Mulgabbie North Drilling Yields Up to 20.54 g/t Au; $4.1m Placement Secured

Strong Drilling Results Bolster Resource Potential

OzAurum Resources Limited (ASX – OZM) has delivered a robust update for the December 2025 quarter, highlighting significant progress at its Mulgabbie North Gold Project in Western Australia. The company’s reverse circulation (RC) and diamond drilling programs have returned multiple high-grade gold intercepts, including standout results such as 7 metres at 6.16 grams per tonne (g/t) gold, with a 2-metre interval hitting 20.54 g/t. These results confirm the continuity and shallow nature of mineralisation, underpinning the potential for resource expansion and supporting the company’s staged development approach.

Importantly, drilling within the proposed Stage 1 open pit area has validated the design and confirmed the presence of high-grade mineralisation both within and below the current pit shell. This bodes well for potential pit expansions and a scalable mining operation.

Heap-Leach Feasibility Gains Momentum

Complementing the drilling success, OzAurum’s metallurgical testwork has delivered encouraging results. Percolation tests at the James Prospect averaged nearly 60,000 litres per hour per square metre, significantly exceeding industry benchmarks and indicating excellent heap-leach amenability. Preliminary column leach tests have shown gold recoveries exceeding 60% within seven days and over 80% within 21 days, suggesting a viable low-cost processing pathway.

The company has also secured the Bullabulling agglomeration plant, a proven asset previously used in successful heap-leach operations, which will be refurbished and relocated to support the Mulgabbie North project. This acquisition reduces capital expenditure and accelerates the path to production readiness.

Permitting and Strategic Capital Raise

On the regulatory front, OzAurum has lodged its Mining Development & Closure Proposal for the Stage 1 Small Mining Operation with the Western Australian Department of Mines, Petroleum and Exploration under an expedited approval pathway. This is a critical milestone towards commencing mining activities.

Post-quarter, the company completed a strategic placement raising $4.1 million from Forrestania Resources Limited, which now holds a 19.9% stake, positioning Forrestania as a cornerstone shareholder. The funds are earmarked to advance heap-leach feasibility and development activities, providing a solid financial foundation for the next phase of growth.

Exploration Progress in Brazil

Beyond Australia, OzAurum continues to explore its niobium and rare earth element projects in Minas Gerais, Brazil. Soil sampling has identified a significant niobium anomaly at the Salitre Project, with a peak of 271 ppm niobium and associated high field strength elements. The company plans a ground magnetometer survey to refine targets for future diamond drilling, although recent heavy rainfall has delayed fieldwork.

Outlook

With Australian gold prices near record highs, OzAurum’s combined operational, metallurgical, and strategic advances position it well to accelerate development at Mulgabbie North. The company’s focus on a low-cost, scalable heap-leach operation supported by strong drilling results and a solid capital base will be key to unlocking value for shareholders.