FG Gold
FG Gold is a privately held Sierra Leonean gold exploration and development company building the country's first large-scale commercial gold mine, the Baomahun Gold Project (5.81Moz JORC resource, ~150,000 oz/year target production), financed by approximately US$430 million of African institutional capital with first gold pour targeted for 2026.
- Company typePrivate
- Founded2021
- HeadquartersFreetown, Sierra Leone
- Headcount251–500
- GTM typeB2B
- OfferingHardware or Manufacturing
What FG Gold does
FG Gold Limited is a privately held gold exploration and development company incorporated in Sierra Leone and headquartered in Freetown, developing the Baomahun Gold Project — the country's first large-scale commercial gold mine. The Baomahun concession covers 124.27 km² in central Sierra Leone (Valunia and Kunike Barina Chiefdoms, Bo and Tonkolili Districts, approximately 200 km east of Freetown). The flagship asset holds a JORC-compliant resource of 5.81 million ounces at 1.92 g/t Au and reserves of 2.05 million ounces at 2.10 g/t Au, ranking it among Africa's largest pre-production gold development projects. The company is the sole material operating entity within its structure (no disclosed subsidiaries) and is held under Boxmoor Au, itself part of Boxmoor Group; major shareholders include Boxmoor Hills DMCC, Eagle Eye Asset Holdings PTE LTD, and Fundo Soberano de Angola (FSDEA), with the Africa Finance Corporation (AFC) holding a board seat via its CEO.
The technical stack is anchored by a 2.5 Mtpa Carbon-in-Leach (CIL) processing plant equipped with SAG and Ball mills (8.5m diameter SAG mill and 6.1m diameter Ball mill, each 6.0 MW, supplied by Metso Outotec) and gravity concentration with cyanide leaching. Power is delivered via a 20-year Power Purchase Agreement with CrossBoundary Energy for a 34 MW hybrid system (21 MW thermal, 23.8 MW solar PV, 13.8 MWh battery energy storage), which is sized to supply up to 90% of mine demand from renewables during daylight hours and is the largest solar farm in Sierra Leone. EPCM execution is led by Lycopodium Minerals Canada Ltd; engineering (Knight Piésold) and equipment (Komatsu/PanAfrican Equipment) round out the build partners.
FG Gold's business model is pre-revenue and is in the construction phase. Revenue, once generated, will come from selling gold doré from Baomahun into global commodity markets (bullion banks, traders, jewelers, central banks) at prevailing spot prices; the company does not publicly disclose pricing for its product. Production is targeted at approximately 150,000 oz/year on average over a 12.5-year mine life, peaking at 184,000-201,000 oz/year in the first five years, with first gold pour scheduled for 2026. Total committed financing is approximately US$430 million (US$55M mezzanine + US$45M gold stream from AFC; US$75M Afreximbank term loan; US$330M senior debt with AFC, Afreximbank, and Trafigura; US$20M FSDEA equity), positioning the company for build-out and a stated after-tax payback of 2.8 years at US$1,700/oz. GTM is institutional and partnership-led: the company engages governments, communities, and African DFIs as anchor counterparties rather than running a product-led sales motion.
FG Gold firmographics
Firmographics- Name
- FG Gold
- Legal name
- FG Gold Limited
- Website
- https://fggoldmining.com
- Company type
- Private
- Founded year
- 2021
- Operating status
- Operating
- Headcount range
- 251–500 employees
- Short description
- FG Gold is a privately held Sierra Leonean gold exploration and development company building the country's first large-scale commercial gold mine, the Baomahun Gold Project (5.81Moz JORC resource, ~150,000 oz/year target production), financed by approximately US$430 million of African institutional capital with first gold pour targeted for 2026.
- Ownership category
- akta.pro rank
FG Gold industry classification
Industry- Product category
- Gold Mining
- NAICS
- Gold Ore and Silver Ore Mining (212220), Gold Ore and Silver Ore Mining (21222)
- SIC
- Gold And Silver Ores (1040), Metal Mining (1000)
- akta.pro primary industry
- Precious Metals Exploration & Project Development (IMAKAEAI)
- akta.pro secondary industry
- Gold Mining (IMAKAEAA)
Keywords
Where FG Gold is headquartered
LocationHeadquarters
- HQ city
- Freetown
- HQ country
- Sierra Leone
Offices2 records
Markets served
FG Gold business model
Business model- GTM type
- B2B
- Offering type
- Hardware or Manufacturing
- Cost components
- Infrastructure, Operations, Personnel, Supply Chain, Technology or R&D, Marketing or Sales
Revenue model
- Gold Production and Sales: FG Gold generates revenue through the extraction and sale of gold from its Baomahun Gold Project. The mine is expected to deliver approximately 150,000 ounces per year average production over a 12.5-year mine life, peaking at 184,000-201,000 oz/year. Gold is sold on global commodity markets.
