BPM Minerals Accelerates High-Grade Gold Drilling at Forelands with $3.5M Capital Boost

Beachcomber Drilling Validates High-Grade Gold Potential

BPM Minerals (ASX:BPM) has hit its stride at the Forelands Gold Project with maiden reverse circulation (RC) drilling results from the Beachcomber Prospect confirming a robust high-grade gold system. The initial 24-hole, 3,180m campaign delivered standout intercepts such as 9m at 7.77 g/t Au including 2m at 21.73 g/t and 1m at 23.39 g/t, alongside other multiple-metre zones exceeding 10 g/t gold. These results build on historical Anglo Gold Ashanti drilling from 2006, which returned exceptional hits like 3m at 65.8 g/t Au and 0.5m at 66.5 g/t Au, underscoring the prospect’s impressive grade continuity.

The mineralisation extends over a strike length of 180m and 200m down dip, with a high-grade, south-plunging shoot identified as a key target for follow-up drilling. This southern plunge remains open, and BPM’s ongoing 45-hole, 7,500m RC program is designed to test these down-dip extensions and several newly defined soil anomalies across the broader Beachcomber area. The company expects assay results from this current campaign to be released in May or June 2026.

Soil Geochemistry Uncovers Multiple Drill Targets

Complementing the drilling, a comprehensive soil geochemistry program comprising 1,742 samples across Sidecar, Ambrosia, Brass Monkey, and Beachcomber has refined existing anomalies and generated fresh targets. At Beachcomber, four significant soil anomalies, Main Lode, North-West, Central, and Fault zones, have emerged, with peak gold-in-soil values up to 226 ppb. Notably, the North-West anomaly remains largely untested by drilling, presenting a prime opportunity for discovery along the Yellow Dam Shear Zone, a major structural corridor.

This systematic soil sampling effort validates the company’s strategy of targeting second-order thrusts and fault intersections that may host high-grade mineralisation. The current drilling program includes traverses to test these anomalies, aiming to expand the footprint of known mineralisation beyond the Main Lode.

Bonnie & Clyde Tenement Granted, Advancing Toward Drilling

March also saw a significant milestone with the granting of the Bonnie & Clyde tenement (E28/3543), unlocking on-ground exploration activities. BPM has commenced a ~2,000 sample soil survey focused on historical auger anomalies, with results due in May or June. The tenement’s geological setting bears strong parallels to the Tropicana gold deposit, with a recent review highlighting structural complexity and lithological variability that could support a major gold system.

Critical approvals are progressing, including a Program of Work submission for a 50-hole RC drilling campaign and a heritage survey completed with the Upurli Upurli Nguratja Aboriginal Corporation. Drilling is anticipated in Q3 2026, positioning Bonnie & Clyde as a key regional exploration target alongside Beachcomber.

Strategic Placement Bolsters Exploration Funding

Backing this exploration momentum, BPM secured A$3.5 million through a strategic bought deal placement with strong institutional and sophisticated investor support. This capital injection lifts BPM’s cash reserves to approximately A$7.9 million at quarter-end, providing a solid financial runway to execute an aggressive drilling and geochemical program throughout 2026.

The funds will underpin expanded RC and aircore drilling across the Forelands Gold Project, including follow-up at Beachcomber and first-pass drilling at regional prospects. The company’s disciplined approach to capital management is evident in its circa A$664,000 exploration expenditure during the quarter, balanced against a healthy cash position.

This progress builds on the company’s earlier announcements, including the commencement of the 7,500m drilling program at Beachcomber and preparations for heritage surveys at Bonnie & Clyde, as detailed in BPM’s recent 7,500m RC drilling underway update.

Broader Project Portfolio and Corporate Update

Beyond Forelands, BPM is advancing the Durack REE-Ti-Zr Project in the East Kimberley, focusing on heritage access agreements and tenement grants to position the project for future drilling. Conversely, the Santy Cu-Au Project was relinquished to concentrate resources on higher-priority assets.

Operationally, BPM reported no substantive mining production or development activities during the quarter, consistent with its exploration focus. Director fees and salaries accounted for A$50,311 of related party payments, with total operating and investing cash outflows managed prudently against the recent capital raise.