GENMIN LIMITED — Capital/Financing Update 2023

Jan 31, 2023

ASX Announcement

1 February 2023

Genmin signs long-term supply agreement for green, renewable hydroelectricity for Baniaka

Highlights

• Genmin has signed a long-term power supply agreement for an initial term of 20 years with Gabon’s State-owned power utility, Société de Patrimoine du Service Public de l’Eau Potable, de l’Énergie Électrique et de l’Assainissement ( SdP )

• The agreement, which follows the signing of an MoU with SdP on 11 April 2022 provides for the initial supply of 30 megawatts ( MW ), which can be increased to 50MW to accommodate future expansion at Baniaka

• Powering Baniaka with clean, renewable hydroelectricity is consistent with Genmin’s ESG values, and positively impacts project economics as detailed in the Baniaka Preliminary Feasibility Study

• The pricing reflects the generally lower cost of hydroelectricity generation, and is less than US¢10 per kilowatt hour[1]

• The 30MW will provide all Baniaka’s initial electricity requirements and negate the need to fund, construct and maintain an onsite power station

• Genmin will build, own and operate a 35km overhead transmission line ( OHTL ) from Grand Poubara to ensure a dedicated supply of renewable electricity to Baniaka

African iron ore explorer and developer, Genmin Limited ( Genmin or the Company ) (ASX: GEN) is pleased to announce that it has signed a long-term power purchase agreement ( Power Agreement ) with SdP for the supply of renewable hydroelectricity to its 100% owned Baniaka iron ore project ( Baniaka ), located in the Republic of Gabon, west Central Africa (Figures 1 and 2).

The renewable hydroelectricity will be provided from the Grand Poubara Hydropower Station ( Grand Poubara ) (Figure 3) located on the Ogooué River, approximately 35km north-east of Baniaka (Figure 2).

Speaking from Gabon’s capital Libreville after the signing ceremony for the Power Agreement, Managing Director and Chief Executive Officer, Mr Joe Ariti commented: “The signing with our energy partner, Société de Patrimoine, of a long-term renewable power supply agreement for Baniaka completes another important project development milestone as we target first iron ore production in mid-2024, and it also satisfies one of our key ESG objectives of delivering high value, greener iron ore products to global markets, promoting reductions in Scope 1 and Scope 3 carbon emissions in iron making”.

He added: “I would also like to thank the Société de Patrimoine team lead by Directeur Général Eddie Lekouka for their cooperative, constructive and engaging approach to the negotiation of the power supply agreement. We look forward to continuing our strong partnership with Société de Patrimoine”.

1 Based on a USD:XAF foreign exchange rate of 1:596 and a utilisation of the reserved power capacity at Grand Poubara of between 50 and 100%.

GENMIN LIMITED | ASX:GEN | ACN 141 425 292

Address: London House, Suite 3, Level 8, 216 St Georges Terrace, Perth Western Australia 6000 Phone: +61 8 9200 5812 | Email: admin@genmingroup.com | Web: genmingroup.com

ASX Announcement

On 11 April 2022, Genmin and SdP, Gabon’s State-owned utility overseeing Grand Poubara, signed a Memorandum of Understanding ( MoU ) for the supply of renewable hydroelectricity for Baniaka. The MoU set out the framework for the parties to enter into the long-term power supply agreement (refer ASX Announcement dated 12 April 2022).

A cooperative and committed negotiation process resulted in the efficient finalisation of the Power Agreement, which was signed in Libreville yesterday. The key terms of the Power Agreement for Baniaka are summarised below.

• Initial 20-year contract term, extendable on mutually agreeable terms beyond the initial term;

• The initial supply term does not commence until certain conditions have been satisfied including Genmin receiving financing and all necessary permits and approvals to develop Baniaka and operate the OHTL;

• A fixed and variable tariff structure that results in an overall projected cost of less than US¢10 per kilowatt hour;

• Genmin will supply and install the step-down transformer at the Grand Poubara transmission yard, as well as construct, own, and maintain the OHTL between Grand Poubara and Baniaka, providing control of the build-time and guaranteeing a dedicated electricity supply;

• Reserved capacity may be increased from 30MW to 50MW from the sixth operating year onwards, subject to an expansion of Baniaka and provided water flow rates at Grand Poubara support such supply; and

• Standard termination rights for an agreement of this nature, including a right for either party to terminate in the event of extended force majeure and a right for SdP to terminate for repeated failures by Genmin to pay invoices.

