AXMIN Inc. is a TSX Venture listed gold exploration company based in Toronto, Canada. The company is engaged in exploration and development of gold projects situated in Africa.
|As of April 4, 2018|
- AXMIN holds a 1.5% net-smelter-return (NSR) royalty in Teranga Gold Corp’s Gora Deposit that amounts to over $3.3 million since the project began production.
Central African Republic – Passendro Gold Project
The Company’s primary asset is the Passendro gold project, which is situated in the centre of a 25-year Mining License (355 sq km) that was awarded to AXMIN in August 2010. At the same time, the Company was also awarded two, three-year renewable Exploration Licenses, Bambari 1 and 2 (1,240 sq km), which ring fence the Mining License and cover a 90 km strike along the highly prospective Bambari greenstone belt.
Senegal Joint Venture
On February 28, 2012, AXMIN and its joint venture partner and manager, Sabodala Mining Company SARL (“SMC”), a wholly owned subsidiary of Teranga Gold Corporation (“Teranga”) amended its 2008 joint venture agreement. At the time, Teranga had earned an 80% interest in the Sounkounkou, Heremokono and Sabodala NW explorations licenses (the “Project”) located in the Birimian belt of eastern Senegal, by spending US$6 million on exploration. AXMIN has retained a 20% interest in the Project. The amended joint venture and royalty agreement (the “Agreement”) supersedes and replaces the original joint venture agreement. Under the terms of the Agreement, AXMIN had a free-carried interest of $2.5 million, with respect to the Project work costs starting from October 1, 2011, after which both parties are to jointly fund the Project work costs on a pro-rata basis. As of September 30, 2017, the free-carried interest balance was $nil.
Senegal JV – Gora Deposit (1.5% Royalty Interest)
In February 2012, AXMIN elected to hold a 1.5% NSR royalty interest in the Gora deposit. Since August 2015, Axmin Inc. started to generate the 1.5-per-cent net-smelter-return royalty’s income from the Gora deposit. Mining activities in the fourth quarter of 2017 were focused on Gora Phase 3. Mining activities in Gora continued to the concentration of mining at higher grade and strip ratio deposits in the current year period.
Lucy Yan Chairman, Chief Executive Officer and Interim Chief Financial Officer
Ms. Yan has over 20 years of experience in the finance, investment, construction and mining fields. She was an accountant for a large Chinese corporation that was involved in numerous national scale projects within China where she was directly responsible for the corporation’s financial affairs, human resources and administrative work, as well as coordination of internal and external resources to facilitate the company’s operations. Ms. Yan has extensive expertise in the fields of corporate finance, mergers and acquisitions, building of management teams and corporate governance.