Famien Resources has used the year to pivot decisively from Australian exploration towards a 3,700km² gold portfolio in Côte d’Ivoire, backed by A$15.2 million in placements and A$13.1 million in cash. Early drilling has produced several high-grade intercepts, but the company remains loss-making and has yet to declare a mineral resource.
- 3,700km² Côte d’Ivoire exploration portfolio acquired
- A$15.2m raised through two private placements
- A$13.1m cash and A$13.1m working capital surplus at year-end
- High-grade shallow intercepts reported at Kalama Bave, AW1 and Bonougbara
- Australian exploration portfolio classified as held for sale
Côte d’Ivoire becomes Famien’s central bet
Famien Resources Limited (ASX:FMN) has made Côte d’Ivoire the centrepiece of its exploration strategy, acquiring 3,700km² of gold-prospective permits and applications while preparing to sell its Australian exploration portfolio. The repositioning gives the junior explorer a larger West African footprint, but it also leaves the investment case resting on exploration results that have not yet translated into a mineral resource.
The company acquired Tehini Resources in November 2025, issuing 80 million shares and performance securities tied to future JORC resource milestones. The transaction brought 11 granted permits and applications into the group, with initial work concentrated on the Tougbo-Gogo package in northeast Côte d’Ivoire. Famien subsequently raised A$5 million in November and a further A$10.2 million in February, before costs.
Drilling delivers multiple high-grade intervals
The strongest results came from the Kalama Bave prospect, where 107 shallow aircore holes totalling 3,377 metres followed earlier auger results. Reported intercepts included 24 metres at 3.72 grams per tonne gold, including 4 metres at 20.40 grams per tonne, and 10 metres at 4.98 grams per tonne, including 4 metres at 10.80 grams per tonne. The company said anomalism and higher-grade values extending to the end of hole suggested a primary source and the possibility of stacked lodes.
At AW1, 18 angled aircore holes returned intervals including 4 metres at 6.2 grams per tonne gold and 12 metres at 1.68 grams per tonne. At Bonougbara, the first five reverse-circulation holes on the Southern Drill Target produced results including 3 metres at 5.61 grams per tonne, 6 metres at 2.68 grams per tonne and 23 metres at 0.64 grams per tonne. These results add substance to the company’s exploration narrative, although the widths and shallow nature of some intercepts still require deeper drilling and geological interpretation.
The latest annual report formalises work that had already been building across the portfolio, including the company’s early Bonougbara drilling and the initial AW1 and Kalama Bave results. Famien plans reverse-circulation drilling at Kalama Bave, AW1 and Koroba West, while results from BLEG stream-sediment programs on the Gogo West, Dimbokro and Toumodi permits remain pending.
Cash has improved, but so have the spending demands
Famien ended the year with A$13.1 million in cash and a working capital surplus of A$13.1 million, compared with A$1.25 million and A$1.11 million respectively a year earlier. Net cash used in operating and investing activities was A$2.23 million, while tenement commitments totalled A$8.78 million, including A$3.22 million due within one year.
The balance sheet is stronger after the capital raisings, but the company still recorded a statutory loss of A$1.57 million, wider than the A$1.31 million loss in 2025. Continuing operations accounted for A$1.12 million of the loss, while the Australian exploration business contributed a further A$454,491 as a discontinued operation.
Australian assets move towards the exit
Diamandia, which holds Famien’s Australian exploration assets, was classified as a disposal group held for sale after the company resolved to focus on Côte d’Ivoire. The Australian portfolio carried A$313,500 of exploration assets at year-end after impairment charges, and the sale is expected to be completed within 12 months of the reporting date.
Famien has continued to enlarge its African footprint since year-end, with the grant of the 376km² Korhogo permit and the acquisition of three Ferkessedougou permit applications covering 757km². Those acquisitions carry staged payments of up to US$300,000, including US$100,000 paid after year-end, while the company has surrendered the 262km² northern Abengourou permit.
Bottom Line?
Famien now has the cash and ground position to test its Côte d’Ivoire thesis, but the next valuation step depends on deeper drilling converting promising intercepts into a coherent, JORC-compliant resource.
Questions in the middle?
- Can planned reverse-circulation drilling confirm the orientation, continuity and depth of the Kalama Bave and AW1 mineralisation?
- Will Bonougbara drilling establish sufficient scale and grade to support a future mineral resource?
- How quickly will the Australian asset sale and new Côte d’Ivoire acquisitions affect cash usage and exploration commitments?