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SdP’s Directeur Général, Mr Eddie Lekouka & Genmin’s Managing Director and CEO, Mr Joe Ariti at the Power Agreement signing ceremony yesterday in Libreville

About Grand Poubara

Grand Poubara is located approximately 20km from the city of Franceville at Poubara Falls on the Ogooué River (Figures 1 and 2). The operation, which is located approximately 35km north north-east of Baniaka and has a total capacity of 200MW. Sinohydro Corporation Ltd ( Sinohydro ) designed and constructed the 160MW expansion with

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construction commencing in 2008 and the hydroelectric plant coming online in October 2013. Sinohydro currently maintains and operates Grand Poubara for SdP. Currently there are two (2) major transmission lines from Grand Poubara, one to Franceville and the other to Compagnie Minière de l'Ogooué SA’s (COMILOG) metallurgical plant near Moanda.

This announcement has been approved by the Board of Directors of Genmin Limited.

For further information, please contact:

	Joe Ariti		Alex Cowie	Follow GEN
	Managing Director & CEO		Investor Relations
	GENMIN Limited		NWR Communications
	T:+61 8 9200 5812		M:+61 412 952 610
	E:admin@genmingroup.com		E: alexc@nwrcommunications.com.au

About GENMIN

Genmin Limited (ASX: GEN) , is an ASX-listed African iron ore exploration and development company with a pipeline of projects in the Republic of Gabon, west Central Africa. The Company has a 100% interest in three (3) projects comprising six (6) granted exploration licences covering approximately 5,064km[2] .

Genmin’s Baniaka and Bakoumba projects are located in south-east Gabon near the provincial city of Franceville, where the Company has an extensive footprint and controls all acreage prospective for iron ore. The Baniaka and Bakoumba projects represent a potential iron ore hub with 2,445km[2] of landholding and 121km of iron mineralised strike with only 13% drill tested with diamond drilling.

Genmin’s flagship project, Baniaka, is at feasibility stage with defined JORC Code (2012 Edition) compliant Mineral Resources and Ore Reserves, and is favourably situated adjacent to existing and operating bulk commodity transport and renewable energy infrastructure.

Forward-lookin Statements g

This announcement contains certain "forward-looking" statements. Forward-looking statements can generally be identified by the use of forward-looking terminology such as “anticipate”, "estimate”, “forecast”, “believe”, "expect", “potential”, "intend", “aim”, "will", “plans”, “could”, “should”, “may”, “likely” or other similar expressions. Forwardlooking statements are not guarantees of future performance, and involve known and unknown risks, uncertainties and other factors which are subject to change without notice and may involve significant elements of subjective judgement and assumptions as to future events which may or may not be correct, which may cause the Company’s actual results or performance to differ materially from those expressed or implied by such statements.

Neither the Company nor any other person gives any representation, warranty, assurance or guarantee that the occurrence of the events expressed or implied in any forward-looking statement will occur. Except as required by law, none of the Company, its related bodies corporate or their directors, officers, employees, advisors or agents or any other person will in any way be liable to any person for any loss, claim, demand, damages, costs or expenses of whatever nature arising in any way out of, or in connection with, the information contained in this announcement.

Genmin shareholders are cautioned not to place undue reliance on forward-looking statements, which speak only as at the date they are made. The forward-looking statements in this announcement are based on information available to the Company as at the date of this announcement. Except as required by law, the Company is under no obligation to update or revise any forward-looking statements in this announcement or to provide any additional or updated information whether as a result of new information, future events or results or otherwise.

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Figure 1: Location of Baniaka

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Figure 2: Location of Grand Poubara[2]

2 For full JORC reporting of the Baniaka Mineral Resource, refer to the ASX Announcement dated 15 November 2022 titled “Positive Baniaka PFS”.

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Figure 3: Grand Poubara Hydropower Station

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