Resource Upgrade Raises Questions on Aurum’s Path to Production at Boundiali

Significant Resource Growth at Boundiali

Aurum Resources Limited (ASX, AUE) has delivered a major boost to its gold resource base, announcing a 50% increase in the JORC Mineral Resource Estimate (MRE) for its flagship Boundiali Gold Project in Côte d'Ivoire. The updated resource now stands at 2.41 million ounces of gold, up from the maiden estimate of 1.6 million ounces reported in December 2024. This uplift adds approximately 820,000 ounces to the project’s inventory and brings Aurum’s total group resources, including the Napié Gold Project, to 3.28 million ounces.

Drilling Success and Resource Classification

The resource upgrade is the result of an aggressive and focused drilling campaign that has delivered consistent results across multiple deposits within the Boundiali project area. The updated MRE encompasses six deposits, BST1, BDT1, BDT2, BDT3, BMT1, and BMT3. Notably, the Indicated Resource component has grown by 362%, now totaling 600,000 ounces at an average grade of 1.0 g/t gold, while the Inferred Resources account for 1.81 million ounces.

Higher-grade zones within the Inferred category, such as 400,000 ounces at 2.0 g/t Au in BMT3 and 220,000 ounces at 1.7 g/t Au in BMT1, underscore the quality and potential economic viability of the resource. Aurum’s Managing Director, Dr. Caigen Wang, highlighted the milestone as a testament to the project’s immense potential and the effectiveness of the company’s drilling strategy.

Ongoing Exploration and Development Plans

Exploration remains active, with a 100,000-metre drilling program underway throughout 2025. The company has identified additional prospects within the Boundiali tenements that have yet to be drilled, suggesting further resource expansion is possible. Aurum plans a second MRE update later this year to incorporate new assay results.

Parallel to exploration, Aurum has initiated a Pre-Feasibility Study (PFS) for the Boundiali Gold Project, aiming for completion by the end of 2025. This study will assess the technical and economic feasibility of mining operations, leveraging encouraging metallurgical testwork that indicates the ore is amenable to standard gravity and carbon-in-leach processing with high gold recoveries.

Strategic Position and Financial Strength

Boundiali is strategically located within a prolific West African greenstone belt, near several large gold mines operated by industry majors such as Resolute, Perseus, Montage Gold, and Barrick. The project benefits from good infrastructure, including power and road access, facilitating future development.

Financially, Aurum is well positioned with nearly $47 million in cash and liquid assets, supporting ongoing exploration and development activities. The company’s ownership structure across the Boundiali tenements, including joint ventures and mining license applications, provides a clear pathway to eventual production.

Robust Technical Foundation

The resource estimate is underpinned by rigorous geological modelling, extensive diamond drilling exceeding 114,000 metres since late 2023, and comprehensive quality control protocols. Independent consultants SLR have validated the data and resource classification, which currently includes Indicated and Inferred categories. Further drilling is planned to upgrade resource confidence and potentially define Measured Resources.

Metallurgical testwork confirms the ore’s amenability to conventional processing with high recovery rates, supporting the economic assumptions used in the resource cut-off grades. Environmental considerations are being addressed, with Aurum having negotiated access agreements for exploration and mining within sensitive areas.