Guinea Election Could Favor Mining Co. With Multi-Kilometer Gold System in West Africa

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1. Ownership and Share Structure Information

The information listed above was updated on the date this article was published and was compiled from information from the company and various other data providers.

Guineans went to the polls in December for their first elections since a 2021 coup, with Gen. Mamadi Doumbouya victorious and set to extend his rule amid a mining boom, according to a report by Ougna Camara and Katarina Hoije for Bloomberg on December 28.

Alpha Condé, who was ousted as president in 2021, along with former prime ministers Cellou Dalein Diallo and Sidya Touré, all currently in exile, were prohibited from running due to what authorities cited as "a lack of transparency" regarding their campaign finances. Over 6 million citizens were eligible to vote.

"Voter turnout was over 60% in the polling stations I visited in Conakry," Djenabou Touré Camara, managing director of the General Directorate of Elections, informed reporters in the capital, according to the report. “No incidents have been reported that could affect the transparency and credibility of the election.”

Doumbouya, 41, who largely refrained from campaigning, has emphasized the progress the military government has made in developing infrastructure such as mines, roads, refineries, and power plants, according to a another Bloomberg report published by Mining.com on December 29.

"We will continue the fight against poverty and corruption, and keep investing in infrastructure," he declared in a campaign speech broadcast on state television. Guinea "will build competitive companies" and leverage revenues from the newly operational Simandou mining projects to diversify the economy, he stated.

Simandou, one of the largest iron-ore deposits globally, has the potential to transform the nation's economy, with the International Monetary Fund forecasting that the project could boost gross domestic product by 26% by 2030. Exports from the development commenced this month after years of delays and corruption scandals.

Investors will be observing whether Doumbouya implements policies that attract further foreign investment into the mining sector. The junta unveiled a 15-year strategy known as Simandou 2040, which aims to diversify the economy through investments in agriculture, education, transport, technology, and health.

"Guinea's mining sector is likely to face greater state demands for local mineral processing, alongside changes to the mining code to strengthen government oversight," said Oumar Totiya Barry, executive director of the Guinean Observatory of Mines and Metals, a Conakry-based think tank.

Guinea is the world's leading exporter of bauxite, a reddish ore that's processed into alumina, which is then smelted to produce aluminum. Despite the country's mineral wealth, more than half of its population of 15.8 million lives in poverty, according to World Bank data.

Mining in Africa

Africa's mining sector continues to draw global interest as companies aim to leverage the continent's abundant mineral resources. With an estimated one-third of the world's mineral reserves, the continent plays a crucial role in supplying essential materials for global industries, including gold, copper, cobalt, and rare earth elements. While the sector offers substantial investment opportunities, it is also influenced by geopolitical changes, regulatory hurdles, and evolving industry trends.

In recent years, Africa's mining industry has experienced sustained investment activity, driven by both its geological potential and policy reforms designed to attract foreign direct investment. According to the Fraser Institute's 2023 Annual Survey of Mining Companies, participating firms reported exploration expenditures totaling US$4.1 billion in 2023. The survey highlights how mineral potential, coupled with favorable regulatory environments, impacts investment decisions.

Recent reports suggest that Africa's mining sector is set for long-term growth, particularly in gold and critical minerals used in high-tech applications. A study on African mining investment opportunities indicates that geopolitical shifts — such as Western efforts to diversify mineral supply chains away from China — could increase Africa's strategic importance.

The Economist Intelligence Unit has characterized Africa's mining sector as having "enormous long-term potential," with expectations that international mining firms will intensify competition for resources through exploration, expansion, and technological advancements.

Sanu Gold Corp.

One company with a strong presence in African mining that could benefit directly from a pro-mining government in Guinea, Sanu Gold Corp. (SANU:CSE; SNGCF:OTCQB; L73:FRA) has launched an ambitious drilling campaign at its Daina gold exploration permit in the country's Siguiri Basin. 

In December, the company reported drill results from its ongoing exploration program across its three exploration permits in the prolific gold-producing area of Guinea, West Africa.

"These latest results further confirm the strength and potential scale of the Daina gold system, highlighting its geological similarities to other well-established deposits in the district," President and Chief Executive Officer Martin Pawlitschek said in the December 11, 2025, release.

The company said consistent intersections of significant gold mineralization across multiple targets — particularly at Daina 2, Daina 1 South, and Salat East — continue to expand the footprint of this emerging mineralized trend. With mineralization remaining open along strike and at depth, and with both shallow oxide and deeper structurally controlled zones now well established, Daina presents an increasingly compelling opportunity for systematic follow-up and infill drilling beginning in Q1-2026.

Nearly 13,000 meters of drilling were completed at the Daina property in FY-2025, with results continuing to reveal significant near-surface and deeper gold mineralized zones extending over multiple kilometers and remaining open, the company said.

