Bombore Gold Project — Stage 2 Hard Rock Expansion

Burkina Faso · CentreStrategic minerals / gold mining and processing · Hard-rock sulphide gold processing (expansion of an existing oxide operation)

Expansion of an operating gold mine in central Burkina Faso: Stage 2 lifts hard-rock throughput to 5–5.5 Mtpa inside the existing footprint, taking output towards 220,000–250,000 oz of gold a year for a preliminary USD 90–95m.¹

Project cost

c. USD 95m

Stage 2, preliminary USD 90–95m, February 2025¹

Capacity

5.5 Million tonnes per annum

250,000 Ounces of gold per year/yr modelled

Timeline

To board approval

Then a 14-month build

Rationale

The mine has poured gold from its oxide plant since December 2022, and a fully funded Stage 1 hard-rock plant is forecast to lift 2026 output to 170,000–185,000 oz.¹ Stage 2 adds processing units within the same footprint to reach 220,000–250,000 oz a year.

Stage: Operating mine; Stage 1 fully funded July 2024
Scheme: Hard-rock CIL plant beside the oxide plant
Capacity: 5–5.5 Mtpa hard-rock throughput after Stage 2
Reserves: c. 2.4 Moz Proven and Probable at 0.72 g/t²

Investment opportunity

Transaction structure

Debt or strategic equity in Stage 2 of a producing gold mine; Stage 1 was fully funded in July 2024 with USD 105m of debt and equity.

Use of funds

Four CIL tanks, an oxygen plant, a ball mill, a thickener and a pebble crusher, added within the Stage 1 footprint.

Revenue basis

Gold sales into a deep, liquid global market.

The ask

Regional debt or strategic equity partners for Stage 2, once the residual funding need is confirmed under NDA.

Why it is bankable

Producing since 2022.

Oxide plant in commercial production since December 2022, delivered on schedule and under budget; 110,014 oz produced in FY2025.³

Proven financing record.

Stage 1 was financed with a USD 58m senior loan from a regional bank and USD 47m of strategic equity from a West African investor.

Low-risk scope.

Stage 2 adds processing units inside the Stage 1 footprint, with a 14-month construction period.¹

Studied resource.

An NI 43-101 expansion study (October 2023) defines 103.5 Mt of Proven and Probable Reserves at 0.72 g/t.²

Data and evidence · Stage 1 today vs with Stage 2

	Stage 1 (2026)	With Stage 2
Gold output	170,000–185,000 oz forecast for 2026	220,000–250,000 oz a year target
Hard-rock plant	2.5 Mtpa	5–5.5 Mtpa, same footprint
Funding	Fully funded, July 2024	Preliminary USD 90–95m; need under review

Project readiness and timeline

OriginationOperating mine
FeasibilityStudy Oct 2023
StructuringCurrent stage
Financial closePost-diligence
ConstructionTo follow

Key risks and mitigants

Approval and funding need

Stage 2 awaits final board approval; the residual funding need is confirmed with the sponsor under NDA before any terms.

Construction

Units are added inside the Stage 1 footprint over a 14-month build, by a team that delivered the oxide plant on schedule and under budget.

Gold price

Revenue follows the gold price; output sells into a deep, liquid global market.

Transaction terms

Instrument sought: Debt or strategic equity, subject to a confirmed Stage 2 funding need
Contract status: Stage 2 subject to final board approval (latest status, February 2026)
Technology: Hard-rock carbon-in-leach (CIL) plant alongside the existing oxide plant
Annual output: Up to 250,000 oz of gold a year after Stage 2
Development stage: Operating mine; Stage 1 fully funded; Stage 2 study complete
WAIIS pillar: Strategic Minerals & Natural Resources

Development impact

Economic

Gold export earnings and fiscal revenue for Burkina Faso, which holds a free-carried equity interest in the mine.

Regional capital

Stage 1 drew on a regional bank and a West African investor, deepening regional capital-market participation.