Ozz Resources reopens ASX trading with Bedaburra now at the centre

Capital Raise Restores Trading and Funds Bedaburra

Ozz Resources Limited (ASX:OZZ) has completed the corporate reset that had kept its shares suspended for more than two years. The company raised $4.8 million through a public offer, acquired 100% of Sulphide Minerals and its Bedaburra nickel-copper-cobalt project, then regained quotation on the ASX on 11 August 2026 after recompliance with Chapters 1 and 2 of the Listing Rules.

The capital raising issued 120.22 million shares at $0.04 each, below the maximum $5 million target. Ozz also issued 25 million shares to nominees of the Sulphide Minerals vendors and 10 million shares to CPS Capital Group for lead manager services, with both parcels subject to 24-month escrow from reinstatement. Philip Re joined the board as executive director following the acquisition, while Joe Graziano resigned.

Bedaburra Becomes the Portfolio’s Main Test

Bedaburra comprises two granted exploration licences covering about 43.54 square kilometres in Western Australia’s Murchison region. The annual report identifies the project as central to Ozz’s reinstated strategy, which now focuses on nickel, copper, cobalt and other critical minerals. The acquisition was accounted for as an asset acquisition rather than a business combination.

That focus comes with a deliberate narrowing of the company’s exploration footprint. Ozz resolved to surrender the Mt Davis and Pepper Tree tenements after citing uncertainty around Warden’s Court proceedings and potential legal costs. The company said expenditure would be better directed towards Bedaburra; registration of the surrenders was expected shortly after the report date, while the related proceedings were due to be dismissed once registration occurred.

Gold Option Still Carries Conditional Value

Ozz has not entirely left its gold interests behind. Under its agreement with Scorpion Minerals (ASX:SCN), it received a $100,000 option fee relating to the Maguires Gold Project and Old Prospect tenements. A further $2.5 million plus GST, payable in cash or shares, remains conditional on satisfaction of the agreement’s conditions precedent and exercise of the option, so it was not recognised as an asset at 30 June 2026.

The company also submitted mining licence application M20/568 over the Old Prospect North and South deposits. The application covers the Maguires Reward prospecting licence and adjacent ground intended to support infrastructure and expansion, and forms part of the condition-precedent workstream for the Scorpion transaction. The report does not disclose whether the option will ultimately be exercised.

Losses Narrowed, But Funding Remains Central

Ozz’s FY2026 numbers remain those of an exploration company rather than a producer. The loss before tax narrowed to $778,985 from $1.06 million, while operating cash outflow fell to $353,372 from $554,588. Cash at 30 June stood at $300,065, against trade and other payables of $436,244, leaving net liabilities of $99,765 and a current ratio of 0.77.

The directors prepared the accounts on a going-concern basis, relying on the post-year-end capital raising and a forecast that they said supported funding obligations and planned activities for at least 12 months from signing. The auditor issued an unmodified opinion, but identified exploration expenditure and recognition of the Scorpion option fee as key audit matters. In practical terms, the new cash buffer gives Ozz room to work, not a licence to stop raising money if exploration spending accelerates.