Highlights include 16 meters at 1.81 grams per tonne gold (g/t Au) from 44 meters, including 2 meters at 12.24 g/t Au from 48 meters; 12 meters at 1.71 g/t Au from 12 meters, including 2 meters at 3.90 g/t Au from 20 meters, 12 meters at 1.32 g/t Au from 54 meters, including 4 meters at 3.02 g/t Au from 62 meters; and 6 meters at 1.26 g/t Au from 36 meters, including 2 meters at 3.23 g/t Au at the Daina 2 target.

Drilling at Salat East found 21 meters at 1.02 g/t Au from 17 meters, including 5 meters at 1.80 g/t Au and 3 meters at 1.92 g/t Au; and 20 meters at 0.66 g/t Au from 175 meters, including 1 meter at 15.41 g/t Au from 281 meters.

Finally, drilling at the Daina 1 South target reported some of the following intercepts: 9 meters at 1.22 g/t Au from 175 meters, including 1 meter at 9.56 g/t Au; 24 meters at 0.72 g/t Au from 34 meters, including 1 meter at 7.03 g/t Au; and 10 meters at 0.83 g/t Au from 46 meters, including 1 meter at 1.92 g/t Au.

Project Offers Upside From Further Exploration

Pawlitschek said Sanu was very encouraged by the ongoing progress at Bantabaye and Diguifara, where recent drilling, sampling, and geophysical programs continue to outline broad gold-bearing structures with strong continuity and highly prospective grades.

"With the company fully funded to continue advancing and de-risking its exploration portfolio through FY-2026, we are excited to further explore and unlock the significant potential across our district-scale land package in the Siguiri Basin," he said.

The company said Daina is its most advanced project, with ongoing drilling efforts continuing to delineate a large, multi-kilometer gold system across several closely situated targets. Gold mineralization has been consistently intercepted at shallow depths and within deeper structural zones that remain open for further expansion.

With multiple targets only partially drilled and several additional areas yet to be explored, Daina continues to offer significant upside potential as systematic exploration progresses, the company said.

The Catalyst: Market Cautious Ahead of Payrolls Report

Gold prices edged lower on Thursday, retreating after significant gains earlier in the week as a stronger U.S. dollar dampened investor interest in bullion ahead of important U.S. labor market data, according to a January 8 report by Peter Nurse for Investing.com.

At 09:15 ET (14:15 GMT), Spot gold declined by 0.8% to US$4,422.34 an ounce, while U.S. Gold Futures fell by 0.7% to US$4,431.09 an ounce, as traders took profits from recent rallies. The U.S. Dollar Index maintained the gains from the previous two sessions, making bullion more costly for those holding other currencies.

Market participants remained cautious ahead of Friday's U.S. nonfarm payrolls report, a key data release that could influence expectations regarding Federal Reserve interest rate policy. Weaker jobs data could increase the likelihood of rate cuts, enhancing gold's attractiveness as a hedge against lower yields.

Gold prices could rise to US$5,000 an ounce in the first half of 2026, driven by geopolitical tensions, increasing fiscal pressures, and ongoing investment demand, according to HSBC analyst James Steel, Nurse reported.

He anticipates that trading will remain volatile, with potential for sharp declines, but sees strong underlying support in the near term. Gold reached a record high of US$4,548 an ounce at the end of December 2025, and the analyst believes that momentum could push prices higher into early 2026. The rally has been supported by safe-haven flows, policy uncertainty, and a weaker U.S. dollar.

"We expect prices to trade to or near US$5,000/ounce in 1H26. It is possible, however, that as we move through 2026, the rally may flag," Steel wrote in a note.

According to the latest metals research report from Bank of America (BofA), gold will continue to be a crucial hedge and source of returns in 2026, NAI 500's Caroline Kong reported on January 5.

Michael Widmer, head of metals research at Bank of America, noted in the report that gold will remain an essential hedge and a primary driver of returns. The bank forecasts that the average gold price will reach US$4,538 per ounce in 2026, with the potential to approach the US$5,000 mark. Key factors influencing this include a tightening gold supply, rising production costs, and strong investment demand.

Ownership and Share Structure¹

According to the company's latest presentation, the largest shareholders now include strategic investors Montage at 19.5%, the Lundin Group at 10%, Anglo Gold Ashanti at 10%, and Capital at 5.6%. 

Institutional investors include Scotia Global Asset Management, US Global Investors, Lowell Resources Funds Management, and Palos Management, which collectively make up 17% of the shareholders. 

Management, founders, and insiders own around 11%, with another 22% being held by high-net-worth individuals. The rest is held by retail investors.  

The market cap for Sanu Gold is CA$115.65 million with 384.18 million shares outstanding. The 52-week range for the stock is CA$0.15 and CA$0.45.