Pasofino Gold Limited (TSXV: VEIN; FSE: N07A) has secured the top honor at the 2025 Mining Indaba Dealmakers Den in Cape Town, South Africa, for its Dugbe Gold Project in Liberia. CEO Brett A. Richards highlighted Liberia’s untapped potential in West Africa, emphasizing the nation’s supportive government and engaged local communities.
Richards noted the project’s progression through development stages, culminating in a completed feasibility study, with plans underway for final permitting and community engagement. The forthcoming 12-month agenda aims to prepare for a construction decision, focusing on project financing, site preparation, feasibility study optimization, and infrastructure enhancements, including roads, bridges, and the Port of Greenville.
The Dugbe Gold Project spans 2,078 km² in southern Liberia, within the Birimian Supergroup, a geological formation known for hosting numerous West African gold deposits. Discovered by Hummingbird Resources in 2009 and 2011, the Dugbe F and Tuzon deposits are situated approximately 4 km apart along the Dugbe Shear Zone, a structure believed to have facilitated significant gold mineralization in the region. Collectively, these deposits boast a combined Measured and Indicated Mineral Resource Estimate of 3.3 million ounces of gold, averaging 1.37 grams per tonne, with an additional 0.6 million ounces classified as Inferred. 
A definitive feasibility study completed in June 2022 outlined a Mineral Reserve Estimate of 2.76 million ounces of gold, planned for extraction over a 14-year mine life. The study projects an average annual production of 200,000 ounces during the initial five years, with a life-of-mine all-in sustaining cost of $1,005 per ounce. Pre-production capital expenditures are estimated at $397 million, excluding $37 million in owner’s costs. The project’s proximity to the Port of Greenville, approximately 76 km away, enhances its logistical advantages.
In 2019, Hummingbird Resources secured a 25-year Mineral Development Agreement with the Liberian government, establishing a stable framework for taxes and duties. Under this agreement, the royalty rate on gold production is set at 3%, with a corporate income tax rate of 25%. The government also holds a 10% free carried interest in the project.
