22 September 2026. Freetown, Sierra Leone. FG Gold Limited (“FG Gold” or “the Company”), currently developing the Baomahun Gold Project (“Baomahun” or “Project”) in Sierra Leone, is pleased to announce it has signed a Memorandum of Understanding (“the MoU”) with the Bank of Sierra Leone (“BoSL” or “the Bank”) for the Bank to purchase gold from the Project upon start of production. This MoU is the first between the Bank and a large-scale gold mine, signifying a major milestone in BoSL’s Gold Purchasing Programme. At cUS$700m, Baomahun is one of the largest mining and infrastructure projects in Sierra Leone, a transformational and pioneering development for the nation.
The MoU sets the framework for an agreement that will facilitate BoSL’s purchase of gold from Baomahun in local currency. This will be BoSL’s largest gold offtake in Sierra Leone’s history, a remarkable precedent for the country and a strong signal for Africa’s participation in its key resource assets and the economic growth of its countries.
Oliver Tunde Andrews, Executive Chairman of FG Gold, stated “We are pleased at this opportunity to further solidify the relationship between FG Gold, the Bank of Sierra Leone and the Government of Sierra Leone. We appreciate BoSL’s confidence in us as a partner in its gold purchasing plan. FG Gold is in full support of this initiative to strengthen Sierra Leone’s foreign reserves by bolstering its gold reserves. We view this partnership, between FG Gold and BoSL, as an opportunity to further strengthen the economy of Sierra Leone.”
Upon completion, the Baomahun Gold Project will be a significant contributor to the economic and social development of Sierra Leone, producing ~150,000 ounces of gold annually, accounting for c.10% of the nation’s gross domestic product (“GDP”) and providing direct and indirect employment for up to 900 Sierra Leoneans during operations. Currently, Sierra Leoneans comprise over 90% of the Company’s workforce. With sustainable mining as a key tenet, FG Gold operates in strong partnership with the community and with high environmental stewardship. To date, FG Gold has already established an education fund for tertiary education and skills development training programs; completed an upgrade of the 66km Matotoka site access road, providing market linkages to boost local trade; construction of the St. Joseph Bakhita Primary School; renovation of the Baomahun Health Centre. Construction of key mine infrastructure including power plant, processing plant, and tailings storage facility, new accommodation camp and administration areas are in the advanced stages and nearing completion. Ends
Media Enquiries:
Nicola Asgill
Corporate Development & Sustainability Director
FG Gold
Mobile: +232 99 503 506
Email: nicola.asgill@fg-gold.com
About FG Gold Limited
FG Gold is a gold development company focused on constructing and operating the Baomahun Gold Project located in Sierra Leone. Baomahun is one of the largest deposits under development in Africa and will become Sierra Leone’s premier large scale commercial gold mine. Upon operations, the Project is expected to deliver an average annual gold production of ~150,000 ounces per year over a 12.5-year mine life peaking at 201,000 ounces.