Enegex Limited is set to acquire Famien Resources, gaining a substantial gold exploration portfolio in Côte d’Ivoire, backed by a $5 million placement and the appointment of seasoned explorer Paul Roberts as Managing Director.
- Acquisition of Famien Resources with >3,700km² gold permits in Côte d’Ivoire
- Drill-ready targets identified at Gogo and Tougbe projects
- Paul Roberts, key figure behind 5.5Moz Bankan discovery, joins as Managing Director
- $5 million placement secured to fund exploration and growth
- Ongoing exploration in Western Australia’s West Yilgarn region
Strategic Acquisition in West Africa
Enegex Limited has announced a transformative step in its growth strategy with the planned acquisition of Famien Resources Pty Ltd, a private company holding a significant portfolio of gold exploration permits in Côte d’Ivoire. This acquisition, pending shareholder approval at the upcoming Annual General Meeting, will provide Enegex with over 3,700 square kilometres of highly prospective ground in one of West Africa’s most prolific gold belts.
The portfolio includes seven granted exploration permits and four applications, with standout drill-ready targets at the Gogo and Tougbe projects. These projects are situated within the Birimian greenstone belt, a geological formation renowned for hosting large orogenic gold deposits. The Gogo project features a 1.2-kilometre-long gold-in-soil anomaly with historical rock chip assays reaching as high as 92.6 grams per tonne, while Tougbe offers promising historical drilling results, including intercepts of up to 8 metres at 3.4 grams per tonne gold.
Experienced Leadership and Robust Funding
Integral to this acquisition is the appointment of Paul Roberts as Managing Director. Roberts is a respected figure in West African gold exploration, credited with the discovery of the 5.5 million-ounce Bankan deposit in Guinea. His expertise, alongside that of exploration adviser Dr Barry Murphy and Ivorian-based legal counsel Eric Kondo, positions Enegex to effectively advance its new Côte d’Ivoire assets.
Supporting this expansion, Enegex has secured firm commitments for a $5 million placement to fund exploration and growth initiatives. This capital injection will underpin early-stage geochemical sampling, mapping, and drilling programs planned to commence in the coming months, aiming to rapidly delineate and advance high-potential targets.
Continued Focus on Western Australian Projects
While expanding aggressively in West Africa, Enegex remains committed to its Western Australian portfolio in the West Yilgarn region. The company continues to explore multiple projects, including Perenjori, Latham, Three Springs, Tampia West, and Gutha, applying similar geochemical and geophysical methodologies to identify gold and base metal mineralisation. Notably, the Rocky Ridge prospect at Perenjori has returned encouraging historical drill intercepts, and new anomalies at Three Springs and Tampia West warrant further investigation.
Despite a modest cash balance of approximately $1.07 million at quarter-end, the recent placement and strategic acquisition signal a clear intent to scale exploration efforts efficiently across two continents. Enegex’s disciplined approach, combining low-cost early-stage exploration with targeted drilling, aims to unlock value while managing capital prudently.
Outlook and Market Positioning
The acquisition of Famien Resources and the appointment of a proven leadership team mark a pivotal moment for Enegex, positioning it to capitalize on the rich gold endowment of Côte d’Ivoire. The company’s systematic exploration strategy, leveraging advanced targeting techniques and regional geological expertise, could yield significant discoveries in the near term. Meanwhile, ongoing work in Western Australia maintains a diversified pipeline of opportunities.
Investors will be watching closely as Enegex seeks shareholder approval and progresses initial drilling programs, with the potential to reshape its market profile through successful exploration outcomes in two globally significant gold provinces.
Bottom Line?
Enegex’s bold expansion into Côte d’Ivoire backed by expert leadership and fresh capital sets the stage for a defining exploration phase.
Questions in the middle?
- Will the shareholder vote approve the Famien Resources acquisition and $5 million placement?
- How quickly will initial drilling results at Gogo and Tougbe clarify the projects’ commercial potential?
- What impact will Paul Roberts’ leadership have on Enegex’s exploration success and market valuation?