Liberia Courts US$3B in Mining Investment as Gold Co. Joins Industry Discussions

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Zodiac Gold participated in Liberia's inaugural International Mining & Energy Conference and Expo (LIMEC 2026), where government officials and industry leaders discussed investment opportunities, regulatory priorities, and the country's mining and energy development plans. Following the two-day event, CEO David Kol described the conference as a success, while Liberian president Joseph Nyuma Boakai Sr. outlined plans to expand domestic mineral processing and attract new investment to Liberia's resource sector.

Key Takeaways

• Zodiac Gold sponsored the inaugural Liberia International Mining & Energy Conference and Expo (LIMEC 2026), held October 28-29 in Monrovia.
• CEO David Kol participated as a panelist and described the event as a success, citing participation from government and industry stakeholders, including President Joseph Nyuma Boakai Sr.
• President Boakai outlined plans to establish a national mining company and gold refinery, emphasizing domestic mineral processing and greater economic value from Liberia's resources.
• Liberia is promoting approximately US$3 billion in projected mining and energy investment, alongside proposed regulatory reforms and infrastructure development.
• Zodiac continues to advance exploration at its 2,316-square-kilometer Todi Gold Project, where recent trenching and soil-sampling results have expanded identified gold trends.

The Inaugural Conference

Zodiac Gold Inc. (ZAU:TSX.V; ZAUIF:OTCQB; K19:XFRA), a gold explorer advancing the Todi Gold Project in Liberia, participated as a bronze sponsor in the country's inaugural Liberia International Mining & Energy Conference and Expo (LIMEC 2026), held October 28-29 at the Farmington Hotel. The conference brought together government officials, mining and energy companies, investors, development partners, and other industry stakeholders to discuss investment opportunities and the country's resource-development priorities.

CEO David Kol participated as a panelist in the conference's opening-day mining and energy discussions. In a statement following the event, Kol described the inaugural conference as a success, highlighting the participation of senior government officials and industry representatives.

"The inaugural Liberia International Mining & Energy Conference was a clear success," Kol said. "The depth of the discussions over two days, and the presence of so many key stakeholders — including His Excellency President Joseph Nyuma Boakai, Sr. — demonstrated a genuine shared commitment to building a sustainable mining and energy future for Liberia."

He added that he was "honored to take part as a panelist" and that Zodiac was proud to sponsor the event. Kol also said the company looks forward to LIMEC 2027.

One of the conference's central developments came during President Boakai's October 28 opening address. According to an announcement from Liberia's Executive Mansion, the president outlined plans to establish a national mining company and a gold refinery. He emphasized the importance of moving beyond raw mineral exports toward domestic processing, industrial development, infrastructure, and employment.

The president's remarks reflected a broader government objective of retaining more economic value from Liberia's mineral resources. The announcement also placed domestic processing and mineral-sector development among the issues discussed during the conference.

The two-day program covered a range of mining and energy priorities, including iron ore expansion, critical minerals, mining finance, regulatory reform, renewable energy, rural electrification, and infrastructure. According to the official LIMEC program, sessions also examined the proposed mining code, investment agreements, local-content requirements, railway and port development, and financing structures for resource projects.

Post-conference reporting from The DayLight said the event attracted more than 250 delegates and concluded with discussions around future partnerships, artisanal mining integration, and renewable energy targets. The report also noted calls for a review of Liberia's minerals and mining laws.

Liberia's Mining and Energy Investment Outlook

Liberia is presenting its mineral resources and energy potential as opportunities for new domestic and international investment. Government officials and conference organizers have promoted approximately US$3 billion in projected mining and energy investment, alongside ambitions to expand iron ore production, develop gold and critical mineral resources, improve electricity access, and strengthen infrastructure.

The conference program highlighted several policy and development priorities:

• Discussions addressed the proposed mining code, investment agreements, royalties, and potential state participation in mining projects. 
• Officials discussed production expansion, global steel demand, pricing, investment requirements, and the infrastructure needed to support exports.
• Conference materials highlighted opportunities involving lithium, cobalt, manganese, neodymium, and uranium, alongside the importance of geological data and further resource evaluation.
• The conference covered workforce training, technology transfer, domestic procurement, and opportunities for Liberian suppliers and service companies.
• Other sessions addressed renewable energy, rural electrification, transmission networks, railway rehabilitation, port upgrades, and power requirements for mining operations.

The government also highlighted a target of obtaining 75% of its national energy mix from renewable sources. Reaching that objective would require investment in generation, transmission, and distribution infrastructure, as well as greater private-sector participation. The proposed policy changes and investment objectives could influence the operating environment for companies exploring and developing mineral resources in Liberia. 

