The achievement of financial close on the Baomahun Gold Project marks a defining moment for Sierra Leone’s mining sector and for African project finance more broadly. With US$330 million in senior secured debt mobilised alongside streaming, mezzanine, and equity capital, the transaction stands as one of the most significant mining financings in the country’s history
TOCAM Capital was privileged to act as transaction advisory partner for FG Gold, supporting the structuring and execution of a financing designed to deliver Sierra Leone’s first large-scale commercial gold mine. From early asset considerations through to financial close, the advisory process demanded discipline across technical, financial, institutional, and stakeholder dimensions.
A Financing Built for Delivery
The Baomahun financing brings together Africa’s leading development finance institutions, including Africa Finance Corporation (AFC) and Afreximbank, with additional capital support from global commodities partners. The resulting capital structure, comprising senior debt, streaming and mezzanine facilities, and equity, secures the full development pathway for the project and enables continued momentum toward first gold pour in Q4 2026
Beyond scale, the transaction is notable for its sophistication. It reflects the growing capacity of African institutions to originate, structure, and execute complex resource financings to global standards, while remaining anchored in local development priorities.
Collaboration Across Disciplines
Delivering a project of this nature requires more than capital alone. The Baomahun Project is being advanced under the leadership of Boxmoor Au, supported by a predominantly African technical and operating team, and complemented by internationally recognised engineering, environmental, and infrastructure partners.
TOCAM’s role focused on integrating these disciplines into a coherent transaction framework—aligning technical diligence, project development, and capital structuring to produce a bankable, execution-ready outcome. This approach ensured that institutional requirements were met without compromising long-term project integrity.
Development with Enduring Impact
Baomahun is expected to become a major contributor to Sierra Leone’s economy, supporting employment, local supply chains, and national GDP growth. The project also embeds community investment through a dedicated development fund, reinforcing a model of responsible, inclusive resource development
For TOCAM, the transaction exemplifies our core conviction: that Africa’s development is best advanced through disciplined capital, strong institutions, and projects built to endure. The Baomahun Gold Project demonstrates what is possible when African capability, global standards, and long-term perspective converge.
Development with Enduring Impact
Baomahun is expected to become a major contributor to Sierra Leone’s
economy, supporting employment, local supply chains, and national GDP growth.
The project also embeds community investment through a dedicated
development fund, reinforcing a model of responsible, inclusive resource
development
For TOCAM, the transaction exemplifies our core conviction: that Africa’s
development is best advanced through disciplined capital, strong institutions,
and projects built to endure. The Baomahun Gold Project demonstrates what
is possible when African capability, global standards, and long-term perspective
converge.
