How Australian Mines Plans to Unlock 336,000 Oz Gold at Boa Vista

Boa Vista Earn-In Marks a Strategic Expansion

Australian Mines Limited has taken a significant step forward by executing a binding agreement to earn up to 80% of the Boa Vista Gold Project, located in Brazil’s prolific Tapajós Gold Province. This region is renowned for its rich gold endowment, having historically produced over 30 million ounces. The Boa Vista project itself hosts a historical inferred resource of approximately 336,000 ounces of gold, with encouraging drill results such as a 104.5-meter intercept grading 1.59 grams per tonne.

The company is moving quickly, with field activities already underway including core reviews and surface sampling, and a 3,000-meter diamond drilling program scheduled to commence in August 2025. These efforts aim to expand the resource and refine the project’s development potential, which could support a low-cost, long-life open-pit operation.

Funding and Portfolio Development

Supporting this expansion, Australian Mines successfully completed a $2.5 million capital raising shortly after the quarter ended. The proceeds are earmarked for drilling at Boa Vista and ongoing exploration across the company’s critical minerals portfolio. This financial boost comes at a crucial time as the company advances geological reviews and exploration programs at other key assets.

At the Flemington Scandium-Nickel-Cobalt Project in New South Wales, a comprehensive geological review is nearing completion. The insights gained will guide a forthcoming drilling program aimed at expanding the existing resource and underpinning an updated Scoping Study expected in the fourth quarter of 2025.

Sconi Project Offtake and Strategic Partnerships

Meanwhile, the Sconi Battery Minerals Project in Queensland remains a strategic asset with granted mining leases and advanced metallurgical understanding. Australian Mines has received a formal Expression of Interest from HMS Bergbau AG, a major German commodities group, for potential offtake of nickel, cobalt, and scandium. This engagement also opens the door for possible funding support through Germany’s Federal Raw Materials Fund, highlighting the project’s geopolitical and market relevance.

Notably, Australian Mines retains the right to terminate its previous offtake agreement with LG Energy Solution due to unmet conditions, signaling a strategic pivot towards new partnerships.

Exploration Advances in Rare Earths and Lithium

Exploration activities continue apace in Brazil with the Jequie Rare Earths Project and Resende Lithium Project. Recent auger drilling at Jequie has identified promising rare earth element anomalies, with some samples showing total rare earth oxide concentrations exceeding 400 parts per million. The company plans further geological mapping, sampling, and metallurgical testing to better understand these targets.

At Resende, systematic soil sampling has delineated priority areas for follow-up drilling targeting rare earths, tin, tantalum, and lithium. These efforts aim to tap into mineralization associated with known regional deposits, potentially adding significant value to Australian Mines’ portfolio.

Financial Position and Outlook

Australian Mines closed the quarter with a cash balance of approximately $1.45 million, supported by the recent capital raise. The company’s expenditure remains focused on exploration and development activities, with a clear pipeline of work planned for the coming months. Key upcoming milestones include shareholder approval for the Boa Vista earn-in, commencement of drilling programs, and the release of updated scoping studies.

While the Boa Vista resource remains a foreign estimate not yet compliant with JORC standards, the company is actively working to upgrade the resource classification as exploration progresses. This, combined with strategic offtake discussions and a diversified critical minerals portfolio, positions Australian Mines for potential growth in a dynamic market.