Genmin Secures A$2M Loan from Chair to Support Baniaka Iron Ore Development

Genmin Ltd

Chairperson Greg Lilleyman provides unsecured funding to accelerate Gabonese iron ore project.

ASX-listed Genmin Ltd (ASX:GEN) has secured a A$2 million unsecured loan from an entity associated with nonexecutive chairperson Greg Lilleyman, reinforcing internal confidence in the company’s flagship Baniaka iron ore project in Gabon.

The loan, announced today, is immediately available and will support general working capital while Genmin continues to pursue project-level funding for the development of Baniaka, which is targeting initial production of 5 million tonnes per annum (Mtpa), expanding to at least 10 Mtpa.

“This is a clear vote of confidence in both Genmin and Baniaka,” said CEO Andrew Taplin.

The unsecured loan, negotiated at arm’s length, accrues 12% annual interest and is repayable by June 30, 2026. The repayment may be extended or converted into equity under a future agreement.

Genmin holds 100% ownership of three projects in Gabon, including the granted Baniaka mining licence and the Bakoumba and Bitam exploration licences, covering nearly 4,500 km².

Located in southeast Gabon, Baniaka benefits from proximity to renewable energy and bulk transport infrastructure, to which it has secured long-term commercial access.

Construction is slated to begin once project financing is finalized, with commercial production expected in late 2026.