OzAurum’s $4.1M Raise Hinges on Feasibility of High-Grade Heap Leach Project

Strategic Investment Signals Confidence

OzAurum Resources Limited has successfully raised $4.1 million through a strategic share placement to Forrestania Resources, which will emerge as a cornerstone shareholder with a 19.9% interest post-settlement. This significant capital injection comes on the back of promising high-grade drilling results at the James Stage 1 Open Pit, located in the prolific Eastern Goldfields region of Western Australia.

The placement, priced at 7.2 cents per share, reflects the recent 10-day volume weighted average price and was completed without the need for shareholder approval under ASX rules. Forrestania’s investment not only provides OzAurum with essential funding but also lends strong third-party validation to its development strategy.

Advancing Heap Leach Development

The proceeds from the placement are earmarked to advance heap leach feasibility and development activities at the James Stage 1 Open Pit. Heap leaching is a cost-effective gold extraction method, and OzAurum’s recent drilling results have materially de-risked the project by confirming shallow, consistent high-grade gold mineralisation. This underpins the company’s confidence in moving towards early mining and potential expansion.

In addition to the James project, funds will support early mine development at Mulgabbie North and ongoing exploration across the broader project area, maintaining momentum in OzAurum’s pursuit of a significant discovery that can be brought into production.

Operational Expertise Strengthens Feasibility

Forrestania’s chairman, David Geraghty, a qualified metallurgical engineer with a track record of bringing mining projects into production, will bring valuable operational expertise to OzAurum’s feasibility study efforts. His involvement is expected to enhance the technical rigour and practical insights guiding the project’s development pathway.

CEO Andrew Pumphrey highlighted the strategic nature of Forrestania’s investment, describing it as a strong endorsement of the project’s quality and readiness. The partnership also signals a collaborative approach to unlocking value in Western Australia’s competitive gold mining landscape.

Looking Ahead

While the placement provides a clear financial runway for near-term development, the ultimate success of the heap leach project will depend on the outcomes of ongoing feasibility studies and operational execution. Investors will be watching closely for updates on development milestones and any further exploration successes that could enhance the project’s scale and economics.