Enegex Targets Projects in Côte d’Ivoire as Part of African Expansion

In a bullish gold market—where prices have already risen by more than 40% in 2025—new investments are emerging in Côte d’Ivoire. Desert Gold and Santa Fe recently entered the country with the Tiegba and Eburnea projects respectively.

On Tuesday, September 23, Australian junior miner Enegex Limited announced firm agreements to acquire Famien Resources Pty, an exploration company active in Côte d’Ivoire. The deal, subject to shareholder approval, will allow Enegex to take control of seven gold exploration permits in a country boasting a potential of 600 tonnes of gold.

Famien Resources operates the Gogo, Tougbe, Abengourou, Kineta, Bouna, Dimbokro, and Toumodi projects, covering a combined area of 3,700 km². Under the terms of the agreement, Enegex will acquire 100% of Famien’s capital in exchange for 80 million shares at AUD 0.05 each, representing a value of about AUD 4 million (USD 2.6 million). The deal also includes additional payments to certain shareholders if development milestones are achieved.

“This transaction represents a significant step for Enegex. By acquiring a 100% interest in a large exploration portfolio in Côte d’Ivoire alongside our Australian projects, we are positioning the company for strong growth. With funding in place, Enegex now has a solid platform to generate both growth and value creation for shareholders,” said Roger Steinepreis, Chairman of Enegex Limited.

With this agreement, Enegex becomes the latest junior miner to announce new gold investments in Côte d’Ivoire this year. This trend reflects the growing interest of global investors in the country, described by Justin Tremain, CEO of Turaco Gold, as “the best place in the world to build a gold mine.”

Though still far from mine construction, Enegex plans to begin initial exploration once the deal is finalized. The program will include detailed sampling and auger drilling at the Gogo and Tougbe permits in the coming months. To support this plan, the company has also announced a AUD 5 million placement.