Aurum Resources Unveils $1.5B NPV Boundiali Gold Project with Maiden Ore Reserve

Boundiali Project Emerges as a Major Gold Development Opportunity

Aurum Resources (ASX:AUE) has marked a significant milestone with the release of a Pre-Feasibility Study (PFS) and maiden Probable Ore Reserve for its Boundiali Gold Project in Côte d’Ivoire. The PFS confirms the project as a technically sound and economically attractive open-pit operation with a processing capacity of 6 million tonnes per annum.

The maiden Ore Reserve estimates 42.1 million tonnes grading 0.9 grams per tonne gold, translating to 1.21 million ounces of gold across four open pit deposits. This reserve was declared effective as of 30 April 2026 under the JORC Code 2012 and reflects a robust 77% conversion of Indicated Mineral Resources. The reserve was evaluated conservatively at a gold price of US$2,900 per ounce, well below recent spot prices that have hovered above this level for over a year.

Compelling Financial Metrics Underpin Development Plans

The PFS financial model, based on a consensus analyst gold price of US$4,076 per ounce, forecasts an 11-year project life producing 1.5 million ounces of gold with an average all-in sustaining cost of US$1,951 per ounce. Key highlights include a post-tax net present value at a 5% discount rate of US$1.5 billion and an internal rate of return of 119%. The project promises a payback period of less than one year post-tax from first production, slated for the first half of 2028.

Pre-production capital expenditure is estimated at US$342 million, including a US$34.2 million contingency, covering all major infrastructure such as the process plant, site facilities, grid power connection, and tailings storage facilities. Aurum is advancing the project under an owner-builder model, leveraging the expertise of key management who successfully delivered the Abujar Gold Mine on time and within budget.

Environmental Approvals and Team Strengthening De-risk Project

Aurum has secured critical environmental approvals from the Côte d’Ivoire Ministry of Environment and Ecological Transition, with three Étude d’Impact Environnemental et Social Approfondie (EIESA) certificates issued in May 2026. These certificates cover the full area of the mining licence applications and represent a major de-risking step toward mining licence grant.

Complementing regulatory progress, Aurum has bolstered its project team with the appointments of Richard Edginton as General Manager Mining, Luke Stacey as Project Director, and Ting Xu as Chief Financial Officer. Their combined experience in West African mining operations and project delivery is expected to accelerate the Definitive Feasibility Study (DFS), currently underway and targeting a Final Investment Decision by late 2026.

Drilling Success Supports Resource Growth and DFS Preparation

The company’s aggressive 100,000-metre diamond drilling program continues at Boundiali, focusing on converting Inferred Resources to Indicated and underpinning the upcoming resource update scheduled for Q3 2026. Recent drilling at the BDT2 deposit has yielded high-grade intercepts, including 6.54 metres at 13.36 g/t gold and intervals exceeding 70 g/t gold over narrow widths, highlighting the deposit’s upside potential below the current resource model.

Boundiali’s total Mineral Resource Estimate now stands at 3.22 million ounces of gold, with Indicated Resources increased by 24% to 1.70 million ounces. The mineralisation remains open along strike and at depth, suggesting further resource expansion opportunities as drilling progresses.

Napié Project Maintains Solid Resource Base with Exploration Upside

The Napié Gold Project, also in Côte d’Ivoire, currently holds a Mineral Resource of 1.16 million ounces at 1.2 g/t gold. No drilling was conducted during the quarter, but the project covers only a fraction of the 30-kilometre Napié Shear zone, indicating significant exploration potential for resource growth along strike and at depth.

Corporate Moves and Financial Position Support Development

Managing Director Dr Caigen Wang has demonstrated confidence in Aurum’s prospects by investing A$840,000 in new shares, raising his stake to 4.0% of the company. Aurum ended the quarter with a healthy cash balance of A$54.7 million, providing ample runway for ongoing exploration and project development activities.

The quarterly cash flow report shows exploration and evaluation expenditure of A$7.52 million, primarily directed at the Boundiali drilling program, with no substantive mining production or development costs incurred this period. This disciplined capital deployment aligns with the company’s focus on advancing feasibility studies and securing mining licences.