The Gold Market Leading Up to U.S. Midterms

Gold prices have retreated considerably from their January 2026 record highs. Following a sharp late-October sell-off, spot gold traded below US$3,900 per ounce on October 30, reflecting financial-market liquidations and expectations for restrictive monetary policy. Shifting expectations for Federal Reserve interest-rate policy, changes in investor positioning and broader financial-market liquidations have contributed to the decline. On November 2, 2026, spot gold was trading near US$3,900 per ounce following a sharp late-October sell-off. 

Longer-term demand drivers include central bank purchases, investment activity, geopolitical uncertainty, and concerns surrounding government debt. In its July 30, 2026, Gold Demand Trends: Q2 2026 outlook, the World Gold Council identified investment as the primary expected contributor to gold demand growth through the remainder of the year. Central banks were also expected to remain significant buyers, although annual net purchases were projected to fall below 2025 levels. Despite recent volatility, longer-term price forecasts remain elevated. CIBC Capital Markets projected an average gold price of US$5,200 per ounce in 2027, while WisdomTree's October 29 outlook cited consensus forecasts of US$4,789 per ounce by the third quarter of 2027.

Near-term market conditions, however, remain sensitive to monetary policy and inflation expectations. In its Q4 2026 metals outlook, Sucden Financial noted that elevated oil prices have contributed to inflation concerns and expectations for tighter monetary policy, increasing the opportunity cost of holding gold. The firm expects central bank and exchange-traded fund buying to provide some support during market corrections, although it cautioned that these sources of demand may not be sufficient to offset further upward repricing of U.S. interest-rate expectations. Its outlook anticipates continued pressure on gold into December, followed by potential stabilization as the Federal Reserve's policy outlook becomes clearer.

Company Developments and Upcoming Catalysts

Zodiac is advancing its 2,316-square-kilometer Todi Gold Project along the Todi Shear Zone in Liberia. Its October 6, 2026, exploration update reported trenching results including 34 m (meters) grading 0.71 g/t Au (gold) at Feh Feh, including 18 m at 1.18 g/t Au. At Lewis North, the company reported extending the gold-in-soil anomaly by 1.2 km (kilometers) to approximately 3 km along the 16 km Monterra Trend. Earlier trenching at Lewis North returned 58 m at 3.15 g/t Au, including 11 m at 15.40 g/t Au and a 1 m sample grading 158 g/t Au. These are sampled lengths, not true widths.

The company has also reported drilling programs at Lewis and Arthington. Independent consultants are currently working on an MRE (mineral resource estimate) for Arthington. Zodiac's July 27 drilling announcement outlined an initial drilling program of up to 3,000 m at Lewis, as part of a broader program of up to 5,000 m.

Zodiac's immediate focus remains on advancing Todi through exploration and resource definition. The latest trenching and soil-sampling results have expanded the company's inventory of exploration targets, while drilling is intended to test mineralization at depth. Upcoming exploration results from Lewis and other targets could provide additional information about the scale and continuity of the Monterra Trend. Progress toward the company's targeted Arthington resource estimate will also be an important milestone for investors monitoring its development strategy.

Frequently Asked Questions

What was LIMEC 2026?

The Liberia International Mining & Energy Conference and Expo was Liberia's inaugural international mining and energy conference. Held October 28-29, 2026, at the Farmington Hotel, the event brought together government officials, mining and energy companies, investors, and other stakeholders to discuss resource development and investment opportunities.

What was Zodiac Gold's role at LIMEC 2026?

Zodiac Gold participated as a bronze sponsor, and CEO David Kol took part as a panelist. Following the event, Kol described the conference as a success and said the company was proud to support the gathering.

What did President Boakai announce at LIMEC 2026?

President Joseph Nyuma Boakai Sr. outlined plans to establish a national mining company and a gold refinery. He emphasized domestic mineral processing and the importance of generating greater economic value from Liberia's natural resources.

What is Liberia's mining and energy investment target?

Government officials and conference organizers have promoted approximately US$3 billion in projected new mining and energy investment. This figure represents a projected investment pipeline rather than funding already secured.

What has Zodiac Gold reported at the Todi Gold Project?

In its October 6, 2026, update, Zodiac reported trenching results of 34 m grading 0.71 g/t Au at Feh Feh, including 18 m at 1.18 g/t Au. It also reported extending the Lewis North gold-in-soil anomaly to approximately 3 km.

What comes next for Zodiac Gold?

The company has reported ongoing drilling at Lewis and independent consultants are currently working on a mineral resource estimate for Arthington. Further drilling, assay results, and technical work will be important to defining the project's mineralization and assessing its development potential.