Belararox Advances Copper Drilling in Argentina and Botswana with A$8.5M Boost

Exploration Momentum Builds at TMT Project, Argentina

Belararox Limited has made significant strides in its copper exploration efforts during the December 2025 quarter, particularly at its Toro–Malambo–Tambo (TMT) Project in Argentina. The company commenced diamond drilling at Toro Central, targeting a broad, near-surface epithermal system identified by a continuous induced polarisation (IP) chargeability anomaly extending over approximately 1.4 kilometres. This drilling is supported by a recently completed combined magnetotellurics (MT) and IP geophysical survey, which has enhanced the definition of both shallow epithermal and deeper copper porphyry targets.

Adding to the project's prospectivity, zircon U-Pb age dating on intrusive rocks from Toro and Tambo South returned Miocene magmatic ages (~25–19 million years), consistent with the fertile Vicuña Belt porphyry magmatic intrusions. These findings bolster confidence in the potential for significant copper mineralisation within the TMT project area, which lies strategically between two world-class metallogenic belts in the Central Andes.

Mixed Outcomes from Maiden Drilling at Kalahari Copper Belt, Botswana

In Botswana, Belararox completed its maiden drilling campaign at the Kareng West concession within the highly prospective Kalahari Copper Belt. Ten holes totaling 1,850 metres were drilled across four geophysical targets identified through gravity and magnetic surveys. While the drilling intercepted Karoo sediments and magmatic rocks beneath the Kalahari sand cover, the targeted mineralised contact between the D’Kar and Ngwako Pan formations was not definitively intersected. The results suggest that the copper-hosting formations may lie deeper than initially interpreted in some areas.

The company is conducting a comprehensive review of the drilling outcomes to refine its exploration strategy and plans to undertake further drilling in the first half of 2026. An airborne electromagnetic survey is also planned to assist in identifying new drill targets across the broader licence package.

Financial Strength and Corporate Developments

Belararox bolstered its financial position during the quarter through a two-tranche placement that raised A$8.5 million before costs, with A$5.3 million received within the period. The company ended the quarter with a healthy cash balance of A$7.1 million and zero debt, well-positioned to fund ongoing and upcoming exploration activities in both Argentina and Botswana.

Corporate changes included the resignation of Managing Director Arvind Misra in November 2025 and the appointment of Chris Gale as Executive Director in December. Executive Chairman Neil Warburton highlighted Gale’s extensive international exploration experience as a valuable asset as Belararox advances its copper exploration programs.

Health, Safety, and Environmental Compliance

Operationally, the company maintained strong health and safety standards, recording zero lost time injuries during the quarter across its exploration sites. Environmental permits were secured for drilling activities, and community engagement was conducted with local stakeholders, particularly near the Kareng West tenement in Botswana.

Looking Ahead

Belararox’s immediate focus includes continuing diamond drilling at Toro Central with assay results expected by the end of February 2026, completing geophysical surveys at Tambo South, and planning further drilling campaigns in Botswana informed by upcoming airborne electromagnetic data. These efforts aim to unlock the full potential of its copper projects amid a supportive market environment for base metals.