How Aurum’s New JV Could Unlock 87% Interest in Côte d'Ivoire Gold Permits

Strategic Expansion in Côte d'Ivoire

Aurum Resources Limited (ASX, AUE) has taken a decisive step to broaden its gold exploration footprint in Côte d'Ivoire by entering into a joint venture agreement with Major Star Plus Sarl (MSP). Through its wholly owned subsidiary Plusor Global Pty Ltd, Aurum has acquired a 35% registered share capital in MSP and secured the right to earn up to an 87% interest in three advanced gold exploration permit applications held by MSP. This move strategically extends Aurum’s landholding around its two major gold projects, the 2.41 million ounce Boundiali and the 0.87 million ounce Napié projects.

Details of the Earn-In Agreement

The agreement is structured as a staged earn-in, allowing Aurum to increase its interest from an initial 35% up to 95% during the exploration phase and approximately 87% during the mining exploitation phase. The three MSP permit applications cover a combined area of nearly 470 square kilometres, positioned immediately adjacent to Aurum’s existing tenements. Notably, Application No. 0791 lies to the west and south of the Boundiali South tenement, while No. 0793 borders the Napié gold project to the west. The third permit, No. 0804, is located in central Côte d'Ivoire, representing a new exploration frontier for Aurum.

Milestone-Driven Investment and Exploration

Aurum’s earn-in obligations include milestone payments tied to exploration expenditure and resource milestones. Initial payments involve spending USD 1.5 million or completing 7,000 meters of diamond drilling within 24 months of permit grant, followed by further expenditure and resource-based payments over the subsequent years. These structured commitments align Aurum’s investment with tangible exploration progress, reducing upfront risk while incentivising resource definition.

Leveraging Aurum’s Exploration Expertise

Managing Director Dr Caigen Wang highlighted the unique opportunity this partnership presents to enhance both the Boundiali and Napié projects, while also opening a new exploration avenue in central Côte d'Ivoire. Aurum’s ownership of ten diamond drill rigs and a strong track record of over seven million ounces of gold discovery in the region underpin its capacity to rapidly advance these permits. The company plans to initiate diamond drilling programs promptly upon permit grant, aiming to unlock new gold discoveries and expand its resource base.

Context Within Aurum’s Growing Portfolio

This JV complements Aurum’s existing portfolio, which includes the Boundiali Gold Project; situated within a prolific greenstone belt hosting major mines such as Resolute’s Syama and Barrick’s Tongon; and the Napié Gold Project. The expanded landholding through MSP’s permits enhances Aurum’s regional consolidation strategy, potentially elevating the company’s status as a leading gold explorer in West Africa.