GEN

About GEN

Genmin Limited (GEN) is an ASX-listed iron ore exploration and development company with a pipeline of projects in the Republic of Gabon, central West Africa. The Company has 100% interests in three projects comprising one granted exploitation (mining) licence and six granted exploration licences covering approximately 5,064sqkm.

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What does Genmin Limited (GEN) do?

Genmin Limited is a Perth-based iron ore exploration and development company currently operating in the Republic of Gabon, central West Africa.

Genmin’s objective is “to create shareholder value by becoming an iron ore producer through the development of Baniaka, and advancing our pipeline of other projects.”

Baniaka is one of the company's three major projects, in which it holds a 100% interest at this time:

• Baniaka Iron Ore Project (Baniaka) — Located in south-east Gabon near the Haut-Ogooué provincial capital city of Franceville, Baniaka is Genmin’s flagship and most advanced iron ore project. The project comprises the Baniaka and Baniaka West exploration licences covering an area of 881 square kilometres. A cumulative strike length of 85 kilometres of iron mineralisation has been subdivided into 17 prospects.

• Bakoumba Iron Ore Project (Bakoumba) — Also located in south-east Gabon near Haut-Ogooué and also at advanced stages, Bakoumba comprises two exploration licences, Bakoumba and Mafoungui, and covers an area of 1,836 square kilometres. The project’s geology is similar to that of Baniaka’s with a 36 kilometre strike length, subdivided into nine prospects.

• Minvoul/Bitam Iron Ore Project (Minvoul/Bitam) — Located in the Archean North Gabon Massif in north Gabon, the Minvoul/Bitam project is in early stages and comprises the Minvoul and Bitam exploration licences. The project covers 2,825 square kilometres with its licences, allowing Genmin to explore for gold and copper on top of iron ore.

Is Genmin a profitable company?

No, Genmin is not profitable at this time.

Genmin listed on the ASX on 10 March 2021. The company completed their initial public offering (IPO) with a capital raising of A$30 million.

The company’s available financial data goes back to FY2017. Throughout this period, the company recorded no revenue and only net losses.

Throughout FY2019, FY2020 and FY2021, the company’s net income plunged deeper into the red from negative A$1.54m, A$4.07m to A$5.31m, respectively.

Is GEN stock a buy?

Current investor sentiment appears to be positive at this time. Between November 2021 and April 2022, GEN stock price see-sawed on an upwards trajectory from A$0.14 to A$0.20, a rise of over 45%.

Some of the company’s recent ASX announcements may have contributed: 

• On 24 February 2022, Genmin confirmed significant thickening of iron mineralisation at eight diamond drill holes at Baniaka. 

• On 17 March, the company announced its commitment to an independent and transparent Environmental, Social and Governance (ESG) reporting and assessment framework. 

• On 23 March, the company confirmed their Baniaka iron ore fines and lumps are expected to command price premiums. 

• On 12 April, Genmin signed a Memorandum of Understanding (MoU) with Société de Patrimoine du Service Public de l’Eau Potable, de l’Energie électrique et de l’Assainissement for the supply of hydroelectric power to its Baniaka project.

While bullish investors ride this wave of good news, other investors cite the company’s weak financial history as a reason not to open a position in the stock.

Does GEN stock pay dividends?

Genmin has no history of paying dividends to shareholders. The company has declared no dividends for the future.

Who owns GEN stock?

At 61.34% of the total float, British private equity (PE) fund Tembo Capital Management owns the vast majority of GEN stock. This PE fund specialises in investing in junior and mid-tier miners and has significant in-house expertise in the fields of geology, mine engineering, metallurgy, mining finance and private equity.

Other significant owners include Managing Director and CEO Giuseppe Vince Ariti (3.52%), Christopher Ellison (1.82%), Alec Pismiris (1.48%), Kim Bischoff (1.42%), John Moore (1.37%), Carjay Investments Pty Ltd (1.08%) and Oppenheimer Asset Management (0.74%).

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