Pasofino Gold
Primary tickers: TSXV:VEIN, OTCQB:EFRGF, FSE:N07A
Stage of development: Exploration, Development
Primary mineral: Gold
Project to promote: Dugbe Project
Project location: Liberia
Website: www.pasofinogold.com
Company presentation: Click here
Pasofino Gold Limited is a Canadian-based mineral exploration company. Through its wholly owned subsidiary, it owns 100% of the Dugbe Gold Project in Liberia (prior to the issuance of the Government of Liberia’s 10% carried interest). The final feasibility results on the Dugbe Gold Project showcase 2.76Moz in reserves and strong economics such as a 3.5-year capex payback period once in production, and a 14-year life of mine at a low AISC profile.
Major shareholders:
HUM PLC – 50.8%
Management Ownership – 19%
Financials
Management Profile
Brett Richards, CEO & Executive Director
With over 37 years of extensive experience in the mining and metals industry, Mr. Richards is an accomplished mining executive with a proven track record in operational management, project development, construction, and corporate business development. Mr. Richards has held several CEO roles and currently serves as a director on the boards of Nickel 28 Capital Corp., Goldshore Resources Inc. and Midnight Sun Mining. Throughout his career, Mr. Richards has demonstrated exceptional leadership in driving transformational change, leading mergers and acquisitions, and excelling in mine financing and development, particularly in West Africa.
What is your rationale for taking part in 121 Mining Investment?
We are looking to gain increased awareness to our project with the hopes of attracting investors both now and when we seek additional financing to develop the project.
What recent news would you like to highlight to investors attending?
Apr 3, 2025 – Pasofino Gold Announces Co-Operation and Support Agreement with Hummingbird PLC and Nioko Resources, Changes to its Board of Directors and Actions to be Taken to Terminate its Shareholder Rights Plan
Mar 20, 2025 – Pasofino Gold Provides Update to Its March 7, 2025 Press Release
Mar 7, 2025 – Pasofino Gold Announces Resignation of Directors and Provides Update on Actions Taken by Nioko Resources Corporation
Mar 3, 2025 – Pasofino Gold Alerts Market to Indirect Take-Over Bid by Nioko Resources Corporation and the Occurrence of a Flip-In Event Under Its Shareholder Rights Plan
What are your key goals for the next 3, 6 and 12 months?
3 Months:
Greater awareness of Liberia as an investment destination and more knowledge in the public domain that Pasofino owns 100% of the Dugbe Gold Project – with a Project pr-tax NPV circa $1.8 billion at current gold price.
6 Months:
Continue the awareness campaign in search of key investors. Also focus on the potential to deliver higher metallurgical recoveries for the project resulting in better all round economics.
12 Months:
Construction funding and decision
What do you see as the key risks and challenges facing your company at the moment and how are you overcoming these?
The key risks are all centered around ensuring that we secure the appropriate arrangements to construct the mine in an environment of increased costs. We are delighted that we have made strides to reduce fuel costs by moving away from Diesel to Solar PV and LNG.
What do you think makes your company such a compelling investment?
– 100% ownership interest in the Dugbe Gold Project
– Proposed 2.3 Moz gold production over 14 years from open pits with low strip ratio
– Tenure secured. Mineral Development Agreement gives 25-year mining right
– Advanced project – Feasibility Study completed June 2022 by DRA Projects
– Solid economics: NPV5% of 690M, 26.4% IRR (pre-tax)
– Resource upside. Potential to add multiple Moz deposits within 10 km radius of existing deposits. Drill retargets with gold in outcrop.
– Undervalued. Enterprise value of US$4.5 per oz gold in Measured and Indicated Resources.
– Further gains to the FS economics expected from resource, reserves, power, processing, trucking
What are the top 3 key investor takeaways?
FEASIBILITY STUDY COMPLETED
– Feasibility Study (FS) Completed June 2022*
– Lead by DRA Projects, a global leader in gold project design and build.
– Resource Estimates, geotechnical and environmental by SRK UK Limited
– The NI 43-101 can be viewed on Sedar Plus.
LARGE ASSET TO EXPAND FURTHER
– 3.3 Moz gold in Measured & Indicated Mineral Resource (MRE) @ 1.37 g/t Au
Includes 2.88 Moz @ 1.58 g/t
– 67koz of Inferred Mineral Resources (average grade 1.25 g/t Au) within and adjacent to the FS pit is upside
– Both deposits remain open for expansion
– Multiple gold mining sites and targets remain undrilled
LOCATION AND SUPPORT
– Liberia has a well-established mining industry and is pro-mining
– Project is only ~76km from Greenville port
– Access corridor upgraded by Pasofino 2021
– Mineral Development Agreement for project issued 2019