GENMIN LIMITED (ASX: GEN), a company focused on developing its 100%-owned Baniaka Iron Ore Project in south-east Gabon, has provided an update on its activities for the quarter ended 31 March 2026. Genmin aims to establish Baniaka as a sustainable, cost-efficient, multi-generational source of high-grade iron ore. The period saw primary focus on advancing its Pre-Feasibility Study (PFS) Addendum and progressing project financing for the asset’s development and expansion.
During the quarter, Genmin progressed the PFS Addendum for Baniaka, incorporating updated engineering and optimisation work to reassess economic outcomes. Its completion is now anticipated by the end of the June quarter, primarily due to ongoing negotiations with rail and port service providers regarding tariff rates and capacity. Capital cost optimisation workstreams advanced, including engagement with PowerChina (Sinohydro). Multiple visits to China progressed potential project financing discussions with SHICO and other Chinese entities, with site visits by financiers scheduled for April/May.
Complementing financing efforts, Genmin extended all non-binding offtake Memoranda of Understandings with major Chinese steelmaking counterparties, aligning these with revised project development timing. The company also published its 2025 Annual Report and issued notice for its 2026 Annual General Meeting on 28 May 2026. Separately, one of Genmin’s Gabonese subsidiaries is involved in legal proceedings by a former labour hire service provider concerning a historical commercial dispute.
Expenditure for the quarter included US$1.1 million for exploration, US$2.3 million for Baniaka pre-development, and US$1.0 million for corporate costs. Elevated cash outflows were due to one-off and timing-related factors, with underlying operating cash outflows expected to normalise in subsequent quarters as Genmin continues to drive Baniaka towards a Final Investment Decision.
