FG Gold

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.

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

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

• Gold mining
• Mineral processing
• Gold exploration
• Mining development
• Commodity production

Headquarters

HQ city

Freetown

HQ country

Sierra Leone

Offices2 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Infrastructure, Operations, Personnel, Supply Chain, Technology or R&D, Marketing or Sales

Revenue model

1. 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

Core 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

Segments1 record

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Eight partnerships are on record, tiered supporting and core.

• Knight PiésoldsupportingTechnology or Integration · 1 December 2025Knight 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 EquipmentsupportingTechnology or Integration · 1 December 2025Komatsu/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 LimitedcoreTechnology or Integration · 8 February 2024FG 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.coreImplementation/ SI/ Consulting Partner · 10 January 2024FG 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 OutotecsupportingTechnology or Integration · 23 March 2023FG 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.coreImplementation/ SI/ Consulting Partner · 8 February 2023FG 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 AucoreStrategic or Co-development PartnerBoxmoor 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)coreStrategic or Co-development PartnerA2MP 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

Emerging 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

• Xx.com/FGGoldMining
• Facebookfacebook.com/fggoldmining
• LinkedInlinkedin.com/company/fg-gold

Revenue estimate

Valuation estimate

Number of profiles

Profiles8 records

Funding overview

Funding rounds3 records

Investors3 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about FG Gold