Go-to-market motion1 record
Distribution channels1 record
Marketing channels6 records
FG Gold product offering
Product offeringCore offering
FG Gold is developing Sierra Leone's first large-scale commercial gold mine — the Baomahun Gold Project — a 124.27 km² concession in central Sierra Leone with a JORC-certified resource of 5.81Moz of gold and a mineral reserve of 2.05Moz. The company is constructing a 2.5Mtpa CIL processing plant with hybrid renewable-diesel power and is targeting average gold production of approximately 150,000 ounces per year over a 12.5-year mine life, with first gold pour scheduled for 2026. Revenue will be generated through direct sale of gold into global commodity markets.
Product overview
FG Gold is a transformational gold exploration and development company operating as a single unified business focused on developing the Baomahun Gold Project. The Baomahun Gold Project is Sierra Leone's first large-scale commercial gold mine, covering 124.27 km² with a JORC certified resource of 5.81Moz of gold. The project includes a 2.5Mtpa CIL processing plant, 34MW hybrid power generation (solar PV, battery storage, and diesel generators), supporting infrastructure including a 200-person camp, 64km site access road, and airstrip. First gold pour is targeted for 2026.
Differentiator
Problem solved
Functional benefit
Products and services
- Baomahun Gold Project Sierra Leone's first large-scale commercial gold mine, covering a 124.27 km² concession in central Sierra Leone (Valunia and Kunike Barina Chiefdoms, Bo and Tonkolili Districts) with a JORC-certified resource of 5.81Moz @ 1.92 g/t Au and mineral reserve of 2.05Moz @ 2.10 g/t Au. Once operational the project will process ore through a 2.5Mtpa Carbon-in-Leach plant powered by a 34MW hybrid (solar, BESS, diesel) system and is targeted to produce ~150,000 oz/year on average, peaking at 184,000-201,000 oz/year, over a 12.5-year mine life. Gold will be sold directly into global commodity markets to bullion banks, jewelers, investors, and central banks.
Quantifiable outcome
- ~150,000 oz/year average gold production over 12.5-year mine life; peaking at 184,000-201,000 oz/year
- +4 more outcomes
Companies that use FG Gold
Customer profileSegments1 record
Ideal customer profiles2 records
FG Gold technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature3 records
FG Gold partnerships and signals
Strategic signalPartnerships
Eight partnerships are on record, tiered supporting and core.
- Knight PiésoldsupportingKnight Piésold is listed as a leading industry partner supporting the Baomahun Gold Project development alongside Lycopodium (EPCM), CrossBoundary Energy, and Komatsu/PanAfrican Equipment.
- Komatsu/PanAfrican EquipmentsupportingKomatsu/PanAfrican Equipment is listed as a leading industry partner providing equipment support for the Baomahun Gold Project alongside Lycopodium (EPCM), CrossBoundary Energy, and Knight Piésold.
- CrossBoundary Energy LimitedcoreFG Gold signed a 20-year Power Purchase Agreement with CrossBoundary Energy for a hybrid power plant (21MW thermal + 23.8MW solar + 13.8 MWh BESS) to supply power to the Baomahun Gold Project. CBE is an Independent Power Producer developing the plant on a Build Own Transfer basis. This is the largest solar farm in Sierra Leone.
- Lycopodium Minerals Canada Ltd.coreFG Gold awarded the EPCM (Engineering, Procurement, Construction Management, and Commissioning) contract for the process plant and associated infrastructure to Lycopodium Minerals Canada Ltd. Lycopodium previously delivered the Definitive Feasibility Study (December 2022) and FEED (May 2023) for the project. Lycopodium is setting up an entity in Sierra Leone as part of the agreement.
- Metso OutotecsupportingFG Gold awarded a contract to Metso Outotec for the design, manufacture, and supply of a Semi Autogenous Grinding (SAG) Mill (8.5m diameter, 6.0MW) and a Ball Mill (6.1m diameter, 9.05m grinding length, 6.0MW) for the Baomahun processing plant. Both mills accommodate 2.5Mtpa throughput.
- Lycopodium Minerals Canada Ltd.coreFG Gold awarded the Front End Engineering Design (FEED) contract for the process plant to Lycopodium Minerals Canada Ltd. Lycopodium delivered the Definitive Feasibility Study confirming 4.5Moz gold resource at Baomahun deposit.
- Boxmoor AucoreBoxmoor Au is the African-led precious metals subsidiary of Boxmoor Group (founded 2021 by Oliver Tunde Andrews), dedicated to building the next generation of responsible mining operations across Africa. Boxmoor Au provides leadership and project development expertise to FG Gold and the Baomahun project.
