FG Gold, AFC and Afreximbank Reach Financial Close on US$330 Million Senior Debt Financing for Baomahun Gold Project
Freetown, Sierra Leone - Newsfile Corp. - December 1, 2025 - FG Gold Limited ("FG Gold") has successfully closed and achieved first drawdown on a US$330 million Senior Debt Financing package with Africa Finance Corporation (AFC) and African Export-Import Bank (Afreximbank), securing the capital required to construct and develop the Baomahun Gold Project, Sierra Leone's flagship large-scale gold mine.
The transaction was further strengthened by capital mobilised through Trafigura Group.
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This senior financing, combined with AFC's previously committed US$100 million in streaming and mezzanine investments, brings total African Development Finance Institution support to US$430 million including Afreximbank's contribution of US$75 million—fully funding the project into construction and ensuring momentum toward first gold production.
Oliver Tunde Andrews, Executive Chairman of FG Gold, said, "We are delighted to have completed the senior debt financing for Baomahun. This milestone reflects Africa's ability to finance and develop its own large-scale mining assets using world-class standards and local expertise. With the support of the Government of Sierra Leone, our local community, and leading DFIs, Baomahun is positioned to become a transformative project for Sierra Leone."
AFC President & CEO, Samaila Zubairu, noted, "This financing demonstrates the power of African institutions working together to unlock the continent's resource potential while catalysing sustainable, African-led industrial growth."
Dr. George Elombi, President and Chairman of the Board of Directors at Afreximbank, added, "Baomahun exemplifies African innovation and collaboration and reflects our commitment to enabling countries in Africa to harness their natural resources for inclusive growth and development."
Gonzalo De Olazaval, Global Head of Metals and Mineral at Trafigura, commented, "We are pleased to support Sierra Leone's first large-scale commercial gold mine in Partnership with AFC and Afreximbank."
Baomahun Gold Project - Ongoing Construction of Process Plant
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A Pioneering Development for Sierra Leone
Led by Boxmoor Au and A2MP, and supported by a predominantly African technical team, Baomahun introduces several national "firsts" across financing, engineering, power solutions and community partnerships. Delivery partners include Lycopodium (EPCM), Knight Piésold, CrossBoundary Energy, and Komatsu/PanAfrican Equipment.
Upon commissioning, Baomahun is expected to become one of Africa's leading new gold operations, producing an average of 150,000 ounces per year over a 12.5-year mine life, with peak production of 201,000 ounces.
The mine is anticipated to support up to 900 direct and indirect jobs, with 90% local employment already achieved, and contribute around 10% of Sierra Leone's GDP during operations.
Sierra Leone's Minister of Mines and Mineral Resources, Honourable Julius D. Mattai, said the project signals strong confidence in the nation's mining sector and reinforces the government's commitment to responsible, community-centred development.
Community Investment Underway
FG Gold has committed 1% of gross revenues to a Community Development Fund, supporting education, healthcare, agriculture, infrastructure and enterprise. Early initiatives include a community centre, a primary school, a renovated health centre, and upgrades to the Matotoka-Baomahun access road.
Contact:
Nicola Asgill
Corporate Development, Sustainability & Investor Relations Director
FG Gold
Mobile: +232 99 503 506
Email: nicola.asgill@fg-gold.com
Follow FG Gold on LinkedIn.
About FG Gold Limited
FG Gold is a gold development company based focused on constructing and operating the Baomahun Gold Project located in Sierra Leone. Baomahun is one of the largest deposits under development in Africa and will become Sierra Leone's premier large scale commercial gold mine. Upon operations, the Project is expected to deliver an average annual gold production of ~150,000 ounces per year over a 12.5-year mine life peaking at 201,000 ounces.
The issuer is solely responsible for the content of this announcement.
