Disseminated on Behalf of: Pasofino Gold Limited
Brett Richards, CEO and Executive Director of Pasofino Gold Limited (TSXV: VEIN | OTCQB: EFRGF | FSE: N07A), discusses the company’s 100-per-cent-owned Dugbe Gold Project in Liberia, where an updated feasibility study and recent C$12 million financing are driving renewed momentum. With 3.9 million ounces of gold and strong local support, Richards outlines why Liberia remains one of Africa’s most stable jurisdictions amid a powerful global gold bull run.
Building a leading West African gold development story
Pasofino Gold is a Canadian-based mineral exploration and development company focused on advancing its 100-per-cent-owned Dugbe Gold Project in Liberia. Hosting 3.9 million ounces of gold, Dugbe represents one of the largest undeveloped gold assets in West Africa. The company’s mission is to bring the project into production efficiently while maximizing shareholder value through disciplined technical work and local engagement. As record-high gold prices and increasing global demand for secure, long-life deposits reshape the precious metals landscape, Pasofino is strategically positioned to deliver a major new gold operation within a supportive jurisdiction.
A proven operator unlocking value through disciplined execution
Unlike many early-stage explorers, Pasofino stands apart through its focus on development-ready assets and an experienced leadership team with a history of mine-building across Africa. CEO and Executive Director Brett Richards brings nearly four decades of experience in mining and metals, including key roles with Kinross Gold and Katanga Mining. “I have a lot of experience, a lot of exposure. I have bought and sold mines as well,” says Richards. “What it comes down to, from a jurisdictional perspective for me, is the ease of doing business, the understanding of the rules, the regulatory stability, the geopolitical stability, and the ability to do proper business. Liberia ticks all of those boxes for me.”
The Dugbe Project benefits from a 2022 feasibility study outlining robust economics, which Pasofino is now updating to reflect current gold prices and engineering improvements. “We’ve just closed a C$12 million financing, and quite frankly, all the money that we’ve raised is going into the ground,” adds Richards. “We need to expedite updating the 2022 feasibility study. There’s going to be a portion of geological work…A small drill program…some MET (metallurgical) test work, … and some pre-construction activities on the ground. Quite a bit of work is going on over the next eight months until we get it completed.”
Positioned for growth as gold demand and prices surge
With gold trading above US$4,000 per ounce, the global sector is in the strongest bull run in decades, driven by rising central bank accumulation, debt concerns, and geopolitical uncertainty. These dynamics have underscored the importance of projects like Dugbe, which offer scale, security, and development readiness in stable jurisdictions.
“If you asked me this two years ago or one year ago, I would’ve had a different answer,” says Richards. “But today, what we’ve experienced over the last one, three, six, nine months of the gold price run is unprecedented. We are in the strongest precious metals bull run of my career, probably in the last 60 or 70 years. We hit $4,200 today in gold, silver’s trading at $52… but I think that gold is going to continue to creep. This is no longer about supply and demand. This is really about the geopolitical situation in the world today.”
Fully funded to advance feasibility and pre-construction work
Recent milestones include the successful closing of a C$12 million financing to fund all major project activities. The capital will support resource verification drilling, metallurgical testing, CAPEX and OPEX updates, and early-stage site preparation. “We have a feasibility study that was done on the project three years ago of which we’re currently updating,” says Richards. “We’re about three months into it so far and we’ve got another seven to eight months remaining.”
The company’s immediate focus is on executing the technical programs that will validate the updated study and confirm Dugbe’s place among the next generation of producing gold mines in Africa. These efforts, combined with a favourable market backdrop and strong government collaboration, underscore Pasofino’s commitment to creating long-term value for shareholders.
Advancing toward production in a supportive gold cycle
As Pasofino Gold accelerates development at Dugbe, the company stands at the intersection of proven resource scale and rising global gold demand. With a clear path to feasibility completion, strong financial footing, and one of the most experienced operating teams in the region, Pasofino is poised to transform Dugbe into Liberia’s first modern gold mine.
Transcript
Jim Gordon
Hi, I’m Jim Gordon and you’re watching Market One Minute. Joining us is Brett Richards. He is the CEO and Executive Director of Pasofino Gold, coming to us from Toronto. Brett, welcome.
Brett Richards
Jim, thanks for having me on.
Jim Gordon
Great to have you, sir. Okay, let’s talk a bit about Pasofino Gold.
Brett Richards
Yeah, absolutely. So, we’re listed on the Toronto Venture Exchange under the symbol VEIN. We have about a $75 million market cap currently, and we have 100 per cent exposure to the Dugbe Gold Project in Liberia, where we have about 4 million ounces. And we have a feasibility study that was done on the project three years ago of which we’re currently updating.
