Can you give us a brief overview of Pasofino Gold and its strategic vision in the gold exploration space?
Pasofino Gold (TSXV:VEIN, OTCQB:EFRGF, FSE:NO7A) (the Company or Pasofino) owns 100% of the Dugbe Gold Project in Liberia, West Africa.
The 1,410 km2 Dugbe Gold Project (Dugbe or the Project) is in southern Liberia and situated within the southwestern corner of the Birimian Supergroup which is host to most West African gold deposits. To date, two deposits have been identified on the Project; Dugbe F and Tuzon, discovered by Hummingbird Resources plc (HB PLC) in 2009 and 2011 respectively. The deposits are located within 4km of the Dugbe Shear Zone which is thought to have played a role in large scale gold mineralization in the area.
A significant amount of exploration in the area was conducted by HB PLC up until 2012 including 74,497m of diamond coring. Pasofino drilled an additional 14,584m at Tuzon and Dugbe F during 2021. These deposits have a combined mineral resource estimates (MREs) dated 17 November 2021 with total measured and indicated of 3.3Moz with an average grade of 1.37g/t Au, and 0.6Moz in inferred.
Following the completion of the definitive feasibility study (DFS) in June 2022 an MRE was declared, based on the open-pit mining of both deposits over a 14-year life of mine. A technical report for the Dugbe Gold Project was prepared in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects (NI 43-101) and fi led on SEDAR+ at www.sedarplus.com and on the company’s website.
In addition to the existing deposits there are many gold prospects within the Project including the Bukon Jedeh area and the DSZ target on the Tuzon-Sackor trend where Pasofino has discovered a broad zone of surface gold mineralization in trench and outcrop along strike from Tuzon. At this and several of the other prospects, no drilling has been carried out to date.
In 2019, HB PLC signed a 25-year mineral development agreement (MDA) with the Government of Liberia providing the necessary long-term framework and stabilization of taxes and duties. Under the terms of the MDA, the royalty rate on gold production is 3%, the income tax rate payable is 25% (with credit given for historic exploration expenditures), the fuel duty is reduced by 50%, and the Government of Liberia is granted a free carried interest of 10% in the Project.
Today, Pasofino is focusing its efforts on updating the Dugbe Gold Project DFS to support its project financing efforts to commence construction on the Dugbe Gold Project in 2026; as illustrated in the MineScope Services Ltd. gap analysis announced on 26 August 2025.
What are some of the key milestones achieved so far in the Dugbe Gold Project? What’s next in the development timeline?
Obviously, the project is well advanced, well understood, and with a bankable feasibility prepared in June 2022. The 15 years of work that originated with Hummingbird Resources plc (LSE:HUM) (HUM) led to an earn-in agreement for Pasofino to acquire up to 49% exposure to the project, which they did by delivering the 2022 feasibility study and have now ended up with 100% of the project (with the Government of Liberia holding a 10% free carry interest) and having HUM as a 51% strategic shareholder.
In November 2024, HUM was acquired by Coris Bank / CIG’s private equity arm Nioko Resources (Nioko) and has subsequently restructured its holdings into Mansa Resources (Mansa), whereby Mansa is now a 50.8% shareholder.
The milestones since resolving the Cooperation and Support Agreement with HUM and Nioko (now Mansa)1 are strategically aligned to deliver an updated feasibility study in H1 2026.
Can you elaborate on the recent exploration activities at Tuzon and Dugbe F, and what potential they hold for expanding the resource base?
We previously drilled both Tuzon and Dugbe F extensively (over 100,000m), and have a mineral estimate of a material size, scale, and grade, as contained in the NI 43-101 Technical Report and as released 13 June 2022. The MRE includes over 3.3Moz Au in measured and indicated category and over 0.6Moz Au in the inferred category. In addition to Tuzon and Dugbe F, we have prepared 5 other drill ready targets (since the 2022 DFS), within 5km of the project footprint that will be tested in an effort to locate new discoveries and to provide satellite ore sources to Dugbe’s processing plant, in an effort to provide optionality for a Phase Two expansion in the future; potentially expand mine life, but to also maximize head grade through the plant in the first 5 years of operation. In addition to the 5 drill ready targets, we also have over 10 other identified targets within 10km of the project footprint, which will be drill tested in the future. Currently, Dugbe has explored only 105 km² of its large land package in Liberia.
