Liberia, long known for its rich history and resilient people, is emerging as one of the continent’s most promising frontiers for gold exploration.
At the center of this evolution is Pasofino Gold Ltd. (TSXV:VEIN), a company whose Dugbe Gold Project has the potential to become Liberia’s first major gold mine—and potentially one of West Africa’s most lucrative.
The value of the Dugbe Gold Project in southeastern Liberia is over $6 billion in gross metal value, with an initial capital cost estimated at $435 million. Owned by Hummingbird Resources, the project is considered the largest gold deposit in Liberia.
The mine is situated in southeastern Liberia, approximately 75 kilometers by road from the deep-water port of Greenville.
Pasofino’s journey in Liberia began with a bold vision: to unlock the mineral wealth of the Dugbe Shear Zone, a geological structure known to host significant gold deposits.
The company’s 100 per cent ownership of Hummingbird Resources (Liberia) Ltd. gave it full control over the Dugbe Gold Project, a sprawling 1,410 km² concession in Sinoe County. With over 3.3 million ounces of gold already defined in Measured and Indicated resources, the project has quickly gained attention for its scale and potential.
But what makes Liberia such an attractive jurisdiction for mining investment?
Since 2013, Liberia has maintained a stable democracy, supported by strong international partnerships and a pro-mining government. Its mining laws are modeled on Australian regulations, offering transparency and investor protection.
The country is home to major players like ArcelorMittal and Avesoro, and its commitment to the Extractive Industries Transparency Initiative (EITI) since 2011 underscores its dedication to responsible resource development.
Pasofino’s Mineral Development Agreement (MDA), passed into law in 2019, provides a 25-year framework with favorable terms: a 3 per cent royalty rate, 25 per cent income tax with credits for historic exploration, and fuel duty reductions that cushion the impact of lower gold prices.
The government also receives a 10 per cent free carried interest, and a Community Development Fund ensures local benefits.
In September 2025, Pasofino’s geological team returned to the field with renewed focus. Their exploration efforts targeted areas adjacent to the Tuzon and Dugbe F deposits—regions that had never been drill-tested but showed signs of significant artisanal mining activity.
At Jadae East, just 10 km from Tuzon, the team mapped eluvial gravels and soil rich in gold, reminiscent of the mineralized zones that define the main deposit. Meanwhile, at the DSZ target, historical channel sampling revealed promising grades in folded host rocks, further validating the potential for new discoveries.
These findings are more than just geological curiosities—they represent the next phase of growth for its Dugbe Gold Project in Sinoe County, Liberia. With a portable auger rig now deployed, Pasofino is actively tracing the source of surface gold, aiming to expand the resource base and enhance the economics of the project. The company recently completed its Phase One update to the 2022 feasibility of Dugbe.
Speaking of economics, the 2022 Feasibility Study, led by DRA Global and SRK UK, painted a compelling picture: a 14-year mine life, 172,000 ounces of annual production, and a post-tax NPV of C$524 million at a conservative gold price of US$1,700/oz. But with gold now trading above US$2,100/oz—and forecasts suggesting even higher prices—the project’s value proposition has grown exponentially. Updated models indicate a potential NPV of $761 million and an IRR of nearly 37 per cent, making Dugbe one of the most attractive undeveloped gold assets in the region.
In a move to capitalize on this momentum, Pasofino is undertaking a comprehensive update to the feasibility study. This includes re-running mine plans with higher gold price assumptions, enhancing metallurgical recoveries, and exploring hybrid solar-diesel power solutions to reduce operating costs. The goal is clear: to deliver a bankable study that can attract financing and strategic partners for construction.
With final permitting on the horizon and a clear path to development, Pasofino Gold stands at a pivotal moment. The Dugbe Gold Project is not just a mining venture—it’s a catalyst for economic growth, community development, and investor returns. In a world hungry for gold and stability, Liberia offers both.
