Asian Battery Metals Secures Maikhan Uul Copper-Gold Option Near Oval Discovery

Strategic Expansion in Mongolia

Asian Battery Metals PLC (ASX, AZ9) has taken a significant step in consolidating its critical minerals presence in Mongolia by securing an exclusive option to acquire the Maikhan Uul copper-gold project. Located just 8 kilometres from its flagship Oval Cu-Ni-PGE discovery, this acquisition aligns with the company's strategy to build a robust copper-focused portfolio essential for the global energy transition.

The Maikhan Uul project benefits from a mining license valid until 2045, providing a long-term operational framework. Historical drilling has confirmed near-surface volcanogenic massive sulphide (VMS)-style copper-gold mineralisation, with a 2015 foreign resource estimate of approximately 5 million tonnes grading 0.58% copper and 0.16 grams per tonne gold. While this estimate is not compliant with the JORC Code, it offers a valuable foundation for further exploration and resource validation.

Complementary Exploration Tenement Acquisition

In addition to Maikhan Uul, Asian Battery Metals has expanded its Mongolian footprint by acquiring a new 3,327-hectare mineral exploration tenement named Bayan Sair, situated south of its Yambat Project. This tenement covers a prominent regional magnetic high interpreted as a potential extension of the mineralised intrusive zones identified at the MS1 and Oval targets. The area is largely covered by Quaternary sediments, presenting an intriguing exploration opportunity with minimal initial environmental and exploration commitments.

Robust Historical Data and Planned Work Programs

The Maikhan Uul project is supported by extensive historical geological, geophysical, drilling, and metallurgical data. Exploration programs from 2010 to 2014 included geological mapping, geochemical sampling, induced polarisation geophysics, trenching, and diamond drilling. Flotation test work indicates the feasibility of producing a high-grade copper concentrate with significant gold recovery, underscoring the project's economic potential.

Asian Battery Metals plans to undertake a comprehensive due diligence program in 2025, including advanced geophysical surveys and 200–300 metres of confirmation drilling in higher-grade resource areas. This staged approach aims to verify and potentially upgrade the existing resource estimate to JORC compliance, a critical step for future development decisions.

Strategic Implications

The acquisitions collectively represent an increase of less than 25% to Asian Battery Metals’ total consolidated assets and budgeted expenditure, allowing the company to proceed without shareholder approval. The proximity of Maikhan Uul to the Oval discovery offers operational synergies and the potential to build critical mass in a highly prospective copper-gold district within Mongolia, a jurisdiction increasingly recognised for its strategic mineral resources.