Asian Battery Metals Secures Maikhan Uul and Launches Fully Funded 2026 Drilling Program

Acquisition Consolidates Copper Focus in Mongolia

Asian Battery Metals PLC (ASX:AZ9) has cemented its position in southwestern Mongolia by completing the acquisition of the Maikhan Uul Cu-Au volcanogenic massive sulphide (VMS) project, securing 100% ownership and a mining licence valid until 2045. This strategic purchase, executed through its subsidiary Innova Mineral LLC, consolidates ABM’s copper assets near its flagship Yambat project, setting the stage for an aggressive exploration push in 2026.

The Maikhan Uul project, located just 8 kilometres from the Oval Cu-Ni-PGE discovery, has historical drilling confirming multiple mineralised zones extending beyond 215 metres depth. Recent due diligence drilling reinforced the continuity of copper and gold mineralisation, highlighted by a notable intercept of 14.5 metres at 2.23% copper and 0.73 g/t gold from 132.5 metres depth. The acquisition follows earlier announcements detailing the option exercise and imminent drilling plans, now fully realised with ownership secured and regulatory approvals in place.

New Geophysical Target Enhances Exploration Pipeline

Beyond Maikhan Uul, ABM has identified a significant new geophysical anomaly, dubbed MS4, through unconstrained modelling of ground magnetic data at the Oval Cu-Ni-PGE project. This prospective ultramafic intrusive body lies approximately 1,400 metres northeast of the existing MS1 target and adds depth to the company’s exploration pipeline. Planning is underway for drilling to test mineralisation potential at depth, complementing the extensive 2025 drilling campaign which extended the known mineralisation strike length at Oval to 880 metres.

The company is preparing to commence Phase 4 drilling at Oval and North Oval, targeting refined Fixed Loop Electromagnetic (FLEM) conductive plates and the new MS4 anomaly. Additionally, a 3D induced polarisation survey is planned over regional geophysical anomalies at the Copper Ridge Cu-Au prospect, further broadening the exploration scope.

Fully Permitted 2026 Program with Strong Financial Backing

ABM’s 2026 exploration and evaluation program is fully permitted, with Environmental Management Plans approved across all licensed areas. The company has met all Social Responsibility Agreement obligations and is finalising operational frameworks with local authorities, ensuring compliance and community cooperation.

Financially, ABM closed the quarter with $5.248 million in cash, supporting upcoming exploration activities. Expenditure during the quarter included $0.155 million on exploration and evaluation, $0.218 million on due diligence for the Maikhan Uul acquisition, and $0.449 million on administration and corporate costs. These figures align closely with the estimates set out in the company’s 2024 prospectus, reflecting disciplined capital management.

Community Engagement and Market Dynamics

Social responsibility remains a priority, with ABM providing fodder assistance to herder households near its project areas and supporting wildlife conservation efforts. The company plans to enhance local understanding of mining through a "Geology and Mining Awareness Day & Tour," fostering goodwill and transparency.

On the market front, copper prices have experienced extreme volatility in early 2026, reaching a nominal peak of US$14,500 per tonne before settling around US$13,200 per tonne. The International Energy Agency projects a 30% supply deficit by 2035, underpinning the strategic importance of ABM’s copper-focused portfolio in Mongolia.

ABM’s recent activities build on its successful 2025 exploration campaigns, including the extensive drilling at Oval that extended mineralisation by 60% and confirmed high-grade copper and nickel intercepts, as well as the high-grade copper-gold assays at Maikhan Uul. These developments position the company well for the upcoming drilling season and potential resource expansion.

ABM’s active presence at major industry events such as the RIU Explorers Conference in Western Australia and the PDAC Convention in Toronto underscores its commitment to investor engagement and project promotion.

With drilling imminent at Maikhan Uul and ongoing work at Oval, the next few quarters will be critical to validating the company’s exploration thesis and advancing its Mongolian battery metals and copper assets.

Investors may recall the company’s recent commencement of drilling at Maikhan Uul and the earlier extension of Oval mineralisation by 60%, which together highlight a trajectory of growth and discovery.