Political Shift in Mongolia Adds Uncertainty as Asian Battery Metals Advances Exploration

Phase 3 Drilling Confirms Expanding Mineralisation

Asian Battery Metals PLC has successfully completed its Phase 3 drilling program at the Oval Cu-Ni-PGE discovery within the Yambat Project in Mongolia. The 16 drillholes, totaling nearly 3,000 metres, have confirmed extensions of massive sulphide zones and high-grade mineralisation, reinforcing the project's potential as a significant magmatic sulphide system. Notably, mineralisation appears semi-continuous over an 800-metre strike length, linking North Oval to Oval and expanding the known footprint of the intrusion.

New Discoveries and Regional Exploration Progress

Beyond the Oval discovery, the company identified a new mineralised ultramafic intrusion at the MS1 prospect, located 6 kilometres from Oval. Drillhole SC07 intercepted mineralised cumulate rocks with promising platinum group element (PGE) signatures, suggesting fertile magmatic conditions and potential for deeper PGE-rich zones. Conversely, the MS2 prospect showed no significant mineralisation, prompting plans for detailed ground magnetics surveys to better understand the area.

Advanced Geophysical Surveys and Community Engagement

To complement drilling, Asian Battery Metals commenced a SAMSON ground electromagnetic survey, the first high-power EM system deployed on the property. This survey aims to identify conductive targets and refine exploration focus areas across the Oval intrusion and regional prospects. Concurrently, the company renewed Social Responsibility Agreements with local authorities in Govi-Altai Province, reaffirming commitments to community education and livelihoods, alongside environmental rehabilitation efforts following exploration activities.

Financial Position and Upcoming Work

At quarter-end, the company held AUD 4.1 million in cash, having invested AUD 1.217 million in exploration and evaluation activities, primarily drilling and geophysical surveys. Administration and corporate costs were AUD 0.482 million, including executive remuneration. Looking ahead, Asian Battery Metals plans to continue the SAMSON EM survey, initiate metallurgical test work on mineralised drill core, and commence a follow-up drilling program in early August to test new targets generated by the geophysical data. The company also remains engaged in assessing nearby projects to complement the Yambat portfolio.

Navigating Mongolia’s Evolving Political and Economic Landscape

The recent change in Mongolia’s government, with a new prime minister and cabinet focused on economic revival and investment attraction, provides a potentially supportive backdrop for mining ventures. The Mongolian Economic Forum underscored the country’s intent to diversify and strengthen critical mineral sectors, aligning well with Asian Battery Metals’ strategic objectives. However, investors will watch closely how these political shifts translate into regulatory and operational realities on the ground.