Auris Minerals cut its annual loss to $604,506 and is gearing up for key drilling at Morck Well while progressing mining studies at Forrest, backed by a $3.05 million cash buffer.
- Loss narrowed to $604,506 from $4.05 million prior year
- Cash reserves strengthened to $3.05 million
- Drilling program set to start at Morck Well gold targets
- Mining optimisation studies underway at Forrest copper-gold deposit
- $3.2 million strategic placement and OTCQB listing completed
Reduced Loss Reflects Lower Impairment Charges
Auris Minerals Limited (ASX:AUR) reported a significantly reduced loss of $604,506 for the year ended 30 June 2026, down sharply from $4.05 million the previous year. The improvement mainly reflects a smaller impairment charge on exploration assets, which fell to $382,879 from $3.6 million. Despite the loss, Auris maintained a solid cash position of $3.05 million, providing a runway for its exploration and development ambitions in Western Australia's Bryah Basin.
Morck Well Drilling Program Ready to Roll
The company finalised a high-priority drilling program targeting gold prospects at Jacques East and Frenchy's South within the Morck Well project. Heritage surveys were completed in July 2026, clearing the way for drilling to commence in late August or early September. The air core program will test 20 to 26 holes at strategic spacings, following up on historical gold anomalies. This step marks a tangible advance in Auris' efforts to unlock value from its ~223km² tenement portfolio, which is split between Morck Well and Forrest.
Mining Optimisation Studies Progress at Forrest
At the Forrest copper-gold deposit, Auris engaged CCR Mining Engineering Pty Ltd to conduct conceptual mining optimisation studies. The analysis will explore copper-only, gold-only, and combined scenarios to identify the best pathway for resource development. The Forrest and Wodger deposits together hold an inferred resource of 2.4 million tonnes grading 1.7% copper and 0.44g/t gold, equating to 41,500 tonnes of copper and 34,300 ounces of gold. Auris holds an 80% interest in Forrest, with Westgold Resources Ltd owning the remaining 20% and gold rights over Auris’ share.
Corporate Moves Bolster Funding and Market Presence
In January 2026, Auris began trading on the US OTCQB market under ticker AURMF, complementing its primary ASX listing. The company also completed a $3.2 million strategic placement at $0.004 per share, issuing 800 million new shares and 250 million unlisted options exercisable at $0.004, strengthening its funding base. This capital injection helped lift net working capital to $3.08 million at year-end, up from $953,561 the prior year. The placement and OTCQB listing broaden Auris’ investor reach, positioning it for further exploration progress.
Exploration Portfolio and Strategy Remain Focused
Auris continues to focus on its Bryah Basin tenure, managing exploration across all tenements including joint ventures with CuFe Ltd at Morck Well and Westgold Resources at Forrest. The company’s strategy emphasises unlocking value in its existing portfolio, applying rigorous geological mapping, geophysics, and geochemical analysis. Auris also remains open to new strategic opportunities aligned with its gold and copper exploration focus, while divesting or relinquishing non-core tenements.
Governance and Financial Discipline
The board, led by Non-Executive Chair Neville Bassett and Managing Director Mike Hendriks, oversaw a disciplined approach to expenditure with administrative costs down to $360,024 from $571,518. The directors confirmed no significant changes in the company’s state of affairs during the year and endorsed the going concern basis, supported by the cash buffer and ability to raise capital if needed. No dividends were declared, reflecting the company’s exploration phase status.
Bottom Line?
Auris Minerals is poised to translate its strengthened balance sheet into exploration progress, with drilling underway and mining studies advancing, but investors will be watching closely for assay results and development milestones.
Questions in the middle?
- Will the upcoming Morck Well drilling confirm economically viable gold mineralisation?
- How will the outcomes of the Forrest mining optimisation studies influence Auris’ development timeline?
- Can Auris leverage its OTCQB listing to attract further capital or strategic partners?