GENMIN LIMITED — Capital/Financing Update 2024

Oct 13, 2024

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ASX Announcement.

14 October 2024

NOT FOR RELEASE TO U.S. WIRE SERVICES OR DISTRIBUTION IN THE UNITED STATES

Com letion of Tranche 1 Placement p

Emerging African iron ore producer, Genmin Limited ( Genmin or Company ) (ASX: GEN) is pleased to advise that tranche 1 of the placement ( Tranche 1 ) announced on 4 October 2024 ( Placement ), completed today with the Company issuing 170,000,000 new fully paid ordinary shares ( New Shares ) to institutional, sophisticated and professional investors at an issue price of A$0.05 per New Share, raising a total of A$8.5 million (before costs).

The New Shares under Tranche 1 of the Placement were issued using the Company’s available placement capacity under ASX Listing Rules 7.1 and 7.1A.

Completion of tranche 2 of the Placement ( Tranche 2 ) is subject to the approval of Genmin shareholders at a general meeting of the Company to be held in late November 2024.

The issue of New Shares and attaching unlisted options to Genmin’s largest shareholder Tembo Capital under Tranche 2 of the Placement is also subject to the approval of the Foreign Investment Review Board.

This announcement has been authorised by the Board of Genmin.

For further information please contact:

Andrew Haslam	Marnie Yazmadjian	Follow GEN
Interim CEO	Executive Assistant to Interim CEO
GENMIN Limited	GENMIN Limited
+61 8 9200 5812	+61 405 905 703
ir@genmingroup.com	ir@genmingroup.com

GENMIN LIMITED | ASX: GEN | ACN 141 425 292

London House, Suite 3, Level 8, 216 St Georges Terrace, Perth WA 6000 +61 8 9200 5812 | admin@genmingroup.com | genmingroup.com

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ASX Announcement.

About Genmin

Genmin Limited (ASX: GEN) is an ASX-listed emerging African iron ore producer with a pipeline of projects in the Republic of Gabon, west Central Africa. The Company has 100% interests in three projects comprising one granted exploitation (mining) licence and five granted exploration licences covering approximately 4,530km[2] .

Genmin’s flagship Baniaka and nearby Bakoumba iron ore projects are in south-east Gabon and provide an emerging iron ore hub near the Haut-Ogooué provincial capital city of Franceville. The hub is favourably situated adjacent to existing and operating bulk commodity transport and renewable energy infrastructure, to which Baniaka has secured long-term access for commercial operations.

Baniaka has defined JORC Mineral Resource and Ore Reserve estimates, and significant potential resource upside. It has received environmental approval (Certificate of Environmental Conformance) and has been issued a largescale, 20-year mining permit. The mining permit in conjunction with the Certificate of Environmental Conformance provides regulatory approval for Genmin to build and operate Baniaka, which is expected to be Gabon’s first commercial iron ore mine.

The Company proposes to develop Baniaka at an initial rate of 5Mtpa and to increase scale over time to at least 10Mtpa. Commencement of commercial production is targeted for the second half 2025 with project-build financing the next milestone to be achieved. Genmin is engaged in discussions with several potential financing partners.

Genmin has additional exploration tenure prospective for polymetallic mineralisation at its Bitam project in the north-west of Gabon located near the Woleu-Ntem provincial capital of Oyem.

Confirmation

The Production Targets for Baniaka were presented in an announcement released on 16 November 2022 “Positive Baniaka PFS” which is available to view at www.genmingroup.com/investors/asx-announcements. Genmin confirms that it is not aware of any new information or data that materially affects the information included in the original market announcement for Baniaka and that all material assumptions and technical parameters underpinning the estimated Production Targets in the relevant market announcement for Baniaka continue to apply and have not materially changed.

genmingroup.com

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ASX Announcement.

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Location map of Genmin’s projects in Gabon

genmingroup.com

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