OZZ Faces Funding and Approval Hurdles in Bid to Re-list and Explore

OZZ Resources Moves to Acquire Sulphide Minerals and Re-list

OZZ Resources Limited (ASX:OZZ) is set to shake off its prolonged suspension with a plan to acquire Sulphide Minerals Pty Ltd, gaining full ownership of the Bedaburra Nickel–Copper–Cobalt Project in Western Australia’s Murchison region. The acquisition, valued at $1.15 million partly in cash and partly in shares, hinges on shareholder and regulatory approvals, alongside a successful equity raise to fund exploration and ASX re-compliance.

The company aims to raise up to $5 million through a non-underwritten public offer to bankroll a two-year exploration program targeting critical battery metals. This follows a history of funding challenges, including a recent fully underwritten entitlement offer that sought to shore up capital amid suspension risks. OZZ’s shares have been suspended since June 2024, with the ASX Listings Suitability Committee recently confirming the company’s post-acquisition structure is appropriate for re-listing.

Bedaburra Project: A Dual Nickel-Cobalt and Sulphide Play

The Bedaburra Project covers two granted exploration licences spanning 43.54 km², approximately 115 km northwest of Meekatharra. The project area is geologically anchored in the ancient Narryer Terrane on the western margin of the Archaean Yilgarn Craton, a region noted for its complex mafic-ultramafic intrusions and potential for critical minerals.

OZZ is targeting two principal mineralisation styles: lateritic nickel-cobalt deposits formed by weathering of ultramafic rocks, and primary magmatic nickel-copper sulphide mineralisation within a layered mafic-ultramafic intrusive complex known as the Bedaburra Igneous Complex. Historical drilling, though predating modern JORC standards, has intersected disseminated to minor lode-style sulphides including pyrite, chalcopyrite, and nickeliferous pyrrhotite, with some drillholes ending in mineralisation that remains unassayed and untested at depth.

Recent soil geochemistry programs completed in 2025–2026 have delineated coherent multi-element anomalies for nickel, copper, and cobalt, reinforcing the prospectivity of the project. Geophysical data, including induced polarisation (IP), gravity, magnetic surveys, and airborne electromagnetic (EM) surveys, have identified several drill-ready targets such as the "Squatters Tank" EM anomaly and coincident gravity and IP anomalies that remain untested.

Exploration Strategy and Funding Allocation

The proposed exploration program is a systematic, staged approach over two years, focusing on infill geochemistry, reconnaissance rock sampling, modern geophysics, and targeted drilling campaigns. The drilling will test both the extensive lateritic nickel-cobalt profile and deeper magmatic sulphide targets, including historical drillholes with promising sulphide intersections.

OZZ plans to allocate approximately 51–56% of the raised funds to exploration activities at Bedaburra, with the remainder covering acquisition costs, exploration on existing projects, corporate expenses, and working capital. CPS Capital Group has been appointed lead manager for the public offer and will receive a 6% fee plus shares subject to shareholder approval.

Suspension Status and Re-compliance Roadmap

The company’s shares remain suspended pending completion of the acquisition, receipt of shareholder approvals, and successful re-compliance with Chapters 1 and 2 of the ASX Listing Rules. The indicative timetable targets re-quotation by 31 July 2026, contingent on meeting all conditions precedent including a minimum $4.5 million subscription under the public offer.

This acquisition and capital raising mark a pivotal moment for OZZ, which has been navigating a complex path through suspension and capital constraints, including recent efforts to monetise other assets through options and joint ventures. The Bedaburra Project’s location within the emerging West Yilgarn Ni–Cu–PGE Province adds a strategic dimension to the company’s renewed exploration focus, tapping into the growing demand for critical minerals essential to the energy transition.