Looking across a few gold miners recently it appears Lycopodium...

Looking across a few gold miners recently it appears Lycopodium is well placed with many development projects on the horizon in Africa in the next couple of years.

Here are a few I'm keeping an eye on to see if Lycopodium can win a chunk of the construction work:

- Orezone's Bombore Project - 5.2Mtpa oxide circuit in construction already with Lycopodium (project capex US$150M), first gold pour mid-2022. Probably one of the larger contributors to revenue this financial year for LYL. Sulphide circuit of ~US$65M very likely to proceed to construction in ~2023/4. Finance of sulphide project will be from oxide project cashflow (high margins).

- Orecorp's Nyanzaga Project - Due to release a DFS in 2022 and proceed to engineering and construction in late 2022. Project will likely have a total capex of US$300M+. LYL is lead engineer on the DFS and previously did the PFS and Scoping Study. Financing the project capex will be difficult but achievable, Orecorp market cap A$350M.

- Osino's Twin Hills Project - Due to release a bankable feasibility study in 2022 and proceed to construction in 2023. Project capex probably end up being close to US$200M and may be a stretch for Osino to finance unless their share price can get on a bit of a run. Osino has been very complementary of Lycopodium in presentations and if the project gets up then it seems likely LYL would win construction work.

- West African Resoruces Kiaka Project - WAF recently acquired the project and is updating feasibility study now. Project is on the fast track since WAF has the ability to finance from cashflow and debt. Scale probably 6-8Mtpa which would make it one of the largest new gold plants in Africa and possible project capex of ~US$400M. WAF has stated it plans to award EPCM in near term and commence construction later in 2022. WAF also stated a preference to use consultant and construction teams from Sanbrado project in 2019/20 (Lycopodium was EPCM contractor).

- Firefinch's Goulamina Lithium Project - FFX recently updated feasibility study, made final investment decision to proceed and formed JV with Chinese company to develop the project. Project will be financed given JV. Total capex is US$255M. Lycopodium designed the process plant in the feasibility studies but it's unclear on if EPCM will be used given Chinese partnership.