Undervalued Gold Miner Makes Bold West Africa Move

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* Disclosure for the quote from the Clive Maund article published on April 8, 2025

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The quoted article represents the opinion and analysis of Mr. Maund, based on data available to him, at the time of writing. Mr. Maund's opinions are his own, and are not a recommendation or an offer to buy or sell securities. As trading and investing in any financial markets may involve serious risk of loss, Mr. Maund recommends that you consult with a qualified investment advisor, one licensed by appropriate regulatory agencies in your legal jurisdiction and do your own due diligence and research when making any kind of a transaction with financial ramifications. Although a qualified and experienced stock market analyst, Clive Maund is not a Registered Securities Advisor. Therefore Mr. Maund's opinions on the market and stocks cannot be  only be construed as a recommendation or solicitation to buy and sell securities.

In a recent investor-focused interview hosted by CEO.CA, CEO Brett Richards, CEO of Pasofino Gold Ltd. (VEIN:TSX.V; EFRGF:OTCQB; N07:FSE) and Zodiac Gold Inc. (ZAU:TSX.V) CEO David Cole discussed the evolving gold mining landscape in West Africa, where rising gold prices above US$3,000 are prompting governments to re-evaluate mining revenue structures. The conversation centered on Liberia, a country both companies are heavily invested in, and one they say stands apart from regional trends toward resource nationalism.

While the discussion featured both executives, Richards made a particularly compelling case for why Liberia may be the most attractive jurisdiction on the continent today. Drawing on his experience across nine West African countries, he described Liberia as collaborative, compliant, and uniquely welcoming to foreign investment. "I feel that Liberia is the best jurisdiction in West Africa," Richards said in the discussion. "It might be one of the best jurisdictions in Africa as far as compliance, governance, and the government's ability to execute on their promises."

Pasofino is currently developing the Dugbe Gold Project, one of the country's leading strategic gold assets. Although a full feasibility study was completed in 2022, Richards joined the company in late 2024 to relaunch development following a period of inactivity tied to financial distress at former partner Hummingbird Resources. Pasofino is now conducting a gap analysis to account for post-COVID cost shifts and higher gold price assumptions. A full update to the feasibility study and a revised NI 43-101 technical report are expected early in Q1 2026, alongside efforts to structure project financing. 

Richards, as in other interviews, emphasized that Liberia's approach to mining stands in sharp contrast to countries like Mali and Burkina Faso, where coups and abrupt policy overhauls have raised investor concerns. Liberia's long-standing democratic constitution, strong ties to the United States, and widespread use of the US dollar all contribute to a stable investment environment. "They're not chasing quick wins," he said. "They've built mineral development agreements that adjust with the market — up or down — offering commercial balance and long-term vision."

Liberia also remains one of the most underexplored countries in the Birimian greenstone belt. While Mali and Burkina Faso host dozens of operating mines, Richards estimated that Liberia has fewer than ten active Class A licenses. "It's extremely robust and still emerging," he said. "The opportunity for new discoveries and projects is enormous."

Though David Cole of Zodiac Gold also discussed his company's exploration-focused work at the Todi Project and highlighted the importance of community engagement, Richards's comments on Liberia's jurisdictional appeal stood out as a central takeaway from the video.

Even in a lower gold price environment, Richards said Liberia would remain a key focus. "The fundamentals are just that strong," he explained. "It's the right place at the right time."

Safe-Haven Demand Propels Gold to 2025's Top-Performing Asset

A June 20 article by Josh Chiat for Stockhead traced gold's climb from under US$2,000 per ounce in late 2023 to more than US$3,350 by mid-2025, briefly surpassing US$3,500 in April. Chiat pointed to consistent sovereign demand as a key driver, noting that central banks had purchased around 1,000 tonnes of gold annually for the past three years. Citing the World Gold Council's latest survey, he wrote that "95% of central bank buyers expect central banks to increase their gold reserves this year," compared to 81% the year before. Shaokai Fan of the World Gold Council added, "Nearly half of the central bank respondents intend to increase their own gold holdings in the coming year . . .  especially considering how many record-high prices we've hit so far in 2025."

