Legion Mining Company buys the gravity tailings artisanal miners already discard, and recovers the fine gold left behind through carbon-in-leach (CIL) processing — turning Kenya's artisanal gold sector's waste stream into formal value.
Who We Are
Legion Mining Company is a gold tailings purchasing and processing business rooted in Kakamega County — one of Kenya's most mineral-rich regions. We buy gravity tailings from artisanal miners after they've already recovered their coarse gold, and process that material through our carbon-in-leach (CIL) model to extract the fine gold left behind.
We are not a mining company competing with artisanal miners for ore. We're the formal processor for the waste stream they already generate — buying what they currently discard, at assay-based prices, on a weekly cash cycle.
"Tailings don't lie. The gold is already sitting there, discarded. We built the plant to go get it."
The Founder
Miller Shikoli grew up in Kakamega County, Western Kenya. Before studying geography and business, he worked as an artisanal miner along the river banks himself — panning and sluicing gold by hand. He has now returned to build a formal processing operation on the same ground he once mined.
What drives Miller isn't just a business opportunity — it's the gold artisanal miners leave behind every day. Gravity recovery (sluices, shaking tables) only captures 40–60% of the gold in ore; the rest stays in the tailings as fine particles too small to catch. Legion Mining buys that discarded material and recovers the remaining gold via CIL.
Because Legion processes tailings rather than raw ore, there's no crushing or milling CAPEX — the material is already ground to CIL-ready size by the miners' own ball mills before it ever reaches Legion.
Miller's vision for Legion Mining goes beyond this seed round: build the formal tailings-processing layer of Kenya's artisanal gold sector, support ASM formalization under the Mining Act 2016, and position Western Kenya as a serious regional gold processing hub — with Legion Mining at the centre of it.
The Process Flow
Legion does not process raw ore. We process gravity tailings — the waste left behind after artisanal miners have already crushed, milled with ball mills, and recovered coarse gold via gravity (sluices, shaking tables). This material is already milled to CIL-ready size (~75–150 microns) and contains fine gold that gravity cannot capture.
The Ask
We are raising KES 22.3 million as a convertible note or direct equity (final structure to be negotiated) to commission a 1 TPH CIL tailings processing plant in Kakamega. Target close: December 2026. Minimum check: KES 500,000.
Unit Economics — Base Case (2.58 g/t, Lab-Verified)
Base case: $3,500/oz gold (conservative vs. ~$4,100/oz current), 128.6 KES/USD, 75% utilization (540 t/month). Tailings purchase KES 5,000–8,000/tonne; processing cost ~KES 4,500/tonne; royalty 3% of gross.
Sensitivity Analysis
| Scenario | Gold Price | Grade | Recovery | Monthly EBITDA | Annual EBITDA | Payback |
|---|---|---|---|---|---|---|
| Stress | $2,500/oz | 2.0 g/t | 85% | ~KES 1.2M | ~KES 14M | ~19 mo |
| Base Case | $3,500/oz | 2.58 g/t | 85% | ~KES 3.5M | ~KES 42M | ~6–7 mo |
| Upside (Recovery) | $3,500/oz | 2.58 g/t | 92% | ~KES 4.5M | ~KES 54M | ~5 mo |
| Upside (Price+Grade) | $4,500/oz | 3.5 g/t | 90% | ~KES 12M | ~KES 144M | ~2 mo |
These numbers assume consistent 2.58 g/t tailings supply. Artisanal tailings grade is variable — every batch is assayed and purchase price adjusted accordingly. Below 2.0 g/t, margins compress significantly. The 85% recovery assumption is conservative for CIL on pre-milled tailings; bottle-roll test work will confirm actual recovery before final equipment purchase.
Capital Allocation
KES 22.3M raise. Full equipment schedule and construction budget available in the data room.
Remaining capital covers land lease, construction, EIA/regulatory costs (KES 2.0M), working capital, and contingency. Full breakdown available in the data room.
Tailings Supply Strategy
| Source | Status | Volume | Terms |
|---|---|---|---|
| Sirembe Area Cooperatives | Verbal agreement | 1,500 t (~6 mo at 75% util.) | KES 5,000–8,000/t, spot assay, weekly payment |
| Shinyalu Mining Association | In negotiation | Potential 2,000+ t | Expected closure: TBD |
Risk Mitigation
Regulatory & Compliance
We hold one permit (land lease). All others are in progress. KES 2,000,000 of the raise is allocated to EIA study, regulatory consultants, and application fees.
| Permit / Licence | Status | Timeline | Risk |
|---|---|---|---|
| Land Lease | Secured — 3-year lease signed | Complete | None |
| NEMA EIA | ToR submitted; full study underway | 3–6 months | High |
| Mining (Mineral Dealing) Licence | Not yet applied | Post-EIA | High |
| Cyanide Handling & Storage Permit | Not yet applied | Post-EIA | Medium |
| Water Abstraction Permit | Applied concurrent with EIA | 3–6 months | Medium |
| Business Permit (Kakamega County) | Not yet applied | 2–4 weeks | Low |
| Firearms Licence (Security) | Interim private security firm engaged | Ongoing | Low |
Risk mitigation: NEMA-registered consultant engaged; Terms of Reference submitted.
The Team
Actively seeking a metallurgical advisor with African small-scale CIL/tailings reprocessing experience to validate process design and oversee commissioning. Introductions welcome.
Investment Structure & Next Steps
Open to adjustment based on instrument, check size, and investor terms.
| Lab assay reports — Sirembe ore | Ready |
| Metallurgical test work — bottle roll | Pending |
| Supply agreements — draft LOIs | Draft |
| NEMA consultant engagement letter | Ready |
Get In Touch
Reach out directly for the full investor deck, data room access, or to discuss the round.