Auris Cuts $100K in Annual Exploration Costs After Forrest Retention Licence Granted

Strategic Retention Licence Secured

Auris Minerals Limited (ASX: AUR) has successfully obtained a retention licence (R52/10) covering its Forrest and Wodger copper deposits in Western Australia's Bryah Basin. This licence, granted on January 6, 2025, consolidates Auris's interests in these significant copper resources, which collectively hold an estimated 24 million tonnes at 1.7% copper, equating to approximately 41,500 tonnes of contained copper.

The retention licence not only secures Auris's 80% stake in these deposits but also encompasses potential mining infrastructure areas within the Forrest Project. This strategic move allows the company to maintain control over valuable assets while reducing its exploration licence footprint.

Cost Reduction and JV Adjustments

Following the granting of the retention licence, Auris withdrew the remaining portions of exploration licences E52/1659 and E52/1671 from its joint venture with Westgold Resources Limited (ASX: WGX). Westgold retains a 20% free-carried interest in the copper rights until a decision to mine and holds all gold rights over Auris's interest.

These adjustments are expected to reduce Auris's annual exploration commitments on the Forrest Project by approximately $100,000, a welcome relief amid ongoing cost pressures in the mining sector. Auris Managing Director Mike Hendriks highlighted the importance of this cost saving, noting that it complements other measures such as relinquishing the warehouse lease at Bibra Lake and storing drill core at Westgold's Fortnum site.

Financial Position and Operational Focus

As of December 31, 2024, Auris reported a cash balance of roughly $1.34 million. The company continues to prioritize prudent financial management by selling surplus assets and reducing expenditure commitments wherever possible. Exploration and evaluation expenditure for the quarter was modest, reflecting a disciplined approach to capital allocation.

Auris remains focused on advancing high-quality exploration targets within its consolidated tenement portfolio of 285 square kilometres across the Bryah Basin, which includes the Forrest, Doolgunna, and Morck Well projects. The company is also actively assessing new complementary project opportunities to bolster its pipeline.

Outlook and Strategic Implications

The retention licence and associated cost reductions position Auris to better allocate resources towards its most promising assets and potential new ventures. While no production or development activities occurred during the quarter, the company’s strategic moves suggest a cautious but deliberate path forward, balancing asset retention with financial sustainability.

Investors will be watching closely how Auris leverages its retained copper resources and whether further partnerships or project advancements emerge in the near term.