Pasofino Gold Limited

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.

The 2,078 km² Dugbe Gold Project (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 in 2009 and 2011 respectively. The deposits are located within 4 km 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 Hummingbird up until 2012 including 74,497 m of diamond coring. Pasofino drilled an additional 14,584 m at Tuzon and Dugbe during 2021. These deposits have a combined Mineral Resource Estimates dated 17 November 2021 with total Measured and Indicated of 3.3 Moz with an average grade of 1.37 g/t Au, and 0.6 Moz in Inferred.

Following the completion of the Feasibility Study in June 2022 a Mineral Reserve Estimate 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 and filed 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 mineralisation 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, Hummingbird 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.

 

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?

Jun 3, 2025 - Pasofino Gold Engages MineScope Services to Conduct Phase One Feasibility Study Update at Dugbe Gold Project

May 28, 2025 - Pasofino Gold Announces Closing of Non-Brokered Private Placement for Gross Proceeds of Approximately C$5.0 Million

May 1, 2025 - Pasofino Gold Announces Termination of Shareholder Rights Plan

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

 

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 pre-tax NPV circa $2.2 billion $2,700/oz 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) at $1,700/oz gold price
- 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