Jim Gordon
And Brett, you just announced financing, what do you plan to use it for?
Brett Richards
Yeah, Jim, we’ve just closed a C$12 million financing, and quite frankly, all the money that we’ve raised is going into the ground. We need to expedite updating the 2022 feasibility study. So, there’s going to be a portion of geological work. We’re going to have a small drill program to verify the resource. We’re going to do some MET test work. We’re going to update CAPEX, OPEX, and commence some pre-construction activities on the ground. So, quite a bit of work is going on over the next eight months until we get it completed.
Jim Gordon
And Brett, you mentioned the feasibility study, how about an update on that as well?
Brett Richards
We’re about three months into it so far and we’ve got another seven to eight months remaining by the time we get through it and get completed. The various components of it we’ve been working on since August of this year. But there is an update to the geological model. There’s an update to the metallurgical model. We want to see if we can increase recoveries and enhance the economics of an already stellar project. The post-tax NPV in this project at today’s gold price is going to exceed $2.5 billion post-tax. So, they’re having scope to it to make that even better, which is kind of what we’re aiming for. So, we’ll go through the model, we’ll go through an updated mine plan, and then look at the capital, look at all sustaining costs, and then come out with a tech report probably early Q2 of 2026.
Jim Gordon
Brett, one of the things I was excited to talk to you about today, I’m very interested and keen to hear your thoughts on doing business in Liberia.
Brett Richards
You know, Jim, I’ve worked in Africa for now over 25 years of my almost 38, 40 year career. And I’ve lived and worked in some very difficult places: in the DRC, in Mali, in Burkina, in Sierra Leone. I’ve built four mines and brownfielded two mines in Africa. So, I have a lot of experience, a lot of exposure. I have bought and sold mines as well.
But what it comes down to, from a jurisdictional perspective for me, is the ease of doing business, the understanding of the rules, the regulatory stability, the geopolitical stability, and the ability to do proper business. Liberia ticks all of those boxes for me. Liberia is one of the best jurisdictions I’ve worked in. Access to government, collaborative government, and collaborative host communities. The support that we’re receiving is unprecedented. And it’s not just the gold price environment. This was like this two years ago. It was like this three years ago. The people of Liberia are extremely supportive, as are the government.
Jim Gordon
You have nearly 40 years of experience in the mining and metals industry. You excel in mining, financing, and development. Sticking with that, I was fascinated to read about you personally and what you do and how you really do excel in this part of the world. Is that where things began for you back when you were a younger man?
Brett Richards
Yeah, I think so, I spent a lot of time when I was with Kinross in Russia and South America and the U.S., and then kind of gravitated towards Africa when we started Katanga Mining in 2005. There were a number of guys from Kinross and me who founded Katanga Mining and took a $25 million startup to a $2 billion exit to Glencore.
So I think when you have those, you get the bug, you get bitten, and you say, ‘Hey, if I can understand more about the continent, understand more about some of these countries, their endowment of minerals is exceptional.’ Navigating the landscape to be effective, both in a capital markets and public environment, and on the ground in their environment. So, it is a balance that one has to learn over time.
And I think, yeah, I have been very successful in some of the ventures I’ve been involved in. But I think it’s because I understand the people, and quite frankly, I put them first. I put the country first. We’re visitors there. And I don’t do this selfishly in any way, shape or form.
Jim Gordon
Last question for you. Your view on the gold price run this year, any thoughts on what’s to come?
Brett Richards
Well, you know what, if you asked me this two years ago or one year ago, I would’ve had a different answer. But today, what we’ve experienced over the last one, three, six, nine months of the gold price run is unprecedented. We are in the strongest precious metals bull run of my career, probably in the last 60 or 70 years. So, we hit $4,200 today in gold, and silver’s trading at $52. PGMs are not far behind, but I think that gold is going to continue to creep.
This is no longer about supply and demand. This is really about the geopolitical situation in the world today. U.S. deficit, U.S. debt, and a lot of countries are starting to accumulate gold in their central banks as a hedge against U.S. dollar deflation.
Jim Gordon
It’s Brett Richards, CEO and Executive Director of Pasofino Gold. Brett, thank you for joining us.
Brett Richards
Jim, thanks for having me on.
About Pasofino Gold Limited
Pasofino Gold Limited (TSXV: VEIN | OTCQB: EFRGF | FSE: N07A) is a Canadian-based mineral exploration company listed on the TSX Venture Exchange. Pasofino, through its wholly-owned subsidiary, owns 100-per-cent of the Dugbe Gold Project (prior to the issuance of the Government of Liberia’s 10 per cent carried interest).
To learn more about Pasofino Gold, visit their website here. For the latest updates, follow Pasofino Gold on social media: Facebook, X, LinkedIn, and YouTube.
