A Tier-1 scale Liberian gold project with unusually strong fiscal terms was taken private at a steep NAV discount—less about geology, more about funding, timing, and jurisdictional risk.
Overview
Pasofino Gold Limited was a Canadian exploration/development company whose sole strategic focus was advancing the Dugbe Gold Project in southern Liberia toward a bankable, Tier-1 scale development decision. The company did not produce revenue; its “output” was institutional-grade technical and legal de-risking—resource estimates, feasibility work, and a long-dated Mineral Development Agreement designed to attract project finance or a strategic buyer. Dugbe is one of the largest undeveloped gold resources in West Africa’s Birimian belt, with ~3.3 Moz Measured & Indicated and favorable projected costs and scale. Despite improved gold prices that dramatically increased modeled project value, liquidity strain and financing constraints culminated in a privatization: on April 21, 2026, Mansa Resources acquired remaining shares for C$0.90/share and Pasofino was delisted.