Leone Asset Management Announces Formation of Suli Stone & Gravel Ltd. to Support Infrastructure Development in Southern Sierra Leone
New subsidiary expected to focus on locally sourced crushed stone, aggregates and construction materials serving infrastructure, transportation and development projects
TAMPA, FLORIDA — September 17, 2026 — Leone Asset Management, Inc. (“Leone Asset” or the “Company”) announced today the formation of Suli Stone & Gravel Ltd., a new Sierra Leone subsidiary established to pursue the development and production of construction aggregates and related materials in Southern Sierra Leone.
Suli Stone & Gravel is being developed in connection with the broader activities of Leone Asset and its subsidiary JP Anderson Ltd., which is advancing development initiatives in the GBO and Sulima areas of Southern Sierra Leone.
The new company is expected to focus on the production and supply of crushed stone, road base, construction aggregates, concrete aggregate, drainage stone and other quarry products required for roads, buildings, logistics facilities, utilities and other infrastructure.
Supporting the Development of Sulima
JP Anderson is advancing an integrated development concept within the Sulima Chiefdom encompassing transportation and logistics, agriculture, renewable energy, water infrastructure, industrial development and related economic infrastructure.
As these initiatives progress through feasibility, engineering and development, management believes significant quantities of locally sourced aggregates could ultimately be required for road construction, site preparation, drainage, foundations, concrete production, logistics infrastructure and other civil works.
JP Anderson's current development strategy contemplates control and evaluation of three prospective quarry locations within the Sulima Chiefdom, subject to completion of applicable land arrangements, geological evaluation, permitting and other development requirements.
Suli Stone & Gravel is intended to provide the corporate platform through which these quarry opportunities can be evaluated and, where commercially and technically feasible, developed.
Building a Southern Sierra Leone Construction-Materials Platform
The formation of Suli Stone & Gravel also complements JP Anderson's existing quarry development activities in the GBO area near Bo, where the company is advancing a granite quarry project as part of a broader integrated development initiative.
Management believes the combination of quarry resources in the Bo/GBO area and prospective quarry resources within Sulima could eventually create a strategically positioned construction-materials platform serving Southern Sierra Leone.
Potential markets could include company-sponsored developments as well as third-party demand from government infrastructure programs, road contractors, construction companies, industrial developers and other private-sector projects.
“Infrastructure cannot be developed without the basic materials required to build it,” said James Price, Chairman and CEO of Leone Asset Management and JP Anderson Ltd. “As we began looking at the long-term requirements of Sulima, it became increasingly clear that stone and aggregate should be treated as strategic infrastructure rather than simply another commodity.”
“Suli Stone & Gravel gives us a dedicated vehicle for developing that opportunity. Our objective is to establish reliable local sources of construction materials capable of supporting our own projects while potentially supplying the broader infrastructure needs of Southern Sierra Leone.”
Local Resources Supporting Local Development
The Suli Stone & Gravel strategy is intended to emphasize local production, employment, workforce development and procurement wherever commercially practical.
As individual quarry sites advance, development will remain subject to geological and technical studies, environmental and social assessments, community and landowner agreements, applicable licenses and permits, financing, and other regulatory requirements.
The company expects to evaluate each prospective quarry independently before determining appropriate production capacity, equipment requirements and development schedules.
An Integrated Development Strategy
Leone Asset's broader Sierra Leone strategy is increasingly focused on creating businesses that can support one another across the development lifecycle.
Quarry materials can support roads and infrastructure. Improved infrastructure can support agriculture, logistics and industry. Logistics can connect production centers to domestic and international markets. Energy and water infrastructure can further enable commercial and community development.
Suli Stone & Gravel is intended to become another component of that integrated model.
“We see GBO and Sulima as complementary pieces of a much larger Southern Sierra Leone opportunity,” Price added. “Our goal is not simply to develop individual projects. It is to help create the underlying infrastructure, businesses and economic relationships capable of supporting sustainable growth for decades.”
About Leone Asset Management, Inc.
Leone Asset Management, Inc. is a U.S.-based holding company with business interests focused on Sierra Leone and West Africa. Through its subsidiaries and strategic relationships, the company is pursuing opportunities involving natural resources, infrastructure, agriculture, logistics and economic development.
About JP Anderson Ltd.
JP Anderson Ltd. is a Sierra Leone-based investment advisory and development company focused on identifying, structuring and advancing projects across natural resources, infrastructure, agriculture, logistics and related sectors.
About Suli Stone & Gravel Ltd.
Suli Stone & Gravel Ltd. is being established as a Sierra Leone construction-materials company focused on the evaluation, development, production and distribution of crushed stone, aggregates and related quarry products, with an initial strategic focus on Southern Sierra Leone.
Forward-Looking Statements
This press release contains forward-looking statements concerning anticipated development activities, quarry opportunities, potential markets, infrastructure requirements and future operations. Such statements are subject to risks and uncertainties, including geological results, land and community agreements, regulatory approvals, environmental requirements, financing, construction costs, market conditions and other factors. There can be no assurance that contemplated projects will be developed or achieve anticipated results.