IPO - Genmin Limited - 10 March 2021 #, page-27

At this price I have decided to buy in.

Unlike many juniors that have tried but failed due to the high capex needed for rail & port infrastructure (eg. SDL) I believe GEN will become a producer. Simple DSO project should keep the capex fairly low. I look forward to the completion of the PFS which shouldn't take too long as they have much of it already in place from 2014, just needing an update:

Mine site

https://www.srk.com/en/projects/genmin-iron-ore-exploration

Rail

https://www.systracanada.com/en-projet/railway-prefeasibility-study-for-the-baniaka-project

Port:

https://prdw.com/projects/**on-iron-ore-transhipment/

Management planning a 5 mtpa operation by 2024 & hopefully a 64% Fe product. If they can get OPEX down near US$30/t FOB Owendo plus US$20/t shipping **on to China (same Capesize rate as Brazil) then can do very well even with a much lower iron ore price.

Also plenty of resource there for future expansion.

From doing a bit of research it appears Genmin will become **on's first IO producer as Belinga project is still lacking railway.

I'm starting to see why Min Res CEO Chris Ellison invested $2.5 million in the IPO.