Delays Lifted: OzAurum’s Feasibility Study Reset Paves Way for Near-Term Production

Strong Drilling Results at Cross Fault

OzAurum Resources Limited (ASX – OZM) has delivered a pivotal quarterly update highlighting robust progress at its flagship Mulgabbie North Gold Project in Western Australia’s Eastern Goldfields. The September 2025 quarter saw the company confirm significant high-grade gold mineralisation over a 400-metre strike length at the newly identified Cross Fault zone. Reverse Circulation drilling returned standout intercepts including 10 metres at 2.18 grams per tonne gold and 21 metres at 1.22 grams per tonne, with multiple higher-grade intervals within these zones.

These results validate the Cross Fault as an emerging discovery with mineralisation open at depth, supported by broad sulphide zones and gold-bearing quartz veins. Follow-up drilling in early October aims to extend these high-grade zones and provide samples for metallurgical testing, underpinning the company’s resource confidence and development plans.

Heap-Leach Feasibility and Strategic Control

Complementing the drilling success, metallurgical testwork continues to impress, with percolation rates averaging nearly 60,000 litres per hour per square metre, far exceeding the industry benchmark of 10,000 L/hr/m². This supports a low-cost, scalable heap-leach operation, a key component of OzAurum’s development strategy. The company has engaged global heap-leach experts Kappes, Cassiday & Associates Australia to advance site design and operational planning.

Critically, OzAurum has regained full control of its Feasibility Study following a Deed of Release with Line Hydrogen, which had previously been involved in the project. This strategic reset removes prior constraints, allowing OzAurum to progress development on its own timeline and in alignment with shareholder interests, a move CEO Andrew Pumphrey describes as a “strategic win.”

Advancing Toward Production Readiness

Environmental and permitting efforts are underway with specialist consultants appointed to expedite approvals for the heap-leach facility on the granted Mining Lease M28/240. Additional drilling programs at the James and Ben prospects are targeting shallow, high-grade mineralisation to support a potential Stage 1 heap-leach operation, with ongoing metallurgical testing to refine recovery and design parameters.

Meanwhile, exploration activities in Brazil continue to gather momentum. OzAurum is preparing for a ground magnetometer survey over a niobium soil anomaly at its Salitre project and plans diamond drilling to test the carbonatite intrusion model that underpins its niobium and rare earth element prospects. These efforts reflect a diversified portfolio approach, balancing gold development with critical mineral exploration.

Financial Position and Outlook

During the quarter, OzAurum spent $371,000 on exploration activities and ended with a cash balance of $1.264 million. The company’s financial discipline and operational progress position it well to capitalize on record Australian gold prices, currently around A$6,000 per ounce. With no Ore Reserves yet defined, the company’s next steps will be crucial in converting promising exploration results into a viable mining operation.