The case for gold as a safe haven was reinforced in a June 23 report from Ahead of the Herd, which cited a 27% year-to-date gain. The article tied gold's strength to ongoing geopolitical conflict, inflation fears, and fading confidence in U.S. financial leadership. Updated WGC data showed that 43% of central bank reserve managers plan to increase gold holdings this year, up from 29% in 2024. The article also highlighted a shift away from U.S. Treasuries, with New York Fed data showing foreign central bank holdings had declined to US$3.22 trillion — the lowest since 2017. Bank of America strategist Meghan Swiber noted that "this flow likely reflects official sector diversification away from dollar holdings."

More recently, Yahoo Finance reported on June 26 that gold futures opened at US$3,347.50 per ounce, a 0.6% daily gain but still short of the record highs seen earlier in the month. Despite a 45.1% year-over-year rise, gold has shown signs of consolidation as optimism in equity markets briefly returned. S&P 500 futures climbed 3.4% following a ceasefire announcement between Israel and Iran, while comments from former President Donald Trump about potentially replacing Federal Reserve Chair Jerome Powell stirred speculation around accelerated interest rate cuts — factors that could temporarily redirect capital toward equities.

Still, the long-term outlook for gold remains strong. Yahoo Finance cited a Goldman Sachs Research forecast projecting gold could reach US$3,700 per ounce by the end of 2025, supported by robust central bank buying and persistent economic uncertainty. As of late June, gold continued its steady ascent, reinforcing its role as a hedge against volatility and a pillar of global monetary stability.

Analyst Highlights Undervaluation and Growth Potential at Dugbe Gold Project

*An April 8 report by Technical Analyst Clive Maund described Pasofino Gold Limited as significantly undervalued, citing both technical and fundamental factors. Despite a period of share price weakness driven by limited takeover activity, Maund noted that the intrinsic value of the company's flagship Dugbe Gold Project continued to rise, supported by strong gains in the gold price. The stock's recent rebound — following a cooperation agreement with Hummingbird Resources and Nioko Resources — was viewed as a technical breakout from a multi-month downtrend.

Maund characterized Dugbe as a large-scale and economically attractive gold project located in Liberia, which he described as politically stable and supportive of mining development. He underscored the project's infrastructure strengths, long projected mine life, and untapped exploration potential. According to the report, only a small subset of more than fifteen known targets across the project area has been drill tested, leaving considerable room for resource expansion.

The report also included commentary from Pasofino CEO Brett A. Richards, who emphasized the significance of the recent partnership agreement. Following Nioko Resources' acquisition of Hummingbird's interest in the project, Richards called the new structure "a re-birth of the Dugbe Gold Project," citing improved alignment among stakeholders, shared funding commitments, and a clear operational roadmap. He added that Pasofino "represents probably the most under-valued gold junior in the market today," pointing to the project's scale, strategic positioning, and feasibility-stage economics as key drivers of long-term shareholder value.

On June 27, Clive Maund provided an updated quote. Maund wrote, "Pasofino Gold is looking very good value here. Following a decline from its September highs, a base pattern has formed this year that may be described as a hybrid between a Double Bottom and a Head-and-Shoulders bottom. Long-term charts reveal that this Double Bottom sits within a much larger low base pattern that started to form back in 2022."

Maund continued, "With upside volume building up this year, especially since April and its Accumulation line trending higher since early 2022 and even making new all-time highs in recent weeks, Pasofino Gold appears to be building up to begin a major new bull market and it is accordingly rated a strong buy here, especially as it has just dipped to a good entry point not far above its rising 50-day moving average."

Ownership and Share Structure

According to Refinitiv, eight strategic entities own 67.37%, or the lion's share, of Pasofino. Of these investors, the Top 3 are Hummingbird with 50.8%, ESAN with 9.6% and Stephen Dattels with 3.97%.

The rest is in retail.

Pasofino has 117.03 million (117.03M) outstanding shares and 37.79M free float traded shares. Its market cap is CA$40.89M. Its 52-week trading range is CA$0.375–CA$0.80 per share.