BJ321 400E	BWDD020	Primary	65.0	143.3	78.3	0.0	33.6	44.6	1.9	0.06	0.07
BJ321 400E	BWDD021	Oxide	6.4	67.5	61.1	0.0	47.9	24.0	2.5	0.04	0.07
use		BWDD021	Primary	69.0	85.8	16.8	0.0	32.0	46.5	2.9	0.06	0.09
BJ321 400E
BJ321 400E	BWDD022	DID	3.4	14.5	11.2	0.5	51.1	8.9	8.4	0.09	0.08
BJ321 400E	BWDD022	Oxide	31.6	40.0	8.5	0.0	45.9	24.8	3.9	0.05	0.07
BJ321 400E	BWDD022	Oxide	42.5	50.9	8.4	0.0	42.7	29.1	2.9	0.07	0.12
BJ321 400E	BWDD022	Primary	50.9	93.2	42.3	2.3	35.9	43.5	1.3	0.06	0.09
BJ321 400E	BWDD022	Primary	95.5	133.6	38.1	0.0	34.2	44.3	1.6	0.06	0.07
BJ321 400E	BWDD023	Oxide	25.0	42.7	17.7	0.0	40.9	30.1	5.1	0.08	0.04
BJ321 400E	BWDD023	Primary	88.3	105.5	17.3	0.0	33.0	44.0	1.8	0.07	0.25
BJ321 000E	BWDD024	DID	0.0	8.3	8.3	0.0	52.5	6.6	8.7	0.10	0.06
BJ321 000E	BWDD024	Oxide	8.3	26.4	18.2	0.0	53.8	10.0	3.9	0.07	0.12
BJ321000E	BWDD024	Oxide	30.5	82.7	52.2	0.0	43.3	30.4	2.6	0.07	0.09
BJ321 000E	BWDD025	DID	0.0	7.8	7.8	0.0	55.6	5.9	5.0	0.08	0.09
BJ321 000E	BWDD025	Oxide	7.8	65.3	57.5	1.5	45.0	29.3	2.1	0.07	0.05
BJ321 000E	BWDD025	Primary	76.5	112.7	36.2	0.0	34.2	43.8	2.3	0.07	0.05
BJ321 000E	BWDD026	Oxide	40.5	61.0	20.5	0.0	40.4	32.6	3.0	0.05	0.04
personal		BWDD026	Primary	61.0	140.8	79.8	0.0	34.4	44.4	1.4	0.06	0.11
BJ321 000E
BJ321 000E	BWDD026	Primary	148.0	169.5	21.5	0.0	32.4	46.4	1.5	0.05	0.06
BJ321 800E	BWDD0032	DID	2.9	19.0	16.1	0.0	51.1	10.9	8.82	0.06	0.07
BJ321 800E	BWDD0032	Oxide	19.0	66.7	47.7	0.0	47.1	26.1	2.31	0.04	0.07
BJ321 800E	BWDD0032	Primary	68.5	84.8	16.4	0.0	35.7	43.0	2.11	0.06	0.12
BJ321 800E	BWDD0042	DID	0.0	11.9	11.9	0.0	42.3	23.7	8.91	0.08	0.00
ForBJ321 800E	BWDD0042	Oxide	11.9	56.7	44.8	0.0	44.1	33.0	2.19	0.03	0.01
BJ321800E	BWDD0042	Primary	57.6	130.9	73.3	0.0	33.3	44.1	2.51	0.07	0.09
BJ321 800E	BWDD0052	Oxide	20.1	48.7	28.6	0.0	33.4	41.4	7.06	0.03	0.02
BJ321 800E	BWDD0052	Oxide	53.5	77.6	24.2	0.0	34.5	44.0	3.79	0.03	0.02
BJ321 800E	BWDD0052	Primary	77.6	150.5	72.9	0.0	35.0	44.5	1.36	0.06	0.06
BJ321 800E	BWDD0062	Oxide	62.8	88.2	25.4	0.0	31.0	47.1	5.11	0.04	0.01
Notes:
1Aggregation criteria provided in JORC Table 1 (Appendix 1)
2Drill holes included on section in Figure 4 but previously reported in the IGR.

genmingroup.com | ASX: GEN

3

179.9

182.7

182.2

172.7

173.7

565

545

525

518

557

110.0

152.1

150.5

106.8

113.0

321,804

321,797

321,800

321,804

321,802

9,771,901

9,772,003

9,772,101

9,772,200

9,771,945

BWDD003

BWDD004

BWDD005

BWDD006

BWDD019

BJ321 800E

BJ321 800E

BJ321 800E

BJ321 800E

BJ321 800E

Hole ID

Drill section

Hole Length

(m)

Easting

(m)

Elevation

(m)

Northing

(m)

Table 2: Drill Collar Information for Bandjougoy prospect

diamond drill sections BJ321 800E, BJ321 400E, & BJ321 000E

-50.6

-49.6

-48.8

-49.8

-50.4

Dip

(degrees)

Azimuth (degrees)

Drilling on the two newly reported sections BJ321 400E and BJ321 000E (Figure 3) targeted lateral continuity and downdip extension of iron mineralisation from the westernmost section reported in the IGR (BJ321 800E, Figure 4). It further tested the strike extension of in-situ BIF and its oxidised and enriched by-products (Figure 5 and Figure 6).

onlyAll three sections confirm the presence of in-situ BIF along strike and at depth, with true thicknesses ranging from approximately 125m on section BJ321 000E to 155m on section BJ321 800E.

