BPM’s Claw Divestment and Forelands Buy Signal Shift in Exploration Focus and Financial Strategy

Strategic Acquisition and Portfolio Refinement

BPM Minerals Limited has made significant strides in the September 2025 quarter, marked by the acquisition of the Forelands Gold Project, a district-scale asset located approximately 150 kilometres east of Kalgoorlie in Western Australia. The project spans around 630 square kilometres along a major structural corridor analogous to the prolific Tropicana gold camp, known for its multi-million-ounce deposits.

The Forelands Project boasts compelling historical drilling results, including exceptional high-grade intercepts such as 3 metres at 65.8 grams per tonne gold and 9.7 metres at 4.5 grams per tonne gold, underscoring its potential for near-surface, high-grade mineralisation. This acquisition aligns with BPM’s strategy to focus on tier-1 jurisdictions with clear pathways to resource definition.

Heritage and Regulatory Progress

In tandem with the acquisition, BPM has executed a Heritage Agreement with the Upurli Upurli Nguratja Aboriginal Corporation, a critical step in ensuring culturally sensitive exploration practices. The company has also secured drilling approvals from the Department of Mines, Industry Regulation and Safety for an initial reverse circulation drilling program of approximately 3,000 metres at the Beachcomber prospect, set to commence following a scheduled heritage survey in the fourth quarter of 2025.

This groundwork paves the way for systematic exploration across a mineralised corridor exceeding 75 kilometres, with multiple prospects and untested targets identified through historical drilling and geophysical surveys.

Divestment and Capital Recycling

Simultaneously, BPM has divested its Claw Gold Project to Capricorn Metals for an upfront consideration of A$1.5 million, supplemented by contingent milestone payments tied to resource and development achievements. This transaction not only monetises BPM’s prior exploration efforts on the Louie–Chickie shear but also strategically recycles capital towards advancing the more promising Forelands Project.

The sale proceeds have been partially realised through the sale of Capricorn Metals shares, generating A$1.06 million in liquidity and strengthening BPM’s cash reserves to A$2.91 million as of 30 September 2025.

Ongoing Exploration and Outlook

Beyond gold, BPM continues to progress its Durack REE-Ti-Zr Project with recent reconnaissance sampling and advancing heritage agreements, while the Santy Cu-Au Project remains a strategic asset for future exploration as budgets permit. Exploration expenditure for the quarter totalled A$226,000, reflecting a disciplined approach to advancing key projects.

With a well-funded balance sheet and a focused portfolio, BPM is positioned to deliver on its exploration objectives, particularly at Forelands where drilling results will be closely watched by the market.