- Africa Minerals and Metals Processing Platform (A2MP)coreA2MP is a pan-African industrial platform dedicated to responsible mining and value-added processing. FG Gold is listed as a key portfolio asset within A2MP's portfolio of 12 mineral assets and 4 processing facilities across 11 countries (9 in Africa). A2MP aims to drive over US$5 billion in annual GDP impact and create more than 11,000 jobs.
Scale indicators8 records
Recent moves6 records
Expansion highlights6 records
FG Gold competitors and assessment
Company assessmentEmerging players
- Cora Gold Limited: West African gold developer focused on the Sanankoro Gold Project in Mali. Comparable to FG Gold as a development-stage junior pursuing permitting and project financing for a single large-scale West African gold asset. FG Gold director Aryann Gupta is also a non-executive director at Cora Gold.
- Toubani Resources: West African gold developer with flagship asset in Mali. Comparable to FG Gold as a pre-production gold company pursuing project financing; FG Gold director Aryann Gupta led Toubani's $160M stream financing transaction.
Broad incumbents
- AngloGold Ashanti: Global senior gold producer with significant West African presence (Iduapriem in Ghana, Siguiri in Guinea). Comparable on gold commodity and large-scale West African operations but operates across multiple continents at much greater scale than FG Gold.
- IAMGOLD Corporation: Mid-tier gold producer with significant West African footprint including the Essakane mine in Burkina Faso and Côté Lake in Canada. Comparable on commodity and West African gold exposure, but operates at greater scale and diversification than FG Gold.
- Newmont Corporation: World's largest gold miner with West African operations (Ahafo, Akyem in Ghana). Comparable on gold commodity, CIL processing, and ESG/responsible-mining positioning, but vastly larger, more diversified, and capital-light than FG Gold.
Direct peers
- Hummingbird Resources: West Africa-focused gold producer and developer with operating mines in Mali and Liberia. Closely comparable to FG Gold as a junior-to-mid-tier gold miner pursuing large-scale development in emerging West African jurisdictions with similar single-asset and country-risk profiles.
- Resolute Mining: Multi-asset gold producer with flagship operations in West Africa (Syama in Mali, Mako in Senegal). Comparable to FG Gold on gold commodity, CIL processing, West African geography, and exposure to single-jurisdiction development-stage assets.
- Endeavour Mining: Senior West African gold producer with multiple operating mines across Côte d'Ivoire, Burkina Faso and Senegal. Directly comparable to FG Gold in commodity (gold), geography (West Africa), and business model (large-scale open-pit CIL processing for global bullion markets).
- Allied Gold Corp: West African-focused gold producer with operations in Mali, Côte d'Ivoire and Guinea. Comparable to FG Gold in gold commodity, large-scale open-pit/CIL processing, and African emerging-market gold development focus.
- Perseus Mining: West African gold producer operating Edikan (Ghana) and Sissingué/Sigui (Côte d'Ivoire). Directly comparable on commodity, processing technology (CIL), and emerging-market gold development model that FG Gold is replicating in Sierra Leone.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat6 records
Key risks7 records
Key highlights7 records
Customer concentration
FG Gold social profiles
Digital presenceFG Gold financial estimates
Financial estimateRevenue estimate
Valuation estimate
FG Gold leadership team
Management profileNumber of profiles
Profiles8 records
FG Gold funding detail
Funding detailFunding overview
Funding rounds3 records
Investors3 records
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
FG Gold M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about FG Gold
What does FG Gold do?
FG Gold is developing Sierra Leone's first large-scale commercial gold mine — the Baomahun Gold Project — a 124.27 km² concession in central Sierra Leone with a JORC-certified resource of 5.81Moz of gold and a mineral reserve of 2.05Moz. The company is constructing a 2.5Mtpa CIL processing plant with hybrid renewable-diesel power and is targeting average gold production of approximately 150,000 ounces per year over a 12.5-year mine life, with first gold pour scheduled for 2026. Revenue will be generated through direct sale of gold into global commodity markets.
Is FG Gold a public or private company?
FG Gold is a private company. It is classified as corporate owned and is currently operating.
When was FG Gold founded?
FG Gold was founded in 2021. It employs 251 to 500 people.
Where is FG Gold based?
FG Gold is headquartered in Freetown, Sierra Leone.
How does FG Gold make money?
One revenue line is on record: gold Production and Sales.
Who are FG Gold's main competitors?
Emerging players on record are Cora Gold Limited and Toubani Resources. Broad incumbents are AngloGold Ashanti, IAMGOLD Corporation and Newmont Corporation. Direct peers are Hummingbird Resources, Resolute Mining, Endeavour Mining, Allied Gold Corp and Perseus Mining.
Does FG Gold have an API?
No public API is recorded for FG Gold.
What industry is FG Gold in?
FG Gold's product category is Gold Mining. Its primary akta.pro industry code is IMAKAEAI, Precious Metals Exploration & Project Development, with a secondary code of IMAKAEAA, Gold Mining. Its NAICS code is 212220 and its SIC code is 1040.