OZZ Resources Limited has provided a detailed update to ASX on its prolonged voluntary suspension, citing procedural delays in Zimbabwe and a pending joint venture at its Maguires Reward Project. The company outlines exploration activities, expenditure, and plans to resume trading.
- Voluntary suspension since June 2024 due to delayed Proposed Transaction
- Procedural mining claim registration issues in Zimbabwe causing delays
- Pending joint venture agreement for Maguires Reward Project with capital raising planned
- Soil sampling conducted in March 2025; assay results expected by October 31, 2025
- Exploration expenditure of A$100,624 from July 2024 to September 2025
Background on Suspension and Transaction Delays
OZZ Resources Limited has been under voluntary suspension from ASX trading since June 2024, initially to facilitate a Proposed Transaction. The company has now revealed that the transaction has been delayed primarily due to unresolved procedural issues with the official registration of mining claims in Zimbabwe. This registration remains pending with the Mining Affairs Board, stalling progress.
Despite these setbacks, OZZ has been actively negotiating a joint venture with another ASX-listed company to develop its Maguires Reward Project in Australia. This joint venture aims to fund drilling, tenement conversion, and a pre-feasibility study, supported by a capital raising through a Rights Issue or Share Purchase Plan.
Exploration Activities and Financial Overview
OZZ clarified that only one soil sampling program was conducted at Maguires Reward, carried out on 28 March 2025. However, the company has yet to receive assay results from this program, with an expected release date no later than 31 October 2025. This delay in assay results adds another layer of uncertainty to the project’s near-term outlook.
From July 2024 to September 2025, OZZ reported exploration and evaluation expenditure totaling approximately A$100,624 across multiple projects, including Pepper Tree, Vickers Well, Rabbit Bore, Peterwangy, Maguires Reward, and Mt Davis. The company acknowledges that exploration spending has been modest relative to administrative and corporate costs during the suspension period.
Compliance and Future Plans
OZZ confirmed it is currently compliant with ASX Listing Rules, including continuous disclosure obligations. The Board believes that upon reinstatement, the company’s planned joint venture and strategic review of its exploration portfolio will ensure sufficient operational activity to satisfy Listing Rule 12.1 requirements.
The company also acknowledged an oversight in not submitting a voluntary suspension extension request after November 2024, attributing this to a focus on finalizing transaction documentation within existing relief windows. Going forward, OZZ commits to providing timely quarterly updates in line with ASX guidance.
Should the joint venture or Proposed Transaction not proceed, OZZ has pledged to promptly disclose alternative plans to maintain compliance and operational viability.
Bottom Line?
OZZ’s next critical milestones, finalizing the joint venture and releasing assay results, will be pivotal for its return to ASX trading.
Questions in the middle?
- Will the joint venture agreement be finalized and capital raising completed as planned?
- How will the unresolved mining claim registration in Zimbabwe impact OZZ’s broader strategy?
- What will the soil sampling assay results reveal about the Maguires Reward Project’s potential?