The Latest on the Baniaka Iron Ore Project

Major Engineering Review Completed

• PowerChina, via its subsidiary Sinohydro, has completed a full review of Baniaka’s infrastructure scope.

• Proposed works include:

  • 60km private haul road to Franceville railhead

  • 30km overhead power line from Grand Poubara hydro plant

  • Workforce accommodation village

• These proposals could reduce capital costs compared to Genmin’s 2022 Prefeasibility Study

Estimated Production Start

• Based on current progress, first production could begin in late 2026 to early 2027, assuming:

  • EPC contract is signed in Q4 2025

  • Funding is secured by early 2026

  • Construction begins mid-2026

Strategic Partnership & Funding

• Genmin signed a binding MoU with Sinohydro in April 2025 for:

  • Engineering, procurement, and construction (EPC)

  • Assistance in securing funding from Chinese institutions and iron ore end-users

• PowerChina is introducing potential Chinese funding partners to support development

⛏️ Project Scope & Outlook

• Mining Permit: 20-year term secured

• Starter Operation: 5Mt/year, scalable

• Products: Lump, Fines, and Pellet Feed

• Mining Method: Conventional open-pit with beneficiation

ESG & Power Strategy

• Tied to renewable energy via Grand Poubara hydroelectric plant

• Sinohydro previously built this facility, enhancing integration and credibility

Market Position

• Genmin’s market cap: ~A$17.7M

• Baniaka is one of the most advanced iron ore projects in Central Africa, with infrastructure and funding alignment now progressing

Confirmed Offtake Agreements & MoUs

Total Offtake Coverage

Up to 14.8 million tonnes over 2–3 years

Covers first 3 years of planned 5Mtpa production

Product breakdown:

71% Fines

24% Lump

5% Pellet Feed

Strategic Notes

All three partners are Chinese steelmakers or trading houses with deep experience in African iron ore sourcing

Hunan Valin is a state-owned enterprise with 26.4Mt crude steel output in 2022 and long-term ties to FMG

These deals provide sales certainty for Genmin’s starter operation and support its funding efforts with Sinohydro and PowerChina

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