OZZ Resources Plans $5 Million Raise for Bedaburra Project and ASX Re-Listing

Sulphide Minerals Acquisition and ASX Re-Listing Plans

OZZ Resources Limited (ASX:OZZ) is advancing a conditional acquisition of Sulphide Minerals Pty Ltd, which holds the Bedaburra Nickel–Copper–Cobalt Project in Western Australia's Murchison region. The deal, announced in May and approved by shareholders in June, remains contingent on regulatory approvals, including re-compliance with ASX Listing Rules Chapters 1 and 2, and a successful capital raise of up to $5 million. The company’s securities have been suspended since June 2024, with re-quotation targeted for 24 August 2026.

The Bedaburra Project comprises two granted exploration licences covering approximately 43.54 km². It is prospective for both laterite-hosted nickel–cobalt mineralisation and primary magmatic nickel–copper sulphides, with historical drilling revealing sulphide mineralisation at depth that remains underexplored. Recent soil geochemistry by Sulphide Minerals has delineated multi-element anomalies aligning with historical geophysical targets, setting the stage for a systematic two-year exploration campaign.

Exploration Strategy and Historical Data Integration

Following settlement, OZZ plans an extensive exploration program including infill soil sampling, modern airborne and ground electromagnetic surveys, gravity and induced polarisation (IP) surveys, and both shallow and deeper drilling. Notably, deeper drilling will target untested anomalies down-dip of historical holes where sulphide mineralisation was intersected but incompletely assayed. This staged approach aims to unlock the project's nickel, copper, cobalt, and other critical mineral potential, aligning with the company’s focus on energy transition metals.

OZZ's broader portfolio includes several Western Australian projects; Maguires Gold, Mt Davis, Pinnacle Well (Pepper Tree), Rabbit Bore, and Peterwangy; with limited activity during the quarter. The Maguires Gold Project remains under option to Scorpion Minerals Limited (ASX:SCN), with a mining licence application submitted to support planned open-pit operations and infrastructure integration.

Financial Position and Capital Raising

During the quarter, OZZ completed a pro-rata non-renounceable entitlement offer, raising $434,000 through a mix of shareholder take-up and shortfall placements, fully underwritten by CPS Capital Group. The company reported a net cash outflow from operating activities of $179,000, primarily driven by tenement management costs and corporate overheads, leaving a cash balance of $301,000 at 30 June 2026. The upcoming $5 million raise is critical to funding the Sulphide Minerals acquisition, exploration work, and ASX re-compliance requirements.

Tenement Forfeiture Proceedings and Legal Risks

Legal challenges loom over four tenements in the Leonora region, with Turner River Holdings Pty Ltd lodging forfeiture applications alleging non-compliance with minimum expenditure conditions. Hearings are scheduled for 8 September 2026. OZZ has sought exemptions and engaged specialist advisers but does not consider the proceedings or potential costs material to its overall operations or the Sulphide Minerals transaction. Nonetheless, the outcome introduces an element of uncertainty for the affected tenements.