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Genmin Limited (ASX:GEN)

ALERT: Price-sensitive ASX Announcement for GEN
Current share price for GEN : $0.008 -0.015 (-65.22%)+
Announcement
Release
31 Oct 2025 8:12AM
Price at Release
$0.023
Full Release
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Summary
Genmin Limited announced the novation of a A$3 million unsecured loan from Tembo Capital to an entity related to its non-executive director, John Hodder, along with additional unsecured funding of A$0.4 million from non-executive directors. The loans, which accrue interest at 12% per annum, will support the company's general working capital needs as it progresses the Baniaka iron ore project in Gabon, targeting commercial production by late 2026. The project has secured necessary regulatory approvals and is in discussions for further project financing.
Key Points
  • Tembo Capital's A$3 million loan was novated to an entity related to a non-executive director, John Hodder.
  • Genmin Limited received further funding of A$0.4 million from non-executive directors.
  • Loan amounts increased for two directors' entities: HBH to A$1.9 million and Injiview to A$2.8 million.
  • Loans accrue interest at 12% per annum and are unsecured.
  • Genmin's Baniaka iron ore project in Gabon has received significant regulatory approvals and financing discussions are ongoing.
  • Commercial production at Baniaka is targeted for late 2026.
IMPORTANT NOTE: This information is autogenerated and has not been reviewed for accuracy or completeness. You should refer to the full announcement here for further information.