This represents a noteworthy thickening of the BIF in comparison to true thicknesses in the range of 55-60m encountered in the easterly BJ322 200E and BJ323 000E sections and confirms the Company's hypothesis stated in the ASX announcement dated 23 November 2021 that the elevated ground magnetic anomaly noted between 320000mE and 322000mE (Figure 3) represents thickening of the BIF. The reasons for this thickening are considered to be folding or fault repetition of the BIF and will be investigated in due course.

useThe target Oxide zone of the BIF is well developed in all three (3) sections. The development of the Oxide zone is strongly affected by both primary geological and weathering controls, the combined effects of which have resulted in the zone dipping very gently at approximately 10-20 degrees to the North in the same direction of dip of the Primary BIF. This is consistent between all three (3) sections with Oxide thicknesses typically in the order of 50-65m measured perpendicular to the weathering surfaces.

The Soft Oxide component of the Oxide zone is consistent and well developed with thicknesses up to 45m and averaging approximately 30m. Lateral continuity and thicknesses of the Soft Oxide and overlying DID zones are of significance in supporting the Baniaka Preliminary Feasibility Study (PFS), which focuses on these enriched zones

personalof mineralisation that are close to ground surface and amenable to open pit mining methods.

The BIF in section BJ321 000E contains a wedge of unmineralized metasediments that extends between diamond drill holes BWDD022 and BWDD023. The presence of this unmineralized unit is supported by a locally suppressed response of ground magnetic data (Figure 3). This unmineralized unit is considered to be laterally discontinuous beyond section BJ321 000E, not being encountered on adjacent section BJ321 800E. This interpretation is supported by more consistent magnetic responses on the adjacent sections. The geometry of this wedge of waste metasediment will be further constrained by subsequent drilling.

The three (3) diamond drill sections reported in this announcement materially contribute to extending the mineralised envelope westward at Bandjougoy, yielding positive DID, Oxide and Primary drill results. The extent of mineralisation at Bandjougoy is now 3km of the 4.4km of prospective strike (identified from modelling and interpretation of ground magnetic data and verified with shallow auger drilling). Significant thickening of the BIF and its associated enriched weathering by-products was encountered as expected between BJ321 000E and BJ321 800E.

The Primary BIF mineralisation remains open at depth2 on all five sections reported to date and represents a strategic target to define a significant underlying magnetite asset at Bandjougoy.

Infill Reverse Circulation (RC) drilling is ongoing at Bandjougoy to achieve drilling densities considered appropriate to support a Mineral Resource Estimate that achieves a minimum Indicated classification.

ForProspect

Bandjougoy

2 The interpreted down-dip extent of the BIF is restricted to 1.5x nominal drill spacing in Figure 4, Figure 5, and Figure 6.

genmingroup.com | ASX: GEN

4

Prospect

Drill section

Hole ID

Hole Length

only

(m)

BJ321 800E

BWDD020

156.0

BJ321 400E

BWDD021

100.0

BJ321 400E

BWDD022

146.5

Bandjougoy

BJ321 400E

BWDD023

105.5

BJ321 000E

BWDD024

111.0

BJ321 000E

BWDD025

126.5

BJ321 000E

BWDD026

169.5

Note: Coordinates are referenced to UTM Zone 33S (WGS84 Datum)

		Northing	Elevation	Dip	Azimuth
Easting
(m)		(m)	(m)	(degrees)	(degrees)
321,795		9,772,040	528	-50.7	177.1
321,399		9,771,797	554	-50.6	175.9
321,401		9,771,909	528	-49.6	175.4
321,388		9,772,000	515	-50.7	183.2
321,001		9,771,792	568	-49.9	182.9
321,001		9,771,896	438	-50.6	194.3
320,966		9,771,988	433	-50.2	185.9

useBandjougoy: Updated Context & Significance

The significance of the Bandjougoy prospect was previously stated in the market announcement dated 23 November 2021. The following complementary criteria that were set out previously in support of Bandjougoy's significance are restated, along with supporting commentary in italics from the drilling included in this announcement:

	1.	The BIF at Bandjougoy typically dips at approximately 30 to 40 degrees to the North. The shallow dip results
personal		in wider horizontal thickness exposed to weathering and iron enrichment. There is, therefore, greater
	potential volume of DID and Oxide mineralisation per vertical metre that may be amenable to shallow, open
	Primary Mineral Resource estimates that have previously been reported to the market.
		cut mining when compared to more steeply dipping BIF units.
		This hypothesis is now supported by five (5) drill sections, that further demonstrate that the lower boundary
		of the Oxide mineralisation dips at 10-20 degrees also to the North.
	2.	An elevated ground magnetic anomaly is noted between 320000mE and 322000mE (Figure 3), which is
		considered to represent thickening of the BIF unit.
		Sections BJ321 000E, BJ321 400E, and BJ321 800E confirm thickening of the BIF up to 150m, which
		translates to more significant development of enriched Oxide mineralisation. The elevated ground magnetic
		anomaly extends a further 600m to the west and positive Oxide intercepts are expected on section BJ320
		600E with results to be released in the coming weeks.
	3.	The presence of the overlying DID Mineral Resource reported to the market on 21 July 2021; and
	4.	Bandjougoy represents the strike extension of Tsengué contiguous to the East. Tsengué has DID, Oxide and

The drill results in this announcement reinforce the scale and significance of the Bandjougoy prospect. Consequently, Genmin's strategy is to centre mine infrastructure adjacent and proximal to Bandjougoy in the PFS, and for it to form the mainstay for the initial years of proposed mining activities at Baniaka.

This announcement has been authorised by the Board of Directors of Genmin Limited. For further information, please contact:

For		Joe Ariti		Alex Cowie		Follow GEN
	Managing Director & CEO		Investor Relations
	GENMIN Limited		NWR Communications
			T: [phone]		M: [phone]
			E: [e-mail]		E: [e-mail]

genmingroup.com | ASX: GEN

5