The 2022 feasibility study showed strong economics. How is the updated feasibility study addressing changes in gold prices and project costs?
This (the economic outputs of the updated DFS) is the most exciting data and information we are working towards and looking forward to as we complete the DFS study. We plan on selecting a higher (market norm / representative) gold price for constraining the pits in the resource model ($1,700 AU price assumption used in 2022 MRE and DFS), and we will be doing a number of things relative to the resource model:
- Approximately 7,000m of diamond drilling to verify and infill the existing resources at Tuzon and Dugbe F, to allow for potential resource categorization conversion; increasing tonnage, grade and potentially gold ounces; and to insure accurate reconciliation to an updated resource model and a subsequent new mineral resource estimation;
- Approximately 6,000m of reverse circulation drilling in a grade control pattern over Tuzon and Dugbe F, in an effort to insure accurate near surface reconciliation to the resource model;
- Updating the MRE and resource model;
- Updating and resequencing the mine plan in the DFS, using higher gold price Whittle shells ($1,700 used in 2022 DFS) which will optimize the mining operation for life of mine;
- There is no plan to change the overall scope of the processing plant of 5mt per annum;
- Several studies to optimize the process of updating the
- DFS:
- Mineralogy and variability studies
- Ore hardness study
- Waste rock characterization and performance study
- Metallurgical test work to provide the data for studies to understand the optimum power profile, recovery of gold, and allowing for future expansion based on ore type at various intervals in the mine plan (flotation vs crush-grind- CIL), and how to start the process flow sheet and what it can evolve to – allowing for project footprint allowances to accommodate expansion
- Trade off studies on power generation
- Formal update of infrastructure requirements
- Formal update to CapEx
- Formal update to OpEx
- Preparation of FEED (front end engineering and design)
- Preparation of a new economic model – sensitized to various discount rates and gold prices.
You recently announced a C$12M private placement. How will these funds be allocated across exploration, feasibility updates, and preconstruction work?
The C$12M non-brokered private placement will be used to conduct all of these DFS update work streams and engineering activities, in addition to preparing for full financial compliance under our MDA as we plan for ESIA permitting application in Q1 2026, and ultimately the filing of a new updated NI 43-101 Technical Report as the basis of our application for a Class “A” Mining Licence in Liberia.
What differentiates Pasofino Gold from other junior gold explorers in West Africa, especially in terms of jurisdictional stability and project scale?
Without a doubt it is the geo-political support and stability of the Liberian Ministry of Mines and Energy, and many other branches of the Government of Liberia, all the way up to the Executive Branch. It is also the support and strength of relationship within our four host communities: Sinoe County, River G County, Grand Cru County and Maryland County. As you know, I have lived and worked in 9 African countries – from the Democratic Republic of Congo (two occasions) as one of the founders of Katanga Mining and the rebuild and sale of the Banro Corporation, to Burkina Faso, Mali, Guinea, Sierra Leone, Ghana, Zambia, Egypt, and South Africa; and I have built 4 mines in various challenging jurisdictions geopolitically, socio-economically and topographically. Without question, and in my view, Liberia is one of (if not the most) supportive, collaborative and accessible African country to operate in and build a mine in. The support we have received to get this mine into construction and production has been extremely encouraging.
Finally, any key milestones we should be on the lookout for in the coming months?
We will be updating the market on the work activities related to the DFS update and ultimately the final results in an updated NI 43-101 Technical Report, as we prepare for project financing and ultimately a construction decision and final investment decision. This may or may not involve new strategic partnerships, given the strength of the major shareholders’ parent company being a lending bank to the mining sector in West Africa.
References:
- 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 — Pasofino Gold is developing the Dugbe Gold Project/Liberia
- Pasofino Gold Completes its Phase One Gap Analysis Update to the 2022 Feasibility Study — Pasofino Gold is developing the Dugbe Gold Project/Liberia
- Pasofino Gold Announces Feasibility Study Results for the Dugbe Gold Open Pit Project in Liberia — Pasofino Gold is developing the Dugbe Gold Project/Liberia
