Aurum’s Boundiali resource grows as development spending begins

Boundiali resource reaches 3.84Moz

Aurum Resources Limited (ASX:AUE) is moving its Boundiali project from exploration growth towards development, with the September-quarter report putting the project’s mineral resource at 3.84Moz. That is a 19% increase from the May estimate, while Indicated resources rose 37% to 2.33Moz. Across Boundiali and Napié, Aurum now reports 5.0Moz of gold resources.

“Location of Aurum's projects in Côte d'Ivoire.”

“Plan view showing new drill results (yellow) for the BST1 deposit7.”

Caption and image © Aurum Resources Limited. From “Quarterly Activities/Appendix 5B Cash Flow Report”, 30 Oct 2026.

The resource update was supported by more than 83,000 metres of diamond drilling between May and September, including over 55,000 metres during the quarter at the BM and BST tenements. The company’s earlier Boundiali resource update added the 130koz BMT2 resource and converted 0.62Moz from Inferred to Indicated, although the Boundiali Ore Reserve remained unchanged at 1.21Moz.

High-grade intercepts keep open-pit ambitions moving

Drilling continues to show both broad mineralised zones and narrow, high-grade hits across the project. At BST1, the standout result was 28.80 metres at 22.92 grams per tonne gold, including 17.95 metres at 36.57 grams per tonne. BMT3 returned 1.76 metres at 150.87 grams per tonne, including 0.72 metres at 367.05 grams per tonne, while the resource-free BST2 prospect returned 3 metres at 27.65 grams per tonne.

“Cross Section looking north (+/-25m) showing new drill results (yellow) for BST1 deposit6.”

“Plan view showing new drill results (yellow) for the BMT1 deposit2.”

Caption and image © Aurum Resources Limited. From “Quarterly Activities/Appendix 5B Cash Flow Report”, 30 Oct 2026.

These are exploration results rather than evidence of an economic mine on their own. Aurum says mineralisation at BM and BST remains open along strike and at depth, with follow-up drilling targeting material outside the current resource. The company’s recent drilling had already identified gold beyond existing resources at BST1 and BMT2, and the current program is intended to support further resource conversion and growth.

Placement funds roads, plant procurement and drilling

Aurum completed a single-tranche institutional placement worth A$52.5 million at A$0.55 per share, issuing approximately 95.45 million new shares. Strategic investors subscribed for A$32.3 million and will hold about 25% of the company’s shares on issue in aggregate following the placement.

The proceeds are earmarked for early procurement of long-lead processing plant items, construction of the Boundiali access road, land acquisition for the plant and tailings facility, further exploration drilling and working capital. Aurum ended the quarter with A$95.2 million in unaudited cash and no debt, after recording A$10.99 million of exploration and evaluation expenditure and total relevant outgoings of A$11.91 million.

Sixteen rigs support the next drilling phase

The company plans 150,000 metres of drilling at Boundiali during 2026 using 16 Aurum-owned diamond rigs. A separate 30,000-metre program at the 1.16Moz Napié project has begun in the fourth quarter, with a new exploration camp planned to improve access and operating efficiency.

Aurum expects to deliver the Boundiali Definitive Feasibility Study in late 2026. The cash position provides a substantial funding buffer against the quarter’s reported spending rate, but the next phase will demand more than attractive assay results: licence applications, infrastructure procurement, land access and the conversion of resources into economically mineable reserves all remain important steps.